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https://github.com/makerdao/dss-flappers
https://github.com/makerdao/dss-flappers
Last synced: 21 days ago
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- Host: GitHub
- URL: https://github.com/makerdao/dss-flappers
- Owner: makerdao
- License: agpl-3.0
- Created: 2023-04-14T21:42:36.000Z (over 1 year ago)
- Default Branch: master
- Last Pushed: 2024-09-26T10:15:36.000Z (4 months ago)
- Last Synced: 2024-12-12T01:35:33.161Z (28 days ago)
- Language: Solidity
- Size: 1.09 MB
- Stars: 39
- Watchers: 3
- Forks: 23
- Open Issues: 0
-
Metadata Files:
- Readme: README.md
- License: LICENSE
- Audit: audit/20230606-ChainSecurity_MakerDAO_FlapperUniV2_audit.pdf
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README
# Dss Flappers
Implementations of MakerDAO surplus auctions, triggered on `vow.flap`.
### Splitter
Exposes a `kick` operation to be triggered periodically. Its logic withdraws `USDS` from the `vow` and splits it in two parts. The first part (`burn`) is sent to the underlying `flapper` contract to be processed by the burn engine. The second part (`WAD - burn`) is distributed as reward to a `farm` contract. The `kick` cadence is determined by the `hop` value.
Configurable Parameters:
* `burn` - The percentage of the `vow.bump` to be moved to the underlying `flapper`. For example, a value of 0.70 \* `WAD` corresponds to funneling 70% of the `USDS` to the burn engine.
* `hop` - Minimum seconds interval between kicks.
* `flapper` - The underlying burner strategy (e.g. the address of `FlapperUniV2SwapOnly`).
* `farm` - The staking rewards contract receiving the rewards.
### FlapperUniV2
Exposes an `exec` operation to be triggered periodically by the `Splitter` (at a cadence determined by `Splitter.hop()`). Its logic withdraws `USDS` from the `Splitter` and buys `gem` tokens on Uniswap v2. The acquired tokens, along with a proportional amount of `USDS` (saved from the initial withdraw) are deposited back into the liquidity pool. Finally, the minted LP tokens are sent to a predefined `receiver` address.
Configurable Parameters:
* `pip` - A reference price oracle, used for bounding the exchange rate of the swap.
* `want` - Relative multiplier of the reference price to insist on in the swap. For example, a value of 0.98 * `WAD` allows for a 2% worse price than the reference.
#### Note:
* Although the Flapper interface is conformant with the Emergency Shutdown procedure and will stop operating when it is triggered, LP tokens already sent to the `receiver` do not have special redeeming handling. Therefore, in case the Pause Proxy is the `receiver` and governance does not control it, the LP tokens can be lost or seized by a governance attack.
### FlapperUniV2SwapOnly
Exposes an `exec` operation to be triggered periodically by the `Splitter` (at a cadence determined by `Splitter.hop()`). Its logic withdraws `USDS` from the `Splitter` and buys `gem` tokens on Uniswap v2. The acquired tokens are sent to a predefined `receiver` address.
Configurable Parameters:
* `pip` - A reference price oracle, used for bounding the exchange rate of the swap.
* `want` - Relative multiplier of the reference price to insist on in the swap. For example, a value of 0.98 * `WAD` allows for a 2% worse price than the reference.
### SplitterMom
This contract allows bypassing the governance delay when disabling the Splitter in an emergency.
### OracleWrapper
Allows for scaling down an oracle price by a certain value. This can be useful when the `gem` is a redenominated version of an existing token, which already has a reliable oracle.
### General Note:
* Availability and accounting of the withdrawn `USDS` is the responsibility of the `vow`. At the time of a `kick`, the `vow` is expected to hold at least the drawn amount (`vow.bump`) over the configured flapping threshold (`vow.hump`).