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KUSD mint cap #346

Merged
merged 9 commits into from
May 23, 2023
Merged

KUSD mint cap #346

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74686cf
Implementation of KUSD mint cap
arthurka-o Apr 25, 2023
b8c472a
Add tests
arthurka-o Apr 25, 2023
3d314e8
Fix tests
arthurka-o May 2, 2023
b62d600
Add KUSDMintRemainder helper
arthurka-o May 2, 2023
ddd48bd
Make KUSDMintCap asset based
arthurka-o May 2, 2023
f2cf5d8
Fix negative values for KUSDMintRemainder
arthurka-o May 3, 2023
54dbe61
Merge branch 'dev' into KUSD-mint-cap
arthurka-o May 3, 2023
bc1f38c
Fix gas estimations
arthurka-o May 3, 2023
77c3b7a
Add additional tests
arthurka-o May 23, 2023
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44 changes: 27 additions & 17 deletions packages/contracts/contracts/BorrowerOperations.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -13,7 +13,7 @@ import "./Interfaces/IKUMOStaking.sol";
import "./Interfaces/IStabilityPoolFactory.sol";
import "./Dependencies/KumoBase.sol";
import "./Dependencies/CheckContract.sol";
// import "./Dependencies/console.sol";
import "hardhat/console.sol";
import "./Dependencies/SafeMath.sol";
import "./Dependencies/SafetyTransfer.sol";

Expand Down Expand Up @@ -176,6 +176,7 @@ contract BorrowerOperations is KumoBase, CheckContract, IBorrowerOperations {
address _upperHint,
address _lowerHint
) external payable override assetIsInitialized(_asset) {
checkKUSDMintCap(_asset, _KUSDAmount);
kumoParams.sanitizeParameters(_asset);
ContractsCache memory contractsCache = ContractsCache(
troveManager,
Expand Down Expand Up @@ -311,6 +312,7 @@ contract BorrowerOperations is KumoBase, CheckContract, IBorrowerOperations {
address _upperHint,
address _lowerHint
) external override {
checkKUSDMintCap(_asset, _KUSDAmount);
_adjustTrove(
_asset,
0,
Expand Down Expand Up @@ -344,6 +346,10 @@ contract BorrowerOperations is KumoBase, CheckContract, IBorrowerOperations {
address _upperHint,
address _lowerHint
) external payable override {
if (_isDebtIncrease) {
checkKUSDMintCap(_asset, _KUSDChange);
}

_adjustTrove(
_asset,
_assetSent,
Expand Down Expand Up @@ -586,11 +592,10 @@ contract BorrowerOperations is KumoBase, CheckContract, IBorrowerOperations {
return usdValue;
}

function _getCollChange(uint256 _collReceived, uint256 _requestedCollWithdrawal)
internal
pure
returns (uint256 collChange, bool isCollIncrease)
{
function _getCollChange(
uint256 _collReceived,
uint256 _requestedCollWithdrawal
) internal pure returns (uint256 collChange, bool isCollIncrease) {
if (_collReceived != 0) {
collChange = _collReceived;
isCollIncrease = true;
Expand Down Expand Up @@ -644,11 +649,7 @@ contract BorrowerOperations is KumoBase, CheckContract, IBorrowerOperations {
}

// Send ETH to Active Pool and increase its recorded ETH balance
function _activePoolAddColl(
address _asset,
IActivePool _activePool,
uint256 _amount
) internal {
function _activePoolAddColl(address _asset, IActivePool _activePool, uint256 _amount) internal {
// (bool success, ) = address(_activePool).call{value: _amount}("");
// require(success, "BorrowerOps: Sending ETH to ActivePool failed");
IERC20Upgradeable(_asset).safeTransferFrom(
Expand Down Expand Up @@ -684,6 +685,10 @@ contract BorrowerOperations is KumoBase, CheckContract, IBorrowerOperations {
_kusdToken.burn(_account, _KUSD);
}

function KUSDMintRemainder(address _asset) external view returns (uint256) {
return kumoParams.KUSDMintCap(_asset) - kusdToken.totalSupply();
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@arthurka-o - do we need to check for a negative return value? My concerns are if fees could play in here. What do you think?

