Bond minter interface #1

aalavandhan · 2022-02-14T05:16:21Z

Features:

Created a bond minter which takes in a bond configuration mints bonds periodically (mostly similar to button's bond minter). Has the ability to look up bonds it mints, and get the configuration used to mint a given bond.
Basic Fee strategy which calculates fees based on mint/burn amounts
Basic pricing strategy which stores yields for bond class (ie bond config) and computes bond's price

Minor changes:

Replacing the usableTrancheCount in the mint function to trancheCount instead of trancheCount - 1, to keep the contract generic so we could even create a perpetual Z contract if we wanted
Replace icebox to contain tranches instead of bonds
Added methods to add bonds to the queue and remove them from the queue to the icebox if they are about to mature

aalavandhan · 2022-02-16T04:11:53Z

contracts/ACash.sol

-        int256 fee = mintFeePct * int256(mintAmt) / (10 ** int256(PCT_DECIMALS));
-        if (fee >= 0) {
-            IERC20(feeToken).transferFrom(msg.sender, this, fee); // todo: safe versions
+        // using SPOT as the fee token


I've stubbed both implementations (native and foreign fee tokens) and so we can choose either one later ..

contracts/BondMinter.sol

contracts/ACash.sol

brandoniles

Here's my first round of comments, but still need to dig deeper in ACash and YieldStrategy

contracts/interfaces/button-wood/ITranche.sol

contracts/interfaces/button-wood/IBondFactory.sol

contracts/BondMinter.sol

contracts/ACash.sol

contracts/interfaces/IYieldStrategy.sol

nms-7 · 2022-02-18T23:30:57Z

contracts/ACash.sol

-            // This is very scary!
-            IERC20(feeToken).transfer(msg.sender, fee);
+            // get bond price, ie amount of SPOT for trancheAmts[i] amount of t tranches
+            mintAmt += pricingStrategy.getTranchePrice(t, trancheAmts[i]);


could this value be 0? (e.g. for a Z tranche). If so, should the pricingStrategy price be checked before the transfer on line 88 even if we still wait to increment mintAmt until after the transfer?

Right now the 'yield' parameter on the pricing strategy indicates if a tranche is to be used or not. Post Brandon's suggestion to move that parameter to the ACash contract, we'll be able to do what you suggest.

contracts/FeeStrategy.sol

contracts/BondIssuer.sol

brandoniles · 2022-02-18T23:26:04Z

contracts/PricingStrategy.sol

+
+    struct TrancheConfig {
+        IBondController bond;
+        uint256[] trancheRatios;


Shouldn't the Bond be able to provide the trancheRatios?

Not directly. We have to query each tranche to get the ratios ..
https://github.com/buttonwood-protocol/tranche/blob/main/contracts/interfaces/IBondController.sol#L25

contracts/PricingStrategy.sol

contracts/ACash.sol

brandoniles · 2022-02-18T23:36:29Z

contracts/ACash.sol

+    AddressQueue.Queue public bondQueue;
+
+    // system only keeps bonds which further than the `tolarableBondMaturiy` in the queue
+    uint256 private _tolarableBondMaturiy;


What about minBondTimeLeftSec?

it's essentially a lower limit on the maturity dates of the bonds in the bond queue.

minMaturityDate & maxMaturityDate ?

We'd like to make clear this is a timespan (in seconds), rather than a timestamp/date.

minMaturityTimeSec and maxMaturityTimeSec ?

contracts/ACash.sol

brandoniles · 2022-02-18T23:50:59Z

contracts/ACash.sol

+    function advanceMintBond(IBondController newBond) public {
+        require(address(newBond) != bondQueue.head(), "New bond already in queue");
+        require(bondIssuer.isInstance(address(newBond)), "Expect new bond to be minted by the minter");
+        require(newBond.maturityDate() > tolarableBondMaturiyDate(), "New bond matures too soon");


I was wondering about the case where a bond is mistakenly added to the queue that matures 1000yrs from now.

We might need a way for governance to kick a bond to the icebox, or have a safety check here.

The safety check does make sense. tolarableBondMaturiyDate effectively acts as a lower limit to the bond maturity date. Maybe we could add a upper limit as well?

Yeah I like that approach since it keeps governance out of the workings more.

brandoniles · 2022-02-18T23:56:14Z

contracts/ACash.sol

+            for (uint256 i = 0; i < latestBond.trancheCount(); i++) {
+                (ITranche t, ) = latestBond.tranches(i);
+                if (t.balanceOf(address(this)) > 0) {
+                    trancheIcebox[t] = true;


We also need to emit a addedToIcebox(t) event so that the app can display the icebox elements to the rotators later.

