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Changelog

4.0.0

This release prepares the core protocol for veRSR through the introduction of 3 registries (DAOFeeRegistry, AssetPluginRegistry, and VersionRegistry) and through restricting component upgrades to be handled by Main, where upgrade constraints can be enforced.

The release also expands collateral decimal support from 18 to 21, with some caveats about minimum token value. See docs/solidity-style.md for more details.

Finally, it adds resistance to toxic issuance by charging more when the collateral is under peg.

Upgrade Steps

Upgrade to 4.0.0 is expected to occur by spell. This section is still TODO, but some important notes for steps that should be hit:

  • Distributor table must sum to >=10000
  • Opt RTokens into the issuance premium by default
  • Upgrade all collateral plugins and RTokenAsset
  • ...

Core Protocol Contracts

All components: make Main the only component that can call upgradeTo()

  • AssetRegistry
    • Prevent registering assets that are not in the AssetPluginRegistry
    • Add validateCurrentAssets() view
  • BackingManager
    • Switch from sizing trades using the low price to the high price
  • BasketHandler
    • Add issuancePremium() view returns (uint192)
    • Add setIssuancePremiumEnabled(bool), callable by governance. Begins disabled by default for upgraded RTokens
    • Add quote(uint192 amount, bool applyIssuancePremium, RoundingMode rounding)
    • Modify quote(uint192 amount, RoundingMode rounding) to include the issuance premium
    • Add price(bool applyIssuancePremium)
    • Modify price() to include the issuance premium
    • Remove lotPrice()
    • Minor changes to require error strings
  • Deployer
    • Add enableIssuancePremium parameter to IDeployer.DeploymentParams
  • Distributor
    • Add setDistributions() function to parallel setDistribution()
    • Take DAO fee into account in distribute() and totals()
    • Add new revenue share table invariant: must sum to >=10000 (for precision reasons)
  • Main
    • Add versionRegistry()/assetPluginRegistry()/daoFeeRegistry() getters
    • Add setVersionRegistry()/setAssetPluginRegistry()/setDaoFeeRegistry() setters
    • Add upgradeMainTo() + upgradeRTokenTo() functions to handle upgrade of Main + Components
    • Make Main the only caller that can upgrade Main
  • RevenueTrader
    • Switch from sizing trades using the low price to the high price

Plugins

Assets

  • Support expanded from 18 to 21 decimals, with minimum collateral token value requirement of $0.001 at-peg.
  • FLOOR rounding added explicitly to shiftl_toFix everywhere

Collateral

Add savedPegPrice to ICollateral interface

Trading

  • GnosisTrade
    • Change units of worstCasePrice() from {buyTok/sellTok} to {qBuyTok/qSellTok}
    • Small fix to prevent donated tokens from being able to cause the trade to revert

Facades

  • ActFacet
    • Expand to handle 4.0 version numbers
  • ReadFacet
    • Make shiftl_toFix rounding in L349 CEIL

3.4.0

This release adds Arbitrum support by adjusting Furnace/StRSR/Governance to function off of timestamp/timepoints, instead of discrete periods. This changes the interface of the governance voting token StRSR, making this a complicated and nuanced upgrade to get right.

Upgrade Steps

Warning: Do not attempt to execute the steps below manually. They are only a high-level overview of the changes made in this release. It is recommended to use the 3.4.0 Upgrade spell located at spells/3_4_0.sol and deployed to mainnet at 0xb1df3a104d73ff86f9aaab60b491a5c44b090391 and base at 0x1744c9933feb8e76563fce63d5c95a4e7f967c2a. These deployments will only work for the 11 RTokens: eUSD, ETH+, hyUSD (mainnet), USDC+, USD3, rgUSD, hyUSD (base), bsdETH, iUSDC, Vaya, and MAAT.

High-level overview:

  • Upgrade all core contracts and plugins. This includes ALL assets and trading plugins, including the RTokenAsset itself
  • Update 3.4.0 ERC20s via setPrimeBasket() + setBackupConfig()
  • Call cacheComponents() on Broker if upgrading from >=3.0.0, and also on BackingManager, Distributor, and both RevenueTraders, if upgrading from <3.0.0
  • Adjust Furnace melt + StRSR drip ratios to be based on 1s. For example: divide ratios by 12 if upgrading an RToken on ethereum mainnet
  • Deploy new TimelockController + Governance contracts and rotate adminship of RTokens. This effectively creates a new DAO for each RToken
  • The tradingDelay can also be safely set to 0. It was a training wheel and is no longer necessary

Core Protocol Contracts

Throughout many core contracts negligible gas improvements have been applied. These are excluded from the list below.

