add default genesis value, modify methods interface

dydxprotocol · Mar 4, 2024 · f784edb · f784edb
1 parent eb100ae
commit f784edb
Show file tree

Hide file tree

Showing 16 changed files with 142 additions and 17 deletions.
diff --git a/protocol/mocks/PerpetualsKeeper.go b/protocol/mocks/PerpetualsKeeper.go
diff --git a/protocol/scripts/genesis/sample_pregenesis.json b/protocol/scripts/genesis/sample_pregenesis.json
@@ -862,31 +862,37 @@
           "impact_notional": 10000000000,
           "initial_margin_ppm": 50000,
           "maintenance_fraction_ppm": 600000,
-          "name": "Large-Cap"
+          "name": "Large-Cap",
+          "open_interest_lower_cap": 0,
+          "open_interest_upper_cap": 0
         },
         {
           "base_position_notional": 250000000000,
           "id": 1,
           "impact_notional": 5000000000,
           "initial_margin_ppm": 100000,
           "maintenance_fraction_ppm": 500000,
-          "name": "Mid-Cap"
+          "name": "Mid-Cap",
+          "open_interest_lower_cap": 50000000000000
         },
         {
           "base_position_notional": 100000000000,
           "id": 2,
           "impact_notional": 2500000000,
           "initial_margin_ppm": 200000,
           "maintenance_fraction_ppm": 500000,
-          "name": "Long-Tail"
+          "name": "Long-Tail",
+          "open_interest_lower_cap": 20000000000000
         },
         {
           "base_position_notional": 1000000000,
           "id": 3,
           "impact_notional": 2500000000,
           "initial_margin_ppm": 1000000,
           "maintenance_fraction_ppm": 200000,
-          "name": "Safety"
+          "name": "Safety",
+          "open_interest_lower_cap": 0,
+          "open_interest_upper_cap": 0
         }
       ],
       "params": {
@@ -1815,7 +1821,7 @@
       ]
     }
   },
-  "app_version": "4.0.0-dev0-59-g5530ea29",
+  "app_version": "4.0.0-dev0-60-geb100ae0",
   "chain_id": "dydx-sample-1",
   "consensus": {
     "params": {

diff --git a/protocol/testing/genesis.sh b/protocol/testing/genesis.sh
@@ -125,6 +125,7 @@ function edit_genesis() {
 
 	# Update perpetuals module.
 	# Liquidity Tiers.
+	# TODO(OTE-208): Finalize default values for open interest caps.
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers' -v "[]"
 	# Liquidity Tier: Large-Cap
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -134,6 +135,8 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].maintenance_fraction_ppm' -v '600000' # 60% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].base_position_notional' -v '1000000000000' # 1_000_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].impact_notional' -v '10000000000' # 10_000 USDC (500 USDC / 5%)
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].open_interest_lower_cap' -v '0' # OIMF doesn't apply to Large-Cap
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].open_interest_upper_cap' -v '0' # OIMF doesn't apply to Large-Cap
 
 	# Liquidity Tier: Mid-Cap
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -143,6 +146,8 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].maintenance_fraction_ppm' -v '500000' # 50% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].base_position_notional' -v '250000000000' # 250_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].impact_notional' -v '5000000000' # 5_000 USDC (500 USDC / 10%)
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].open_interest_lower_cap' -v '25000000000000' # 25 million USDC
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].open_interest_lower_cap' -v '50000000000000' # 50 million USDC
 
 	# Liquidity Tier: Long-Tail
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -152,6 +157,8 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].maintenance_fraction_ppm' -v '500000' # 50% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].base_position_notional' -v '100000000000' # 100_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].impact_notional' -v '2500000000' # 2_500 USDC (500 USDC / 20%)
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].open_interest_lower_cap' -v '10000000000000' # 10 million USDC
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].open_interest_lower_cap' -v '20000000000000' # 20 million USDC
 
 	# Liquidity Tier: Safety
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -161,6 +168,10 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].maintenance_fraction_ppm' -v '200000' # 20% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].base_position_notional' -v '1000000000' # 1_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].impact_notional' -v '2500000000' # 2_500 USDC (2_500 USDC / 100%)
+	# OIMF doesn't apply to `Safety`, since IMF is already at 100%.
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].open_interest_lower_cap' -v '0'
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].open_interest_upper_cap' -v '0'
+
 
 	# Params.
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.params.funding_rate_clamp_factor_ppm' -v '6000000' # 600 % (same as 75% on hourly rate)

