Feat: RWA Offboarding Checklist #42
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| # RWA Checklists | ||
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| ## RWA Onboarding Checklist | ||
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| * [ ] Deployed Contracts | ||
| * [ ] `RwaToken` (Token Used as Collateral In Adapter) | ||
| * [ ] deployed via [`RwaTokenFactory`](https://github.com/makerdao/rwa-toolkit/blob/master/src/tokens/RwaTokenFactory.sol) | ||
| * [ ] Fab matches [chainlog](https://chainlog.makerdao.com/) | ||
| * [ ] ensure source matches [GitHub code](https://github.com/makerdao/rwa-toolkit/blob/92c79aac24ef7645902ce4be57ba41b19e6c7dd5/src/tokens/RwaToken.sol) and it's consistent with previous RWA onboarding | ||
| * [ ] Rwa Token transferred to MCD Pause Proxy | ||
| * [ ] `createRwaToken` parameters are correct | ||
| * [ ] `name` is in `RWA-XYZ` format | ||
| * [ ] `symbol` is in `RWAXYZ` format | ||
| * [ ] `recipient` matches MCD Pause Proxy | ||
| * [ ] `AuthGemJoin` (Join Adapter) | ||
| * [ ] deployed via [JoinFab](https://github.com/makerdao/JoinFab/blob/master/src/JoinFab.sol) | ||
| * [ ] Fab matches [chainlog](https://chainlog.makerdao.com/) | ||
| * [ ] ensure source matches [GitHub code](https://github.com/makerdao/dss-gem-joins/blob/8ca0a7fdd5edc6ed3da68c3ffdfadfb9540c83f7/src/join-auth.sol) and it's consistent with previous RWA onboarding (NOTE: Etherscan may have a bug where it displays additional code for `AuthGemJoin`. In this case, using `cast interface` or otherwise, ensure that this code cannot be executed) | ||
| * [ ] `newAuthGemJoin` parameters are correct | ||
| * [ ] `owner` matches `PAUSE_PROXY` | ||
| * [ ] `ilk` is the `bytes32` representation of "RWAXYZ-A" | ||
| * [ ] `cast --to-ascii <bytes32>` matches ASCII Ilk | ||
| * [ ] `cast --to-bytes32 $(cast --from-ascii "RWAXYZ-A")` matches `bytes32` (to check the amount of padding zeroes is correct) | ||
| * [ ] `gem` matches `RwaToken` deployed contract | ||
| * [ ] check `wards` | ||
| * [ ] `MCD_PAUSE_PROXY` is relied | ||
| * [ ] deployer is denied | ||
| * [ ] no other address has been relied | ||
| * [ ] `RwaUrn`/`RwaUrn2` | ||
| * [ ] contract is verified on etherscan | ||
| * [ ] ensure `0.6.12` solc version is used | ||
| * [ ] ensure optimizations are off | ||
| * [ ] ensure license is specified (SPDX in code or otherwise) | ||
| * [ ] ensure source matches [GitHub code](https://github.com/makerdao/rwa-toolkit/tree/8d30ed2cb657641253d45b57c894613e26b4ae1b/src/urns) and it's consistent with previous RWA onboardings | ||
| * [ ] constructor args are correct and match [Chainlog](https://chainlog.makerdao.com/) | ||
| * [ ] `vat` matches `MCD_VAT` | ||
| * [ ] `jug` matches `MCD_JUG` | ||
| * [ ] `gemJoin` matches `MCD_JOIN_RWAXYZ_A` (Per spell code) | ||
| * [ ] `daiJoin` matches `MCD_JOIN_DAI` | ||
| * [ ] `outputConduit` matches `RwaOutputConduit<2,3>` (Per spell code) | ||
| * [ ] check `wards` | ||
| * [ ] `MCD_PAUSE_PROXY` is relied | ||
| * [ ] deployer is denied | ||
| * [ ] no other address has been relied | ||
| * [ ] `RwaJar` | ||
| * [ ] contract is verified on etherscan | ||
| * [ ] ensure `0.6.12` solc version is used | ||
| * [ ] ensure optimizations are off | ||
| * [ ] ensure license is specified (SPDX in code or otherwise) | ||
| * [ ] ensure source matches [GitHub code](https://github.com/makerdao/rwa-toolkit/blob/8d30ed2cb657641253d45b57c894613e26b4ae1b/src/jars/RwaJar.sol) and it's consistent with previous RWA onboarding | ||
| * [ ] constructor arg matches [`ChainLog`](https://chainlog.makerdao.com/) | ||
| * [ ] `chainlog` | ||