  • BackingManager
    • Remove requirement for empty block between auctions of same kind (auctions must still be in different blocks)
  • BasketHandler
    • Set max number of backup erc20s: 64
    • Require all collateral are SOUND during index RToken setPrimeBasket()
  • Broker
    • Switch to timestamp-based auctions
  • Furnace
    • Switch to timestamp-based melting
  • StRSR
    • Switch to timestamp-based RSR drip
  • StRSRP1Votes
    • Switch to timestamp-based checkpointing
    • Add IERC58505 support
      • clock() external view returns (uint48)
      • CLOCK_MODE() external view returns (string memory)

Plugins

Assets

  • Deprecate EURT
  • Rename ZeroPrice() error to InvalidPrice()
  • aave-v3
    • Add try-catch to StaticATokenV3LM.metaDeposit()
  • compound-v3
    • Fix allowance check in claimTo() to use msg.sender
  • curve/convex
    • Add CurveAppreciatingRTokenFiatCollateral + CurveAppreciatingRTokenSelfReferentialCollateral to support ETH+/ETH curve pools in non-recursive cases
    • Modify CurveStableRTokenMetapoolCollateral to check isReady() and fullyCollateralized() status of underlying RTokens; try-catch asset-registry refresh call.
  • metamorpho
    • Add MetaMorphoFiatCollateral + MetaMorphoSelfReferentialCollateral to support steakUSDC/steakUSDP/bbUSDT/Re7WETH morpho blue managed vaults
  • frax
    • Add missing defaultThreshold != 0 check

Trading

  • DutchTrade
    • Switch to timestamp-based model
    • price(uint256 blockNumber) -> price(uint48 timestamp)
    • Remove startBlock() returns (uint256) + endBlock() returns (uint256)
    • Add startTime() returns (uint48)
    • bid(uint256 blockNumber) => bid(uint48 timestamp)

Facades

Switch to new Facade singleton model with multiple facets

  • FacadeRead => ReadFacet + MaxIssuableFacet
  • FacadeAct => ActFacet

FacadeMonitor remains independent.

Governance

Create new Governor Anastasius contract to supersede Governor Alexios. Required to work with new timepoint-based model in StRSRP1Votes.

  • name(): "Governor Alexios" => "Governor Anastasius"
  • quorum(uint256 blockNumber) => quorum(uint256 timepoint)
  • Add IERC58505 support
    • clock() external view returns (uint48)
    • CLOCK_MODE() external view returns (string memory)

3.3.0

This release improves how collateral plugins price LP tokens and moves reward claiming out to the asset plugin level.

Upgrade Steps

Swapout all collateral plugins with appreciation.

All collateral plugins should be upgraded. The compound-v2 ERC20 wrapper will be traded out for the raw underlying CToken, as well as aave-v3 USDC/USDCbC for canonical wrappers.

Core Protocol Contracts

  • BackingManager + RevenueTrader
    • Change claimRewards() to delegatecall to the list of registered plugins

Plugins

Assets

  • aave-v3
    • On mainnet: switch from one-off USDC wrapper to canonical USDC wrapper
    • On base: switch from one-off USDbC wrapper to canonical USDC wrapper
  • compound-v2
    • Remove CTokenWrapper
    • Add reward claiming logic to claimRewards()
    • Emit RewardsClaimed event during claimRewards()
  • compound-v3
    • Emit RewardsClaimed event during claimRewards()
  • curve
    • Emit RewardsClaimed event during claimRewards()
  • convex
    • Emit RewardsClaimed event during claimRewards()
    • Add new crvUSD-USDC plugin
  • morpho-aave
    • Emit RewardsClaimed event during claimRewards()
  • stargate
    • Emit RewardsClaimed event during claimRewards()

Trading

  • GnosisTrade
    • Add version() getter
  • DutchTrade
    • Add version() getter

Facades

  • FacadeMonitor.sol
    • Update compound-v2 implemention to deal with with-wrappper and without-wrapper cases

3.2.0

This release makes bidding in dutch auctions easier for MEV searchers and gives new RTokens being deployed the option to enable a variable target basket, or to be "reweightable". An RToken that is not reweightable cannot have its target basket changed in terms of quantities of target units.

