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On this page
  • 1. Overview
  • 2. Component Descriptions
  • 3. Risks
  • Smart Contract Bugs
  • Misconfiguration
  • 4. Governance Minimization

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  1. System Contracts

Automation Module

A set of contracts in charge with automating a GEB

PreviousIncreasing Reward RelayerNextCollateral Auction Throttler

Last updated 4 years ago

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Relevant smart contracts:

1. Overview

The Automation Module is a set of contracts that automate parameter setting in a GEB deployment. They are meant to ease the burden of managing a system and allow the community to focus their efforts on other areas.

2. Component Descriptions

  • CollateralAuctionThrottler - this contract bounds the amount of bad debt that's waiting to be covered by collateral auctions at any given time

  • SingleSpotDebtCeilingSetter - this contract recomputes the debt ceiling for a specific collateral type by looking at the current globalDebt in the SAFEEngine

  • ESMThresholdSSetter - this contract recomputes the threshold needed to burn and trigger settlement using the ESM

3. Risks

Smart Contract Bugs

  • A bug in the CollateralAuctionThrottler could prevent the LiquidationEngine from liquidating any SAFE by setting onAuctionSystemCoinLimit to an extremely low value

  • A bug in the SingleSpotDebtCeilingSetter could set an extremely low ceiling or it could block any further ceiling updates and thus not allow the system to issue more system coins

  • A bug in the ESMThresholdSetter could set the ESM threshold to an extremely low value which would make shutdown extremely easy to execute or to a very high value which would make shutdown almost impossible to execute

Misconfiguration

  • Governance can misconfigure the throttler and make it compute extremely low values for theonAuctionSystemCoinLimit

  • Governance can also misconfigure the SingleSpotDebtCeilingSetter to the point where it stops calculating new ceilings (by setting a large delay between recalculations) or it can calculate large or low ceilings (compared to the current amount of debt in the system)

  • ESMThresholdSetter can be misconfigured and it can set extremely high or extremely low thresholds in the ESM

4. Governance Minimization

All the automation contracts are part of Level 2 governance minimization.

CollateralAuctionThrottler
SingleSpotDebtCeilingSetter
ESMThresholdSetter