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Merge pull request #48 from CirclesUBI/20231130-token-migration
20231130 token migration
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| Original file line number | Diff line number | Diff line change |
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| // SPDX-License-Identifier: AGPL-3.0-only | ||
| pragma solidity >=0.8.13; | ||
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| import "./IHub.sol"; | ||
| import "./IToken.sol"; | ||
| import "../graph/IGraph.sol"; | ||
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| contract CirclesMigration { | ||
| // Constant | ||
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| uint256 private constant ACCURACY = uint256(10 ** 8); | ||
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| // State variables | ||
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| IHubV1 public immutable hubV1; | ||
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| uint256 public immutable inflation; | ||
| uint256 public immutable divisor; | ||
| uint256 public immutable deployedAt; | ||
| uint256 public immutable initialIssuance; | ||
| uint256 public immutable period; | ||
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| // Constructor | ||
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| // see for context prior discussions on the conversion of CRC to TC, | ||
| // and some reference to the 8 CRC per day to 24 CRC per day gauge-reset | ||
| // https://aboutcircles.com/t/conversion-from-crc-to-time-circles-and-back/463 | ||
| // the UI conversion used is found here: | ||
| // https://github.com/circlesland/timecircle/blob/master/src/index.ts | ||
| constructor(IHubV1 _hubV1) { | ||
| require(address(_hubV1) != address(0), "Hub v1 address can not be zero."); | ||
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| hubV1 = _hubV1; | ||
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| // from deployed v1 contract SHOULD return deployedAt = 1602786330 | ||
| // (for reference 6:25:30 pm UTC | Thursday, October 15, 2020) | ||
| deployedAt = hubV1.deployedAt(); | ||
| // from deployed v1 contract SHOULD return period = 31556952 | ||
| // (equivalent to 365 days 5 hours 49 minutes 12 seconds) | ||
| // because the period is not a whole number of hours, | ||
| // the interval of hub v1 will not match the periodicity of any hour-based period in v2. | ||
| period = hubV1.period(); | ||
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| // note: currently these parameters are not used, remove them if they remain so | ||
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| // from deployed v1 contract SHOULD return inflation = 107 | ||
| inflation = hubV1.inflation(); | ||
| // from deployed v1 contract SHOULD return divisor = 100 | ||
| divisor = hubV1.divisor(); | ||
| // from deployed v1 contract SHOULD return initialIssuance = 92592592592592 | ||
| // (equivalent to 1/3 CRC per hour; original at launch 8 CRC per day) | ||
| // later it was decided that 24 CRC per day, or 1 CRC per hour should be the standard gauge | ||
| // and the correction was done at the interface level, so everyone sees their balance | ||
| // corrected for 24 CRC/day; we should hence adopt this correction in the token migration step. | ||
| initialIssuance = hubV1.initialIssuance(); | ||
| } | ||
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| // External functions | ||
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| function convertAndMigrateFullBalanceOfCircles(ITokenV1 _originCircle, IGraph _destinationGraph) | ||
| external | ||
| returns (uint256 mintedAmount_) | ||
| { | ||
| uint256 balance = _originCircle.balanceOf(msg.sender); | ||
| return mintedAmount_ = convertAndMigrateCircles(_originCircle, balance, _destinationGraph); | ||
| } | ||
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| // Public functions | ||
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| /** | ||
| * @param _depositAmount Deposit amount specifies the amount of inflationary | ||
| * hub v1 circles the caller wants to convert and migrate to demurraged Circles. | ||
| * One can only convert personal v1 Circles, if that person has stopped their v1 | ||
| * circles contract, and has created a v2 demurraged Circles contract by registering in v2. | ||
| */ | ||
| function convertAndMigrateCircles(ITokenV1 _originCircle, uint256 _depositAmount, IGraph _destinationGraph) | ||
| public | ||
| returns (uint256 mintedAmount_) | ||
| { | ||
| // First check the existance of the origin Circle, and associated avatar | ||
| address avatar = hubV1.tokenToUser(address(_originCircle)); | ||
| require(avatar != address(0), "Origin Circle is unknown to hub v1."); | ||
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| // and whether the origin Circle has been stopped. | ||
| require(_originCircle.stopped(), "Origin Circle must have been stopped before conversion."); | ||
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| // Retrieve the destination Circle where to migrate the tokens to | ||
| IAvatarCircleNode destinationCircle = _destinationGraph.avatarToCircle(avatar); | ||
| // and check it in fact exists. | ||
| require( | ||
| address(destinationCircle) != address(0), | ||
| "Associated avatar has not been registered in the destination graph." | ||
| ); | ||
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| // Calculate inflationary correction towards time circles. | ||
| uint256 convertedAmount = convertFromV1ToTimeCircles(_depositAmount); | ||
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| // transfer the tokens into a permanent lock in this contract | ||
| // v1 Circle does not have a burn function exposed, so we can only lock them here | ||
| _originCircle.transferFrom(msg.sender, address(this), _depositAmount); | ||
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| require( | ||
| convertedAmount == _destinationGraph.migrateCircles(msg.sender, convertedAmount, destinationCircle), | ||
| "Destination graph must succeed at migrating the tokens." | ||
| ); | ||
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| return mintedAmount_ = convertedAmount; | ||
| } | ||
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| function convertFromV1ToTimeCircles(uint256 _amount) public view returns (uint256 timeCircleAmount_) { | ||
| uint256 currentPeriod = hubV1.periods(); | ||
| uint256 nextPeriod = currentPeriod + 1; | ||
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| uint256 startOfPeriod = deployedAt + currentPeriod * period; | ||
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| // number of seconds into the new period | ||
| uint256 secondsIntoCurrentPeriod = block.timestamp - startOfPeriod; | ||
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| // rather than using initial issuance; use a clean order of magnitude | ||
| // to calculate the conversion factor. | ||
| // This is because initial issuance (originally ~ 8 CRC / day; | ||
| // then corrected to 24 CRC / day) is ever so slightly less than 1 CRC / hour | ||
| // ( 0.9999999999999936 CRC / hour to be precise ) | ||
| // but if we later divide by this, then the error is ever so slightly | ||
| // in favor of converting - note there are many more errors, | ||
| // but we try to have each error always be in disadvantage of v1 so that | ||
| // there is no adverse incentive to mint and convert from v1 | ||
| uint256 factorCurrentPeriod = hubV1.inflate(ACCURACY, currentPeriod); | ||
| uint256 factorNextPeriod = hubV1.inflate(ACCURACY, nextPeriod); | ||
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| // linear interpolation of inflation rate | ||
| // r = x * (1 - a) + y * a | ||
| // if a = secondsIntoCurrentPeriod / Period = s / P | ||
| // => P * r = x * (P - s) + y * s | ||
| uint256 rP = | ||
| factorCurrentPeriod * (period - secondsIntoCurrentPeriod) + factorNextPeriod * secondsIntoCurrentPeriod; | ||
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| // account for the adjustment of the accepted gauge of 24 CRC / day, | ||
| // rather than 8 CRC / day, so multiply by 3 | ||
| // and divide by the inflation rate to convert to temporally discounted units | ||
| // (as if inflation would have been continuously adjusted. This is not the case, | ||
| // it is only annually compounded, but the disadvantage is for v1 vs v2). | ||
| return timeCircleAmount_ = (_amount * 3 * ACCURACY * period) / rP; | ||
| } | ||
| } |
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