GlobalSettlement is meant to shut down the system and reimburse SAFE users as well as system coin holders with all the collateral that's locked inside.
isAuthorized - auth mechanisms
safeEngine - address of the
liquidationEngine - address of the
accountingEngine - address of the
oracleRelayer - address of the
coinSavingsAccount - address of the
stabilityFeeTreasury - address of the
contractEnabled - whether settlement has been triggered or not
shutdownTime - unix timestamp of the moment when settlement was triggered
shutdownCooldown - cooldown post shutdown during which no on-chain processing can be done
outstandingCoinSupply - outstanding system coin supply after all deficit / surplus has been taken into account
finalCoinPerCollateralPrice[collateralType: bytes32] - price per collateral type at time of settlement
collateralShortfall[collateralType: bytes32] - shortfall per collateral type (taking into account under-collateralised SAFEs)
collateralTotalDebt[collateralType: bytes32] - outstanding debt per collateral type
collateralCashPrice[collateralType: bytes32]- amount of system coins to be paid for one unit of a specific collateral type
coinBag[usr: address] - system coins ready to be swapped for collateral. Coins cannot be transferred out of a bag
coinsUsedToRedeem[usr: address] - the amount of already swapped system coins for a specific address
isAuthorized - checks whether an address is part of
authorizedAddresses (and thus can call authed functions).
modifyParameters() - update parameters such as the
shutdownSystem() - start the settlement process. Usually called by
freezeCollateralType(collateralType: bytes32) - sets the final price of a collateral type
fastTrackAuction(collateralType: bytes32, auctionId: uint256) - cancel / terminate a live auction
processSAFE(collateralType: bytes32, safe: address) - cancel a SAFE's owed debt
freeCollateral(collateralType: bytes32) - remove remaining collateral from a SAFE (can occur only after there's no debt in the SAFE)
setOutstandingCoinSupply() - fix the outstanding supply of system coins
calculateCashPrice(collateralType: bytes32) - calculates a price for each collateral type (system coins per unit of collateral type) taking into account system surplus / deficit
prepareCoinsForRedeeming(coinAmount: uint256) - add system coins in a
coinBag and prepare them to
redeemCollateral(collateralType: bytes32, coinsAmount: uint) - swap coins from a bag with a specific collateral type
SAFE Redemption Prioritization
We chose to give priority to SAFE users (when it comes to redeeming collateral) meaning that all users with positions above the
liquidationCRatio (collateralization ratio under which a SAFE gets liquidated) should be allowed to retrieve surplus collateral.
Freezes user entry-points
Cancels collateral/surplus auctions
Starts the cooldown period
This step sets the final price for each
collateralType, reading off the price feed. We must process some system state before it is possible to calculate the final systemCoin / collateral price. In particular, we need to determine:
collateralShortfall (considers under-collateralised SAFEs)
outstandingCoinSupply (after including system system surplus / deficit)
We determine (a) by processing all under-collateralised SAFEs with
This step cancels SAFE debt. Any excess collateral remains and the backing collateral is taken.
We determine the
outstandingCoinSupply by processing ongoing coin generating processes, i.e. auctions. We need to ensure that auctions will not generate any further coin income. In the two-way auction model this occurs when all auctions are in the reverse (
decreaseSoldAmount) phase. There are two ways of ensuring this: waiting until
shutdownCooldown seconds have passed since the initial settlement trigger or use
shutdownCooldown: set the cooldown period to be at least as long as the longest auction duration (which needs to be determined by the shutdown administrator). This takes a fairly predictable time to occur but with altered auction dynamics due to the now varying price of the system coin.
fastTrackAuction: cancel all ongoing auctions and seize the collateral. This allows for faster processing at the expense of more calls. This option allows coin holders to retrieve their collateral faster. Concretely,
Cancels individual collateral auctions (using
Retrieves collateral to
GlobalSettlement and (in case the system uses
EnglishCollateralHouses) returns coins (the bid) to the highest bidder
In the case of an
reduceAuctionedAmount (reverse) phase auctions can continue normally.
Option (1) is sufficient for processing the system settlement but option (2) will speed up auctions. Both options are available in this implementation, with
fastTrackAuction being enabled on a per-auction basis.
When a SAFE has been processed and has no debt remaining, the remaining collateral (SAFE surplus collateral above the liquidation ratio) can be removed.
Removes collateral from the caller's SAFE.
After the processing period has elapsed, we enable calculation of the final price for each collateral type.
This function is only callable after the processing time period has elapsed and if the
AccountingEngine has no more surplus left.
AccountingEngine.transferPostSettlementSurplus can be called in order to drain any remaining surplus and allow
setOutstandingCoinSupply to be executed.
setOutstandingCoinSupply fixes the total outstanding supply of coins.
collateralCashPrice (amount of system coins per one unit of collateral). It adjusts the cash price in the case of system deficit / surplus.
At this point we have computed the final price for each collateral type and coin holders can now turn their coin into collateral. Each unit coin can claim a fixed basket of collateral.
Coin holders must first
coinBags. Once prepared, coins cannot be transferred out of the bag. More coins can be added to a bag later.
Put some coins into a
coinBag in order to
redeemCollateral. The bigger the bag, the more collateral the user can claim.
Exchange some coins from a bag for a specific
The amount of collateral available to redeem is limited by how big a bag is