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README.md

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This is a collateral adapter for Dai that allows for the distribution of rewards given to holders of the collateral.

Rewards Adapter

We distinguish between push and pull rewards:

  • in push rewards, the rewards are sent to holders without their input.
  • in pull rewards, holders must actively claim their rewards.

push rewards are supported by default. In principle any pull-based token rewards are supported, e.g. Compound claimComp() and SNX-staking getReward(), with a little custom claiming logic.

Usage

Developers need to

  1. Override the crop function with the logic for claiming the given reward token and then return the tokens gained since the last crop. The default is the difference in the token balance and will work for push-reward tokens.

  2. Override the nav function to show the underlying balance of the adapter (the Net Asset Valuation). The default is gem.balanceOf(adapter).

Users can join and exit as with regular adapters. The user receives their pending rewards on every join / exit and can use e.g. join(0) to receive their rewards without depositing additional collateral.

There are two additional functions:

  • flee allows for exit without invoking crop, in case of some issue with the crop function.

  • tack is for transferring stake between users, following collateral transfers inside the vat.

tack

Collateral can be transferred in [dss] in several ways: simply via flux, but also via grab and frob. frob and flux are publically callable, which means that the rewards for a user may not match their collateral balance. This is not a problem in itself as it isn't possible to exit collateral without having the appropriate stake, so it isn't possible to game rewards through e.g. join($$$); flux(me, me2, $$$); flee($$$).

However, recipients of auction proceeds will need the appropriate stake if they wish to exit. The winner of a collateral auction receives their collateral via clip.take. This increases their collateral balance, but not their stake. tack allows this stake to be acquired, from other users that have an excess of stake.

It isn't strictly necessary to alter the collateral auction contract, as tack can be called by users, but it would be convenient to add a tack after every flux:

vat.flux(ilk, a, b, x);
join.tack(a, b, x);

Then rewards will continue to accumulate throughout the auction and will be distributed appropriately to the winner and the CDP owner, with the winner able to reap their rewards following take.

Terms

  • gem: the underlying collateral token
  • nav: Net Asset Valuation, total underlying gems held by adapter
  • nps: nav per stake
  • stake: gems per user
  • total: total stake
  • bonus: the reward token, e.g. COMP
  • stock: last recorded balance of reward token
  • share: accumulated bonus per gem
  • crops: accumulated bonus per gem per user

Proxy Actions

This repository also includes proxy action functions, located in the DssProxyActionsCropper and DssProxyActionsEndCropper contracts. They are to be used via ds-proxy, similarly to dss-proxy-actions. These actions interact with the Cropper and dss-cdp-registry. The implementation assumes net asset per share (CropJoin.nav()) is 1.