@agoric/inter-protocol 0.13.2-dev-0e039d9.0 → 0.13.2-dev-ed5ee58.0

package/src/vaultFactory/liquidateIncrementally.js

@@ -1,13 +1,12 @@
 /* eslint-disable no-await-in-loop */
 import { E } from '@endo/eventual-send';
 import {
-  getAmountOut,
   assertProposalShape,
-  offerTo,
-  natSafeMath as NatMath,
+  atomicTransfer,
   ceilMultiplyBy,
+  getAmountOut,
+  offerTo,
   oneMinus,
-  atomicTransfer,
 } from '@agoric/zoe/src/contractSupport/index.js';
 import { AmountMath } from '@agoric/ertp';
 import { Far } from '@endo/marshal';
@@ -46,9 +45,11 @@ const trace = makeTracer('LiqI', false);
  * TODO integrate the reserve, including the above Reserve strategies.
  */
 
+// TODO: (#7047) this file goes away shortly, and is here to keep vaults happy
+// until we have a replacement
 /**
  * @typedef {{
- *   amm: XYKAMMPublicFacet,
+ *   amm: unknown,
  *   priceAuthority: PriceAuthority,
  *   reservePublicFacet: AssetReservePublicFacet,
  *   timerService: import('@agoric/time/src/types').TimerService,
@@ -61,24 +62,13 @@ const trace = makeTracer('LiqI', false);
  */
 const start = async zcf => {
   const {
-    amm,
     priceAuthority,
     reservePublicFacet,
     timerService,
     debtBrand,
-    MaxImpactBP,
     OracleTolerance,
-    AMMMaxSlippage,
   } = zcf.getTerms();
 
-  const SCALE = 1_000_000n;
-  const BASIS_POINTS = 10_000n * SCALE;
-  const BP2 = BASIS_POINTS * BASIS_POINTS;
-  const ONE = BASIS_POINTS;
-
-  const asFloat = (numerator, denominator) =>
-    Number(numerator) / Number(denominator);
-
   // #region penalty distribution
   const { zcfSeat: penaltyPoolSeat } = zcf.makeEmptySeatKit();
   const drainPenaltyPool = async () => {
@@ -100,81 +90,10 @@ const start = async zcf => {
   };
   // #endregion
 
-  /**
-   * Compute the tranche size whose sale on the AMM would have
-   * a price impact of MAX_IMPACT_BP.
-   * This doesn't use ratios so that it is usable for any brand
-   *
-   * @param {Amount<'nat'>} poolSize
-   * @param {bigint} maxImpactBP
-   * @param {bigint} feeBP
-   * @returns {Amount<'nat'>}
-   */
-  const maxTrancheWithFees = (poolSize, maxImpactBP, feeBP) => {
-    trace('maxTrancheWithFees', poolSize, maxImpactBP, feeBP);
-    const maxImpactScaled = maxImpactBP * SCALE;
-    const ammFeeScaled = feeBP * SCALE;
-    // sqrt(impact + 1) - 1
-    // Since we take SQRT but want to be BP, multiply in BP
-    const impactFactor =
-      BigInt(
-        Math.ceil(Math.sqrt(Number((maxImpactScaled + ONE) * BASIS_POINTS))),
-      ) - ONE;
-    const impactWithFee = impactFactor * (ONE - ammFeeScaled);
-    return AmountMath.make(
-      poolSize.brand,
-      NatMath.ceilDivide(NatMath.multiply(poolSize.value, impactWithFee), BP2),
-    );
-  };
-
   const computeOracleLimit = (oracleQuote, oracleTolerance) => {
     return ceilMultiplyBy(getAmountOut(oracleQuote), oneMinus(oracleTolerance));
   };
 