}

// --- 'Require' wrapper functions ---

function _requireSingularCollChange(uint256 _collWithdrawal, uint256 _amountSent) internal view {
Expand Down Expand Up @@ -954,12 +959,17 @@ contract BorrowerOperations is KumoBase, CheckContract, IBorrowerOperations {
return newTCR;
}

function getCompositeDebt(address _asset, uint256 _debt)
external
view
override
returns (uint256)
{
function getCompositeDebt(
address _asset,
uint256 _debt
) external view override returns (uint256) {
return _getCompositeDebt(_asset, _debt);
}

function checkKUSDMintCap(address _asset, uint256 _KUSDAmount) internal {
require(
kusdToken.totalSupply() + _KUSDAmount <= kumoParams.KUSDMintCap(_asset),
"KUSD mint cap is reached for this asset"
);
}
}
2 changes: 2 additions & 0 deletions packages/contracts/contracts/Interfaces/IBorrowerOperations.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -103,4 +103,6 @@ interface IBorrowerOperations {
function claimCollateral(address _asset) external;

function getCompositeDebt(address _asset, uint256 _debt) external view returns (uint256);

function KUSDMintRemainder(address _asset) external view returns (uint256);
}
29 changes: 15 additions & 14 deletions packages/contracts/contracts/Interfaces/IKumoParameters.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -21,6 +21,7 @@ interface IKumoParameters {
event RedemptionFeeFloorChanged(uint256 oldRedemptionFeeFloor, uint256 newRedemptionFeeFloor);
event RedemptionBlockRemoved(address _asset);
event PriceFeedChanged(address indexed addr);
event KUSDMintCapChanged(address _asset, uint256 oldMintCap, uint256 newMintCap);

function BOOTSTRAP_PERIOD() external view returns (uint256);

Expand All @@ -29,36 +30,34 @@ interface IKumoParameters {
function _100pct() external view returns (uint256);

// Minimum collateral ratio for individual troves
function MCR(address _collateral) external view returns (uint256);
function MCR(address _asset) external view returns (uint256);

// Critical system collateral ratio. If the system's total collateral ratio (TCR) falls below the CCR, Recovery Mode is triggered.
function CCR(address _collateral) external view returns (uint256);
function CCR(address _asset) external view returns (uint256);

function KUSD_GAS_COMPENSATION(address _collateral) external view returns (uint256);
function KUSD_GAS_COMPENSATION(address _asset) external view returns (uint256);

function MIN_NET_DEBT(address _collateral) external view returns (uint256);
function MIN_NET_DEBT(address _asset) external view returns (uint256);

function PERCENT_DIVISOR(address _collateral) external view returns (uint256);
function PERCENT_DIVISOR(address _asset) external view returns (uint256);

function BORROWING_FEE_FLOOR(address _collateral) external view returns (uint256);
function BORROWING_FEE_FLOOR(address _asset) external view returns (uint256);

function REDEMPTION_FEE_FLOOR(address _collateral) external view returns (uint256);
function REDEMPTION_FEE_FLOOR(address _asset) external view returns (uint256);

function MAX_BORROWING_FEE(address _collateral) external view returns (uint256);
function MAX_BORROWING_FEE(address _asset) external view returns (uint256);

function redemptionBlock(address _collateral) external view returns (uint256);
function KUSDMintCap(address _asset) external view returns (uint256);

function redemptionBlock(address _asset) external view returns (uint256);

function activePool() external view returns (IActivePool);

function defaultPool() external view returns (IDefaultPool);

function priceFeed() external view returns (IPriceFeed);

function setAddresses(
address _activePool,
address _defaultPool,
address _priceFeed
) external;
function setAddresses(address _activePool, address _defaultPool, address _priceFeed) external;

function setPriceFeed(address _priceFeed) external;

Expand All @@ -84,6 +83,8 @@ interface IKumoParameters {

function setRedemptionFeeFloor(address _asset, uint256 redemptionFeeFloor) external;

function setKUSDMintCap(address _asset, uint256 _newCap) external;

function removeRedemptionBlock(address _asset) external;

function hasCollateralConfigured(address _asset) external view returns (bool);
Expand Down
61 changes: 43 additions & 18 deletions packages/contracts/contracts/KumoParameters.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -33,7 +33,10 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
uint256 public constant MAX_BORROWING_FEE_DEFAULT = (DECIMAL_PRECISION / 100) * 5; // 5%

uint256 public constant REDEMPTION_FEE_FLOOR_DEFAULT = (DECIMAL_PRECISION / 1000) * 5; // 0.5%
uint256 public constant KUSD_MINT_CAP_DEFAULT = 10000000 * 10e18; // 10M

