feat: vault manager config with stability fee in basis points

Agoric · May 10, 2023 · 281d9ac · 281d9ac
1 parent 73249cb
commit 281d9ac
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Showing 4 changed files with 13 additions and 13 deletions.
diff --git a/packages/inter-protocol/scripts/add-collateral-core.js b/packages/inter-protocol/scripts/add-collateral-core.js
@@ -9,7 +9,7 @@ export const defaultProposalBuilder = async (
   { publishRef, install: install0, wrapInstall },
   {
     debtLimitValue = undefined,
-    interestRateValue = undefined,
+    interestRateBP = undefined,
     interchainAssetOptions = /** @type {object} */ ({}),
   } = {},
   { env = process.env } = {},
@@ -37,7 +37,7 @@ export const defaultProposalBuilder = async (
       getManifestForAddAssetToVault.name,
       {
         debtLimitValue: debtLimitValue && BigInt(debtLimitValue),
-        interestRateValue: interestRateValue && BigInt(interestRateValue),
+        interestRateBP: interestRateBP && BigInt(interestRateBP),
         interchainAssetOptions: {
           denom,
           issuerBoardId,

diff --git a/packages/inter-protocol/src/proposals/addAssetToVault.js b/packages/inter-protocol/src/proposals/addAssetToVault.js
@@ -211,7 +211,7 @@ export const registerScaledPriceAuthority = async (
  * @param {object} config.options
  * @param {InterchainAssetOptions} config.options.interchainAssetOptions
  * @param {bigint | number | string} config.options.debtLimitValue
- * @param {bigint} config.options.interestRateValue
+ * @param {bigint} config.options.interestRateBP
  */
 export const addAssetToVault = async (
   {
@@ -226,7 +226,7 @@ export const addAssetToVault = async (
       debtLimitValue = 1_000n * 1_000_000n,
       // Default to a safe value. Production will likely set this through governance.
       // Allow setting through bootstrap to simplify testing.
-      interestRateValue = 1n,
+      interestRateBP = 250n,
       interchainAssetOptions,
     },
   },
@@ -243,15 +243,15 @@ export const addAssetToVault = async (
   const vaultFactoryCreator = E.get(vaultFactoryKit).creatorFacet;
   await E(vaultFactoryCreator).addVaultType(interchainIssuer, oracleBrand, {
     debtLimit: AmountMath.make(stable, BigInt(debtLimitValue)),
-    interestRate: makeRatio(interestRateValue, stable),
+    interestRate: makeRatio(BigInt(interestRateBP), stable, 100_00n),
     // The rest of these we use safe defaults.
     // In production they will be governed by the Econ Committee.
     // Product deployments are also expected to have a low debtLimitValue at the outset,
     // limiting the impact of these defaults.
-    liquidationPadding: makeRatio(25n, stable),
-    liquidationMargin: makeRatio(150n, stable),
+    liquidationPadding: makeRatio(20n, stable),
+    liquidationMargin: makeRatio(230n, stable),
     mintFee: makeRatio(50n, stable, 10_000n),
-    liquidationPenalty: makeRatio(1n, stable),
+    liquidationPenalty: makeRatio(10n, stable),
   });
   const auctioneerCreator = E.get(auctioneerKit).creatorFacet;
   await E(auctioneerCreator).addBrand(interchainIssuer, keyword);
@@ -261,7 +261,7 @@ export const getManifestForAddAssetToVault = (
   { restoreRef },
   {
     debtLimitValue,
-    interestRateValue,
+    interestRateBP,
     interchainAssetOptions,
     scaledPriceAuthorityRef,
   },
@@ -329,7 +329,7 @@ export const getManifestForAddAssetToVault = (
     options: {
       debtLimitValue,
       interchainAssetOptions,
-      interestRateValue,
+      interestRateBP,
     },
   };
 };
diff --git a/packages/vats/test/bootstrapTests/supports.js b/packages/vats/test/bootstrapTests/supports.js
@@ -306,15 +306,15 @@ export const getNodeTestVaultsConfig = async (
   config.coreProposals = config.coreProposals?.filter(
     v => v !== '@agoric/pegasus/scripts/init-core.js',
   );
-  // set to high interestRateValue to accelerate liquidation
+  // set to high interestRateBP to accelerate liquidation
   for (const addVaultTypeProposal of (config.coreProposals || []).filter(
     p =>
       typeof p === 'object' &&
       p.module === '@agoric/inter-protocol/scripts/add-collateral-core.js' &&
       p.entrypoint === 'defaultProposalBuilder',
   )) {
     const opt = /** @type {any} */ (addVaultTypeProposal).args[0];
-    opt.interestRateValue = 10 * 100; // 10x APR
+    opt.interestRateBP = 10 * 100 * 100; // 10x APR
   }
 
   const testConfigPath = `${bundleDir}/decentral-test-vaults-config.json`;

diff --git a/packages/vats/test/bootstrapTests/test-vaults-integration.js b/packages/vats/test/bootstrapTests/test-vaults-integration.js
@@ -227,7 +227,7 @@ test('open vault with insufficient funds gives helpful error', async t => {
   const giveCollateral = 9.0;
   const wantMinted = giveCollateral * 100;
   const message =
-    'Proposed debt {"brand":"[Alleged: IST brand]","value":"[904500000n]"} exceeds max {"brand":"[Alleged: IST brand]","value":"[63462857n]"} for {"brand":"[Alleged: ATOM brand]","value":"[9000000n]"} collateral';
+    'Proposed debt {"brand":"[Alleged: IST brand]","value":"[904500000n]"} exceeds max {"brand":"[Alleged: IST brand]","value":"[44424000n]"} for {"brand":"[Alleged: ATOM brand]","value":"[9000000n]"} collateral';
   await t.throwsAsync(
     wd.executeOfferMaker(Offers.vaults.OpenVault, {
       offerId: 'open-vault',