Upgrade Steps

Upgrade BasketHandler, BackingManager, and Distributor.

Call broker.setDutchTradeImplementation(newGnosisTrade) with the new DutchTrade contract address.

If this is the first upgrade to a >= 3.0.0 token, call *.cacheComponents() on all components.

For plugins, upgrade all plugins that contain an appreciating asset (not FiatCollateral. AppreciatingFiatCollateral etc) OR contain multiple oracle feeds.

Core Protocol Contracts

New governance param added: reweightable

  • BackingManager
    • Track basket nonce last collateralized at end of settleTrade()
  • BasketHandler [+1 slot]
    • Restrict redeemCustom() to nonces after lastCollateralized
    • New LastCollateralizedChanged() event -- track to determine earliest basket nonce to use for redeemCustom()
    • Add concept of a reweightable basket: a basket that can have its target amounts (once grouped by target unit) changed
    • Add reweightable() view
    • Add forceSetPrimeBasket() to allow setting a new prime basket without normalizing by USD value
    • Alter setPrimeBasket() to enforce basket normalization for reweightable RTokens
  • BackingManager
    • Minor gas optimization
  • Deployer
    • New boolean field reweightable added to IDeployer.DeploymentParams
  • Distributor
    • Minor gas optimization

Plugins

Assets

  • frax-eth: Add new sFrxETH plugin that leverages a curve EMA
  • stargate: Continue transfers of wrapper tokens if stargate rewards break
  • All plugins with variable refPerTok(): do not revert refresh() when underlying protocol reverts
  • All plugins with multiple chainlink feeds will now timeout over the maximum of the feeds' timeouts
  • Add ORACLE_TIMEOUT_BUFFER to all usages of chainlink feeds

Facades

  • FacadeRead
    • Use avg prices instead of low prices in backingOverview() and basketBreakdown()

Trading

  • DutchTrade

    • Add new bidTradeCallback() function to allow payment of tokens at the end of the tx, removing need for flash loans. Example of how-to-use in contracts/plugins/mocks/DutchTradeRouter.sol

    Facades

    • FacadeRead
      • Add maxIssuableByAmounts() function to provide an estimation independent of account balances

3.1.0

Upgrade Steps

Upgrade all core contracts and all assets. Most ERC20s do not need to be upgraded. Use Deployer.deployRTokenAsset() to create a new RTokenAsset instance. This asset should be swapped too.

ERC20s that do need to be upgraded:

  • Morpho
  • Convex
  • CompoundV3

Then, call Broker.cacheComponents().

Finally, call Broker.setBatchTradeImplementation(newGnosisTrade).

Core Protocol Contracts

  • BackingManager [+2 slots]
    • Replace use of lotPrice() with price() everywhere
    • Track tokensOut on trades and account for during collateralization math
    • Call StRSR.payoutRewards() after forwarding RSR
    • Make backingBuffer math precise
    • Add caching in RecollateralizationLibP1
    • Use price().low instead of price().high to compute maximum sell amounts
  • BasketHandler
    • Replace use of lotPrice() with price() everywhere
    • Minor gas optimizations to status tracking and custom redemption math
  • Broker [+1 slot]
    • Cache rToken address and add cacheComponents() helper
    • Allow reportViolation() to be called when paused or frozen
    • Disallow starting dutch trades with non-RTokenAsset assets when lastSave() != block.timestamp
  • Distributor
    • Call RevenueTrader.distributeTokenToBuy() before distribution table changes
    • Call StRSR.payoutRewards() or Furnace.melt() after distributions
    • Minor gas optimizations
  • Furnace
    • Allow melting while frozen
  • Main
    • Remove furnace.melt() from poke()
  • RevenueTrader
    • Replace use of lotPrice() with price() everywhere
    • Ensure settleTrade cannot be reverted due to tokenToBuy distribution
    • Ensure during manageTokens() that the Distributor is configured for the tokenToBuy
  • StRSR
    • Use correct era in UnstakingStarted event
    • Expose draftEra via getDraftEra() view

Facades

  • FacadeMonitor
    • Add batchAuctionsDisabled() view
    • Add dutchAuctionsDisabled() view
    • Add issuanceAvailable() view
    • Add redemptionAvailable() view
    • Add backingRedeemable() view
  • FacadeRead
    • Add draftEra argument to pendingUnstakings()
    • Remove .melt() calls during pokes