-  const getAMMFeeBP = async () => {
-    const zoe = zcf.getZoeService();
-    const instance = await E(zoe).getInstance(E(amm).makeSwapInvitation());
-    const terms = await E(zoe).getTerms(instance);
-    // trace('amm terms', terms);
-    const { poolFeeBP, protocolFeeBP } = terms;
-    return poolFeeBP + protocolFeeBP;
-  };
-
-  const AMMFeeBP = await getAMMFeeBP();
-
-  /**
-   *
-   * @param {Amount<'nat'>} poolCentral
-   * @param {Amount<'nat'>} poolCollateral
-   * @param {Amount<'nat'>} tranche
-   * @param {Amount<'nat'>} debt
-   * @param {Ratio} maxSlip
-   */
-  const estimateAMMProceeds = (
-    poolCentral,
-    poolCollateral,
-    tranche,
-    debt,
-    maxSlip,
-  ) => {
-    const k = NatMath.multiply(poolCentral.value, poolCollateral.value);
-    const postSaleCollateral = AmountMath.add(tranche, poolCollateral);
-    const estimateCentral = NatMath.subtract(
-      poolCentral.value,
-      NatMath.floorDivide(k, postSaleCollateral.value),
-    );
-    /** @type {Amount<'nat'>} */
-    const estimateAmount = AmountMath.make(debt.brand, estimateCentral);
-    const minAmmProceeds = ceilMultiplyBy(estimateAmount, oneMinus(maxSlip));
-    trace('AMM estimate', {
-      tranche,
-      minAmmProceeds,
-      poolCentral,
-      poolCollateral,
-    });
-    return minAmmProceeds;
-  };
-
   /**
    * A generator that yields once per block, starting in the current block.
    *
@@ -207,28 +126,10 @@ const start = async zcf => {
       }
       await oncePerBlock();
 
-      // Determine the max allowed tranche size
-      const { Secondary: poolCollateral, Central: poolCentral } = await E(
-        amm,
-      ).getPoolAllocation(toSell.brand);
-      const maxAllowedTranche = maxTrancheWithFees(
-        poolCollateral,
-        MaxImpactBP,
-        AMMFeeBP,
-      );
-      trace('Pool', { poolCentral, poolCollateral });
-      trace('Max tranche', asFloat(maxAllowedTranche.value, 100000n));
-      const tranche = AmountMath.min(maxAllowedTranche, toSell);
+      const tranche = toSell;
 
       // compute the expected proceeds from the AMM for tranche
       const debt = AmountMath.subtract(originalDebt, proceedsSoFar);
-      const minAmmProceeds = estimateAMMProceeds(
-        poolCentral,
-        poolCollateral,
-        tranche,
-        debt,
-        AMMMaxSlippage,
-      );
 
       // this could use a unit rather than the tranche size to run concurrently
       /** @type PriceQuote */
@@ -238,43 +139,15 @@ const start = async zcf => {
       );
       const oracleLimit = computeOracleLimit(oracleQuote, OracleTolerance);
 
-      trace('Tranche', { debt, tranche, minAmmProceeds, oracleLimit });
-      if (AmountMath.isGTE(minAmmProceeds, oracleLimit)) {
-        // our prices are within the same range; go ahead and try to sell
-        yield {
-          collateral: tranche,
-          ammProceeds: minAmmProceeds,
-          debt,
-          oracleLimit,
-        };
-      } else {
-        // prices are too far apart; don't sell this block
-        trace('SKIP');
-      }
+      trace('Tranche', { debt, tranche, oracleLimit });
+      yield {
+        collateral: tranche,
+        debt,
+        oracleLimit,
+      };
     }
   }
 
-  async function sellTranche(debtorSeat, collateral, debt, oracleLimit) {
-    const swapInvitation = E(amm).makeSwapInvitation();
-    const want = AmountMath.min(debt, oracleLimit);
-    // TODO if the debt shouldn't require all the collatearal to cover it,
-    // this may not provide relevant offer safety
-    const proposal = {
-      give: { In: collateral },
-      want: { Out: want },
-    };
-    const { deposited, userSeatPromise: liqSeat } = await offerTo(
-      zcf,
-      swapInvitation,
-      undefined, // The keywords were mapped already
-      proposal,
-      debtorSeat,
-      debtorSeat,
-      { stopAfter: debt },
-    );
-    await Promise.all([E(liqSeat).getOfferResult(), deposited]);
-  }
-
   /**
    * @param {ZCFSeat} debtorSeat
    * @param {object} options
@@ -305,7 +178,9 @@ const start = async zcf => {
       const collateralBefore = debtorSeat.getAmountAllocated('In');
       const proceedsBefore = debtorSeat.getAmountAllocated('Out');
 
-      await sellTranche(debtorSeat, collateral, debt, oracleLimit);
+      // AMM is gone. This liquidation contract will depart with #7047
+
+      // await sellTranche(debtorSeat, collateral, debt, oracleLimit);
 
       const proceedsAfter = debtorSeat.getAmountAllocated('Out');
       if (AmountMath.isEqual(proceedsBefore, proceedsAfter)) {

package/src/vaultFactory/liquidateMinimum.js

@@ -1,7 +1,5 @@
-import { E } from '@endo/eventual-send';
 import {
   ceilMultiplyBy,
-  offerTo,
   atomicTransfer,
 } from '@agoric/zoe/src/contractSupport/index.js';
 import { AmountMath } from '@agoric/ertp';
@@ -11,6 +9,9 @@ import { makeTracer } from '@agoric/internal';
 
 const trace = makeTracer('LiqMin', false);
 
