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auctions.go
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auctions.go
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package types
import (
"errors"
"fmt"
"strings"
"time"
sdk "github.com/cosmos/cosmos-sdk/types"
"github.com/cosmos/cosmos-sdk/x/supply"
)
const (
CollateralAuctionType = "collateral"
SurplusAuctionType = "surplus"
DebtAuctionType = "debt"
ForwardAuctionPhase = "forward"
ReverseAuctionPhase = "reverse"
)
// DistantFuture is a very large time value to use as initial the ending time for auctions.
// It is not set to the max time supported. This can cause problems with time comparisons, see https://stackoverflow.com/a/32620397.
// Also amino panics when encoding times ≥ the start of year 10000.
var DistantFuture = time.Date(9000, 1, 1, 0, 0, 0, 0, time.UTC)
// Auction is an interface for handling common actions on auctions.
type Auction interface {
GetID() uint64
WithID(uint64) Auction
GetInitiator() string
GetLot() sdk.Coin
GetBidder() sdk.AccAddress
GetBid() sdk.Coin
GetEndTime() time.Time
GetType() string
GetPhase() string
}
// Auctions is a slice of auctions.
type Auctions []Auction
// BaseAuction is a common type shared by all Auctions.
type BaseAuction struct {
ID uint64 `json:"id" yaml:"id"`
Initiator string `json:"initiator" yaml:"initiator"` // Module name that starts the auction. Pays out Lot.
Lot sdk.Coin `json:"lot" yaml:"lot"` // Coins that will paid out by Initiator to the winning bidder.
Bidder sdk.AccAddress `json:"bidder" yaml:"bidder"` // Latest bidder. Receiver of Lot.
Bid sdk.Coin `json:"bid" yaml:"bid"` // Coins paid into the auction the bidder.
HasReceivedBids bool `json:"has_received_bids" yaml:"has_received_bids"` // Whether the auction has received any bids or not.
EndTime time.Time `json:"end_time" yaml:"end_time"` // Current auction closing time. Triggers at the end of the block with time ≥ EndTime.
MaxEndTime time.Time `json:"max_end_time" yaml:"max_end_time"` // Maximum closing time. Auctions can close before this but never after.
}
// GetID is a getter for auction ID.
func (a BaseAuction) GetID() uint64 { return a.ID }
// GetInitiator is a getter for auction Initiator.
func (a BaseAuction) GetInitiator() string { return a.Initiator }
// GetLot is a getter for auction Lot.
func (a BaseAuction) GetLot() sdk.Coin { return a.Lot }
// GetBidder is a getter for auction Bidder.
func (a BaseAuction) GetBidder() sdk.AccAddress { return a.Bidder }
// GetBid is a getter for auction Bid.
func (a BaseAuction) GetBid() sdk.Coin { return a.Bid }
// GetEndTime is a getter for auction end time.
func (a BaseAuction) GetEndTime() time.Time { return a.EndTime }
// GetType returns the auction type. Used to identify auctions in event attributes.
func (a BaseAuction) GetType() string { return "base" }
// Validate verifies that the auction end time is before max end time
func (a BaseAuction) Validate() error {
// ID can be 0 for surplus, debt and collateral auctions
if strings.TrimSpace(a.Initiator) == "" {
return errors.New("auction initiator cannot be blank")
}
if !a.Lot.IsValid() {
return fmt.Errorf("invalid lot: %s", a.Lot)
}
// NOTE: bidder can be empty for Surplus and Collateral auctions
if !a.Bidder.Empty() && len(a.Bidder) != sdk.AddrLen {
return fmt.Errorf("the expected bidder address length is %d, actual length is %d", sdk.AddrLen, len(a.Bidder))
}
if !a.Bid.IsValid() {
return fmt.Errorf("invalid bid: %s", a.Bid)
}
if a.EndTime.Unix() <= 0 || a.MaxEndTime.Unix() <= 0 {
return errors.New("end time cannot be zero")
}
if a.EndTime.After(a.MaxEndTime) {
return fmt.Errorf("MaxEndTime < EndTime (%s < %s)", a.MaxEndTime, a.EndTime)
}
return nil
}
func (a BaseAuction) String() string {
return fmt.Sprintf(`Auction %d:
Initiator: %s
Lot: %s
Bidder: %s
Bid: %s
End Time: %s
Max End Time: %s`,
a.GetID(), a.Initiator, a.Lot,
a.Bidder, a.Bid, a.GetEndTime().String(),
a.MaxEndTime.String(),
)
}
// SurplusAuction is a forward auction that burns what it receives from bids.