Plugins

Assets

  • ALL
    • Deprecate lotPrice()
    • Alter price().low to decay downwards to 0 over the price timeout
    • Alter price().high to decay upwards to 3x over the price timeout
    • Move ORACLE_TIMEOUT_BUFFER into code, as opposed to incorporating at the deployment script level
    • MakerefPerTok() smoother during event of hard default
    • Check for defaultThreshold > 0 in constructors
    • Add 9 more decimals of precision to reward accounting (some wrappers excluded)
  • compoundv2: make wrapper much more gas efficient during COMP claim
  • compoundv3 bugfix: check permission correctly on underlying comet
  • curve: Also refresh() the RToken's AssetRegistry during refresh()
  • convex: Update to latest approved wrapper from Convex team
  • morpho-aave: Add ability to track and handout MORPHO rewards
  • yearnv2: Use pricePerShare helper for more precision

Governance

  • Add a minimum voting delay of 1 day

Trading

  • GnosisTrade
    • Add sellAmount() returns (uint192) view

3.0.1

Upgrade steps

Update BackingManager, both RevenueTraders (rTokenTrader/rsrTrader), and call Broker.setBatchTradeImplementation() passing in the new GnosisTrade address.

3.0.0

Bump solidity version to 0.8.19

Upgrade Steps

Required Steps

Update all component contracts, including Main.

Call the following functions:

  • BackingManager.cacheComponents()
  • RevenueTrader.cacheComponents() (for both rsrTrader and rTokenTrader)
  • Distributor.cacheComponents()

All asset plugins (and their corresponding ERC20s) must be upgraded. The only exception is the StaticATokenLM ERC20s from Aave V2. These can be left the same, however their assets should upgraded.

  • Note: Make sure to use Deployer.deployRTokenAsset() to create new RTokenAsset instances. This asset should be swapped too.

Optional Steps

Call the following functions, once it is desired to turn on the new features:

  • BasketHandler.setWarmupPeriod()
  • StRSR.setWithdrawalLeak()
  • Broker.setDutchAuctionLength()
  • Broker.setDutchTradeImplementation()

It is acceptable to leave these function calls out of the initial upgrade tx and follow up with them later. The protocol will continue to function, just without dutch auctions, RSR unstaking gas-savings, and the warmup period.

Core Protocol Contracts

  • AssetRegistry [+1 slot] Summary: Other component contracts need to know when refresh() was last called

    • Add lastRefresh() timestamp getter
    • Add size() getter for number of registered assets
    • Require asset is SOUND on registration
    • Bugfix: Fix gas attack that could result in someone disabling the basket

  • BackingManager [+2 slots] Summary: manageTokens was broken out into separate rebalancing and surplus-forwarding functions to allow users to more precisely call the protocol

    • Replace manageTokens(IERC20[] memory erc20s) with:
      • rebalance(TradeKind)
        • Modify trading algorithm to not trade RToken, and instead dissolve it when it has a balance above ~1e6 RToken quanta. "dissolve" = melt() with a basketsNeeded change, similar to redemption but without transfer of RToken collateral.
        • Use lotPrice() to set trade prices instead of price()
        • Add significant caching to save gas
      • forwardRevenue(IERC20[] memory erc20s)
        • Modify backingBuffer logic to keep the backing buffer in collateral tokens only. Fix subtle and inconsequential bug that resulted in not maximizing RToken minting locally, though overall RToken production does not change.
        • Use nonReentrant over CEI pattern for gas improvement. related to discussion of this cross-contract reentrancy risk
      • move nonReentrant up outside tryTrade internal helper
    • Remove manageTokensSortedOrder(IERC20[] memory erc20s)
    • Modify settleTrade(IERC20 sell) to call rebalance() when caller is a trade it deployed.
    • Remove all delegatecall during reward claiming; call claimRewards() directly on ERC20
    • Functions now revert on unproductive executions, instead of no-op
    • Do not trade until a warmupPeriod (last time SOUND was newly attained) has passed
    • Add cacheComponents() refresher to be called on upgrade
    • Add concept of tradeNonce
    • Bugfix: consider maxTradeVolume() from both assets on a trade, not just 1

  • BasketHandler [+5 slots] Summary: Introduces a notion of basket warmup to defend against short-term oracle manipulation attacks. Prevent RTokens from changing in value due to governance