+// TODO: (#7047) this file goes away shortly, and is here to keep vaults happy
+// until we have a replacement. The reference to AMM is to ease the transition.
+
 /**
  * This contract liquidates the minimum amount of vault's collateral necessary
  * to satisfy the debt. It uses the AMM's swapOut, which sells no more than
@@ -19,11 +20,10 @@ const trace = makeTracer('LiqMin', false);
  * uses the AMM's swapIn instead.
  *
  * @param {ZCF<{
- *   amm: XYKAMMPublicFacet,
+ *   amm: unknown,
  * }>} zcf
  */
 const start = async zcf => {
-  const { amm } = zcf.getTerms();
   trace('start', zcf.getTerms());
 
   /**
@@ -45,27 +45,25 @@ const start = async zcf => {
       give: { In: amountIn },
     } = debtorSeat.getProposal();
 
-    const swapInvitation = E(amm).makeSwapInvitation();
-    const liqProposal = harden({
-      give: { In: amountIn },
-      want: { Out: AmountMath.makeEmpty(debtBrand) },
-    });
-    trace(`OFFER TO DEBT: `, debtWithPenalty, amountIn);
-    const { deposited } = await offerTo(
-      zcf,
-      swapInvitation,
-      undefined, // The keywords were mapped already
-      liqProposal,
-      debtorSeat,
-      debtorSeat,
-      { stopAfter: debtWithPenalty },
-    );
-    const amounts = await deposited;
+    // AMM is gone, and liquidateMinimum will follow shortly in #7074
+
+    // const liqProposal = harden({
+    //   give: { In: amountIn },
+    //   want: { Out: AmountMath.makeEmpty(debtBrand) },
+    // });
+    // const { deposited } = await offerTo(
+    //   zcf,
+    //   swapInvitation,
+    //   undefined, // The keywords were mapped already
+    //   liqProposal,
+    //   debtorSeat,
+    //   debtorSeat,
+    //   { stopAfter: debtWithPenalty },
+    // );
     trace(`Liq results`, {
       debtWithPenalty,
       amountIn,
       paid: debtorSeat.getCurrentAllocation(),
-      amounts,
     });
 
     // Now we need to know how much was sold so we can pay off the debt.

package/src/vaultFactory/params.js

@@ -21,24 +21,18 @@ export const LIQUIDATION_PADDING_KEY = 'LiquidationPadding';
 export const LIQUIDATION_PENALTY_KEY = 'LiquidationPenalty';
 export const INTEREST_RATE_KEY = 'InterestRate';
 export const LOAN_FEE_KEY = 'LoanFee';
-export const LIQUIDATION_INSTALL_KEY = 'LiquidationInstall';
-export const LIQUIDATION_TERMS_KEY = 'LiquidationTerms';
 export const MIN_INITIAL_DEBT_KEY = 'MinInitialDebt';
 export const SHORTFALL_INVITATION_KEY = 'ShortfallInvitation';
 export const ENDORSED_UI_KEY = 'EndorsedUI';
 
