Feat: RWA Offboarding Checklist #42

amusingaxl · 2024-11-11T20:01:59Z

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spell/rwa-checklists.md

oddaf · 2024-11-14T14:22:06Z

spell/rwa-checklists.md

+    * [ ] Increase Ilk Debt Ceiling (set DC + increase Global DC)
+    * [ ] File Ilk `pip` in the `spotter`
+    * [ ] File Ilk `mat` in the `spotter`
+    * [ ] Poke `spotter` to pull in the price


Q: Should we sanity check if the price is reasonable?

There's actually a correct way to calculate it. We should probably add it here.

pe-checklists/archived/spell/spell-reviewer-goerli-checklist.md

Lines 189 to 195 in 1069a8a

* [ ] `bump` `RwaLiquidationOracle` with new computed increased price (`val`)

* [ ] ensure `val` is set accordingly with autoline max debt ceiling (`line`)

* [ ] `val` should enable DAI to be drawn over the loan period while taking into account the configured `ink` amount, interest rate and liquidation ratio (see below)

* [ ] New `val` is calculated with `line * [(1 + duty) ** years] * mat` - rounded up - and makes sense in context of the [rate mechanism](https://github.com/makerdao/developerguides/blob/master/mcd/intro-rate-mechanism/intro-rate-mechanism.md). Minimum duration is usually in the Exec Doc of the spell with the RWAXXX ilk onboarding.

* [ ] Comment explaining `val` formula (`Debt ceiling * [ (1 + RWA stability fee ) ^ (minimum deal duration in years) ] * liquidation ratio`) is present

* [ ] Accompanying comment above `bump` line in format `// XXM * 1.XX^X * X.XX as a WAD` corresponding to the `val` calculation formula (e.g. `// 15M * 1.03^2 * 1.00 as a WAD`) is present along with the calculation formula on the line above

* [ ] IF combining `val` of multiple RWA ilks being combined, `val` calculation is done once per ilk and added to make the total, with workings provided in code comments. The existing `val` value can be retrieved by calling `read()` on `PIP_RWAXX` and converting the result into decimal.

Please check these.

oddaf · 2024-11-14T14:23:49Z

spell/rwa-checklists.md

+      * [ ] `RwaLiquidationOracle.tell(ilk)` call is present
+      * [ ] IF `RWAXYZ_A_INPUT_CONDUIT` is an instance of [`TinlakeMgr`](https://github.com/centrifuge/tinlake-maker-lib/blob/master/src/mgr.sol) (it is a Centrifuge integration), additional `TinlakeMgr.tell()` call is present (in order to prevent further `TIN` redemptions in the Centrifuge pool)
+
+## RWA Offboarding Checklist


Should we require removal from the IlkRegistry here?

The thing is that we usually don't remove anything from the ilk registry. I'm not sure if we should do it for this specific case only.

oddaf · 2024-11-14T14:25:02Z

spell/rwa-checklists.md

+
+## RWA Offboarding Checklist
+
+* IF there is debt in the RWA Vault (`vat.urns(ilk, RWAXYZ_A_URN).art > 0`), proceed with the write-off (i.e.: vault is in default):


Is there a situation where the RWA Vault has surplus when being offboarded? In this case, what should be done with it? (send it to surplus buffer?)

What do you mean by surplus? ink > art?

oddaf · 2024-11-14T14:28:49Z

spell/rwa-checklists.md

+  * [ ] IF the stability fee for the ilk is not zero (`jug.ilks(ilk).duty > 1 * RAY`), `jug.drip(ilk)` call is present
+  * [ ] `RwaLiquidationOracle.cull(ilk, RWAXYZ_A_URN)` call is present
+* OTHERWISE IF there is no more debt remaining in the vault (`vat.urns(ilk, RWAXYZ_A_URN).art == 0`):
+  * [ ] The debt ceiling (`vat.ilks(ilk).line`) is currently being set to `0`.


Should we deny the Join on the Vat?

RWAs gem joins are permissioned, so in theory there's no harm in leaving the permission there.
We should have a general checklist for "scuttling" contracts (aka the removal of all permissions in the system for a contract) that covers it.

Co-authored-by: oddaf <[email protected]>

…A vault

SidestreamStrongStrawberry · 2024-11-27T13:28:24Z

spell/rwa-checklists.md

+    * [ ] The debt ceiling (`vat.ilks(ilk).line`) is `0` OR is currently being set to `0`.
+    * [ ] `RwaLiquidationOracle.tell(ilk)` call is present
+    * [ ] IF `RWAXYZ_A_INPUT_CONDUIT` is an instance of [`TinlakeMgr`](https://github.com/centrifuge/tinlake-maker-lib/blob/master/src/mgr.sol) (it is a Centrifuge integration), additional `TinlakeMgr.tell()` call is present (in order to prevent further `TIN` redemptions in the Centrifuge pool)
+  * [ ] IF the stability fee for the ilk is not zero (`jug.ilks(ilk).duty > 1 * RAY`), `jug.drip(ilk)` call is present


Could there be a case soft liquidation has been called but stability fee for the ilk is not zero?

