@agoric/inter-protocol 0.14.1-dev-acefd94.0 → 0.14.1-dev-d42f8d0.0

package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@agoric/inter-protocol",
-  "version": "0.14.1-dev-acefd94.0+acefd94",
+  "version": "0.14.1-dev-d42f8d0.0+d42f8d0",
   "description": "Core cryptoeconomy contracts",
   "type": "module",
   "main": "src/index.js",
@@ -29,29 +29,29 @@
   },
   "homepage": "https://github.com/Agoric/agoric-sdk#readme",
   "dependencies": {
-    "@agoric/assert": "0.6.1-dev-acefd94.0+acefd94",
-    "@agoric/ertp": "0.16.1-dev-acefd94.0+acefd94",
-    "@agoric/governance": "0.10.1-dev-acefd94.0+acefd94",
-    "@agoric/internal": "0.3.1-dev-acefd94.0+acefd94",
-    "@agoric/notifier": "0.6.1-dev-acefd94.0+acefd94",
-    "@agoric/store": "0.9.1-dev-acefd94.0+acefd94",
-    "@agoric/time": "0.3.1-dev-acefd94.0+acefd94",
-    "@agoric/vat-data": "0.5.1-dev-acefd94.0+acefd94",
-    "@agoric/vats": "0.14.1-dev-acefd94.0+acefd94",
-    "@agoric/zoe": "0.26.1-dev-acefd94.0+acefd94",
+    "@agoric/assert": "0.6.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/ertp": "0.16.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/governance": "0.10.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/internal": "0.3.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/notifier": "0.6.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/store": "0.9.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/time": "0.3.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/vat-data": "0.5.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/vats": "0.14.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/zoe": "0.26.1-dev-d42f8d0.0+d42f8d0",
     "@endo/captp": "^3.1.1",
     "@endo/eventual-send": "^0.17.2",
     "@endo/far": "^0.2.18",
     "@endo/marshal": "^0.8.5",
     "@endo/nat": "^4.1.27",
-    "agoric": "0.19.1-dev-acefd94.0+acefd94",
+    "agoric": "0.19.1-dev-d42f8d0.0+d42f8d0",
     "jessie.js": "^0.3.2"
   },
   "devDependencies": {
-    "@agoric/deploy-script-support": "0.10.1-dev-acefd94.0+acefd94",
-    "@agoric/smart-wallet": "0.5.1-dev-acefd94.0+acefd94",
-    "@agoric/swingset-liveslots": "0.10.1-dev-acefd94.0+acefd94",
-    "@agoric/swingset-vat": "0.32.1-dev-acefd94.0+acefd94",
+    "@agoric/deploy-script-support": "0.10.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/smart-wallet": "0.5.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/swingset-liveslots": "0.10.1-dev-d42f8d0.0+d42f8d0",
+    "@agoric/swingset-vat": "0.32.1-dev-d42f8d0.0+d42f8d0",
     "@endo/bundle-source": "^2.5.1",
     "@endo/init": "^0.5.56",
     "@endo/promise-kit": "^0.2.56",
@@ -79,5 +79,5 @@
   "publishConfig": {
     "access": "public"
   },
-  "gitHead": "acefd94c2191c7fad2ebcb3f31f3d960582fc111"
+  "gitHead": "d42f8d099cb6457d27a5d04e3c91797948040502"
 }

package/src/vaultFactory/vaultManager.js

@@ -62,7 +62,7 @@ import { calculateMinimumCollateralization, minimumPrice } from './math.js';
 import { makePrioritizedVaults } from './prioritizedVaults.js';
 import { Phase, prepareVault } from './vault.js';
 
-const { details: X, Fail } = assert;
+const { details: X, Fail, quote: q } = assert;
 
 const trace = makeTracer('VM');
 
@@ -499,6 +499,7 @@ export const prepareVaultManagerKit = (
         sendToReserve(penalty, seat, seatKeyword = 'Collateral') {
           const invitation =
             E(reservePublicFacet).makeAddCollateralInvitation();
+          trace('Sending to reserve: ', penalty);
 
           // don't wait for response
           void E.when(invitation, invite => {
@@ -675,8 +676,8 @@ export const prepareVaultManagerKit = (
               quoteAsRatio(oraclePriceAtStart.quoteAmount.value[0]),
             ),
           );
+          const debtPortion = makeRatioFromAmounts(totalPenalty, totalDebt);
 
