@agoric/inter-protocol 0.16.2-dev-6ad0038.0.6ad0038 → 0.16.2-dev-b95c1c8.0.b95c1c8

package/src/auction/auctioneer.js

@@ -1,745 +0,0 @@
-/// <reference types="@agoric/governance/exported.js" />
-/// <reference types="@agoric/zoe/exported.js" />
-
-import { Fail, q } from '@endo/errors';
-import { E } from '@endo/eventual-send';
-import { Far } from '@endo/marshal';
-import { AmountMath, AmountShape, BrandShape } from '@agoric/ertp';
-import { handleParamGovernance } from '@agoric/governance';
-import { makeTracer } from '@agoric/internal';
-import { wrapRemoteMarshaller } from '@agoric/internal/src/marshal/wrap-marshaller.js';
-import { prepareDurablePublishKit } from '@agoric/notifier';
-import { mustMatch } from '@agoric/store';
-import { appendToStoredArray } from '@agoric/store/src/stores/store-utils.js';
-import { M, provideDurableMapStore } from '@agoric/vat-data';
-import {
-  ceilDivideBy,
-  ceilMultiplyBy,
-  defineERecorderKit,
-  defineRecorderKit,
-  floorDivideBy,
-  floorMultiplyBy,
-  makeRatio,
-  makeRatioFromAmounts,
-  makeRecorderTopic,
-  natSafeMath,
-  prepareRecorder,
-  provideEmptySeat,
-  offerTo,
-} from '@agoric/zoe/src/contractSupport/index.js';
-import { FullProposalShape } from '@agoric/zoe/src/typeGuards.js';
-
-import { makeNatAmountShape } from '../contractSupport.js';
-import { makeOfferSpecShape, prepareAuctionBook } from './auctionBook.js';
-import { auctioneerParamTypes } from './params.js';
-import { makeScheduler } from './scheduler.js';
-import { AuctionState } from './util.js';
-
-/**
- * @import {Remote, TypedPattern} from '@agoric/internal';
- * @import {MapStore} from '@agoric/store';
- * @import {Baggage} from '@agoric/vat-data';
- * @import {ContractOf} from '@agoric/zoe/src/zoeService/utils.js';
- * @import {PriceAuthority, PriceDescription, PriceQuote, PriceQuoteValue, PriceQuery,} from '@agoric/zoe/tools/types.js';
- * @import {TimerService} from '@agoric/time';
- * @import {AuctionBook} from './auctionBook.js';
- * @import {ScheduleNotification} from './scheduler.js';
- * @import {OfferSpec} from './auctionBook.js';
- * @import {FullSchedule} from './scheduler.js';
- * @import {AssetReservePublicFacet} from '../reserve/assetReserve.js';
- */
-
-const BASIS_POINTS = 10_000n;
-
-const { add, multiply } = natSafeMath;
-
-const trace = makeTracer('Auction', true);
-
-/**
- * @file In this file, 'Bid' is the name of the ERTP issuer used to purchase
- *   collateral from various issuers. It's too confusing to also use Bid as a
- *   verb or a description of amounts offered, so we've tried to find
- *   alternatives in all those cases.
- */
-
-const MINIMUM_BID_GIVE = 1n;
-
-/**
- * @param {NatValue} rate
- * @param {Brand<'nat'>} bidBrand
- * @param {Brand<'nat'>} collateralBrand
- */
-const makeBPRatio = (rate, bidBrand, collateralBrand = bidBrand) =>
-  makeRatioFromAmounts(
-    AmountMath.make(bidBrand, rate),
-    AmountMath.make(collateralBrand, BASIS_POINTS),
-  );
-
-/**
- * The auction sold some amount of collateral, and raised a certain amount of
- * Bid. The excess collateral was returned as `unsoldCollateral`. The Bid amount
- * collected from the auction participants is `proceeds`.
- *
- * Return a set of transfers for atomicRearrange() that distribute
- * `unsoldCollateral` and `proceeds` proportionally to each seat's deposited
- * amount. Any uneven split should be allocated to the reserve.
