@agoric/inter-protocol 0.16.2-dev-ecf2d8e.0 → 0.16.2-other-dev-70beeb7.0

package/src/vaultFactory/vault.js

@@ -1,6 +1,5 @@
 import { AmountMath, AmountShape } from '@agoric/ertp';
-import { StorageNodeShape, makeTracer } from '@agoric/internal';
-import { UnguardedHelperI } from '@agoric/internal/src/typeGuards.js';
+import { makeTracer, StorageNodeShape } from '@agoric/internal';
 import { M, prepareExoClassKit } from '@agoric/vat-data';
 import { atomicTransfer } from '@agoric/zoe/src/contractSupport/index.js';
 import { SeatShape } from '@agoric/zoe/src/typeGuards.js';
@@ -10,10 +9,11 @@ import {
   makeNatAmountShape,
 } from '../contractSupport.js';
 import { calculateCurrentDebt, reverseInterest } from '../interest-math.js';
-import { calculateDebtCosts } from './math.js';
+import { UnguardedHelperI } from '../typeGuards.js';
 import { prepareVaultKit } from './vaultKit.js';
 
 import '@agoric/zoe/exported.js';
+import { calculateDebtCosts } from './math.js';
 
 const { quote: q, Fail } = assert;
 
@@ -22,36 +22,31 @@ const trace = makeTracer('Vault', true);
 /** @typedef {import('./storeUtils.js').NormalizedDebt} NormalizedDebt */
 
 /**
- * @file This has most of the logic for a Vault, to borrow Minted against
- *   collateral.
+ * @file This has most of the logic for a Vault, to borrow Minted against collateral.
  *
- *   The logic here is for Vault which is the majority of logic of vaults but the
- *   user view is the `vault` value contained in VaultKit.
+ * The logic here is for Vault which is the majority of logic of vaults but
+ * the user view is the `vault` value contained in VaultKit.
  *
- *   A note on naming convention:
- *
- *   - `Pre` is used as a postfix for any mutable value retrieved _before_ an
- *       `await`, to flag values that must used very carefully after the
- *       `await`
- *   - `new` is a prefix for values that describe the result of executing a
- *       transaction; e.g., `debt` is the value before the txn, and `newDebt`
- *       will be value if the txn completes.
- *   - the absence of one of these implies the opposite, so `newDebt` is the future
- *       value fo `debt`, as computed based on values after any `await`
+ * A note on naming convention:
+ * - `Pre` is used as a postfix for any mutable value retrieved *before* an
+ *    `await`, to flag values that must used very carefully after the `await`
+ * - `new` is a prefix for values that describe the result of executing a
+ *   transaction; e.g., `debt` is the value before the txn, and `newDebt`
+ *   will be value if the txn completes.
+ * - the absence of one of these implies the opposite, so `newDebt` is the
+ *   future value fo `debt`, as computed based on values after any `await`
  */
 
 /**
  * Constants for vault phase.
  *
- * - ACTIVE - vault is in use and can be changed
- * - LIQUIDATING - vault is being liquidated by the vault manager, and cannot be
- *   changed by the user. If liquidation fails, vaults may remain in this state.
- *   An upgrade to the contract might be able to recover them.
- * - TRANSFER - vault is able to be transferred (payments and debits frozen until
- *   it has a new owner)
- * - CLOSED - vault was closed by the user and all assets have been paid out
- * - LIQUIDATED - vault was closed by the manager, with remaining assets paid to
- *   owner
+ * ACTIVE       - vault is in use and can be changed
+ * LIQUIDATING  - vault is being liquidated by the vault manager, and cannot be changed by the user.
+ *                If liquidation fails, vaults may remain in this state. An upgrade to the contract
+ *                might be able to recover them.
+ * TRANSFER     - vault is able to be transferred (payments and debits frozen until it has a new owner)
+ * CLOSED       - vault was closed by the user and all assets have been paid out
+ * LIQUIDATED   - vault was closed by the manager, with remaining assets paid to owner
  */
 export const Phase = /** @type {const} */ ({
   ACTIVE: 'active',
@@ -63,7 +58,7 @@ export const Phase = /** @type {const} */ ({
 