// It is normally used to sell off excess pegged asset acquired by the CDP system.
type SurplusAuction struct {
BaseAuction `json:"base_auction" yaml:"base_auction"`
}
// WithID returns an auction with the ID set.
func (a SurplusAuction) WithID(id uint64) Auction { a.ID = id; return a }
// GetType returns the auction type. Used to identify auctions in event attributes.
func (a SurplusAuction) GetType() string { return SurplusAuctionType }
// GetModuleAccountCoins returns the total number of coins held in the module account for this auction.
// It is used in genesis initialize the module account correctly.
func (a SurplusAuction) GetModuleAccountCoins() sdk.Coins {
// a.Bid is paid out on bids, so is never stored in the module account
return sdk.NewCoins(a.Lot)
}
// GetPhase returns the direction of a surplus auction, which never changes.
func (a SurplusAuction) GetPhase() string { return ForwardAuctionPhase }
// NewSurplusAuction returns a new surplus auction.
func NewSurplusAuction(seller string, lot sdk.Coin, bidDenom string, endTime time.Time) SurplusAuction {
auction := SurplusAuction{BaseAuction{
// no ID
Initiator: seller,
Lot: lot,
Bidder: nil,
Bid: sdk.NewInt64Coin(bidDenom, 0),
HasReceivedBids: false, // new auctions don't have any bids
EndTime: endTime,
MaxEndTime: endTime,
}}
return auction
}
// DebtAuction is a reverse auction that mints what it pays out.
// It is normally used to acquire pegged asset to cover the CDP system's debts that were not covered by selling collateral.
type DebtAuction struct {
BaseAuction `json:"base_auction" yaml:"base_auction"`
CorrespondingDebt sdk.Coin `json:"corresponding_debt" yaml:"corresponding_debt"`
}
// WithID returns an auction with the ID set.
func (a DebtAuction) WithID(id uint64) Auction { a.ID = id; return a }
// GetType returns the auction type. Used to identify auctions in event attributes.
func (a DebtAuction) GetType() string { return DebtAuctionType }
// GetModuleAccountCoins returns the total number of coins held in the module account for this auction.
// It is used in genesis initialize the module account correctly.
func (a DebtAuction) GetModuleAccountCoins() sdk.Coins {
// a.Lot is minted at auction close, so is never stored in the module account
// a.Bid is paid out on bids, so is never stored in the module account
return sdk.NewCoins(a.CorrespondingDebt)
}
// GetPhase returns the direction of a debt auction, which never changes.
func (a DebtAuction) GetPhase() string { return ReverseAuctionPhase }
// Validate validates the DebtAuction fields values.
func (a DebtAuction) Validate() error {
if !a.CorrespondingDebt.IsValid() {
return fmt.Errorf("invalid corresponding debt: %s", a.CorrespondingDebt)
}
return a.BaseAuction.Validate()
}
// NewDebtAuction returns a new debt auction.
func NewDebtAuction(buyerModAccName string, bid sdk.Coin, initialLot sdk.Coin, endTime time.Time, debt sdk.Coin) DebtAuction {
// Note: Bidder is set to the initiator's module account address instead of module name. (when the first bid is placed, it is paid out to the initiator)
// Setting to the module account address bypasses calling supply.SendCoinsFromModuleToModule, instead calls SendCoinsFromModuleToAccount.
// This isn't a problem currently, but if additional logic/validation was added for sending to coins to Module Accounts, it would be bypassed.
auction := DebtAuction{
BaseAuction: BaseAuction{
// no ID
Initiator: buyerModAccName,
Lot: initialLot,
Bidder: supply.NewModuleAddress(buyerModAccName), // send proceeds from the first bid to the buyer.
Bid: bid, // amount that the buyer is buying - doesn't change over course of auction
HasReceivedBids: false, // new auctions don't have any bids
EndTime: endTime,
MaxEndTime: endTime,
},
CorrespondingDebt: debt,
}
return auction
}
// CollateralAuction is a two phase auction.
// Initially, in forward auction phase, bids can be placed up to a max bid.
// Then it switches to a reverse auction phase, where the initial amount up for auction is bid down.
// Unsold Lot is sent to LotReturns, being divided among the addresses by weight.
// Collateral auctions are normally used to sell off collateral seized from CDPs.
type CollateralAuction struct {
BaseAuction `json:"base_auction" yaml:"base_auction"`
CorrespondingDebt sdk.Coin `json:"corresponding_debt" yaml:"corresponding_debt"`
MaxBid sdk.Coin `json:"max_bid" yaml:"max_bid"`
LotReturns WeightedAddresses `json:"lot_returns" yaml:"lot_returns"`
}
// WithID returns an auction with the ID set.
func (a CollateralAuction) WithID(id uint64) Auction { a.ID = id; return a }
// GetType returns the auction type. Used to identify auctions in event attributes.
func (a CollateralAuction) GetType() string { return CollateralAuctionType }
// GetModuleAccountCoins returns the total number of coins held in the module account for this auction.