- *
- * @param {Amount} unsoldCollateral
- * @param {Amount} proceeds
- * @param {{ seat: ZCFSeat; amount: Amount<'nat'>; goal: Amount<'nat'> }[]} deposits
- * @param {ZCFSeat} collateralSeat
- * @param {ZCFSeat} bidHoldingSeat seat with the Bid allocation to be
- *   distributed
- * @param {string} collateralKeyword The Reserve will hold multiple collaterals,
- *   so they need distinct keywords
- * @param {ZCFSeat} reserveSeat
- * @param {Brand} brand
- */
-const distributeProportionalShares = (
-  unsoldCollateral,
-  proceeds,
-  deposits,
-  collateralSeat,
-  bidHoldingSeat,
-  collateralKeyword,
-  reserveSeat,
-  brand,
-) => {
-  const totalCollDeposited = deposits.reduce((prev, { amount }) => {
-    return AmountMath.add(prev, amount);
-  }, AmountMath.makeEmpty(brand));
-
-  const collShare = makeRatioFromAmounts(unsoldCollateral, totalCollDeposited);
-  const currShare = makeRatioFromAmounts(proceeds, totalCollDeposited);
-  /** @type {TransferPart[]} */
-  const transfers = [];
-  let proceedsLeft = proceeds;
-  let collateralLeft = unsoldCollateral;
-
-  // each depositor gets a share that equals their amount deposited
-  // divided by the total deposited multiplied by the Bid and
-  // collateral being distributed.
-  for (const { seat, amount } of deposits.values()) {
-    const currPortion = floorMultiplyBy(amount, currShare);
-    proceedsLeft = AmountMath.subtract(proceedsLeft, currPortion);
-    const collPortion = floorMultiplyBy(amount, collShare);
-    collateralLeft = AmountMath.subtract(collateralLeft, collPortion);
-    transfers.push([bidHoldingSeat, seat, { Bid: currPortion }]);
-    transfers.push([collateralSeat, seat, { Collateral: collPortion }]);
-  }
-
-  transfers.push([bidHoldingSeat, reserveSeat, { Bid: proceedsLeft }]);
-
-  if (!AmountMath.isEmpty(collateralLeft)) {
-    transfers.push([
-      collateralSeat,
-      reserveSeat,
-      { Collateral: collateralLeft },
-      { [collateralKeyword]: collateralLeft },
-    ]);
-  }
-
-  return transfers;
-};
-
-/**
- * The auction sold some amount of collateral, and raised a certain amount of
- * Bid. The excess collateral was returned as `unsoldCollateral`. The Bid amount
- * collected from the auction participants is `proceeds`.
- *
- * Return a set of transfers for atomicRearrange() that distribute
- * `unsoldCollateral` and `proceeds` proportionally to each seat's deposited
- * amount. Any uneven split should be allocated to the reserve.
- *
- * This function is exported for testability, and is not expected to be used
- * outside the contract below.
- *
- * Some or all of the depositors may have specified a goal amount.
- *
- * - A if none did, return collateral and Bid prorated to deposits.
- * - B if proceeds < proceedsGoal everyone gets prorated amounts of both.
- * - C if proceeds matches proceedsGoal, everyone gets the Bid they asked for,
- *   plus enough collateral to reach the same proportional payout. If any
- *   depositor's goal amount exceeded their share of the total, we'll fall back
- *   to the first approach.
- * - D if proceeds > proceedsGoal && all depositors specified a limit, all
- *   depositors get their goal first, then we distribute the remainder
- *   (collateral and Bid) to get the same proportional payout.
- * - E if proceeds > proceedsGoal && some depositors didn't specify a limit,
- *   depositors who did will get their goal first, then we distribute the
- *   remainder (collateral and Bid) to get the same proportional payout. If any
- *   depositor's goal amount exceeded their share of the total, we'll fall back
- *   as above. Think of it this way: those who specified a limit want as much
- *   collateral back as possible, consistent with raising a certain amount of
- *   Bid. Those who didn't specify a limit are trying to sell collateral, and
- *   would prefer to have as much as possible converted to Bid.