 /**
  * @typedef {Phase[keyof Omit<typeof Phase, 'TRANSFER'>]} VaultPhase
- * @type {{ [K in VaultPhase]: VaultPhase[] }}
+ * @type {{[K in VaultPhase]: Array<VaultPhase>}}
  */
 const validTransitions = {
   [Phase.ACTIVE]: [Phase.LIQUIDATING, Phase.CLOSED],
@@ -77,8 +72,7 @@ const validTransitions = {
  *
  * @typedef {object} VaultNotification
  * @property {Amount<'nat'>} locked Amount of Collateral locked
- * @property {{ debt: Amount<'nat'>; interest: Ratio }} debtSnapshot 'debt' at
- *   the point the compounded interest was 'interest'
+ * @property {{debt: Amount<'nat'>, interest: Ratio}} debtSnapshot 'debt' at the point the compounded interest was 'interest'
  * @property {HolderPhase} vaultState
  */
 
@@ -93,36 +87,27 @@ const validTransitions = {
  * @property {MintAndTransfer} mintAndTransfer
  * @property {(amount: Amount, seat: ZCFSeat) => void} burn
  * @property {() => Ratio} getCompoundedInterest
- * @property {(
- *   oldDebt: import('./storeUtils.js').NormalizedDebt,
- *   oldCollateral: Amount<'nat'>,
- *   vaultId: VaultId,
- *   vaultPhase: VaultPhase,
- *   vault: Vault,
- * ) => void} handleBalanceChange
+ * @property {(oldDebt: import('./storeUtils.js').NormalizedDebt, oldCollateral: Amount<'nat'>, vaultId: VaultId, vaultPhase: VaultPhase, vault: Vault) => void} handleBalanceChange
  * @property {() => import('./vaultManager.js').GovernedParamGetters} getGovernedParams
  */
 
 /**
  * @typedef {Readonly<{
- *   idInManager: VaultId;
- *   manager: VaultManager;
- *   storageNode: StorageNode;
- *   vaultSeat: ZCFSeat;
+ * idInManager: VaultId,
+ * manager: VaultManager,
+ * storageNode: StorageNode,
+ * vaultSeat: ZCFSeat,
  * }>} ImmutableState
  */
 
 /**
- * Snapshot is of the debt and compounded interest when the principal was last
- * changed.
+ * Snapshot is of the debt and compounded interest when the principal was last changed.
  *
  * @typedef {{
- *   interestSnapshot: Ratio;
- *   phase: VaultPhase;
- *   debtSnapshot: Amount<'nat'>;
- *   outerUpdater:
- *     | import('@agoric/zoe/src/contractSupport/recorder.js').Recorder<VaultNotification>
- *     | null;
+ *   interestSnapshot: Ratio,
+ *   phase: VaultPhase,
+ *   debtSnapshot: Amount<'nat'>,
+ *   outerUpdater: import('@agoric/zoe/src/contractSupport/recorder.js').Recorder<VaultNotification> | null,
  * }} MutableState
  */
 
@@ -210,10 +195,7 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
           return AmountMath.makeEmpty(this.facets.helper.debtBrand());
         },
         /**
-         * @typedef {{
-         *   give: { Collateral: Amount<'nat'>; Minted: Amount<'nat'> };
-         *   want: { Collateral: Amount<'nat'>; Minted: Amount<'nat'> };
-         * }} FullProposal
+         * @typedef {{ give: { Collateral: Amount<'nat'>, Minted: Amount<'nat'> }, want: { Collateral: Amount<'nat'>, Minted: Amount<'nat'> } }} FullProposal
          */
         /**
          * @param {ProposalRecord} partial
@@ -238,7 +220,9 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         //#endregion
 
         //#region Phase logic
-        /** @param {VaultPhase} newPhase */
+        /**
+         * @param {VaultPhase} newPhase
+         */
         assignPhase(newPhase) {
           const { state } = this;
 
@@ -277,14 +261,12 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         },
 
         /**
-         * Update the debt balance and propagate upwards to maintain aggregate
-         * debt and liquidation order.
+         * Update the debt balance and propagate upwards to
+         * maintain aggregate debt and liquidation order.
          *
-         * @param {NormalizedDebt} oldDebtNormalized - prior principal and all
-         *   accrued interest, normalized to the launch of the vaultManager
+         * @param {NormalizedDebt} oldDebtNormalized - prior principal and all accrued interest, normalized to the launch of the vaultManager
          * @param {Amount<'nat'>} oldCollateral - actual collateral
-         * @param {Amount<'nat'>} newDebtActual - actual principal and all
-         *   accrued interest
+         * @param {Amount<'nat'>} newDebtActual - actual principal and all accrued interest
          */
         updateDebtAccounting(oldDebtNormalized, oldCollateral, newDebtActual) {
           const { state, facets } = this;
@@ -300,7 +282,10 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
           );
         },
 
