Merge pull request #2761 from Agoric/mfig-bootstrap-collateral

feat: add collateralConfig to issuer entries and enact

packages/agoric-cli/integration-tests/test-workflow.js

@@ -12,7 +12,7 @@ import { spawn } from 'child_process';
 
 import { makePspawn } from '../lib/helpers';
 
-const TIMEOUT_SECONDS = 2 * 60;
+const TIMEOUT_SECONDS = 8 * 60;
 
 // To keep in sync with https://agoric.com/documentation/getting-started/
 

packages/cosmic-swingset/lib/ag-solo/vats/bootstrap.js

@@ -13,14 +13,19 @@ import { installOnChain as installEconomyOnChain } from '@agoric/treasury/bundle
 // has been run to update gci.js
 import { makePluginManager } from '@agoric/swingset-vat/src/vats/plugin-manager';
 import { assert, details as X } from '@agoric/assert';
+import { makeRatio } from '@agoric/zoe/src/contractSupport';
+import { amountMath } from '@agoric/ertp';
 import { GCI } from './gci';
 import { makeBridgeManager } from './bridge';
 import { makeNameHubKit } from './nameHub';
-import { CENTRAL_ISSUER_NAME, fakeIssuerNameToRecord } from './issuers';
+import { CENTRAL_ISSUER_NAME, fakeIssuerEntries } from './issuers';
 
 const NUM_IBC_PORTS = 3;
 const QUOTE_INTERVAL = 30;
 
+const PERCENT_DENOM = 100n;
+const BASIS_POINTS_DENOM = 10000n;
+
 console.debug(`loading bootstrap.js`);
 
 // Used for coordinating on an index in comms for the provisioning service
@@ -63,7 +68,7 @@ export function buildRootObject(vatPowers, vatParameters) {
       E(vats.registrar).getSharedRegistrar(),
       E(vats.board).getBoard(),
       E(vats.timer).createTimerService(timerDevice),
-      E(vats.zoe).buildZoe(vatAdminSvc),
+      /** @type {ZoeService} */ (E(vats.zoe).buildZoe(vatAdminSvc)),
       E(vats.host).makeHost(),
       E(vats.priceAuthority).makePriceAuthority(),
     ]);
@@ -92,7 +97,7 @@ export function buildRootObject(vatPowers, vatParameters) {
       );
 
       // Install the economy, giving it access to the name admins we made.
-      await installEconomyOnChain({
+      return installEconomyOnChain({
         agoricNames,
         board,
         chainTimerService,
@@ -103,8 +108,10 @@ export function buildRootObject(vatPowers, vatParameters) {
     }
 
     // Now we can bootstrap the economy!
-    await installEconomy();
-    const centralIssuer = await E(agoricNames).lookup('issuer', 'MOE');
+    const treasuryCreator = await installEconomy();
+    const [centralIssuer, centralBrand] = await Promise.all(
+      ['issuer', 'brand'].map(hub => E(agoricNames).lookup(hub, 'MOE')),
+    );
 
     const CENTRAL_ISSUER_ENTRY = [
       CENTRAL_ISSUER_NAME,
@@ -116,22 +123,31 @@ export function buildRootObject(vatPowers, vatParameters) {
       },
     ];
 
-    const issuerNameToRecord = noFakeCurrencies
-      ? new Map()
-      : fakeIssuerNameToRecord;
-    issuerNameToRecord.set(...CENTRAL_ISSUER_ENTRY);
+    /** @type {Store<string, import('./issuers').IssuerInitializationRecord>} */
+    const issuerNameToRecord = makeStore();
+    if (!noFakeCurrencies) {
+      fakeIssuerEntries.map(entry => issuerNameToRecord.init(...entry));
+    }
+    issuerNameToRecord.init(...CENTRAL_ISSUER_ENTRY);
 
     const issuerNames = [...issuerNameToRecord.keys()];
     const issuers = await Promise.all(
-      issuerNames.map(issuerName => {
+      issuerNames.map(async issuerName => {
         const record = issuerNameToRecord.get(issuerName);
         if (record.issuer !== undefined) {
           return record.issuer;
         }
-        return E(vats.mints).makeMintAndIssuer(
+        /** @type {Issuer} */
+        const issuer = await E(vats.mints).makeMintAndIssuer(
           issuerName,
           ...(record.issuerArgs || []),
         );
+        const brand = await E(issuer).getBrand();
+        issuerNameToRecord.set(
+          issuerName,
+          harden({ ...record, brand, issuer }),
+        );
+        return issuer;
       }),
     );
 
