Liquidations & Collateral Auctions

Liquidations
The collateral keeper will liquidate all critical safes it encounters. This process starts new fixed discount collateral auctions:
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Liquidating ETH-A SAFE 0xc90F721DacfF8548777026253B8CB584426DC8C7 with locked_collateral=0.435000000000000000 liquidat
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ion_price=194.362282878411910669975186104 generated_debt=85.069599661138521872 accumulatedRates=1.000357358433360132592605082
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Checked 39 safes in 14 seconds
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Sent transaction LiquidationEngine('0x4443d35BAEa0EeD30d9C7Fb136B8e507DC593646').liquidateSAFE('0x4554482d410000000000
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00000000000000000000000000000000000000000000', '0xc90F721DacfF8548777026253B8CB584426DC8C7') with nonce=206, gas=434424, gas_price=30000000000 (tx_hash
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=0x6688d6e94dc884ba294dd67626f1e0c749c76ca14fb7224b948b31a0e5286d6a)
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Transaction LiquidationEngine('0x4443d35BAEa0EeD30d9C7Fb136B8e507DC593646').liquidateSAFE('0x4554482d41000000000000000000000000000000000000000000000000000000', '0xc90F721DacfF8548777026253B8CB584426DC8C7') was successful (tx_hash=0x6688d6e94dc884ba294dd67626f1e0c749c76ca14fb7224b948b31a0e5286d6a)
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Auctions
After an auction is started, the collateral keeper will be able to bid for and buy collateral at a discounted price:
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Started monitoring auction #8
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Instantiated model using process '../models/collateral_model.sh --id 8 --collateral_auction_house 0xF8AAD33Cb9291Da4FF51377a6F1aB165c5E7Ab69'
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Process '../models/collateral_model.sh --id 8 --collateral_auction_house 0xF8AAD33Cb9291Da4FF51377a6F1aB165c5E7Ab69' (pid #36) started
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Checked auctions 0 to 8 in 0 seconds
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Checking if internal system coin balance needs to be rebalanced
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system coin token balance: 0.000000000000000000, SAFE Engine balance: 119.768970008628887937411195000000000000000000000
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Sending new bid @284.538396004218362573 for auction 8
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Sent transaction FixedDiscountCollateralAuctionHouse('0xF8AAD33Cb9291Da4FF51377a6F1aB165c5E7Ab69').buyCollateral(8, 4
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318147966969218961926) with nonce=230, gas=303231, gas_price=30000000000 (tx_hash=0x2f63ae43a46ae777f31a0977363a4d1ebd5fb8486d68fd70987b199281c36e3a)
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Transaction FixedDiscountCollateralAuctionHouse('0xF8AAD33Cb9291Da4FF51377a6F1aB165c5E7Ab69').buyCollateral(8, 431814
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7966969218961926) was successful (tx_hash=0x2f63ae43a46ae777f31a0977363a4d1ebd5fb8486d68fd70987b199281c36e3a)
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Bidding Gotchas
1) By default, the keeper submits a bid using all of its available system coins. This ensures the keeper gets the maximum amount of discounted collateral in one go.
2) If there are multiple ongoing auctions, you might see this error until the first buyCollateral transaction is finished:
Bid cost 5025.307970008628887936000000000000000000000000000 exceeds reservoir level of 0.000000000000000000411195000000000000000000000; bid will not be submitted
Swapping Bought Collateral for System Coins
The collateral keeper can swap collateral for system coins automatically when it's exited from the system using Uniswap V2. This allows the keeper to have plenty of system coins available next time it starts.To turn this option on, use this flag inside run_auction_keeper.sh:
--swap-collateral
To set the max allowable slippage percentage on Uniswap V2, set this flag:
--max-swap-slippage <float>, default: 0.01
Use --swap-collateral with --safe-engine-system-coin-target ALL(the default) to ensure won collateral is automatically converted to system coins
Exiting Collateral from the System
By default, the keeper will periodically exit collateral (that was bought from auctions) from the system.  
To adjust the interval at which the keeper exits collateral, set:
--return-collateral-interval, default:300 secs
By default, the keeper will exit all of its collateral when it's shutting down. 
To leave won collateral in the system on exit, specify this inside run_auction_keeper.sh:
--keep-collateral-in-safe-engine-on-exit
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Exiting 0.344424752741987967 ETH-A from the SAFE Engine
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Sent transaction <pyflex.gf.BasicCollateralJoin object at 0x7f0b7e92b5f8>.exit('0xdD1693BD8E307eCfDbe51D246562fc4109f871f8', 344424752741987967) with nonce=210, gas=153991, gas_price=30000000000 (tx_hash=0x88266148371a3dfea081fbc378c802ad02ef2bd9e0ccdfabfa2a53894dbffd7f)
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Transaction <pyflex.gf.BasicCollateralJoin object at 0x7f0b7e92b5f8>.exit('0xdD1693BD8E307eCfDbe51D246562fc4109f871f8', 344424752741987967) was successful (tx_hash=0x88266148371a3dfea081fbc378c802ad02ef2bd9e0ccdfabfa2a53894dbffd7f)
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Shutdown logic finished
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Keeper terminated
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Running on a Host

Collateral Auction Flash Swaps

Last modified 1yr ago

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Contents

Liquidations

Auctions

Swapping Bought Collateral for System Coins

Exiting Collateral from the System