    • Add new gov param: warmupPeriod with setter setWarmupPeriod(..) and event WarmupPeriodSet()
    • Add trackStatus() refresher
    • Add isReady() view
    • Extract basket switching logic out into external library BasketLibP1
    • Enforce setPrimeBasket() does not change the net value of a basket in terms of its target units
    • Add quoteCustomRedemption(uint48[] basketNonces, uint192[] memory portions, ..) to quote a linear combination of current-or-previous baskets for redemption
    • Add getHistoricalBasket(uint48 basketNonce) view
    • Bugfix: Protect against high BU price overflow

  • Broker [+2 slot] Summary: Add a second trading method for single-lot dutch auctions. Batch auctions via Gnosis EasyAuction are expected to be the backup auction going forward.

    • Add new dutch auction DutchTrade
    • Add minimum auction length of 20 blocks based on network block time
    • Rename variable auctionLength -> batchAuctionLength
    • Rename setter setAuctionLength() -> setBatchAuctionLength()
    • Rename event AuctionLengthSet() -> BatchAuctionLengthSet()
    • Add dutchAuctionLength and setDutchAuctionLength() setter and DutchAuctionLengthSet() event
    • Add dutchTradeImplementation and setDutchTradeImplementation() setter and DutchTradeImplementationSet() event
    • Modify setBatchTradeDisabled(bool) -> enableBatchTrade()
    • Modify setDutchTradeDisabled(IERC20 erc20, bool) -> enableDutchTrade(IERC20 erc20)
      • Unlike batch auctions, dutch auctions can be disabled per-ERC20, and can only be disabled by BackingManager-started trades
    • Modify openTrade(TradeRequest memory reg) -> openTrade(TradeKind kind, TradeRequest memory req, TradePrices memory prices)
      • Allow when paused / frozen, since caller must be in-system

  • Deployer [+0 slots] Summary: Support new governance params

    • Modify to handle new gov params: warmupPeriod, dutchAuctionLength, and withdrawalLeak
    • Do not grant OWNER any of the roles other than ownership
    • Add deployRTokenAsset() to allow easy creation of new RTokenAsset instances

  • Distributor [+2 slots] Summary: Restrict callers to system components and remove paused/frozen checks

    • Remove notPausedOrFrozen modifier from distribute()

  • Furnace [+0 slots] Summary: Allow melting while paused

    • Allow melting while paused
    • Melt during updates to the melting ratio
    • Lower MAX_RATIO from 1e18 to 1e14.

  • Main [+0 slots] Summary: Split pausing into two types of pausing: issuance and trading

    • Split paused into issuancePaused and tradingPaused
    • pause() -> pauseTrading() and pauseIssuance()
    • unpause() -> unpauseTrading() and unpauseIssuance()
    • pausedOrFrozen() -> tradingPausedOrFrozen() and issuancePausedOrFrozen()
    • PausedSet() event -> TradingPausedSet() and IssuancePausedSet()

  • RevenueTrader [+4 slots] Summary: QoL improvements. Make compatible with new dutch auction trading method

    • Remove delegatecall during reward claiming; call claimRewards() directly on ERC20
    • Add cacheComponents() refresher to be called on upgrade
    • manageToken(IERC20 sell) -> manageTokens(IERC20[] calldata erc20s, TradeKind[] memory kinds)
      • Allow multiple auctions to be launched at once
      • Allow opening dust auctions (i.e ignore minTradeVolume)
      • Revert on 0 balance or collision auction instead of no-op
      • Refresh buy and sell asset before trade
    • settleTrade(IERC20) now distributes tokenToBuy automatically, instead of requiring separate manageToken(IERC20) call
    • Add returnTokens(IERC20[] memory erc20s) to return tokens to the BackingManager when the distribution is set to 0
    • Add concept of tradeNonce

  • RToken [+0 slots] Summary: Provide multiple redemption methods for fullyCollateralized vs uncollateralized.

