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[OTE-244] Add upgrade handler for OIMF caps #1232

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Mar 25, 2024
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[OTE-244] Add upgrade handler for OIMF caps #1232

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52 changes: 52 additions & 0 deletions protocol/app/upgrades/v5.0.0/upgrade.go
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Original file line number Diff line number Diff line change
Expand Up @@ -98,6 +98,55 @@ func blockRateLimitConfigUpdate(
)
}

// Initialize soft and upper caps for OIMF
func initializeOIMFCaps(
ctx sdk.Context,
perpetualsKeeper perptypes.PerpetualsKeeper,
) {
allLiquidityTiers := perpetualsKeeper.GetAllLiquidityTiers(ctx)
for _, tier := range allLiquidityTiers {
if tier.Id == 0 {
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Based on values here

// For large cap, no OIMF caps
tier.OpenInterestLowerCap = 0
tier.OpenInterestUpperCap = 0
} else if tier.Id == 1 {
// Mid cap
tier.OpenInterestLowerCap = 25_000_000_000_000 // 25 million USDC
tier.OpenInterestUpperCap = 50_000_000_000_000 // 50 million USDC
} else if tier.Id == 2 {
// Long tail
tier.OpenInterestLowerCap = 10_000_000_000_000 // 10 million USDC
tier.OpenInterestUpperCap = 20_000_000_000_000 // 20 million USDC
} else {
// Safety
tier.OpenInterestLowerCap = 500_000_000_000 // 0.5 million USDC
tier.OpenInterestUpperCap = 1_000_000_000_000 // 1 million USDC
}

lt, err := perpetualsKeeper.SetLiquidityTier(
ctx,
tier.Id,
tier.Name,
tier.InitialMarginPpm,
tier.MaintenanceFractionPpm,
tier.ImpactNotional,
tier.OpenInterestLowerCap,
tier.OpenInterestUpperCap,
)
if err != nil {
panic(fmt.Sprintf("failed to set liquidity tier: %+v,\n err: %s", tier.Id, err))
}
// TODO(OTE-248): Optional - emit indexer events that for updated liquidity tier
ctx.Logger().Info(
fmt.Sprintf(
"Successfully set liqiquidity tier with `OpenInterestLower/UpperCap`: %+v\n",
lt,
),
)
// TODO(OTE-249): Add upgrade test that checks if the OIMF caps are set correctly
}
}

func CreateUpgradeHandler(
mm *module.Manager,
configurator module.Configurator,
Expand All @@ -114,6 +163,9 @@ func CreateUpgradeHandler(
// Set block rate limit configuration
blockRateLimitConfigUpdate(sdkCtx, clobKeeper)

// Initialize liquidity tier with lower and upper OI caps.
initializeOIMFCaps(sdkCtx, perpetualsKeeper)

// TODO(TRA-93): Initialize `x/vault` module.

return mm.RunMigrations(ctx, configurator, vm)
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20 changes: 20 additions & 0 deletions protocol/mocks/PerpetualsKeeper.go
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4 changes: 2 additions & 2 deletions protocol/scripts/genesis/sample_pregenesis.json
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Original file line number Diff line number Diff line change
Expand Up @@ -895,8 +895,8 @@
"initial_margin_ppm": 1000000,
"maintenance_fraction_ppm": 200000,
"name": "Safety",
"open_interest_lower_cap": 0,
"open_interest_upper_cap": 0
"open_interest_lower_cap": 500000000000,
"open_interest_upper_cap": 1000000000000
}
],
"params": {
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7 changes: 3 additions & 4 deletions protocol/testing/genesis.sh
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Expand Up @@ -169,10 +169,9 @@ 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'

# For `Safety` IMF is already at 100%; still we set OIMF for completeness.
dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].open_interest_lower_cap' -v '500000000000' # 0.5 million USDC
dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].open_interest_upper_cap' -v '1000000000000' # 1 million USDC

# 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)
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1 change: 1 addition & 0 deletions protocol/x/perpetuals/types/types.go
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Expand Up @@ -118,6 +118,7 @@ type PerpetualsKeeper interface {
GetAllPerpetuals(
ctx sdk.Context,
) []Perpetual
GetAllLiquidityTiers(ctx sdk.Context) (list []LiquidityTier)
}

type OpenInterestDelta struct {
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