I have a todo (at the top) to emit events. Will get to that in a later PR ..

Co-authored-by: Brandon Iles <brandon@fragments.org>

contracts/FeeStrategy.sol

contracts/ACash.sol

brandoniles

LGTM for now. Once you wrap up the current comments let's get the code in so we can keep moving 👍

* fee policy restructure * updated perp fee and rebalance handling, audit cleanup * updated vault fee and rebalance handling, audit cleanup * interface and lib updates * updated unit tests * code review fixes #1 * code review fixes #2 * code review fix #3 * Removed subscription ratio for a global vault:perp tvl (or system ratio) (#254) * Using a system ratio target * using system state to calculate fees * using system state for fees and removed subscription liquidity check * interface updates * unit test updates * rename

* Bump coverallsapp/github-action from 2.3.0 to 2.3.3 (#228) Bumps [coverallsapp/github-action](https://github.com/coverallsapp/github-action) from 2.3.0 to 2.3.3. - [Release notes](https://github.com/coverallsapp/github-action/releases) - [Commits](coverallsapp/github-action@v2.3.0...v2.3.3) --- updated-dependencies: - dependency-name: coverallsapp/github-action dependency-type: direct:production update-type: version-update:semver-patch ... Signed-off-by: dependabot[bot] <support@github.com> Co-authored-by: dependabot[bot] <49699333+dependabot[bot]@users.noreply.github.com> * updated cdr pricer (#229) * Deployed v4.1.0 implementations * Bump coverallsapp/github-action from 2.3.3 to 2.3.4 (#230) Bumps [coverallsapp/github-action](https://github.com/coverallsapp/github-action) from 2.3.3 to 2.3.4. - [Release notes](https://github.com/coverallsapp/github-action/releases) - [Commits](coverallsapp/github-action@v2.3.3...v2.3.4) --- updated-dependencies: - dependency-name: coverallsapp/github-action dependency-type: direct:production update-type: version-update:semver-patch ... Signed-off-by: dependabot[bot] <support@github.com> Co-authored-by: dependabot[bot] <49699333+dependabot[bot]@users.noreply.github.com> * updated spot subgraph to keep track of vault swap volume * Vault Refactor & Meta Oracle (#224) * removed pricing strategies in favor of meta oracle * Bill broker refactor, using new meta oracle * Charm vault refactor, using new meta oracle * Updated Interfaces and Errors * updated unit tests * code review changes * Scalable usdc spot strategy (#231) Apply suggestions from code review Co-authored-by: Brandon Iles <brandon@fragments.org> review fix caching bool instead of prev deviation * billy subgraph (#234) * Deployed new oracle contract and managers (#233) * deployed new oracle and managers * updated readme * Staking subgraph (#235) * staking subgraph, refreshing store on rebase * charm wampl vault subgraph * adds timestamp to swap events subgraph (#236) * adds timestamp to swap events subgraph Signed-off-by: nms-7 <nixon.ubud@gmail.com> * linting Signed-off-by: nms-7 <nixon.ubud@gmail.com> * fixed null swap creation with 0 timestamp Signed-off-by: nms-7 <nixon.ubud@gmail.com> --------- Signed-off-by: nms-7 <nixon.ubud@gmail.com> * Bump coverallsapp/github-action from 2.3.4 to 2.3.6 (#238) Bumps [coverallsapp/github-action](https://github.com/coverallsapp/github-action) from 2.3.4 to 2.3.6. - [Release notes](https://github.com/coverallsapp/github-action/releases) - [Commits](coverallsapp/github-action@v2.3.4...v2.3.6) --- updated-dependencies: - dependency-name: coverallsapp/github-action dependency-type: direct:production update-type: version-update:semver-patch ... Signed-off-by: dependabot[bot] <support@github.com> Co-authored-by: dependabot[bot] <49699333+dependabot[bot]@users.noreply.github.com> * Bill broker fee curve change (#237) * using fee factor instead of percentages to support -ve fees * unit tests * code review * convergent fee curve * updated charm fee yield logic (#239) * Fee curve update (#232) * fee curve update * code review fixes * Rollover fee curve update (#240) * rollover fee handles undersubscribed vault * bumped up hardhat * code review comments * DR based flash swap fees * comment updates * updated unit tests to use ethers v6, using custom mocking library * updated tasks and deps * updated perp mint fees to be paid to the vault * removed perp share of fees from flash swaps, all fees go to the vault * added configurable dr soft bounds (curve cutoff point) to flash swap fees * updated unit tests * removed rollover fees from perp * Daily Rebalance * updated unit tests * constant rate enrichment/debasement * mint2, redeem2 * added linked library to limit contract size * unit tests * melding perps immediately after rebalance * Apply suggestions from code review Suggestions Co-authored-by: Brandon Iles <brandon@fragments.org> * Update spot-contracts/contracts/FeePolicy.sol Co-authored-by: Brandon Iles <brandon@fragments.org> * code review fixes * code review fixes v2 * code review fixes v3 * code review v4 * during rebalance, vault pays perps by transferring tranches into perp's reserve * rebalance eql * configurable rebalance freq * code review v5 * Apply suggestions from code review Co-authored-by: Brandon Iles <brandon@fragments.org> * code review fixes * Code review fixes Co-authored-by: Brandon Iles <brandon@fragments.org> * bill broker single sided deposit fix (#253) * Dev Audit Changes (#252) * fee policy restructure * updated perp fee and rebalance handling, audit cleanup * updated vault fee and rebalance handling, audit cleanup * interface and lib updates * updated unit tests * code review fixes #1 * code review fixes #2 * code review fix #3 * Removed subscription ratio for a global vault:perp tvl (or system ratio) (#254) * Using a system ratio target * using system state to calculate fees * using system state for fees and removed subscription liquidity check * interface updates * unit test updates * rename * updated deps --------- Signed-off-by: dependabot[bot] <support@github.com> Signed-off-by: nms-7 <nixon.ubud@gmail.com> Co-authored-by: dependabot[bot] <49699333+dependabot[bot]@users.noreply.github.com> Co-authored-by: nms-7 <57442379+nms-7@users.noreply.github.com> Co-authored-by: Brandon Iles <brandon@fragments.org>