| * [ ] no `wards` | ||
| * [ ] `RwaInputConduit<2>`/`RwaSwapInputConduit<2>` | ||
| * [ ] contract is verified on etherscan | ||
| * [ ] ensure `0.6.12` solc version is used | ||
| * [ ] ensure optimizations are off | ||
| * [ ] ensure license is specified (SPDX in code or otherwise) | ||
| * [ ] ensure source matches [GitHub code](https://github.com/makerdao/rwa-toolkit/tree/8d30ed2cb657641253d45b57c894613e26b4ae1b/src/conduits) and it's consistent with previous RWA onboarding | ||
| * [ ] constructor args are correct and match [chainlog](https://chainlog.makerdao.com/) | ||
| * [ ] `dai` | ||
| * [ ] `to` (`RwaUrn`, `RwaJar`) | ||
| * [ ] `gov` (`v1`) | ||
| * [ ] `psm`, `gem` (`v3`) | ||
| * [ ] check `wards` | ||
| * [ ] `MCD_PAUSE_PROXY` is relied | ||
| * [ ] deployer is denied | ||
| * [ ] no other address has been relied | ||
| * [ ] `RwaOutputConduit<2>`/`RwaSwapOutputConduit` | ||
| * [ ] contract is verified on etherscan | ||
| * [ ] ensure `0.6.12` solc version is used | ||
| * [ ] ensure optimizations are off | ||
| * [ ] ensure license is specified (SPDX in code or otherwise) | ||
| * [ ] ensure source matches [GitHub code](https://github.com/makerdao/rwa-toolkit/tree/8d30ed2cb657641253d45b57c894613e26b4ae1b/src/conduits) and it's consistent with previous RWA onboarding | ||
| * [ ] constructor args are correct and match [chainlog](https://chainlog.makerdao.com/) | ||
| * [ ] `dai` | ||
| * [ ] `gov` (`v1`) | ||
| * [ ] `psm`, `gem` (`v3`) | ||
| * [ ] check `wards` | ||
| * [ ] `MCD_PAUSE_PROXY` is relied | ||
| * [ ] deployer is denied | ||
| * [ ] no other address has been relied | ||
| * [ ] Risk Parameters Match Doc | ||
| * [ ] `duty`(stability fee) | ||
| * [ ] `line`(debt ceiling) | ||
| * [ ] `mat` (liquidation ratio) | ||
| * [ ] `val` (oracle price) | ||
| * [ ] `val` is computed as `"debt_ceiling * [ (1 + rwa_stability_fee ) ^ (minimum_deal_duration_in_years) ] * liquidation_ratio"` | ||
| * [ ] `val` matches locally executable formula (e.g. `// bc -l <<< 'scale=18; 50000000 * e(l(1.07) * (3342/365)) * 1.00' | cast --to-wei`) | ||
| * [ ] `tau` (pre-agreed remediation period) | ||
| * [ ] `doc` (IPFS Hash) | ||
| * [ ] Onboarding Actions | ||
| * [ ] `ilk` matches the format `RWAXYZ-A` | ||
| * [ ] Sanity Checks (constructor args, public vars, ... via `require` condition) | ||
| * [ ] `MIP21_LIQUIDATION_ORACLE.init` | ||
| * [ ] `vat.init.ilk` | ||
| * [ ] `jug.init.ilk` (this will set `duty` to `RAY` (zero pct) by default) | ||
| * [ ] `vat` rely `join` | ||
| * [ ] 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 | ||
| * [ ] `join` rely `urn` | ||
| * [ ] Access Control | ||
| * [ ] `hope` (operator, pause proxy) | ||
| * [ ] `mate` (operator, pause proxy as fallback if required) | ||
| * [ ] `kiss` (whitelist for `urn` destination address `who`) | ||
| * [ ] Fileable (`RwaSwapOutputConduit` and `RwaSwapInputConduit`) | ||
| * [ ] `quitTo` (`file` the appropriate address for conduits per technical assessment) | ||
| * [ ] New Chainlog Entries | ||
| * [ ] `RWAXYZ` | ||
| * [ ] `PIP_RWAXYZ` precomputed via `cast compute-address $MIP21_LIQUIDATION_ORACLE` | ||
| * [ ] Note that a nonce change for `MIP21_LIQUIDATION_ORACLE` prior to casting will cause this to be incorrect | ||
| * [ ] `MCD_JOIN_RWAXYZ_A` | ||
| * [ ] `RWAXYZ_A_URN` | ||
| * [ ] `RWAXYZ_A_JAR` | ||
| * [ ] `RWAXYZ_A_INPUT_CONDUIT` | ||
| * [ ] `RWAXYZ_A_OUTPUT_CONDUIT` | ||
| * [ ] Chainlog Bump | ||
| * [ ] Patch `x.x.1` | ||
| * [ ] Add Ilk to `IlkRegistry` | ||
| * [ ] `put` is used | ||
| * [ ] `class` is 3 | ||