@@ -161,13 +177,13 @@ export function buildRootObject(vatPowers, vatParameters) {
       );
     };
     await Promise.all(
-      issuers.map(async (issuer, i) => {
+      issuerNames.map(async issuerName => {
         // Create priceAuthority pairs for centralIssuer based on the
         // FakePriceAuthority.
-        console.debug(`Creating ${issuerNames[i]}-${CENTRAL_ISSUER_NAME}`);
-        const { fakeTradesGivenCentral } = issuerNameToRecord.get(
-          issuerNames[i],
-        );
+        console.debug(`Creating ${issuerName}-${CENTRAL_ISSUER_NAME}`);
+        const record = issuerNameToRecord.get(issuerName);
+        assert(record);
+        const { fakeTradesGivenCentral, issuer } = record;
         if (!fakeTradesGivenCentral) {
           return;
         }
@@ -185,6 +201,79 @@ export function buildRootObject(vatPowers, vatParameters) {
       }),
     );
 
+    async function addAllCollateral() {
+      const govBrand = await E(agoricNames).lookup(
+        'brand',
+        'TreasuryGovernance',
+      );
+      return Promise.all(
+        issuerNames.map(async issuerName => {
+          const record = issuerNameToRecord.get(issuerName);
+          const config = record.collateralConfig;
+          if (!config) {
+            return undefined;
+          }
+          const rates = {
+            initialPrice: makeRatio(
+              config.initialPricePercent,
+              centralBrand,
+              PERCENT_DENOM,
+              record.brand,
+            ),
+            initialMargin: makeRatio(config.initialMarginPercent, centralBrand),
+            liquidationMargin: makeRatio(
+              config.liquidationMarginPercent,
+              centralBrand,
+            ),
+            interestRate: makeRatio(
+              config.interestRateBasis,
+              centralBrand,
+              BASIS_POINTS_DENOM,
+            ),
+            loanFee: makeRatio(
+              config.loanFeeBasis,
+              centralBrand,
+              BASIS_POINTS_DENOM,
+            ),
+          };
+
+          const addTypeInvitation = E(treasuryCreator).makeAddTypeInvitation(
+            record.issuer,
+            config.keyword,
+            rates,
+          );
+
+          const payments = E(vats.mints).mintInitialPayments(
+            [issuerName],
+            [config.collateralValue],
+          );
+          const payment = E.get(payments)[0];
+
+          const amount = await E(record.issuer).getAmountOf(payment);
+          const proposal = harden({
+            give: {
+              Collateral: amount,
+            },
+            want: {
+              // We just throw away our governance tokens.
+              Governance: amountMath.make(0n, govBrand),
+            },
+          });
+          const paymentKeywords = harden({
+            Collateral: payment,
+          });
+          const seat = E(zoe).offer(
+            addTypeInvitation,
+            proposal,
+            paymentKeywords,
+          );
+          const vaultManager = E(seat).getOfferResult();
+          return vaultManager;
+        }),
+      );
+    }
+    await addAllCollateral();
+
     return Far('chainBundler', {
       async createUserBundle(_nickname, address, powerFlags = []) {
         // Bind to some fresh ports (unspecified name) on the IBC implementation
@@ -206,6 +295,9 @@ export function buildRootObject(vatPowers, vatParameters) {
         if (powerFlags && powerFlags.includes('agoric.agoricNamesAdmin')) {
           additionalPowers.agoricNamesAdmin = agoricNamesAdmin;
         }
+        if (powerFlags && powerFlags.includes('agoric.treasuryCreator')) {
+          additionalPowers.treasuryCreator = treasuryCreator;
+        }
 
         const payments = await E(vats.mints).mintInitialPayments(
           issuerNames,

packages/cosmic-swingset/lib/ag-solo/vats/issuers.js

@@ -2,56 +2,99 @@
 
 export const CENTRAL_ISSUER_NAME = 'MOE';
 