-        /** @param {ZCFSeat} seat */
+        /**
+         *
+         * @param {ZCFSeat} seat
+         */
         getCollateralAllocated(seat) {
           return seat.getAmountAllocated(
             'Collateral',
@@ -322,6 +307,7 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         },
 
         /**
+         *
          * @param {Amount<'nat'>} collateralAmount
          * @param {Amount<'nat'>} proposedDebt
          */
@@ -334,7 +320,10 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
             )} for ${q(collateralAmount)} collateral`;
         },
 
-        /** @param {HolderPhase} newPhase */
+        /**
+         *
+         * @param {HolderPhase} newPhase
+         */
         getStateSnapshot(newPhase) {
           const { state, facets } = this;
 
@@ -349,7 +338,9 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
           });
         },
 
-        /** call this whenever anything changes! */
+        /**
+         * call this whenever anything changes!
+         */
         updateUiState() {
           const { state, facets } = this;
           const { outerUpdater } = state;
@@ -377,7 +368,9 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
           }
         },
 
-        /** @param {ZCFSeat} seat */
+        /**
+         * @param {ZCFSeat} seat
+         */
         async closeHook(seat) {
           const { state, facets } = this;
 
@@ -447,11 +440,11 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         },
 
         /**
-         * Calculate the fee, the amount to mint and the resulting debt. The
-         * give and the want together reflect a delta, where typically one is
-         * zero because they come from the gave/want of an offer proposal. If
-         * the `want` is zero, the `fee` will also be zero, so the simple math
-         * works.
+         * Calculate the fee, the amount to mint and the resulting debt.
+         * The give and the want together reflect a delta, where typically
+         * one is zero because they come from the gave/want of an offer
+         * proposal. If the `want` is zero, the `fee` will also be zero,
+         * so the simple math works.
          *
          * @param {Amount<'nat'>} currentDebt
          * @param {Amount<'nat'>} giveAmount
@@ -529,6 +522,7 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         },
 
         /**
+         *
          * @param {ZCFSeat} clientSeat
          * @param {FullProposal} fp
          * @param {ReturnType<typeof calculateDebtCosts>} costs
@@ -549,7 +543,7 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
 
           const giveMintedTaken = AmountMath.subtract(fp.give.Minted, surplus);
 
-          /** @type {TransferPart[]} */
+          /** @type {import('@agoric/zoe/src/contractSupport/atomicTransfer.js').TransferPart[]} */
           const transfers = harden([
             [clientSeat, vaultSeat, { Collateral: fp.give.Collateral }],
             [vaultSeat, clientSeat, { Collateral: fp.want.Collateral }],
@@ -574,6 +568,7 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         },
 
         /**
+         *
          * @param {ZCFSeat} seat
          * @returns {VaultKit}
          */
@@ -674,7 +669,9 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
           return vaultKit;
         },
 
-        /** Called by manager at start of liquidation. */
+        /**
+         * Called by manager at start of liquidation.
+         */
         liquidating() {
           const { facets } = this;
 
@@ -684,8 +681,8 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         },
 
         /**
-         * Called by manager at end of liquidation, at which point all debts
-         * have been covered.
+         * Called by manager at end of liquidation, at which point all debts have been
+         * covered.
          */
         liquidated() {
           const { facets } = this;
@@ -777,7 +774,9 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
           );
         },
 
-        /** @returns {Promise<Invitation>} */
+        /**
+         * @returns {Promise<Invitation>}
+         */
         makeTransferInvitation() {
           const { state, facets } = this;
           const { outerUpdater } = state;
@@ -809,7 +808,10 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
 