- *
- * @param {Amount<'nat'>} unsoldCollateral
- * @param {Amount<'nat'>} proceeds
- * @param {{ seat: ZCFSeat; amount: Amount<'nat'>; goal: Amount<'nat'> }[]} deposits
- * @param {ZCFSeat} collateralSeat
- * @param {ZCFSeat} bidHoldingSeat seat with the Bid allocation to be
- *   distributed
- * @param {string} collateralKeyword The Reserve will hold multiple collaterals,
- *   so they need distinct keywords
- * @param {ZCFSeat} reserveSeat
- * @param {Brand} brand
- */
-export const distributeProportionalSharesWithLimits = (
-  unsoldCollateral,
-  proceeds,
-  deposits,
-  collateralSeat,
-  bidHoldingSeat,
-  collateralKeyword,
-  reserveSeat,
-  brand,
-) => {
-  trace('distributeProportionally with limits');
-  // unmatched is the sum of the deposits by those who didn't specify a goal
-  const [collDeposited, proceedsGoal, unmatchedDeposits] = deposits.reduce(
-    (prev, { amount, goal }) => {
-      const nextDeposit = AmountMath.add(prev[0], amount);
-      const [proceedsSum, unmatchedSum] = goal
-        ? [AmountMath.add(goal, prev[1]), prev[2]]
-        : [prev[1], AmountMath.add(prev[2], amount)];
-      return [nextDeposit, proceedsSum, unmatchedSum];
-    },
-    [
-      AmountMath.makeEmpty(brand),
-      AmountMath.makeEmptyFromAmount(proceeds),
-      AmountMath.makeEmpty(brand),
-    ],
-  );
-
-  const distributeProportionally = () =>
-    distributeProportionalShares(
-      unsoldCollateral,
-      proceeds,
-      deposits,
-      collateralSeat,
-      bidHoldingSeat,
-      collateralKeyword,
-      reserveSeat,
-      brand,
-    );
-
-  // cases A and B
-  if (
-    AmountMath.isEmpty(proceedsGoal) ||
-    !AmountMath.isGTE(proceeds, proceedsGoal)
-  ) {
-    return distributeProportionally();
-  }
-
-  // Calculate multiplier for collateral that gives total value each depositor
-  // should get.
-  //
-  // The average price of collateral is proceeds / CollateralSold.
-  // The value of Collateral is Price * unsoldCollateral.
-  // The overall total value to be distributed is
-  //     Proceeds + collateralValue.
-  // Each depositor should get bid and collateral that sum to the overall
-  // total value multiplied by the ratio of that depositor's collateral
-  // deposited to all the collateral deposited.
-  //
-  // To improve the resolution of the result, we only divide once, so we
-  // multiply each depositor's collateral remaining by this expression.
-  //
-  //        collSold * proceeds  +  proceeds * unsoldCollateral
-  //         -----------------------------------------------------------
-  //                   collSold * totalCollDeposit
-  //
-  // If you do the dimension analysis, we'll multiply collateral by a ratio
-  // representing Bid/collateral.
-
-  // average value of collateral is collateralSold / proceeds
-  const collateralSold = AmountMath.subtract(collDeposited, unsoldCollateral);
-  const numeratorValue = add(
-    multiply(collateralSold.value, proceeds.value),
-    multiply(unsoldCollateral.value, proceeds.value),
-  );
-  const denominatorValue = multiply(collateralSold.value, collDeposited.value);
-  const totalValueRatio = makeRatioFromAmounts(
-    AmountMath.make(proceeds.brand, numeratorValue),
-    AmountMath.make(brand, denominatorValue),
-  );
-
-  const avgPrice = makeRatioFromAmounts(proceeds, collateralSold);
-
-  // Allocate the proceedsGoal amount to depositors who specified it. Add
-  // collateral to reach their share. Then see what's left, and allocate it
-  // among the remaining depositors. Escape to distributeProportionalShares if
-  // anything doesn't work.
-  /** @type {TransferPart[]} */
-  const transfers = [];
-  let proceedsLeft = proceeds;
-  let collateralLeft = unsoldCollateral;
-
-  // case C
-  if (AmountMath.isEqual(proceedsGoal, proceeds)) {
-    // each depositor gets a share that equals their amount deposited
-    // multiplied by totalValueRatio computed above.