+/** @typedef {number | bigint} Bigish */
+
+/**
+ * @typedef {Object} CollateralConfig
+ * @property {string} keyword
+ * @property {Bigish} collateralValue
+ * @property {bigint} initialPricePercent
+ * @property {bigint} initialMarginPercent
+ * @property {bigint} liquidationMarginPercent
+ * @property {bigint} interestRateBasis
+ * @property {bigint} loanFeeBasis
+ */
+
 /**
  * @typedef {Object} IssuerInitializationRecord
  * @property {Issuer} [issuer]
+ * @property {Brand} [brand]
  * @property {Array<any>} [issuerArgs]
+ * @property {CollateralConfig} [collateralConfig]
  * @property {string} pursePetname
- * @property {number} mintValue
- * @property {Array<[number, number]>} [fakeTradesGivenCentral]
+ * @property {Bigish} mintValue
+ * @property {Array<[Bigish, Bigish]>} [fakeTradesGivenCentral]
  */
 
-/** @type {Map<string, IssuerInitializationRecord>} */
-export const fakeIssuerNameToRecord = new Map(
-  harden([
-    [
-      '$LINK',
-      {
-        issuerArgs: [undefined, { decimalPlaces: 6 }],
-        mintValue: 7 * 10 ** 6,
-        pursePetname: 'Oracle fee',
-        fakeTradesGivenCentral: [
-          [1000, 3000000],
-          [1000, 2500000],
-          [1000, 2750000],
-        ],
+/** @type {Array<[string, IssuerInitializationRecord]>} */
+const fakeIssuerEntries = [
+  [
+    '$LINK',
+    {
+      issuerArgs: [undefined, { decimalPlaces: 18 }],
+      mintValue: 7n * 10n ** 18n,
+      collateralConfig: {
+        keyword: 'LINK',
+        collateralValue: 6000n * 10n ** 18n,
+        initialPricePercent: 125n,
+        initialMarginPercent: 150n,
+        liquidationMarginPercent: 125n,
+        interestRateBasis: 250n,
+        loanFeeBasis: 50n,
       },
-    ],
-    [
-      'moola',
-      {
-        mintValue: 1900,
-        pursePetname: 'Fun budget',
-        fakeTradesGivenCentral: [
-          [10, 1],
-          [13, 1],
-          [12, 1],
-          [18, 1],
-          [15, 1],
-        ],
+      pursePetname: 'Oracle fee',
+      fakeTradesGivenCentral: [
+        [1000, 3000n * 10n ** 15n],
+        [1000, 2500n * 10n ** 15n],
+        [1000, 2750n * 10n ** 15n],
+      ],
+    },
+  ],
+  [
+    'moola',
+    {
+      mintValue: 1900,
+      collateralConfig: {
+        collateralValue: 74000,
+        keyword: 'Moola',
+        initialPricePercent: 150n,
+        initialMarginPercent: 150n,
+        liquidationMarginPercent: 120n,
+        interestRateBasis: 200n,
+        loanFeeBasis: 150n,
       },
-    ],
-    [
-      'simolean',
-      {
-        mintValue: 1900,
-        pursePetname: 'Nest egg',
-        fakeTradesGivenCentral: [
-          [2135, 50],
-          [2172, 50],
-          [2124, 50],
-        ],
+      pursePetname: 'Fun budget',
+      fakeTradesGivenCentral: [
+        [10, 1],
+        [13, 1],
+        [12, 1],
+        [18, 1],
+        [15, 1],
+      ],
+    },
+  ],
+  [
+    'simolean',
+    {
+      mintValue: 1900,
+      collateralConfig: {
+        collateralValue: 96800,
+        keyword: 'Simolean',
+        initialPricePercent: 110n,
+        initialMarginPercent: 120n,
+        liquidationMarginPercent: 105n,
+        interestRateBasis: 100n,
+        loanFeeBasis: 225n,
       },
-    ],
-  ]),
-);
+      pursePetname: 'Nest egg',
+      fakeTradesGivenCentral: [
+        [2135, 50],
+        [2172, 50],
+        [2124, 50],
+      ],
+    },
+  ],
+];
+
+harden(fakeIssuerEntries);
+export { fakeIssuerEntries };

packages/treasury/bundles/install-on-chain.js

@@ -106,4 +106,6 @@ export async function installOnChain({ agoricNames, board, chainTimerService, na
   await Promise.all(
     nameAdminUpdates.map(([nameAdmin, name, value]) => E(nameAdmin).update(name, value)),
   );
+
+  return creatorFacet;
 }