    • Gas: Remove exchangeRateIsValidAfter modifier from all functions except setBasketsNeeded()
    • Modify issuanceto revert beforewarmupPeriod`
    • Modify redeem(uint256 amount, uint48 basketNonce) -> redeem(uint256 amount). Redemptions are always on the current basket nonce and revert under partial redemption
    • Modify redeemTo(address recipient, uint256 amount, uint48 basketNonce) -> redeemTo(address recipient, uint256 amount). Redemptions are on the current basket nonce and revert under partial redemption
    • Add new redeemCustom(.., uint256 amount, uint48[] memory basketNonces, uint192[] memory portions, ..) function to allow redemption from a linear combination of current and previous baskets. During rebalancing this method of redemption may provide a higher overall redemption value than prorata redemption on the current basket nonce would.
    • Modify mint(address recipient, uint256 amtRToken) -> mint(uint256 amtRToken), since recipient is always BackingManager. Expand scope to include adjustments to basketsNeeded
    • Add dissolve(uint256 amount): burns RToken and reduces basketsNeeded, similar to redemption. Only callable by BackingManager
    • Modify setBasketsNeeded(..) to revert when supply is 0
    • Bugfix: Accumulate throttles upon change

  • StRSR [+2 slots] Summary: Add the ability to cancel unstakings and a withdrawal() gas-saver to allow small RSR amounts to be exempt from asset refreshes

    • Lower MAX_REWARD_RATIO from 1e18 to 1e14.
    • Remove duplicate stakeRate() getter (same as 1 / exchangeRate())
    • Add withdrawalLeak gov param, with setWithdrawalLeak(..) setter and WithdrawalLeakSet() event
    • Modify withdraw() to allow a small % of RSR to exit without paying to refresh all assets
    • Modify withdraw() to check for warmupPeriod
    • Add cancelUnstake(uint256 endId) to allow re-staking during unstaking
    • Add UnstakingCancelled() event
    • Allow payout of (already acquired) RSR rewards while frozen
    • Add ability for governance to resetStakes() when stake rate falls outside (1e12, 1e24)

  • StRSRVotes [+0 slots]

    • Add stakeAndDelegate(uint256 rsrAmount, address delegate) function to encourage people to receive voting weight upon staking

Facades

Remove FacadeMonitor - now redundant with nextRecollateralizationAuction() and revenueOverview()

  • FacadeAct Summary: Remove unused getActCalldata() and add way to run revenue auctions

    • Remove getActCalldata(..)
    • Remove canRunRecollateralizationAuctions(..)
    • Remove runRevenueAuctions(..)
    • Add revenueOverview(IRevenueTrader) returns ( IERC20[] memory erc20s, bool[] memory canStart, uint256[] memory surpluses, uint256[] memory minTradeAmounts)
    • Add nextRecollateralizationAuction(..) returns (bool canStart, IERC20 sell, IERC20 buy, uint256 sellAmount)
    • Modify all functions to work on both 3.0.0 and 2.1.0 RTokens

  • FacadeRead Summary: Add new data summary views frontends may be interested in

  • Remove basketNonce from redeem(.., uint48 basketNonce)

  • Add redeemCustom(.., uint48[] memory basketNonces, uint192[] memory portions) callstatic to simulate multi-basket redemptions

  • Remove traderBalances(..)

  • Add balancesAcrossAllTraders(IBackingManager) returns (IERC20[] memory erc20s, uint256[] memory balances, uint256[] memory balancesNeededByBackingManager)

  • FacadeWrite Summary: More expressive and fine-grained control over the set of pausers and freezers

    • Do not automatically grant Guardian PAUSER/SHORT_FREEZER/LONG_FREEZER
    • Do not automatically grant Owner PAUSER/SHORT_FREEZER/LONG_FREEZER
    • Add ability to initialize with multiple pausers, short freezers, and long freezers
    • Modify setupGovernance(.., address owner, address guardian, address pauser) -> setupGovernance(.., GovernanceRoles calldata govRoles)

Plugins

DutchTrade

A cheaper, simpler, trading method. Intended to be the new dominant trading method, with GnosisTrade (batch auctions) available as a backup option. Generally speaking the batch auction length can be kept shorter than the dutch auction length.

DutchTrade implements a four-stage, single-lot, falling price dutch auction:

  1. In the first 20% of the auction, the price falls from 1000x the best price to the best price in a geometric/exponential decay as a price manipulation defense mechanism. Bids are not expected to occur (but note: unlike the GnosisTrade batch auction, this mechanism is not resistant to arbitrary price manipulation). If a bid occurs, then trading for the pair of tokens is disabled as long as the trade was started by the BackingManager.
  2. Between 20% and 45%, the price falls linearly from 1.5x the best price to the best price.
  3. Between 45% and 95%, the price falls linearly from the best price to the worst price.
  4. Over the last 5% of the auction, the price remains constant at the worst price.

