Applying new parameters or transferring the ownership of the factory involves a two-step model. In the first step, changes need to be committed. The second step involves applying these changes.
Pool Ownership¶
All pools created through the Factory are "owned" by the admin of the Factory, which is the Curve DAO. Ownership can only be changed within the factory contract via commit_transfer_ownership
and accept_transfer_ownership
.
Amplification Coefficient and Gamma¶
More informations about the parameters here.
The appropriate value for A
and gamma
is dependent upon the type of coin being used within the pool, and is subject to optimisation and pool-parameter update based on the market history of the trading pair. It is possible to modify the parameters for a pool after it has been deployed. However, it requires a vote within the Curve DAO and must reach a 15% quorum.
ramp_A_gamma
¶
CryptoSwap.ramp_A_gamma(future_A: uint256, future_gamma: uint256, future_time: uint256):
Guarded Method
This function is only callable by the admin
of the Factory contract.
Function to ramp A and gamma parameter values linearly. A
and gamma
are packed within the same variable.
Emits: RampAgamma
Input | Type | Description |
---|---|---|
future_A | uint256 | future A value |
future_gamma | uint256 | future gamma value |
future_time | uint256 | timestamp at which the ramping will end |
Source code
event RampAgamma:
initial_A: uint256
future_A: uint256
initial_gamma: uint256
future_gamma: uint256
initial_time: uint256
future_time: uint256
@external
def ramp_A_gamma(
future_A: uint256, future_gamma: uint256, future_time: uint256
):
"""
@notice Initialise Ramping A and gamma parameter values linearly.
@dev Only accessible by factory admin, and only
@param future_A The future A value.
@param future_gamma The future gamma value.
@param future_time The timestamp at which the ramping will end.
"""
assert msg.sender == factory.admin() # dev: only owner
assert block.timestamp > self.initial_A_gamma_time + (MIN_RAMP_TIME - 1) # dev: ramp undergoing
assert future_time > block.timestamp + MIN_RAMP_TIME - 1 # dev: insufficient time
A_gamma: uint256[2] = self._A_gamma()
initial_A_gamma: uint256 = A_gamma[0] << 128
initial_A_gamma = initial_A_gamma | A_gamma[1]
assert future_A > MIN_A - 1
assert future_A < MAX_A + 1
assert future_gamma > MIN_GAMMA - 1
assert future_gamma < MAX_GAMMA + 1
ratio: uint256 = 10**18 * future_A / A_gamma[0]
assert ratio < 10**18 * MAX_A_CHANGE + 1
assert ratio > 10**18 / MAX_A_CHANGE - 1
ratio = 10**18 * future_gamma / A_gamma[1]
assert ratio < 10**18 * MAX_A_CHANGE + 1
assert ratio > 10**18 / MAX_A_CHANGE - 1
self.initial_A_gamma = initial_A_gamma
self.initial_A_gamma_time = block.timestamp
future_A_gamma: uint256 = future_A << 128
future_A_gamma = future_A_gamma | future_gamma
self.future_A_gamma_time = future_time
self.future_A_gamma = future_A_gamma
log RampAgamma(
A_gamma[0],
future_A,
A_gamma[1],
future_gamma,
block.timestamp,
future_time,
)
stop_ramp_A_gamma
¶
CryptoSwap.stop_ramp_A_gamma():
Guarded Method
This function is only callable by the admin
of the Factory contract.
Function to immediately stop ramping A and gamma parameters and set them to the current value.
Emits: StopRampA
Source code
event StopRampA:
current_A: uint256
current_gamma: uint256
time: uint256
@external
def stop_ramp_A_gamma():
"""
@notice Stop Ramping A and gamma parameters immediately.
@dev Only accessible by factory admin.
"""
assert msg.sender == factory.admin() # dev: only owner
A_gamma: uint256[2] = self._A_gamma()
current_A_gamma: uint256 = A_gamma[0] << 128
current_A_gamma = current_A_gamma | A_gamma[1]
self.initial_A_gamma = current_A_gamma
self.future_A_gamma = current_A_gamma
self.initial_A_gamma_time = block.timestamp
self.future_A_gamma_time = block.timestamp
# ------ Now (block.timestamp < t1) is always False, so we return saved A.
log StopRampA(A_gamma[0], A_gamma[1], block.timestamp)
Changing Parameters¶
commit_new_parameters
¶
CryptoSwap.commit_new_parameters(_new_mid_fee: uint256, _new_out_fee: uint256, _new_fee_gamma: uint256, _new_allowed_extra_profit: uint256, _new_adjustment_step: uint256, _new_ma_time: uint256):
Guarded Method
This function is only callable by the admin
of the Factory contract.
Function to commit new parameters. The new parameters do not take immedaite effect.
Emits: CommitNewParameters
Input | Type | Description |
---|---|---|
_new_mid_fee | uint256 | new mid_fee value |
_new_out_fee | uint256 | new out_fee value |
_new_fee_gamma | uint256 | new fee_gamma value |
_new_allowed_extra_profit | uint256 | new allowed_extra_profit value |
_new_adjustment_step | uint256 | new adjustment_step value |
_new_ma_time | uint256 | new ma_time value |
Source code
event CommitNewParameters:
deadline: indexed(uint256)
mid_fee: uint256
out_fee: uint256
fee_gamma: uint256
allowed_extra_profit: uint256
adjustment_step: uint256
ma_time: uint256
future_packed_rebalancing_params: uint256
future_packed_fee_params: uint256
ADMIN_ACTIONS_DELAY: constant(uint256) = 3 * 86400
@external
def commit_new_parameters(
_new_mid_fee: uint256,
_new_out_fee: uint256,
_new_fee_gamma: uint256,
_new_allowed_extra_profit: uint256,
_new_adjustment_step: uint256,
_new_ma_time: uint256,
):
"""
@notice Commit new parameters.