diff --git a/protocol/testutil/constants/perpetuals.go b/protocol/testutil/constants/perpetuals.go
@@ -339,20 +339,26 @@ var (
 				InitialMarginPpm:       200_000,
 				MaintenanceFractionPpm: 500_000,
 				ImpactNotional:         2_500_000_000,
+				OpenInterestLowerCap:   0,
+				OpenInterestUpperCap:   0,
 			},
 			{
 				Id:                     uint32(1),
 				Name:                   "Mid-Cap",
 				InitialMarginPpm:       300_000,
 				MaintenanceFractionPpm: 600_000,
 				ImpactNotional:         1_667_000_000,
+				OpenInterestLowerCap:   25_000_000_000_000,
+				OpenInterestUpperCap:   50_000_000_000_000,
 			},
 			{
 				Id:                     uint32(2),
 				Name:                   "Small-Cap",
 				InitialMarginPpm:       400_000,
 				MaintenanceFractionPpm: 700_000,
 				ImpactNotional:         1_250_000_000,
+				OpenInterestLowerCap:   10_000_000_000_000,
+				OpenInterestUpperCap:   20_000_000_000_000,
 			},
 		},
 		Params: PerpetualsGenesisParams,
@@ -365,6 +371,7 @@ var (
 					MarketType:    perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 				},
 				FundingIndex: dtypes.ZeroInt(),
+				OpenInterest: dtypes.ZeroInt(),
 			},
 			{
 				Params: perptypes.PerpetualParams{
@@ -374,6 +381,7 @@ var (
 					MarketType:    perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 				},
 				FundingIndex: dtypes.ZeroInt(),
+				OpenInterest: dtypes.ZeroInt(),
 			},
 		},
 	}

diff --git a/protocol/testutil/keeper/perpetuals.go b/protocol/testutil/keeper/perpetuals.go
@@ -176,6 +176,8 @@ func CreateTestLiquidityTiers(t *testing.T, ctx sdk.Context, k *keeper.Keeper) {
 			l.InitialMarginPpm,
 			l.MaintenanceFractionPpm,
 			l.ImpactNotional,
+			l.OpenInterestLowerCap,
+			l.OpenInterestUpperCap,
 		)
 
 		require.NoError(t, err)

diff --git a/protocol/testutil/perpetuals/perpetuals.go b/protocol/testutil/perpetuals/perpetuals.go
@@ -67,6 +67,7 @@ func GeneratePerpetual(optionalModifications ...PerpetualModifierOption) *perpty
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 
 	for _, opt := range optionalModifications {

diff --git a/protocol/x/perpetuals/genesis.go b/protocol/x/perpetuals/genesis.go
@@ -26,6 +26,8 @@ func InitGenesis(ctx sdk.Context, k keeper.Keeper, genState types.GenesisState)
 			elem.InitialMarginPpm,
 			elem.MaintenanceFractionPpm,
 			elem.ImpactNotional,
+			elem.OpenInterestLowerCap,
+			elem.OpenInterestUpperCap,
 		)
 
 		if err != nil {

diff --git a/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier.go b/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier.go
@@ -30,6 +30,8 @@ func (k msgServer) SetLiquidityTier(
 		msg.LiquidityTier.InitialMarginPpm,
 		msg.LiquidityTier.MaintenanceFractionPpm,
 		msg.LiquidityTier.ImpactNotional,
+		msg.LiquidityTier.OpenInterestLowerCap,
+		msg.LiquidityTier.OpenInterestUpperCap,
 	); err != nil {
 		return nil, err
 	}

diff --git a/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier_test.go b/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier_test.go
@@ -114,6 +114,21 @@ func TestSetLiquidityTier(t *testing.T) {
 			},
 			expectedErr: "invalid authority",
 		},
+		"Failure: invalid open interest caps": {
+			msg: &types.MsgSetLiquidityTier{
+				Authority: lib.GovModuleAddress.String(),
+				LiquidityTier: types.LiquidityTier{
+					Id:                     testLt.Id,
+					Name:                   "medium-cap",
+					InitialMarginPpm:       567_123,
+					MaintenanceFractionPpm: 500_001,
+					ImpactNotional:         1_300_303,
+					OpenInterestLowerCap:   100,
+					OpenInterestUpperCap:   50,
+				},
+			},
+			expectedErr: "open interest lower cap is larger than upper cap",
+		},
 	}
 
 	for name, tc := range tests {
@@ -126,6 +141,8 @@ func TestSetLiquidityTier(t *testing.T) {
 				testLt.InitialMarginPpm,
 				testLt.MaintenanceFractionPpm,
 				testLt.ImpactNotional,
+				testLt.OpenInterestLowerCap,
+				testLt.OpenInterestUpperCap,
 			)
 			require.NoError(t, err)
 

diff --git a/protocol/x/perpetuals/keeper/perpetual.go b/protocol/x/perpetuals/keeper/perpetual.go
@@ -71,6 +71,7 @@ func (k Keeper) CreatePerpetual(
 			MarketType:        marketType,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 
 	if err := k.validatePerpetual(
@@ -1377,6 +1378,8 @@ func (k Keeper) SetLiquidityTier(
 	initialMarginPpm uint32,
 	maintenanceFractionPpm uint32,
 	impactNotional uint64,
+	openInterestLowerCap uint64,
+	openInterestUpperCap uint64,
 ) (
 	liquidityTier types.LiquidityTier,
 	err error,
@@ -1388,6 +1391,8 @@ func (k Keeper) SetLiquidityTier(
 		InitialMarginPpm:       initialMarginPpm,
 		MaintenanceFractionPpm: maintenanceFractionPpm,
 		ImpactNotional:         impactNotional,
+		OpenInterestLowerCap:   openInterestLowerCap,
+		OpenInterestUpperCap:   openInterestUpperCap,
 	}
 
 	// Validate liquidity tier's fields.