Duration: 30 min (default)

Assets and Collateral

  • Add version() return (string) getter to pave way for separation of asset versioning and core protocol versioning
  • Deprecate claimRewards()
  • Add lastSave() to RTokenAsset
  • Remove CurveVolatileCollateral
  • Switch CToken*Collateral (Compound V2) to using a CTokenVault ERC20 rather than the raw cToken
  • Bugfix: lotPrice() now begins at 100% the lastSavedPrice, instead of below 100%. It can be at 100% for up to the oracleTimeout in the worst-case.
  • Bugfix: Handle oracle deprecation as indicated by the aggregator() being set to the zero address
  • Bugfix: AnkrStakedETHCollateral/CBETHCollateral/RethCollateral now correctly detects soft default (note that Ankr still requires a new oracle before it can be deployed)
  • Bugfix: Adjust Curve*Collateral and RTokenAsset to treat FIX_MAX correctly as +inf
  • Bugfix: Continue updating cached price after collateral default (impacts all appreciating collateral)

2.1.0

Core protocol contracts

  • BasketHandler
    • Bugfix for getPrimeBasket() view
    • Minor change to _price() rounding
    • Minor natspec improvement to refreshBasket()
  • Broker
    • Fix GnosisTrade trade implemention to treat defensive rounding by EasyAuction correctly
    • Add setGnosis() and setTradeImplementation() governance functions
  • RToken
    • Minor gas optimization added to redeemTo to use saved assetRegistry variable
  • StRSR
    • Expose RSR variables via getDraftRSR(), getStakeRSR(), and getTotalDrafts() views

Facades

  • FacadeRead
    • Extend issue() to return the estimated USD value of deposits as depositsUoA
    • Add traderBalances()
    • Add auctionsSettleable()
    • Add nextRecollateralizationAuction()
    • Modify backingOverview() to handle unpriced cases
  • FacadeAct
    • Add runRevenueAuctions()

Plugins

Assets and Collateral

Across all collateral, tryPrice() was updated to exclude revenueHiding considerations

  • Deploy CRV + CVX plugins
  • Add AnkrStakedEthCollateral + tests + deployment/verification scripts for ankrETH
  • Add FluxFinance collateral tests + deployment/verification scripts for fUSDC, fUSDT, fDAI, and fFRAX
  • Add CompoundV3 CTokenV3Collateral + tests + deployment/verification scripts for cUSDCV3
  • Add Convex CvxStableCollateral + tests + deployment/verification scripts for 3Pool
  • Add Convex CvxVolatileCollateral + tests + deployment/verification scripts for Tricrypto
  • Add Convex CvxStableMetapoolCollateral + tests + deployment/verification scripts for MIM/3Pool
  • Add Convex CvxStableRTokenMetapoolCollateral + tests + deployment/verification scripts for eUSD/fraxBP
  • Add Frax SFraxEthCollateral + tests + deployment/verification scripts for sfrxETH
  • Add Lido LidoStakedEthCollateral + tests + deployment/verification scripts for wstETH
  • Add RocketPool RethCollateral + tests + deployment/verification scripts for rETH

Testing

  • Add generic collateral testing suite at test/plugins/individual-collateral/collateralTests.ts
  • Add EasyAuction regression test for Broker false positive (observed during USDC de-peg)
  • Add EasyAuction extreme tests

Documentation

  • Add docs/plugin-addresses.md as well as accompanying script for generation at scripts/collateral-params.ts
  • Add docs/exhaustive-tests.md to document running exhaustive tests on GCP

2.0.0

Candidate release for the "all clear" milestone. There wasn't any real usage of the 1.0.0/1.1.0 releases; this is the first release that we are going to spend real effort to remain backwards compatible with.