-          const price = makeRatioFromAmounts(mintedProceeds, collateralSold);
           // Liquidation.md describes how to process liquidation proceeds
           const bestToWorst = [...vaultData.entries()].reverse();
           if (AmountMath.isEmpty(accounting.shortfall)) {
@@ -708,17 +709,27 @@ export const prepareVaultManagerKit = (
                 debtAmount,
                 vault.getCurrentDebt(),
               );
-              const debtInCollateral = ceilDivideBy(debtAmount, price);
-              const collatPostDebt = AmountMath.isGTE(vCollat, debtInCollateral)
-                ? AmountMath.subtract(vCollat, debtInCollateral)
+
+              const price = makeRatioFromAmounts(
+                mintedProceeds,
+                collateralSold,
+              );
+
+              // max return is vault value reduced by debt and penalty value
+              const debtCollat = ceilDivideBy(debtAmount, price);
+              const penaltyCollat = ceilMultiplyBy(debtAmount, debtPortion);
+              const lessCollat = AmountMath.add(debtCollat, penaltyCollat);
+
+              const maxCollat = AmountMath.isGTE(vCollat, lessCollat)
+                ? AmountMath.subtract(vCollat, lessCollat)
                 : AmountMath.makeEmptyFromAmount(vCollat);
               if (!AmountMath.isEmpty(leftToStage)) {
-                const collat = AmountMath.min(leftToStage, collatPostDebt);
-                leftToStage = AmountMath.subtract(leftToStage, collat);
+                const collatReturn = AmountMath.min(leftToStage, maxCollat);
+                leftToStage = AmountMath.subtract(leftToStage, collatReturn);
                 transfers.push([
                   liqSeat,
                   vault.getVaultSeat(),
-                  { Collateral: collat },
+                  { Collateral: collatReturn },
                 ]);
               }
               vaultsToLiquidate.push(vault);
@@ -847,7 +858,6 @@ export const prepareVaultManagerKit = (
 
             let collateralReduction = AmountMath.makeEmpty(collateralBrand);
             let shortfallToReserve = accounting.shortfall;
-            const debtPortion = makeRatioFromAmounts(totalPenalty, totalDebt);
             const reduceCollateral = amount =>
               (collateralReduction = AmountMath.add(
                 collateralReduction,
@@ -859,10 +869,16 @@ export const prepareVaultManagerKit = (
             /** @type {Array<[Vault, { collateralAmount: Amount<'nat'>, debtAmount:  Amount<'nat'>}]>} */
             for (const [vault, balance] of bestToWorst) {
               const { collateralAmount: vCollat, debtAmount } = balance;
-              const vaultPenalty = ceilMultiplyBy(debtAmount, penaltyRate);
+
+              // according to #7123, Collateral for penalty =
+              //    vault debt / total debt * total liquidation penalty
+              const vaultPenalty = ceilMultiplyBy(
+                debtAmount,
+                makeRatioFromAmounts(totalPenalty, totalDebt),
+              );
               const collatPostPenalty = AmountMath.subtract(
                 vCollat,
-                ceilMultiplyBy(vaultPenalty, debtPortion),
+                vaultPenalty,
               );
               const vaultDebt = floorMultiplyBy(debtAmount, debtPortion);
               if (
@@ -904,7 +920,7 @@ export const prepareVaultManagerKit = (
             }
 
             // Putting all the rearrangements after the loop ensures that errors
-            // in the calculations don't result in paying pack some vaults and
+            // in the calculations don't result in paying back some vaults and
             // leaving others hanging.
             if (transfers.length > 0) {
               atomicRearrange(zcf, harden(transfers));
@@ -917,12 +933,29 @@ export const prepareVaultManagerKit = (
               transfers.length,
             );
 
-            facets.helper.sendToReserve(collatRemaining, liqSeat);
+            const collateralInLiqSeat =
+              liqSeat.getCurrentAllocation().Collateral;
+            facets.helper.sendToReserve(collateralInLiqSeat, liqSeat);
+
+            if (
+              !AmountMath.isEqual(
+                collateralInLiqSeat,
+                AmountMath.add(collatRemaining, totalPenalty),
+              )
+            ) {
+              console.error(
+                `🚨 Excess collateral remaining sent to reserve. Expected ${q(
+                  collatRemaining,
+                )}, sent ${q(collateralInLiqSeat)}`,
+              );
+            }
             facets.helper.markDoneLiquidating(totalDebt, totalCollateral, {
               ...accounting,
               shortfall: shortfallToReserve,
             });
           }
+          // liqSeat should be empty at this point, except that funds are sent
+          // asynchronously to the reserve.
           liquidateAll();
           return facets.helper.writeMetrics();
         },