| * [ ] `name` matches forum post (e.g. "RWA007-A: Monetalis Clydesdale") | ||
| * [ ] Ensure `DssExecLib` is used for the Onboarding (e.g. `DssExecLib.vat`) | ||
| * [ ] Test Coverage (Follow Previous Test Patterns) | ||
| * [ ] `testNewChainlogValues` | ||
| * [ ] `testNewIlkRegistryValues` | ||
| * [ ] `testRWAXYZ_INTEGRATION_CONDUITS_SETUP` | ||
| * [ ] `testRWAXYZ_INTEGRATION_BUMP` | ||
| * [ ] `testRWAXYZ_INTEGRATION_TELL` | ||
| * [ ] `testRWAXYZ_INTEGRATION_TELL_CURE_GOOD` | ||
| * [ ] `testFailRWAXYZ_INTEGRATION_CURE_BEFORE_TELL` | ||
| * [ ] `testRWAXYZ_INTEGRATION_TELL_CULL` | ||
| * [ ] `testRWAXYZ_PAUSE_PROXY_OWNS_RWAXYZ_TOKEN_BEFORE_SPELL` | ||
| * [ ] `testRWAXYZ_SPELL_LOCK_OPERATOR_DRAW_WIPE_FREE` | ||
| * [ ] `testFailRWAXYZ_DRAW_ABOVE_LINE` | ||
| * [ ] `testFailRWAXYZ_OUTPUT_CONDUIT_PUSH_ABOVE_BALANCE` | ||
| * [ ] `testRWAXYZ_OPERATOR_LOCK_DRAW_CAGE` | ||
| * [ ] `testRWAXYZ_SPELL_LOCK` | ||
| * [ ] `addresses_<mainnet, goerli>.sol` | ||
| * [ ] `config.sol` | ||
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| ## RWA Update Checklist | ||
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| * IF `doc` is updated | ||
| * [ ] [`_updateDoc` helper](https://github.com/makerdao/spells-mainnet/blob/7400e91c4f211fc24bd4d3a95a86416afc4df9d1/archive/2023-09-27-DssSpell/DssSpell.sol#L76-L87) is copied one-to-one from the archive and defined above `actions` | ||
| * [ ] `_updateDoc(ilk, doc)` is called in the spell | ||
| * IF debt ceiling is updated | ||
| * IF AutoLine update is requested by the Exec Sheet | ||
| * [ ] Parameters are set via [`DssExecLib.setIlkAutoLineParameters(ilk, amount, gap, ttl)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L648) or [`DssExecLib.setIlkAutoLineDebtCeiling(ilk, amount)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L658) | ||
| * IF regular debt ceiling (`vat.ilk.line`) update is requested by the Exec Sheet | ||
| * [ ] Collateral type (`ilk`) have [`AutoLine`](https://github.com/makerdao/dss-auto-line/tree/master) disabled previously or in the spell | ||
| * [ ] Debt ceiling (`vat.ilk.line`) is updated, via EITHER: | ||
| * [`DssExecLib.increaseIlkDebtCeiling(ilk, amount, global)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L621C14-L621C36) | ||
| * [`DssExecLib.decreaseIlkDebtCeiling(ilk, amount, global)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L634) | ||
| * [`DssExecLib.setIlkDebtCeiling(ilk, amount)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L611) | ||
| * [ ] Global debt ceiling (`vat.Line`) is updated accordingly, UNLESS specifically instructed not to, via EITHER: | ||
| * `global` set to `true` in `increaseIlkDebtCeiling`/`decreaseIlkDebtCeiling` | ||
| * [`DssExecLib.setGlobalDebtCeiling(amount)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L428) | ||
| * [`DssExecLib.increaseGlobalDebtCeiling(amount)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L436) | ||
| * [`DssExecLib.decreaseGlobalDebtCeiling(amount)`](https://github.com/makerdao/dss-exec-lib/blob/v0.0.9/src/DssExecLib.sol#L445C14-L445C39) | ||
| * [ ] Liquidation oracle price is bumped via `RwaLiquidationOracleLike(MIP21_LIQUIDATION_ORACLE).bump(ilk, val)` pattern | ||
| * [ ] Comment above `bump` explains `val` computation via `// Note: the formula is: "debt_ceiling * [ (1 + rwa_stability_fee ) ^ (minimum_deal_duration_in_years) ] * liquidation_ratio"` | ||
| * [ ] Comment above `bump` provides locally executable formula (e.g. `// bc -l <<< 'scale=18; 50000000 * e(l(1.07) * (3342/365)) * 1.00' | cast --to-wei`) | ||
| * [ ] The formula matches the example provided above | ||