// It is used in genesis initialize the module account correctly.
func (a CollateralAuction) GetModuleAccountCoins() sdk.Coins {
// a.Bid is paid out on bids, so is never stored in the module account
return sdk.NewCoins(a.Lot).Add(sdk.NewCoins(a.CorrespondingDebt)...)
}
// IsReversePhase returns whether the auction has switched over to reverse phase or not.
// CollateralAuctions initially start in forward phase.
func (a CollateralAuction) IsReversePhase() bool {
return a.Bid.IsEqual(a.MaxBid)
}
// GetPhase returns the direction of a collateral auction.
func (a CollateralAuction) GetPhase() string {
if a.IsReversePhase() {
return ReverseAuctionPhase
}
return ForwardAuctionPhase
}
// GetLotReturns returns a collateral auction's lot owners
func (a CollateralAuction) GetLotReturns() WeightedAddresses {
return a.LotReturns
}
// Validate validates the CollateralAuction fields values.
func (a CollateralAuction) Validate() error {
if !a.CorrespondingDebt.IsValid() {
return fmt.Errorf("invalid corresponding debt: %s", a.CorrespondingDebt)
}
if !a.MaxBid.IsValid() {
return fmt.Errorf("invalid max bid: %s", a.MaxBid)
}
if err := a.LotReturns.Validate(); err != nil {
return fmt.Errorf("invalid lot returns: %w", err)
}
return a.BaseAuction.Validate()
}
func (a CollateralAuction) String() string {
return fmt.Sprintf(`Auction %d:
Initiator: %s
Lot: %s
Bidder: %s
Bid: %s
End Time: %s
Max End Time: %s
Max Bid %s
LotReturns %s
Corresponding Debt %s`,
a.GetID(), a.Initiator, a.Lot,
a.Bidder, a.Bid, a.GetEndTime().String(),
a.MaxEndTime.String(), a.MaxBid, a.LotReturns, a.CorrespondingDebt,
)
}
// NewCollateralAuction returns a new collateral auction.
func NewCollateralAuction(seller string, lot sdk.Coin, endTime time.Time, maxBid sdk.Coin, lotReturns WeightedAddresses, debt sdk.Coin) CollateralAuction {
auction := CollateralAuction{
BaseAuction: BaseAuction{
// no ID
Initiator: seller,
Lot: lot,
Bidder: nil,
Bid: sdk.NewInt64Coin(maxBid.Denom, 0),
HasReceivedBids: false, // new auctions don't have any bids
EndTime: endTime,
MaxEndTime: endTime},
CorrespondingDebt: debt,
MaxBid: maxBid,
LotReturns: lotReturns,
}
return auction
}
// WeightedAddresses is a type for storing some addresses and associated weights.
type WeightedAddresses struct {
Addresses []sdk.AccAddress `json:"addresses" yaml:"addresses"`
Weights []sdk.Int `json:"weights" yaml:"weights"`
}
// NewWeightedAddresses returns a new list addresses with weights.
func NewWeightedAddresses(addrs []sdk.AccAddress, weights []sdk.Int) (WeightedAddresses, error) {
wa := WeightedAddresses{
Addresses: addrs,
Weights: weights,
}
if err := wa.Validate(); err != nil {
return WeightedAddresses{}, err
}
return wa, nil
}
// Validate checks for that the weights are not negative, not all zero, and the lengths match.
func (wa WeightedAddresses) Validate() error {
if len(wa.Weights) < 1 {
return fmt.Errorf("must be at least 1 weighted address")
}
if len(wa.Addresses) != len(wa.Weights) {
return fmt.Errorf("number of addresses doesn't match number of weights, %d ≠ %d", len(wa.Addresses), len(wa.Weights))
}
totalWeight := sdk.ZeroInt()
for i := range wa.Addresses {
if wa.Addresses[i].Empty() {
return fmt.Errorf("address %d cannot be empty", i)
}
if len(wa.Addresses[i]) != sdk.AddrLen {
return fmt.Errorf("address %d has an invalid length: expected %d, got %d", i, sdk.AddrLen, len(wa.Addresses[i]))
}
if wa.Weights[i].IsNegative() {
return fmt.Errorf("weight %d contains a negative amount: %s", i, wa.Weights[i])
}
totalWeight = totalWeight.Add(wa.Weights[i])
}
if !totalWeight.IsPositive() {
return fmt.Errorf("total weight must be positive")
}
return nil
}