         // for status/debugging
 
-        /** @returns {Amount<'nat'>} */
+        /**
+         *
+         * @returns {Amount<'nat'>}
+         */
         getCollateralAmount() {
           const { state, facets } = this;
           const { vaultSeat } = state;
@@ -823,15 +825,15 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         /**
          * The actual current debt, including accrued interest.
          *
-         * This looks like a simple getter but it does a lot of the heavy
-         * lifting for interest accrual. Rather than updating all records when
-         * interest accrues, the vault manager updates just its rolling
-         * compounded interest. Here we calculate what the current debt is given
-         * what's recorded in this vault and what interest has compounded since
-         * this vault record was written.
+         * This looks like a simple getter but it does a lot of the heavy lifting for
+         * interest accrual. Rather than updating all records when interest accrues,
+         * the vault manager updates just its rolling compounded interest. Here we
+         * calculate what the current debt is given what's recorded in this vault and
+         * what interest has compounded since this vault record was written.
          *
-         * @returns {Amount<'nat'>}
          * @see getNormalizedDebt
+         *
+         * @returns {Amount<'nat'>}
          */
         getCurrentDebt() {
           const { state } = this;
@@ -843,15 +845,14 @@ export const prepareVault = (baggage, makeRecorderKit, zcf) => {
         },
 
         /**
-         * The normalization puts all debts on a common time-independent scale
-         * since the launch of this vault manager. This allows the manager to
-         * order vaults by their debt-to-collateral ratios without having to
-         * mutate the debts as the interest accrues.
+         * The normalization puts all debts on a common time-independent scale since
+         * the launch of this vault manager. This allows the manager to order vaults
+         * by their debt-to-collateral ratios without having to mutate the debts as
+         * the interest accrues.
          *
-         * @returns {import('./storeUtils.js').NormalizedDebt} as if the vault
-         *   was open at the launch of this manager, before any interest
-         *   accrued
          * @see getActualDebAmount
+         *
+         * @returns {import('./storeUtils.js').NormalizedDebt} as if the vault was open at the launch of this manager, before any interest accrued
          */
         getNormalizedDebt() {
           const { state } = this;

package/src/vaultFactory/vaultDirector.js

@@ -44,34 +44,30 @@ const trace = makeTracer('VD', true);
 
 /**
  * @typedef {{
- *   collaterals: Brand[];
- *   rewardPoolAllocation: AmountKeywordRecord;
+ * collaterals: Brand[],
+ * rewardPoolAllocation: AmountKeywordRecord,
  * }} MetricsNotification
  *
- * @typedef {Readonly<{}>} ImmutableState
+ * @typedef {Readonly<{
+ * }>} ImmutableState
  *
- * @typedef {{}} MutableState
+ * @typedef {{
+ * }} MutableState
  *
  * @typedef {ImmutableState & MutableState} State
  *
  * @typedef {{
- *   burnDebt: BurnDebt;
- *   getGovernedParams: (
- *     collateralBrand: Brand,
- *   ) => import('./vaultManager.js').GovernedParamGetters;
- *   mintAndTransfer: MintAndTransfer;
- *   getShortfallReporter: () => Promise<
- *     import('../reserve/assetReserve.js').ShortfallReporter
- *   >;
+ *  burnDebt: BurnDebt,
+ *  getGovernedParams: (collateralBrand: Brand) => import('./vaultManager.js').GovernedParamGetters,
+ *  mintAndTransfer: MintAndTransfer,
+ *  getShortfallReporter: () => Promise<import('../reserve/assetReserve.js').ShortfallReporter>,
  * }} FactoryPowersFacet
  *
  * @typedef {Readonly<{
  *   state: State;
  * }>} MethodContext
  *
- * @typedef {import('@agoric/governance/src/contractGovernance/typedParamManager').TypedParamManager<
- *     import('./params.js').VaultDirectorParams
- *   >} VaultDirectorParamManager
+ * @typedef {import('@agoric/governance/src/contractGovernance/typedParamManager').TypedParamManager<import('./params.js').VaultDirectorParams>} VaultDirectorParamManager
  */
 
 const shortfallInvitationKey = 'shortfallInvitation';
@@ -80,7 +76,7 @@ const shortfallInvitationKey = 'shortfallInvitation';
  * @param {import('@agoric/ertp').Baggage} baggage
  * @param {import('./vaultFactory.js').VaultFactoryZCF} zcf
  * @param {VaultDirectorParamManager} directorParamManager
- * @param {ZCFMint<'nat'>} debtMint
+ * @param {ZCFMint<"nat">} debtMint
  * @param {ERef<import('@agoric/time/src/types').TimerService>} timer
  * @param {ERef<import('../auction/auctioneer.js').AuctioneerPublicFacet>} auctioneer
  * @param {ERef<StorageNode>} storageNode
@@ -130,7 +126,9 @@ const prepareVaultDirector = (
 
   const managersNode = E(storageNode).makeChildNode('managers');
 