 /**
  * @param {Amount} electorateInvitationAmount
- * @param {Installation} liquidationInstall
- * @param {import('./liquidation.js').LiquidationTerms} liquidationTerms
  * @param {Amount} minInitialDebt
  * @param {Amount} shortfallInvitationAmount
  * @param {string} endorsedUi
  */
 const makeVaultDirectorParams = (
   electorateInvitationAmount,
-  liquidationInstall,
-  liquidationTerms,
   minInitialDebt,
   shortfallInvitationAmount,
   endorsedUi,
@@ -48,14 +42,6 @@ const makeVaultDirectorParams = (
       type: ParamTypes.INVITATION,
       value: electorateInvitationAmount,
     },
-    [LIQUIDATION_INSTALL_KEY]: {
-      type: ParamTypes.INSTALLATION,
-      value: liquidationInstall,
-    },
-    [LIQUIDATION_TERMS_KEY]: {
-      type: ParamTypes.UNKNOWN,
-      value: liquidationTerms,
-    },
     [MIN_INITIAL_DEBT_KEY]: {
       type: ParamTypes.AMOUNT,
       value: minInitialDebt,
@@ -118,8 +104,6 @@ export const vaultParamPattern = M.splitRecord(
  * @param {import('@agoric/notifier').StoredPublisherKit<GovernanceSubscriptionState>} publisherKit
  * @param {ERef<ZoeService>} zoe
  * @param {Invitation} electorateInvitation
- * @param {Installation} liquidationInstall
- * @param {object} liquidationTerms
  * @param {Amount} minInitialDebt
  * @param {Invitation} shortfallInvitation
  * @param {string} [endorsedUi]
@@ -128,8 +112,6 @@ export const makeVaultDirectorParamManager = async (
   publisherKit,
   zoe,
   electorateInvitation,
-  liquidationInstall,
-  liquidationTerms,
   minInitialDebt,
   shortfallInvitation,
   endorsedUi = 'NO ENDORSEMENT',
@@ -138,8 +120,6 @@ export const makeVaultDirectorParamManager = async (
     publisherKit,
     {
       [CONTRACT_ELECTORATE]: [ParamTypes.INVITATION, electorateInvitation],
-      [LIQUIDATION_INSTALL_KEY]: [ParamTypes.INSTALLATION, liquidationInstall],
-      [LIQUIDATION_TERMS_KEY]: [ParamTypes.UNKNOWN, liquidationTerms],
       [MIN_INITIAL_DEBT_KEY]: [ParamTypes.AMOUNT, minInitialDebt],
       [SHORTFALL_INVITATION_KEY]: [ParamTypes.INVITATION, shortfallInvitation],
       [ENDORSED_UI_KEY]: [ParamTypes.STRING, endorsedUi],
@@ -158,10 +138,7 @@ harden(makeVaultDirectorParamManager);
  *   priceAuthority: ERef<PriceAuthority>,
  *   timer: ERef<import('@agoric/time/src/types').TimerService>,
  *   reservePublicFacet: AssetReservePublicFacet,
- *   liquidationInstall: Installation,
  *   loanTiming: LoanTiming,
- *   liquidationTerms: import('./liquidation.js').LiquidationTerms,
- *   ammPublicFacet: XYKAMMPublicFacet,
  *   shortfallInvitationAmount: Amount,
  *   endorsedUi?: string,
  * }} opts
@@ -169,11 +146,8 @@ harden(makeVaultDirectorParamManager);
 export const makeGovernedTerms = (
   { storageNode, marshaller },
   {
-    ammPublicFacet,
     bootstrapPaymentValue,
     electorateInvitationAmount,
-    liquidationInstall,
-    liquidationTerms,
     loanTiming,
     minInitialDebt,
     priceAuthority,
@@ -198,15 +172,12 @@ export const makeGovernedTerms = (
   ).getParams();
 
   return harden({
-    ammPublicFacet,
     priceAuthority,
     loanTimingParams,
     reservePublicFacet,
     timerService: timer,
     governedParams: makeVaultDirectorParams(
       electorateInvitationAmount,
-      liquidationInstall,
-      liquidationTerms,
       minInitialDebt,
       shortfallInvitationAmount,
       endorsedUi,

package/src/vaultFactory/types.js

@@ -100,12 +100,6 @@
  * @property {RelativeTime} recordingPeriod in seconds
  */
 
-/**
- * @typedef {object} AMMFees
- * @property {bigint} poolFee
- * @property {bigint} protocolFee
- */
-
 /**
  * @typedef {object} LiquidationStrategy
  * @property {() => KeywordKeywordRecord} keywordMapping

package/src/vaultFactory/vault.js

@@ -137,9 +137,7 @@ const allocationsChangedSinceQuote = (
   if (AmountMath.isGTE(newCollateralPre, newCollateral)) {
     // The collateral did not go up. If the collateral decreased, we pro-rate maxDebt.
     // We can pro-rate maxDebt because the quote is either linear (price is
-    // unchanging) or super-linear (also called "convex"). Super-linear is from
-    // AMMs: selling less collateral would mean an even smaller price impact, so
-    // this is a conservative choice.
+    // unchanging) or super-linear (also called "convex").
     const debtPerCollateral = makeRatioFromAmounts(
       maxDebtPre,
       newCollateralPre,

package/src/vaultFactory/vaultDirector.js

@@ -3,13 +3,12 @@ import { AmountMath, AmountShape, BrandShape, IssuerShape } from '@agoric/ertp';
 import {
   makePublicTopic,
   makeStoredPublisherKit,
-  observeIteration,
   pipeTopicToStorage,
   prepareDurablePublishKit,
   SubscriberShape,
   TopicsRecordShape,
 } from '@agoric/notifier';
-import { keyEQ, M, makeScalarMapStore, mustMatch } from '@agoric/store';
+import { M, makeScalarMapStore, mustMatch } from '@agoric/store';
 import {
   defineDurableExoClassKit,
   makeKindHandle,
@@ -134,11 +133,6 @@ export const prepareVaultDirector = (
     };
   };
 