aalavandhan added 3 commits February 13, 2022 17:18

changes for compilation

7fb8c9f

making the input tranches generic

136d965

bond minter ineteface

db3fbef

aalavandhan force-pushed the nithin-mint-draft branch from c757fa7 to db3fbef Compare February 14, 2022 05:16

aalavandhan requested a review from brandoniles February 14, 2022 05:17

aalavandhan and others added 3 commits February 13, 2022 21:33

minor fixes

b3ada95

checking in yarnlock

6f19553

Bond minter and strategies

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aalavandhan force-pushed the nithin-mint-draft branch from 8047686 to ee9d822 Compare February 16, 2022 04:10

aalavandhan commented Feb 16, 2022

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aalavandhan force-pushed the nithin-mint-draft branch from 94d83c5 to 89faf4d Compare February 16, 2022 04:54

single class minter

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aalavandhan force-pushed the nithin-mint-draft branch from 89faf4d to b0663a5 Compare February 16, 2022 05:06

aalavandhan commented Feb 16, 2022

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aalavandhan commented Feb 16, 2022

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using config hash to map tranche yield

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aalavandhan force-pushed the nithin-mint-draft branch from 4f0f8ce to 494df50 Compare February 16, 2022 16:41

aalavandhan added 4 commits February 16, 2022 13:52

renamed yield strategy to pricing strategy

60ab638

renamed mint function

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updated comments

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ran linter

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brandoniles reviewed Feb 16, 2022

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aalavandhan and others added 5 commits February 16, 2022 20:23

seperate function for fee transfer

1ebc0f6

updated comments

47443c0

code review comments

13a10b1

fixed variable name

778c20a

pricing strategy to use just tranche

02a06c2

aalavandhan force-pushed the nithin-mint-draft branch from 26ab5d5 to 02a06c2 Compare February 17, 2022 05:31

using bool to indicate icebox inclusion

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updated bond minter

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nms-7 reviewed Feb 18, 2022

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brandoniles reviewed Feb 18, 2022

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Apply suggestions from code review

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Co-authored-by: Brandon Iles <brandon@fragments.org>

aalavandhan commented Feb 19, 2022

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aalavandhan commented Feb 19, 2022

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aalavandhan force-pushed the nithin-mint-draft branch from 71dabcf to 0fafbe6 Compare February 21, 2022 15:32

code review comments

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gas optimization

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brandoniles approved these changes Feb 21, 2022

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aalavandhan merged commit 7348213 into mint-draft Feb 21, 2022

aalavandhan deleted the nithin-mint-draft branch February 21, 2022 17:56

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code review fix #1,#2

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code review fixes #1

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code review fixes #1

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Bond minter interface #1

Bond minter interface #1

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aalavandhan commented Feb 14, 2022 •

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