| * [ ] `debt_ceiling` in the executable formula matches new debt ceiling set in the spell or the maximum possible debt ceiling in case of the enabled AutoLine | ||
| * [ ] `rwa_stability_fee` in the executable formula matches stability fee of the specified RWA found on chain | ||
| * [ ] `minimum_deal_duration_in_years` in the executable formula matches number found in the Exec Sheet of the spell containing relevant RWA onboarding | ||
| * [ ] `liquidation_ratio` in the executable formula matches liquidation ratio of the specified RWA found on chain | ||
| * [ ] Executing formula locally provides integer number that matches the `val` in the spell | ||
| * [ ] `val` makes sense in context of the [rate mechanism](https://github.com/makerdao/developerguides/blob/master/mcd/intro-rate-mechanism/intro-rate-mechanism.md) | ||
| * [ ] IF multiple RWA ilks are being combined into one, `val` calculation is done once per ilk and added to make the total, with separate executable formulas provided in comments. The existing `val` value can be retrieved by calling `read()` on `PIP_RWAXYZ` and converting the result into decimal | ||
| * [ ] 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) | ||
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There was a problem hiding this comment. This has been in the Could you guide me where I can find related code or help me understand why this is needed? |
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| ## RWA Offboarding Checklist | ||
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There was a problem hiding this comment. Should we require removal from the IlkRegistry here? There was a problem hiding this comment. 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. |
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| * 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): | ||
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There was a problem hiding this comment. 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?) There was a problem hiding this comment. What do you mean by surplus? |
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| * 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. | ||
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There was a problem hiding this comment. Can the rest of checklist still happen except There was a problem hiding this comment. Yeah, it makes sense. I'll amend this. |
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| * [ ] 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 | ||
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There was a problem hiding this comment. Could there be a case There was a problem hiding this comment. Yes... All Centrifuge vaults have non-zero stability fees, and some of them have been put under soft liquidation. |
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| * [ ] `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`. | ||
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There was a problem hiding this comment. Should we deny the Join on the Vat? There was a problem hiding this comment. RWAs gem joins are permissioned, so in theory there's no harm in leaving the permission there. |
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Q: Should we sanity check if the price is reasonable?
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There's actually a correct way to calculate it. We should probably add it here.
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pe-checklists/archived/spell/spell-reviewer-goerli-checklist.md
Lines 189 to 195 in 1069a8a
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Please check these.