-
-    for (const { seat, amount, goal } of deposits.values()) {
-      const depositorValue = floorMultiplyBy(amount, totalValueRatio);
-      if (goal === null || AmountMath.isGTE(depositorValue, goal)) {
-        let valueNeeded = depositorValue;
-        if (goal !== null && !AmountMath.isEmpty(goal)) {
-          proceedsLeft = AmountMath.subtract(proceedsLeft, goal);
-          transfers.push([bidHoldingSeat, seat, { Bid: goal }]);
-          valueNeeded = AmountMath.subtract(depositorValue, goal);
-        }
-
-        const collateralToAdd = floorDivideBy(valueNeeded, avgPrice);
-        collateralLeft = AmountMath.subtract(collateralLeft, collateralToAdd);
-        transfers.push([collateralSeat, seat, { Collateral: collateralToAdd }]);
-      } else {
-        // This depositor asked for more than their share.
-        // ignore `transfers` and distribute everything proportionally.
-        return distributeProportionally();
-      }
-    }
-  } else {
-    // Cases D & E. Proceeds > proceedsGoal, so those who specified a limit
-    // receive at least their target.
-
-    const collateralValue = floorMultiplyBy(unsoldCollateral, avgPrice);
-    const totalDistributableValue = AmountMath.add(proceeds, collateralValue);
-    // The share for those who specified a limit is proportional to their
-    // collateral. ceiling because it's a lower limit on the restrictive branch
-    const limitedShare = ceilMultiplyBy(
-      AmountMath.subtract(collDeposited, unmatchedDeposits),
-      makeRatioFromAmounts(totalDistributableValue, collDeposited),
-    );
-
-    // if proceedsGoal + value of unsoldCollateral >= limitedShare then those
-    // who specified a limit can get all the excess over their limit in
-    // collateral. Others share whatever is left.
-    // If proceedsGoal + unsoldCollateral < limitedShare then those who
-    // specified share all the collateral, and everyone gets Bid to cover
-    // the remainder of their share.
-    const limitedGetMaxCollateral = AmountMath.isGTE(
-      AmountMath.add(proceedsGoal, collateralValue),
-      limitedShare,
-    );
-
-    const calcNotLimitedCollateralShare = () => {
-      if (limitedGetMaxCollateral) {
-        // those who limited will get limitedShare - proceedsGoal in collateral
-        const ltdCollatValue = AmountMath.subtract(limitedShare, proceedsGoal);
-        const ltdCollatShare = ceilDivideBy(ltdCollatValue, avgPrice);
-        // the unlimited will get the remainder of the collateral
-        return AmountMath.subtract(unsoldCollateral, ltdCollatShare);
-      } else {
-        return AmountMath.makeEmpty(brand);
-      }
-    };
-    const notLimitedCollateralShare = calcNotLimitedCollateralShare();
-
-    for (const { seat, amount, goal } of deposits.values()) {
-      const depositorValue = floorMultiplyBy(amount, totalValueRatio);
-
-      const addRemainderInBid = collateralAdded => {
-        const collateralVal = ceilMultiplyBy(collateralAdded, avgPrice);
-        /** @type {Amount<'nat'>} XXX for package depth type resolution */
-        const valueNeeded = AmountMath.subtract(depositorValue, collateralVal);
-
-        proceedsLeft = AmountMath.subtract(proceedsLeft, valueNeeded);
-        transfers.push([bidHoldingSeat, seat, { Bid: valueNeeded }]);
-      };
-
-      if (goal === null || AmountMath.isEmpty(goal)) {
-        const collateralShare = floorMultiplyBy(
-          notLimitedCollateralShare,
-          makeRatioFromAmounts(amount, unmatchedDeposits),
-        );
-        collateralLeft = AmountMath.subtract(collateralLeft, collateralShare);
-        addRemainderInBid(collateralShare);
-        transfers.push([collateralSeat, seat, { Collateral: collateralShare }]);
-      } else if (limitedGetMaxCollateral) {
-        proceedsLeft = AmountMath.subtract(proceedsLeft, goal);
-        transfers.push([bidHoldingSeat, seat, { Bid: goal }]);
-
-        const valueNeeded = AmountMath.subtract(depositorValue, goal);
-        const collateralToAdd = floorDivideBy(valueNeeded, avgPrice);
-        collateralLeft = AmountMath.subtract(collateralLeft, collateralToAdd);
-        transfers.push([collateralSeat, seat, { Collateral: collateralToAdd }]);
-      } else {
-        // There's not enough collateral to completely cover the gap above
-        // the proceedsGoal amount, so each depositor gets a proportional share
-        // of unsoldCollateral plus enough Bid to reach their share.