// KUSD mint caps per asset
mapping(address => uint256) public KUSDMintCap;
// Minimum collateral ratio for individual troves
mapping(address => uint256) public override MCR;
// Critical system collateral ratio. If the system's total collateral ratio (TCR) falls below the CCR, Recovery Mode is triggered.
Expand Down Expand Up @@ -120,6 +123,7 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
BORROWING_FEE_FLOOR[_asset] = BORROWING_FEE_FLOOR_DEFAULT;
MAX_BORROWING_FEE[_asset] = MAX_BORROWING_FEE_DEFAULT;
REDEMPTION_FEE_FLOOR[_asset] = REDEMPTION_FEE_FLOOR_DEFAULT;
KUSDMintCap[_asset] = KUSD_MINT_CAP_DEFAULT;
}

function setCollateralParameters(
Expand All @@ -145,7 +149,10 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
setRedemptionFeeFloor(_asset, redemptionFeeFloor);
}

function setMCR(address _asset, uint256 newMCR)
function setMCR(
address _asset,
uint256 newMCR
)
public
override
onlyOwner
Expand All @@ -157,7 +164,10 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
emit MCRChanged(oldMCR, newMCR);
}

function setCCR(address _asset, uint256 newCCR)
function setCCR(
address _asset,
uint256 newCCR
)
public
override
onlyOwner
Expand All @@ -169,19 +179,20 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
emit CCRChanged(oldCCR, newCCR);
}

function setPercentDivisor(address _asset, uint256 precentDivisor)
public
override
onlyOwner
safeCheck("Percent Divisor", _asset, precentDivisor, 2, 200)
{
function setPercentDivisor(
address _asset,
uint256 precentDivisor
) public override onlyOwner safeCheck("Percent Divisor", _asset, precentDivisor, 2, 200) {
uint256 oldPercent = PERCENT_DIVISOR[_asset];
PERCENT_DIVISOR[_asset] = precentDivisor;

emit PercentDivisorChanged(oldPercent, precentDivisor);
}

function setBorrowingFeeFloor(address _asset, uint256 borrowingFeeFloor)
function setBorrowingFeeFloor(
address _asset,
uint256 borrowingFeeFloor
)
public
override
onlyOwner
Expand All @@ -195,7 +206,10 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
emit BorrowingFeeFloorChanged(oldBorrowing, newBorrowingFee);
}

function setMaxBorrowingFee(address _asset, uint256 maxBorrowingFee)
function setMaxBorrowingFee(
address _asset,
uint256 maxBorrowingFee
)
public
override
onlyOwner
Expand All @@ -208,7 +222,10 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
emit MaxBorrowingFeeChanged(oldMaxBorrowingFee, newMaxBorrowingFee);
}

function setKUMOGasCompensation(address _asset, uint256 gasCompensation)
function setKUMOGasCompensation(
address _asset,
uint256 gasCompensation
)
public
override
onlyOwner
Expand All @@ -220,19 +237,20 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
emit GasCompensationChanged(oldGasComp, gasCompensation);
}

function setMinNetDebt(address _asset, uint256 minNetDebt)
public
override
onlyOwner
safeCheck("Min Net Debt", _asset, minNetDebt, 0, 1800 ether)
{
function setMinNetDebt(
address _asset,
uint256 minNetDebt
) public override onlyOwner safeCheck("Min Net Debt", _asset, minNetDebt, 0, 1800 ether) {
uint256 oldMinNet = MIN_NET_DEBT[_asset];
MIN_NET_DEBT[_asset] = minNetDebt;

emit MinNetDebtChanged(oldMinNet, minNetDebt);
}

function setRedemptionFeeFloor(address _asset, uint256 redemptionFeeFloor)
function setRedemptionFeeFloor(
address _asset,
uint256 redemptionFeeFloor
)
public
override
onlyOwner
Expand All @@ -245,6 +263,13 @@ contract KumoParameters is IKumoParameters, Ownable, CheckContract {
emit RedemptionFeeFloorChanged(oldRedemptionFeeFloor, newRedemptionFeeFloor);
}

function setKUSDMintCap(address _asset, uint256 _newCap) public onlyOwner {
uint256 _oldCap = KUSDMintCap[_asset];
KUSDMintCap[_asset] = _newCap;

emit KUSDMintCapChanged(_asset, _oldCap, _newCap);
}

function removeRedemptionBlock(address _asset) external override onlyOwner {
redemptionBlock[_asset] = block.timestamp;

Expand Down
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