-  /** @returns {MetricsNotification} */
+  /**
+   * @returns {MetricsNotification}
+   */
   const sampleMetrics = () => {
     return harden({
       collaterals: Array.from(collateralManagers.keys()),
@@ -190,15 +188,15 @@ const prepareVaultDirector = (
     },
 
     /**
-     * Let the manager add rewards to the rewardPoolSeat without exposing the
-     * rewardPoolSeat to them.
+     * Let the manager add rewards to the rewardPoolSeat without
+     * exposing the rewardPoolSeat to them.
      *
      * @type {MintAndTransfer}
      */
     mintAndTransfer: (mintReceiver, toMint, fee, nonMintTransfers) => {
       const kept = AmountMath.subtract(toMint, fee);
       debtMint.mintGains(harden({ Minted: toMint }), mintSeat);
-      /** @type {TransferPart[]} */
+      /** @type {import('@agoric/zoe/src/contractSupport/atomicTransfer.js').TransferPart[]} */
       const transfers = [
         ...nonMintTransfers,
         [mintSeat, rewardPoolSeat, { Minted: fee }],
@@ -252,7 +250,6 @@ const prepareVaultDirector = (
     metrics: makeRecorderTopic('Vault Factory metrics', metricsKit),
   });
 
-  /** @param {(vm: VaultManager) => void} fn */
   const allManagersDo = fn => {
     for (const managerIndex of collateralManagers.values()) {
       const vm = vaultManagers.get(managerIndex).self;
@@ -266,7 +263,9 @@ const prepareVaultDirector = (
     });
   };
 
-  /** @returns {State} */
+  /**
+   * @returns {State}
+   */
   const initState = () => {
     return {};
   };
@@ -276,7 +275,7 @@ const prepareVaultDirector = (
    *
    * @param {import('./vaultFactory.js').VaultFactoryZCF} zcf
    * @param {VaultDirectorParamManager} directorParamManager
-   * @param {ZCFMint<'nat'>} debtMint
+   * @param {ZCFMint<"nat">} debtMint
    */
   const makeVaultDirector = prepareExoClassKit(
     baggage,
@@ -331,7 +330,9 @@ const prepareVaultDirector = (
               }
             },
           }),
-        /** @param {string} name */
+        /**
+         * @param {string} name
+         */
         getInvitation(name) {
           return directorParamManager.getInternalParamValue(name);
         },
@@ -377,8 +378,9 @@ const prepareVaultDirector = (
           // zero-based index of the manager being made
           const managerIndex = vaultManagers.length();
           const managerId = `manager${managerIndex}`;
-          const managerStorageNode =
-            await E(managersNode).makeChildNode(managerId);
+          const managerStorageNode = await E(managersNode).makeChildNode(
+            managerId,
+          );
 
           vaultParamManagers.addParamManager(
             collateralBrand,
@@ -422,7 +424,6 @@ const prepareVaultDirector = (
 
         makeLiquidationWaker() {
           return makeWaker('liquidationWaker', _timestamp => {
-            // XXX floating promise
             allManagersDo(vm => vm.liquidateVaults(auctioneer));
           });
         },
@@ -439,7 +440,9 @@ const prepareVaultDirector = (
         },
       },
       public: {
-        /** @param {Brand} brandIn */
+        /**
+         * @param {Brand} brandIn
+         */
         getCollateralManager(brandIn) {
           collateralManagers.has(brandIn) ||
             Fail`Not a supported collateral type ${brandIn}`;
@@ -460,16 +463,22 @@ const prepareVaultDirector = (
         getPublicTopics() {
           return topics;
         },
-        /** subscription for the paramManager for the vaultFactory's electorate */
+        /**
+         * subscription for the paramManager for the vaultFactory's electorate
+         */
         getElectorateSubscription() {
           return directorParamManager.getSubscription();
         },
-        /** @param {{ collateralBrand: Brand }} selector */
+        /**
+         * @param {{ collateralBrand: Brand }} selector
+         */
         getGovernedParams({ collateralBrand }) {
           // TODO use named getters of TypedParamManager
           return vaultParamManagers.get(collateralBrand).getParams();
         },
-        /** @param {string} name */
+        /**
+         * @param {string} name
+         */
         getInvitationAmount(name) {
           return directorParamManager.getInvitationAmount(name);
         },
@@ -489,7 +498,9 @@ const prepareVaultDirector = (
             rescheduleWaker,
           );
         },
-        /** Start non-durable processes (or restart if needed after vat restart) */
+        /**
+         * Start non-durable processes (or restart if needed after vat restart)
+         */
         async start() {
           const { helper, machine } = this.facets;
 