-        const collateralShare = floorMultiplyBy(
-          unsoldCollateral,
-          makeRatioFromAmounts(amount, collDeposited),
-        );
-        collateralLeft = AmountMath.subtract(collateralLeft, collateralShare);
-        addRemainderInBid(collateralShare);
-        transfers.push([collateralSeat, seat, { Collateral: collateralShare }]);
-      }
-    }
-  }
-
-  transfers.push([bidHoldingSeat, reserveSeat, { Bid: proceedsLeft }]);
-
-  if (!AmountMath.isEmpty(collateralLeft)) {
-    transfers.push([
-      collateralSeat,
-      reserveSeat,
-      { Collateral: collateralLeft },
-      { [collateralKeyword]: collateralLeft },
-    ]);
-  }
-  return transfers;
-};
-
-/**
- * @param {ZCF<
- *   GovernanceTerms<typeof auctioneerParamTypes> & {
- *     timerService: TimerService;
- *     reservePublicFacet: AssetReservePublicFacet;
- *     priceAuthority: PriceAuthority;
- *   }
- * >} zcf
- * @param {{
- *   initialPoserInvitation: Invitation;
- *   storageNode: Remote<StorageNode>;
- *   marshaller: Remote<Marshaller>;
- * }} privateArgs
- * @param {Baggage} baggage
- */
-export const start = async (zcf, privateArgs, baggage) => {
-  const { brands, timerService: timer, priceAuthority } = zcf.getTerms();
-  timer || Fail`Timer must be in Auctioneer terms`;
-  const timerBrand = await E(timer).getTimerBrand();
-
-  const bidAmountShape = { brand: brands.Bid, value: M.nat() };
-
-  /** @type {MapStore<Brand, AuctionBook>} */
-  const books = provideDurableMapStore(baggage, 'auctionBooks');
-  /**
-   * @type {MapStore<
-   *   Brand,
-   *   { seat: ZCFSeat; amount: Amount<'nat'>; goal: Amount<'nat'> }[]
-   * >}
-   */
-  const deposits = provideDurableMapStore(baggage, 'deposits');
-  /** @type {MapStore<Brand, Keyword>} */
-  const brandToKeyword = provideDurableMapStore(baggage, 'brandToKeyword');
-
-  const reserveSeat = provideEmptySeat(zcf, baggage, 'collateral');
-
-  let bookCounter = 0;
-
-  const { marshaller: remoteMarshaller } = privateArgs;
-
-  const cachingMarshaller = wrapRemoteMarshaller(remoteMarshaller);
-
-  const makeDurablePublishKit = prepareDurablePublishKit(
-    baggage,
-    'Auction publish kit',
-  );
-  const makeRecorder = prepareRecorder(baggage, cachingMarshaller);
-
-  const makeRecorderKit = defineRecorderKit({
-    makeRecorder,
-    makeDurablePublishKit,
-  });
-
-  const makeAuctionBook = prepareAuctionBook(baggage, zcf, makeRecorderKit);
-
-  const makeERecorderKit = defineERecorderKit({
-    makeRecorder,
-    makeDurablePublishKit,
-  });
-  const scheduleKit = makeERecorderKit(
-    E(privateArgs.storageNode).makeChildNode('schedule'),
-    /**
-     * @type {TypedPattern<ScheduleNotification>}
-     */ (M.any()),
-  );
-
-  /**
-   * @param {ZCFSeat} seat
-   * @param {Amount<'nat'>} amount
-   * @param {Amount<'nat'> | null} goal
-   */
-  const addDeposit = (seat, amount, goal = null) => {
-    appendToStoredArray(deposits, amount.brand, harden({ seat, amount, goal }));
-  };
-
-  const sendToReserve = keyword => {
-    const { reservePublicFacet } = zcf.getTerms();
-
-    const amount = reserveSeat.getCurrentAllocation()[keyword];
-    if (!amount || AmountMath.isEmpty(amount)) {
-      return;
-    }
-
-    const invitation = E(reservePublicFacet).makeAddCollateralInvitation();
-    // don't wait for a response
-    void E.when(invitation, invite => {
-      const proposal = { give: { Collateral: amount } };
-      void offerTo(
-        zcf,
-        invite,
-        { [keyword]: 'Collateral' },
-        proposal,
-        reserveSeat,
-      );
-    });
-  };
-
-  // Called "discount" rate even though it can be above or below 100%.
