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Merge pull request #1219 from reserve-protocol/registry-deployer
Add Registry Setup & Basket Normalization Spell
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| Original file line number | Diff line number | Diff line change |
|---|---|---|
| @@ -0,0 +1,33 @@ | ||
| interface IRegistries { | ||
| roleRegistry: string | ||
| versionRegistry: string | ||
| assetPluginRegistry: string | ||
| daoFeeRegistry: string | ||
| } | ||
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| interface IRegistryControl { | ||
| owner: string | ||
| feeRecipient: string | ||
| } | ||
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| export interface RegistryChainRecord { | ||
| registries: IRegistries | ||
| registryControl: IRegistryControl | ||
| } | ||
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| export const registryConfig: Record<string, RegistryChainRecord> = { | ||
| '1': { | ||
| registryControl: { | ||
| owner: '0x0000000000000000000000000000000000000123', | ||
| feeRecipient: '0x0000000000000000000000000000000000000123', | ||
| }, | ||
| registries: { | ||
| roleRegistry: '', | ||
| versionRegistry: '', | ||
| assetPluginRegistry: '', | ||
| daoFeeRegistry: '', | ||
| }, | ||
| }, | ||
| } | ||
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| registryConfig['31337'] = registryConfig['1'] |
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| @@ -0,0 +1,51 @@ | ||
| // SPDX-License-Identifier: BlueOak-1.0.0 | ||
| pragma solidity 0.8.19; | ||
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| import "../p1/mixins/BasketLib.sol"; | ||
| import "../p1/BasketHandler.sol"; | ||
| import "../p1/Main.sol"; | ||
| import "../interfaces/IDeployer.sol"; | ||
| import "../interfaces/IMain.sol"; | ||
| import "../p1/Deployer.sol"; | ||
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| /** | ||
| * This spell is used by reweightable RTokens with rev 4.0.0 or later. | ||
| * | ||
| * This allows governance to normalize the basket by price at the time of setting it in place, | ||
| * effectively allowing for a basket that is continous in USD terms. | ||
| * | ||
| * Before casting `setNormalizedBasket` function this contract must have `MAIN_OWNER_ROLE` of Main, | ||
| * and should also revoke the said role at the end of the transaction. | ||
| * | ||
| * The spell function should be called by the timelock owning Main. Governance should NOT | ||
| * grant this spell ownership without immediately executing the spell function after. | ||
| */ | ||
| contract SpellBasketNormalizer { | ||
| function setNormalizedBasket( | ||
| IRToken rToken, | ||
| IERC20[] calldata erc20s, | ||
| uint192[] calldata targetAmts | ||
| ) external { | ||
| require(erc20s.length == targetAmts.length, "SBN: mismatch"); | ||
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| MainP1 main = MainP1(address(rToken.main())); | ||
| IAssetRegistry assetRegistry = main.assetRegistry(); | ||
| IBasketHandler basketHandler = main.basketHandler(); | ||
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| require(BasketHandlerP1(address(basketHandler)).reweightable(), "SBN: reweightable"); | ||
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| assetRegistry.refresh(); | ||
| (uint192 low, uint192 high) = basketHandler.price(false); | ||
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| uint192[] memory newTargetAmts = BasketLibP1.normalizeByPrice( | ||
| assetRegistry, | ||
| erc20s, | ||
| targetAmts, | ||
| (low + high + 1) / 2 | ||
| ); | ||
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| basketHandler.forceSetPrimeBasket(erc20s, newTargetAmts); | ||
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| main.revokeRole(main.OWNER_ROLE(), address(this)); | ||
| } | ||
| } |
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| @@ -0,0 +1,15 @@ | ||
| # Reweightable RTokens | ||
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| The protocol includes a flag to enable reweightable baskets for RTokens. This flag can only be set at the time of deployment and enables certain additional capabilities for the RToken while disabling others. | ||
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| In simple terms, a reweightable RToken can change the target units. For example, if an RToken is configured as 1 ETH + 1 BTC in the basket, only the reweightable RTokens can change it to something like 1 ETH + 1 BTC + 100 USD. | ||
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| In most cases, a non-reweightable RToken will suffice, we expect that to be 99% of all RTokens that exist. However, there are specific cases where you'd want to have reweightable RTokens such as ETFs. | ||
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| ## Basket Normalization | ||
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| In reweightable RTokens, it's not a guarantee that during a basket change the USD value of the basket remains continuous at the time of the switch. You can easily see this property when, say, a basket switches from being 1 ETH to 1 ETH + 100 USD. The USD value of the basket will increase in this case, but the protocol doesn't have the extra funds (unless it seizes from the stRSR staking pool). | ||
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| To enable this functionality and to allow governance to make sure that the set baskets can keep the same price at the time of the switch, a spell `SpellBasketNormalizer` is provided in the spells directory. This spell can be used to set the basket in such a way that the USD value of the basket remains the same at the time of the switch. | ||
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| In order to use the spell, you must create a governance proposal granting the spell contract the `OWNER` role on the RToken then calling the `setNormalizedBasket` basket on the spell contract with appropriate parameters. See the `BasketNormalization` scenario test in the `test` directory for an example of how to use the spell. |
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