@@ -514,9 +525,7 @@ harden(prepareVaultDirector);
 /**
  * Prepare the VaultDirector kind, get or make the singleton
  *
- * @type {(
- *   ...pvdArgs: Parameters<typeof prepareVaultDirector>
- * ) => ReturnType<ReturnType<typeof prepareVaultDirector>>}
+ * @type {(...pvdArgs: Parameters<typeof prepareVaultDirector>) => ReturnType<ReturnType<typeof prepareVaultDirector>>}
  */
 export const provideDirector = (...args) => {
   const makeVaultDirector = prepareVaultDirector(...args);

package/src/vaultFactory/vaultFactory.js

@@ -34,46 +34,40 @@ import { provideDirector } from './vaultDirector.js';
 const trace = makeTracer('VF', true);
 
 /**
- * @typedef {ZCF<
- *   GovernanceTerms<import('./params').VaultDirectorParams> & {
- *     auctioneerPublicFacet: import('../auction/auctioneer.js').AuctioneerPublicFacet;
- *     priceAuthority: ERef<PriceAuthority>;
- *     reservePublicFacet: AssetReservePublicFacet;
- *     timerService: import('@agoric/time/src/types').TimerService;
- *   }
- * >} VaultFactoryZCF
+ * @typedef {ZCF<GovernanceTerms<import('./params').VaultDirectorParams> & {
+ *   auctioneerPublicFacet: import('../auction/auctioneer.js').AuctioneerPublicFacet,
+ *   priceAuthority: ERef<PriceAuthority>,
+ *   reservePublicFacet: AssetReservePublicFacet,
+ *   timerService: import('@agoric/time/src/types').TimerService,
+ * }>} VaultFactoryZCF
  */
 
-/** @type {ContractMeta} */
-export const meta = {
-  privateArgsShape: M.splitRecord(
-    {
-      marshaller: M.remotable('Marshaller'),
-      storageNode: StorageNodeShape,
-    },
-    {
-      // only necessary on first invocation, not subsequent
-      feeMintAccess: FeeMintAccessShape,
-      initialPoserInvitation: InvitationShape,
-      initialShortfallInvitation: InvitationShape,
-    },
-  ),
-  upgradability: 'canUpgrade',
-};
-harden(meta);
+export const privateArgsShape = M.splitRecord(
+  harden({
+    marshaller: M.remotable('Marshaller'),
+    storageNode: StorageNodeShape,
+  }),
+  harden({
+    // only necessary on first invocation, not subsequent
+    feeMintAccess: FeeMintAccessShape,
+    initialPoserInvitation: InvitationShape,
+    initialShortfallInvitation: InvitationShape,
+  }),
+);
+harden(privateArgsShape);
 
 /**
  * @param {VaultFactoryZCF} zcf
  * @param {{
- *   feeMintAccess: FeeMintAccess;
- *   initialPoserInvitation: Invitation;
- *   initialShortfallInvitation: Invitation;
- *   storageNode: ERef<StorageNode>;
- *   marshaller: ERef<Marshaller>;
+ *   feeMintAccess: FeeMintAccess,
+ *   initialPoserInvitation: Invitation,
+ *   initialShortfallInvitation: Invitation,
+ *   storageNode: ERef<StorageNode>,
+ *   marshaller: ERef<Marshaller>,
  * }} privateArgs
  * @param {import('@agoric/ertp').Baggage} baggage
  */
-export const start = async (zcf, privateArgs, baggage) => {
+export const prepare = async (zcf, privateArgs, baggage) => {
   trace('prepare start', privateArgs, [...baggage.keys()]);
   const {
     initialPoserInvitation,
@@ -151,6 +145,5 @@ export const start = async (zcf, privateArgs, baggage) => {
     publicFacet: director.public,
   });
 };
-harden(start);
 
-/** @typedef {ContractOf<typeof start>} VaultFactoryContract */
+/** @typedef {ContractOf<typeof prepare>} VaultFactoryContract */