-  const getLiquidationConfig = () => ({
-    install: directorParamManager.getLiquidationInstall(),
-    terms: directorParamManager.getLiquidationTerms(),
-  });
-
   /**
    * @returns {MetricsNotification}
    */
@@ -149,29 +143,6 @@ export const prepareVaultDirector = (
     });
   };
 
-  /**
-   *
-   * @param {VaultManager} vaultManager
-   * @param {Installation<unknown>} oldInstall
-   * @param {unknown} oldTerms
-   */
-  const watchGovernance = (vaultManager, oldInstall, oldTerms) => {
-    const subscription = directorParamManager.getSubscription();
-    void observeIteration(subscription, {
-      updateState(_paramUpdate) {
-        const { install, terms } = getLiquidationConfig();
-        if (install === oldInstall && keyEQ(terms, oldTerms)) {
-          return;
-        }
-        oldInstall = install;
-        oldTerms = terms;
-        vaultManager
-          .setupLiquidator(install, terms)
-          .catch(e => console.error('Failed to setup liquidator', e));
-      },
-    });
-  };
-
   const updateShortfallReporter = async () => {
     const oldInvitation = baggage.has(shortfallInvitationKey)
       ? baggage.get(shortfallInvitationKey)
@@ -409,9 +380,6 @@ export const prepareVaultDirector = (
 
           const { self: vm } = makeVaultManager();
           collateralTypes.init(collateralBrand, vm);
-          const { install, terms } = getLiquidationConfig();
-          await vm.setupLiquidator(install, terms);
-          watchGovernance(vm, install, terms);
           facets.machine.updateMetrics();
           state.managerCounter += 1;
           return vm;

package/src/vaultFactory/vaultFactory.js

@@ -6,10 +6,8 @@ import '@agoric/zoe/src/contracts/exported.js';
 //
 // addVaultType is a closely held method that adds a brand new collateral type.
 // It specifies the initial exchange rate for that type. It depends on a
-// separately specified AMM to provide the ability to liquidate loans that are
-// in arrears. We could check that the AMM has sufficient liquidity, but for the
-// moment leave that to those participating in the governance process for adding
-// new collateral type to ascertain.
+// separately specified mechanism to liquidate loans that are
+// in arrears.
 
 // This contract wants to be managed by a contractGovernor, but it isn't
 // compatible with contractGovernor, since it has a separate paramManager for
@@ -22,8 +20,6 @@ import { makeStoredPublisherKit } from '@agoric/notifier';
 import { assertAllDefined } from '@agoric/internal';
 import {
   makeVaultDirectorParamManager,
-  LIQUIDATION_INSTALL_KEY,
-  LIQUIDATION_TERMS_KEY,
   MIN_INITIAL_DEBT_KEY,
   ENDORSED_UI_KEY,
 } from './params.js';
@@ -31,8 +27,6 @@ import { prepareVaultDirector } from './vaultDirector.js';
 
 /**
  * @typedef {ZCF<GovernanceTerms<import('./params').VaultDirectorParams> & {
- *   ammPublicFacet: AutoswapPublicFacet,
- *   liquidationInstall: Installation<import('./liquidateMinimum.js').start>,
  *   loanTimingParams: {ChargingPeriod: ParamValueTyped<'nat'>, RecordingPeriod: ParamValueTyped<'nat'>},
  *   minInitialDebt: Amount,
  *   priceAuthority: ERef<PriceAuthority>,
@@ -74,8 +68,6 @@ export const start = async (zcf, privateArgs, baggage) => {
   }));
 
   const {
-    [LIQUIDATION_INSTALL_KEY]: { value: liqInstall },
-    [LIQUIDATION_TERMS_KEY]: { value: liqTerms },
     [MIN_INITIAL_DEBT_KEY]: { value: minInitialDebt },
     [ENDORSED_UI_KEY]: { value: endorsedUi },
   } = zcf.getTerms().governedParams;
@@ -84,8 +76,6 @@ export const start = async (zcf, privateArgs, baggage) => {
     makeStoredPublisherKit(storageNode, marshaller, 'governance'),
     zcf.getZoeService(),
     initialPoserInvitation,
-    liqInstall,
-    liqTerms,
     minInitialDebt,
     initialShortfallInvitation,
     endorsedUi,