Single Spot Debt Ceiling Setter

1. Summary
The SingleSpotDebtCeilingSetter is meant to recompute the debtCeiling for a single collateral type inside the SAFEEngine.

The setter inherits functionality from the IncreasingTreasuryReimbursement.
2. Contract Variables & Functions
Variables
manualSetters[usr: address] - addManualSetter/removeManualSetter - auth mechanism for addresses that can call manualUpdateCeiling
maxCollateralCeiling - the max amount of system coins that can be generated using the collateral type with collateralName
minCollateralCeiling - the min amount of system coins that must be generated using the collateral type with collateralName
ceilingPercentageChange - premium on top of the current amount of debt (backed by the collateral type with collateralName) minted. This is used to calculate a new ceiling
lastUpdateTime - when the debt ceiling was last updated
updateDelay - enforced time gap between calls
lastManualUpdateTime - last timestamp of a manual update
blockIncreaseWhenRevalue - flag that blocks an increase in the debt ceiling when the redemption rate is positive
blockDecreaseWhenDevalue - flag that blocks a decrease in the debt ceiling when the redemption rate is negative
collateralName - the targeted collateral's name
safeEngine - the SAFEEngine contract
oracleRelayer - the OracleRelayer contract
Functions
modifyParameters - modifies contract parameters
autoUpdateCeiling(feeReceiver: address) external - periodically updates the debt ceiling for the collateral type with collateralName. Can be called by anyone
manualUpdateCeiling() - authed function that allows manualSetters to update the debt ceiling whenever they want
getNextCollateralCeiling() public view returns (uint256) - view function meant to return the new and upcoming debt ceiling. It also checks for allowsIncrease and allowsDecrease
getRawUpdatedCeiling() external view returns (uint256) - view function meant to return the new and upcoming debt ceiling. It does not perform checks for allowsIncrease and allowsDecrease
allowsIncrease(redemptionRate: uint256, currentDebtCeiling: uint256, updatedCeiling: uint256) public view returns (allowsIncrease: bool) - view function meant to return whether an increase in the debt ceiling is currently allowed
allowsDecrease(redemptionRate: uint256, currentDebtCeiling: uint256, updatedCeiling: uint256) public view returns (allowsDecrease: bool) - view function meant to return whether a decrease in the debt ceiling is currently allowed
Modifiers
isManualSetter - checks whether an address is part of manualSetters.
Events
AddManualSetter - emitted when a new manual setter is added. Contains:
account - new manual setter address
RemoveManualSetter - emitted when a manual setter address is removed/blacklisted. Contains:
account - the setter address that's removed
UpdateCeiling - emitted when a new ceiling is computed and set. Contains:
nextCeiling - the new ceiling
3. Walkthrough
autoUpdateCeiling and manualUpdateCeiling can both be used to recompute the debt ceiling for the collateral type with collateralName, although manualUpdateCeiling can only be called by whitelisted manualSetters. Both autoUpdateCeiling and manualUpdateCeiling call getNextCollateralCeiling to calculate the new ceiling.
getNextCollateralCeiling takes into account allowsIncrease and allowsDecrease to determine whether it is allowed to computed a higher or a lower ceiling (compared to the current one).
Both allowsIncrease and allowsDecrease look at the current redemptionRate as well as at blockIncreaseWhenRevalue and blockDecreaseWhenDevalue to see whether they should allow or disallow an increase or decrease in the debt ceiling. blockIncreaseWhenRevalue and blockDecreaseWhenDevalue are by default set to zero so increases or decreases are always allowed, no matter what sign the redemption rate has.

Collateral Auction Throttler

ESM Threshold Setter

Last modified 7mo ago

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Contents

1. Summary

2. Contract Variables & Functions

3. Walkthrough