@dev Only accessible by factory admin.
@param _new_mid_fee The new mid fee.
@param _new_out_fee The new out fee.
@param _new_fee_gamma The new fee gamma.
@param _new_allowed_extra_profit The new allowed extra profit.
@param _new_adjustment_step The new adjustment step.
@param _new_ma_time The new ma time. ma_time is time_in_seconds/ln(2).
"""
assert msg.sender == Factory(self.factory).admin() # dev: only owner
assert self.admin_actions_deadline == 0 # dev: active action
_deadline: uint256 = block.timestamp + ADMIN_ACTIONS_DELAY
self.admin_actions_deadline = _deadline
# ----------------------------- Set fee params ---------------------------
new_mid_fee: uint256 = _new_mid_fee
new_out_fee: uint256 = _new_out_fee
new_fee_gamma: uint256 = _new_fee_gamma
current_fee_params: uint256[3] = self._unpack(self.packed_fee_params)
if new_out_fee < MAX_FEE + 1:
assert new_out_fee > MIN_FEE - 1 # dev: fee is out of range
else:
new_out_fee = current_fee_params[1]
if new_mid_fee > MAX_FEE:
new_mid_fee = current_fee_params[0]
assert new_mid_fee <= new_out_fee # dev: mid-fee is too high
if new_fee_gamma < 10**18:
assert new_fee_gamma > 0 # dev: fee_gamma out of range [1 .. 10**18]
else:
new_fee_gamma = current_fee_params[2]
self.future_packed_fee_params = self._pack(
[new_mid_fee, new_out_fee, new_fee_gamma]
)
# ----------------- Set liquidity rebalancing parameters -----------------
new_allowed_extra_profit: uint256 = _new_allowed_extra_profit
new_adjustment_step: uint256 = _new_adjustment_step
new_ma_time: uint256 = _new_ma_time
current_rebalancing_params: uint256[3] = self._unpack(self.packed_rebalancing_params)
if new_allowed_extra_profit > 10**18:
new_allowed_extra_profit = current_rebalancing_params[0]
if new_adjustment_step > 10**18:
new_adjustment_step = current_rebalancing_params[1]
if new_ma_time < 872542: # <----- Calculated as: 7 * 24 * 60 * 60 / ln(2)
assert new_ma_time > 86 # dev: MA time should be longer than 60/ln(2)
else:
new_ma_time = current_rebalancing_params[2]
self.future_packed_rebalancing_params = self._pack(
[new_allowed_extra_profit, new_adjustment_step, new_ma_time]
)
# ---------------------------------- LOG ---------------------------------
log CommitNewParameters(
_deadline,
new_mid_fee,
new_out_fee,
new_fee_gamma,
new_allowed_extra_profit,
new_adjustment_step,
new_ma_time,
)
apply_new_parameters
¶
CryptoSwap.apply_new_parameters()
Function to apply the parameters from commit_new_parameters
.
Emits: NewParameters
Source code
event NewParameters:
mid_fee: uint256
out_fee: uint256
fee_gamma: uint256
allowed_extra_profit: uint256
adjustment_step: uint256
ma_time: uint256
packed_rebalancing_params: public(uint256) # <---------- Contains rebalancing
# parameters allowed_extra_profit, adjustment_step, and ma_time.
future_packed_rebalancing_params: uint256
packed_fee_params: public(uint256) # <---- Packs mid_fee, out_fee, fee_gamma.
future_packed_fee_params: uint256
@external
@nonreentrant("lock")
def apply_new_parameters():
"""
@notice Apply committed parameters.
@dev Only callable after admin_actions_deadline.
"""
assert block.timestamp >= self.admin_actions_deadline # dev: insufficient time
assert self.admin_actions_deadline != 0 # dev: no active action
self.admin_actions_deadline = 0
packed_fee_params: uint256 = self.future_packed_fee_params
self.packed_fee_params = packed_fee_params
packed_rebalancing_params: uint256 = self.future_packed_rebalancing_params
self.packed_rebalancing_params = packed_rebalancing_params
rebalancing_params: uint256[3] = self._unpack(packed_rebalancing_params)
fee_params: uint256[3] = self._unpack(packed_fee_params)
log NewParameters(
fee_params[0],
fee_params[1],
fee_params[2],
rebalancing_params[0],
rebalancing_params[1],
rebalancing_params[2],
)
revert_new_parameters
¶
CryptoSwap.revert_new_parameters() -> address: view
Guarded Method
This function is only callable by the admin
of the Factory contract.
Function to revert the parameters changes.
Source code
@external
def revert_new_parameters():
"""
@notice Revert committed parameters
@dev Only accessible by factory admin. Setting admin_actions_deadline to 0
ensures a revert in apply_new_parameters.
"""
assert msg.sender == Factory(self.factory).admin() # dev: only owner
self.admin_actions_deadline = 0
admin_actions_deadline
¶
CryptoSwap.admin_actions_deadline() -> uint256: view
Getter for the admin actions deadline. This is the deadline until which new parameter changes can be applied. When committing new changes, there is a three-day timespan to apply them (ADMIN_ACTIONS_DELAY
). If called later, the call will revert.
Returns: timestamp (uint256
).
Source code
initial_A_gamma
¶
CryptoSwap.initial_A_gamma() -> uint256: view
Getter for the initial A/gamma.
Returns: A/gamma (uint256
).
initial_A_gamma_time
¶
CryptoSwap.initial_A_gamma_time() -> uint256: view
Getter for the initial A/gamma time.
Returns: A/gamma time (uint256
).
future_A_gamma
¶
CryptoSwap.future_A_gamma() -> uint256: view
Getter for the future A/gamma.
Returns: future A/gamma (uint256
).