-  /** @type {NatValue} */
-  let currentDiscountRateBP;
-
-  const distributeProceeds = () => {
-    for (const brand of deposits.keys()) {
-      const book = books.get(brand);
-      const { collateralSeat, bidHoldingSeat } = book.getSeats();
-
-      const depositsForBrand = deposits.get(brand);
-      if (depositsForBrand.length === 1) {
-        // send it all to the one
-        const liqSeat = depositsForBrand[0].seat;
-
-        zcf.atomicRearrange(
-          harden([
-            [collateralSeat, liqSeat, collateralSeat.getCurrentAllocation()],
-            [bidHoldingSeat, liqSeat, bidHoldingSeat.getCurrentAllocation()],
-          ]),
-        );
-        liqSeat.exit();
-        deposits.set(brand, []);
-      } else if (depositsForBrand.length > 1) {
-        const collProceeds = collateralSeat.getCurrentAllocation().Collateral;
-        const currProceeds =
-          bidHoldingSeat.getCurrentAllocation().Bid ||
-          AmountMath.makeEmpty(brands.Bid);
-        const transfers = distributeProportionalSharesWithLimits(
-          collProceeds,
-          currProceeds,
-          depositsForBrand,
-          collateralSeat,
-          bidHoldingSeat,
-          brandToKeyword.get(brand),
-          reserveSeat,
-          brand,
-        );
-        zcf.atomicRearrange(harden(transfers));
-
-        for (const { seat } of depositsForBrand) {
-          seat.exit();
-        }
-
-        sendToReserve(brandToKeyword.get(brand));
-        deposits.set(brand, []);
-      }
-    }
-  };
-
-  const { augmentPublicFacet, makeFarGovernorFacet, params } =
-    await handleParamGovernance(
-      zcf,
-      privateArgs.initialPoserInvitation,
-      auctioneerParamTypes,
-      privateArgs.storageNode,
-      cachingMarshaller,
-    );
-
-  const tradeEveryBook = () => {
-    const offerScalingRatio = makeRatio(
-      currentDiscountRateBP,
-      brands.Bid,
-      BASIS_POINTS,
-    );
-
-    for (const book of books.values()) {
-      book.settleAtNewRate(offerScalingRatio);
-    }
-  };
-
-  const driver = Far('Auctioneer', {
-    reducePriceAndTrade: () => {
-      trace('reducePriceAndTrade');
-
-      natSafeMath.isGTE(currentDiscountRateBP, params.getDiscountStep()) ||
-        Fail`rates must fall ${currentDiscountRateBP}`;
-
-      currentDiscountRateBP = natSafeMath.subtract(
-        currentDiscountRateBP,
-        params.getDiscountStep(),
-      );
-
-      tradeEveryBook();
-    },
-    finalize: () => {
-      trace('finalize');
-
-      for (const book of books.values()) {
-        book.endAuction();
-      }
-      distributeProceeds();
-    },
-    startRound() {
-      trace('startRound');
-
-      currentDiscountRateBP = params.getStartingRate();
-      for (const book of books.values()) {
-        book.setStartingRate(makeBPRatio(currentDiscountRateBP, brands.Bid));
-      }
-
-      tradeEveryBook();
-    },
-    capturePrices() {
-      for (const book of books.values()) {
-        book.captureOraclePriceForRound();
-      }
-    },
-  });
-
-  const isActive = () => scheduler.getAuctionState() === AuctionState.ACTIVE;
-
-  /**
-   * @param {ZCFSeat} zcfSeat
-   * @param {{ goal: Amount<'nat'> }} offerArgs
-   */
-  const depositOfferHandler = (zcfSeat, offerArgs) => {
-    const goalMatcher = M.or(undefined, { goal: bidAmountShape });
-    mustMatch(offerArgs, harden(goalMatcher));
-    const { Collateral: collateralAmount } = zcfSeat.getCurrentAllocation();
-    const book = books.get(collateralAmount.brand);
-    trace(`deposited ${q(collateralAmount)} goal: ${q(offerArgs?.goal)}`);
-
-    book.addAssets(collateralAmount, zcfSeat, offerArgs?.goal);
-    addDeposit(zcfSeat, collateralAmount, offerArgs?.goal);
-    return 'deposited';
-  };
-