Yes... All Centrifuge vaults have non-zero stability fees, and some of them have been put under soft liquidation.

SidestreamStrongStrawberry · 2024-11-27T13:43:00Z

spell/rwa-checklists.md

+
+* IF there is debt in the RWA Vault (`vat.urns(ilk, RWAXYZ_A_URN).art > 0`), proceed with the write-off (i.e.: vault is in default):
+  * IF soft liquidation `.tell(ilk)` has **NOT** been called for the ilk in a previous spell:
+    * [ ] The value of `RwaLiquidationOracle.ilks(ilk).tau` MUST be zero, OTHERWISE the offboarding can only happen in a future spell.


Can the rest of checklist still happen except RwaLiquidationOracle.cull(ilk, RWAXYZ_A_URN)? (eg. Set Debt ceiling to 0) If then I'd prefer further specify to avoid confusion.

Yeah, it makes sense. I'll amend this.

SidestreamStrongStrawberry · 2024-11-27T15:57:03Z

spell/rwa-checklists.md

+  * [ ] Oracle price is updated via `DssExecLib.updateCollateralPrice(ilk)`
+  * IF soft liquidation explicitly requested to be triggered (via `.tell(ilk)`) AND debt ceiling (`vat.ilks(ilk).line`) is `0` (OR is being set to `0` in the current spell)
+      * [ ] `RwaLiquidationOracle.tell(ilk)` call is present
+      * [ ] IF `RWAXYZ_A_INPUT_CONDUIT` is an instance of [`TinlakeMgr`](https://github.com/centrifuge/tinlake-maker-lib/blob/master/src/mgr.sol) (it is a Centrifuge integration), additional `TinlakeMgr.tell()` call is present (in order to prevent further `TIN` redemptions in the Centrifuge pool)


This has been in the spell-reviewer-mainnet-checklist but I'm unsure it was followed in the previous spells.
(eg. soft liquidation for RWA005-A )

Could you guide me where I can find related code or help me understand why this is needed?

refactor: add RWA Offboarding checkilst + restructuring

18ea200

amusingaxl requested review from oddaf and 0xdecr1pto November 11, 2024 20:02

chore: add exception to wordslist

1069a8a

oddaf reviewed Nov 14, 2024

View reviewed changes

amusingaxl and others added 2 commits November 20, 2024 16:21

chore: apply suggestions from code review

4c1dd49

Co-authored-by: oddaf <[email protected]>

feat: add check for oracle price calculation when onboarding a new RW…

be58441

…A vault

amusingaxl requested a review from oddaf November 21, 2024 13:54

SidestreamStrongStrawberry reviewed Nov 27, 2024

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Feat: RWA Offboarding Checklist #42

Feat: RWA Offboarding Checklist #42

amusingaxl commented Nov 11, 2024

oddaf Nov 14, 2024

amusingaxl Nov 20, 2024 •

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amusingaxl Nov 27, 2024

SidestreamStrongStrawberry Nov 27, 2024 •

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	* [ ] `bump` `RwaLiquidationOracle` with new computed increased price (`val`)
	* [ ] ensure `val` is set accordingly with autoline max debt ceiling (`line`)
	* [ ] `val` should enable DAI to be drawn over the loan period while taking into account the configured `ink` amount, interest rate and liquidation ratio (see below)
	* [ ] New `val` is calculated with `line * [(1 + duty) ** years] * mat` - rounded up - and makes sense in context of the [rate mechanism](https://github.com/makerdao/developerguides/blob/master/mcd/intro-rate-mechanism/intro-rate-mechanism.md). Minimum duration is usually in the Exec Doc of the spell with the RWAXXX ilk onboarding.
	* [ ] Comment explaining `val` formula (`Debt ceiling * [ (1 + RWA stability fee ) ^ (minimum deal duration in years) ] * liquidation ratio`) is present
	* [ ] Accompanying comment above `bump` line in format `// XXM * 1.XX^X * X.XX as a WAD` corresponding to the `val` calculation formula (e.g. `// 15M * 1.03^2 * 1.00 as a WAD`) is present along with the calculation formula on the line above
	* [ ] IF combining `val` of multiple RWA ilks being combined, `val` calculation is done once per ilk and added to make the total, with workings provided in code comments. The existing `val` value can be retrieved by calling `read()` on `PIP_RWAXX` and converting the result into decimal.


		## RWA Offboarding Checklist

		* IF there is debt in the RWA Vault (`vat.urns(ilk, RWAXYZ_A_URN).art > 0`), proceed with the write-off (i.e.: vault is in default):

Feat: RWA Offboarding Checklist #42

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Feat: RWA Offboarding Checklist #42

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amusingaxl commented Nov 11, 2024

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