  • Bump solidity version to 0.8.17
  • Support multiple beneficiaries via the FacadeWrite
  • Add RToken.issueTo(address recipient, uint256 amount, ..) and RToken.redeemTo(address recipient, uint256 amount, ..) to support issuance/redemption to a different address than msg.sender
  • Add RToken.redeem*(.., uint256 basketNonce) to enable msg sender to control expectations around partial redemptions
  • Add RToken.issuanceAvailable() + RToken.redemptionAvailable()
  • Add FacadeRead.primeBasket() + FacadeRead.backupConfig() views
  • Many external libs moved to internal
  • Switch from price point estimates to price ranges; all prices now have a low and high. Impacted interface functions:
    • IAsset.price()
    • IBasketHandler.price()
  • Replace IAsset.fallbackPrice() with IAsset.lotPrice(). The lot price is the current price when available, and a fallback price otherwise.
  • Introduce decaying fallback prices. Over a finite period of time the fallback price goes to zero, linearly.
  • Remove IAsset.pricePerTarget() from asset interface
  • Remove rewards earning and sweeping from RToken
  • Add safeMulDivCeil() to ITrading traders. Use when overflow is possible from 2 locations:
  • Introduce config struct to encapsulate Collateral constructor params more neatly
  • In general it should be easier to write Collateral plugins. Implementors should only ever have to override 4 functions: tryPrice(), refPerTok(), targetPerRef(), and claimRewards().
  • Add .div(1 - maxTradeSlippage) to calculation of shortfallSlippage in RecollateralizationLib.sol:L188.
  • FacadeRead:
    • remove .pendingIssuances() + .endIdForVest()
    • refactor calculations in basketBreakdown()
  • Bugfix: Fix claim rewards from traders in FacadeAct
  • Bugfix: Do not handout RSR rewards when no one is staked
  • Bugfix: Support small redemptions even when the RToken supply is massive
  • Bump component-wide version() getter to 2.0.0
  • Remove non-atomic issuance
  • Replace redemption battery with issuance and redemption throttles
    • amtRate valid range: [1e18, 1e48]
    • pctRate valid range: [0, 1e18]
  • Fix Furnace/StRSR reward period to 12 seconds
  • Gov params:
    • --rewardPeriod
    • --issuanceRate
    • ++issuanceThrottle
    • ++redemptionThrottle
  • Events:
    • --RToken.IssuanceStarted
    • --RToken.IssuancesCompleted
    • --RToken.IssuancesCanceled
    • Issuance( address indexed recipient, uint256 indexed amount, uint192 baskets ) -> Issuance( address indexed issuer, address indexed recipient, uint256 indexed amount, uint192 baskets )
    • Redemption(address indexed recipient, uint256 indexed amount, uint192 baskets ) -> Redemption(address indexed redeemer, address indexed recipient, uint256 indexed amount, uint192 baskets )
    • ++RToken.IssuanceThrottleSet
    • ++RToken.RedemptionThrottleSet
  • Allow redemption while DISABLED
  • Allow grantRTokenAllowances() while paused
  • Add RToken.monetizeDonations() escape hatch for accidentally donated tokens
  • Collateral default threshold: 5% -> 1% (+ include oracleError)
  • RecollateralizationLib: Tighter basket range during recollateralization. Will now do minTradeVolume-size auctions to fill in dust rather than haircut.
  • Remove StRSR.setName()/setSymbol()
  • Prevent RToken exchange rate manipulation at low supply
  • Prevent StRSR exchange rate manipulation at low supply
  • Forward RSR directly to StRSR, bypassing RSRTrader
  • Accumulate melting on Furnace.setRatio()
  • Payout RSR rewards on StRSR.setRatio()
  • Distinguish oracle timeouts when dealing with multiple oracles in one plugin
  • Add safety during asset degregistration to ensure it is always possible to unregister an infinite-looping asset
  • Fix StRSR/RToken EIP712 typehash to use release version instead of "1"
  • Add FacadeRead.redeem(IRToken rToken, uint256 amount, uint48 basketNonce) to return the expected redemption quantities on the basketNonce, or revert
  • Integrate with OZ 4.7.3 Governance (changes to quorum()/tproposalThreshold())

1.1.0

  • Introduce semantic versioning to the Deployer and RToken
  • RTokenCreated event: added version argument
event RTokenCreated(
        IMain indexed main,
        IRToken indexed rToken,
        IStRSR stRSR,
        address indexed owner
    );

=>

event RTokenCreated(
        IMain indexed main,
        IRToken indexed rToken,
        IStRSR stRSR,
        address indexed owner,
        string version
    );
  • Add version() getter on Deployer, Main, and all Components, via mix-in. To be updated with each subsequent release.

d757d3a5a6097ae42c71fc03a7c787ec001d2efc

1.0.0

(This release is the one from the canonical lauch onstage in Bogota. We were missing semantic versioning at the time, but we call this the 1.0.0 release retroactively.)

eda322894a5ed379bbda2b399c9d1cc65aa8c132

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