-  const makeDepositInvitation = () =>
-    zcf.makeInvitation(
-      depositOfferHandler,
-      'deposit Collateral',
-      undefined,
-      M.splitRecord({ give: { Collateral: AmountShape } }),
-    );
-
-  const biddingProposalShape = M.splitRecord(
-    {
-      give: {
-        Bid: makeNatAmountShape(brands.Bid, MINIMUM_BID_GIVE),
-      },
-    },
-    {
-      maxBuy: M.or({ Collateral: AmountShape }, {}),
-      exit: FullProposalShape.exit,
-    },
-  );
-
-  const publicFacet = augmentPublicFacet(
-    harden({
-      /** @param {Brand<'nat'>} collateralBrand */
-      makeBidInvitation(collateralBrand) {
-        mustMatch(collateralBrand, BrandShape);
-        books.has(collateralBrand) ||
-          Fail`No book for brand ${collateralBrand}`;
-        const offerSpecShape = makeOfferSpecShape(brands.Bid, collateralBrand);
-        /**
-         * @param {ZCFSeat} zcfSeat
-         * @param {OfferSpec} offerSpec
-         */
-        const newBidHandler = (zcfSeat, offerSpec) => {
-          // xxx consider having Zoe guard the offerArgs with a provided shape
-          mustMatch(offerSpec, offerSpecShape);
-          const auctionBook = books.get(collateralBrand);
-          auctionBook.addOffer(offerSpec, zcfSeat, isActive());
-          return 'Your bid has been accepted';
-        };
-
-        return zcf.makeInvitation(
-          newBidHandler,
-          'new bidding offer',
-          {},
-          biddingProposalShape,
-        );
-      },
-      getSchedules() {
-        return scheduler.getSchedule();
-      },
-      getScheduleUpdates() {
-        return scheduleKit.subscriber;
-      },
-      getBookDataUpdates(brand) {
-        return books.get(brand).getDataUpdates();
-      },
-      getPublicTopics(brand) {
-        if (brand) {
-          return books.get(brand).getPublicTopics();
-        }
-
-        return {
-          schedule: makeRecorderTopic('Auction schedule', scheduleKit),
-        };
-      },
-      makeDepositInvitation,
-      ...params,
-    }),
-  );
-
-  const scheduler = await E.when(scheduleKit.recorderP, scheduleRecorder =>
-    makeScheduler(
-      driver,
-      timer,
-      // @ts-expect-error types are correct. How to convince TS?
-      params,
-      timerBrand,
-      scheduleRecorder,
-      publicFacet.getSubscription(),
-    ),
-  );
-
-  const creatorFacet = makeFarGovernorFacet(
-    Far('Auctioneer creatorFacet', {
-      /**
-       * @param {Issuer<'nat'>} issuer
-       * @param {Keyword} kwd
-       */
-      async addBrand(issuer, kwd) {
-        zcf.assertUniqueKeyword(kwd);
-        !baggage.has(kwd) ||
-          Fail`cannot add brand with keyword ${kwd}. it's in use`;
-        const { brand } = await zcf.saveIssuer(issuer, kwd);
-
-        const bookId = `book${bookCounter}`;
-        bookCounter += 1;
-        /** @type {Remote<StorageNode>} */
-        const bNode = await E(privateArgs.storageNode).makeChildNode(bookId);
-
-        const newBook = await makeAuctionBook(
-          brands.Bid,
-          brand,
-          priceAuthority,
-          bNode,
-        );
-
-        // These three store.init() calls succeed or fail atomically
-        deposits.init(brand, harden([]));
-        books.init(brand, newBook);
-        brandToKeyword.init(brand, kwd);
-      },
-      /** @returns {Promise<FullSchedule>} */
-      getSchedule() {
-        return E(scheduler).getSchedule();
-      },
-    }),
-  );
-
-  return { publicFacet, creatorFacet };
-};
-
-/** @typedef {ContractOf<typeof start>} AuctioneerContract */
-/** @typedef {AuctioneerContract['publicFacet']} AuctioneerPublicFacet */
-/** @typedef {AuctioneerContract['creatorFacet']} AuctioneerCreatorFacet */
-
-export const AuctionPFShape = M.remotable('Auction Public Facet');