feat: Add initial redemption base rate

contracts/src/Interfaces/ITroveManager.sol

@@ -28,10 +28,10 @@ interface ITroveManager is IERC721, ILiquityBase {
  function sortedTroves() external view returns(ISortedTroves);
  function borrowerOperationsAddress() external view returns (address);
 
- function BOOTSTRAP_PERIOD() external view returns (uint256);
-
  // function BOLD_GAS_COMPENSATION() external view returns (uint256);
 
+ function baseRate() external view returns (uint256);
+
  function getTroveIdsCount() external view returns (uint);
 
  function getTroveFromTroveIdsArray(uint _index) external view returns (uint256);

contracts/src/TroveManager.sol

@@ -46,10 +46,9 @@ contract TroveManager is ERC721, LiquityBase, Ownable, CheckContract, ITroveMana
  */
  uint constant public MINUTE_DECAY_FACTOR = 999037758833783000;
  uint constant public REDEMPTION_FEE_FLOOR = DECIMAL_PRECISION / 1000 * 5; // 0.5%
- uint constant public MAX_BORROWING_FEE = DECIMAL_PRECISION / 100 * 5; // 5%
+ // To prevent redemptions unless Bold depegs below 0.95 and allow the system to take off
+ uint constant public INITIAL_REDEMPTION_RATE = DECIMAL_PRECISION / 100 * 5; // 5%
 
- // During bootsrap period redemptions are not allowed
- uint constant public BOOTSTRAP_PERIOD = 14 days;
 
  /*
  * BETA: 18 digit decimal. Parameter by which to divide the redeemed fraction, in order to calc the new base rate from a redemption.
@@ -258,14 +257,19 @@ contract TroveManager is ERC721, LiquityBase, Ownable, CheckContract, ITroveMana
  event TroveSnapshotsUpdated(uint _L_ETH, uint _L_boldDebt);
  event TroveIndexUpdated(uint256 _troveId, uint _newIndex);
 
-  enum TroveManagerOperation {
+ enum TroveManagerOperation {
  getAndApplyRedistributionGains,
  liquidateInNormalMode,
  liquidateInRecoveryMode,
  redeemCollateral
  }
 
- constructor() ERC721(NAME, SYMBOL) {}
+ constructor() ERC721(NAME, SYMBOL) {
+ // Update the baseRate state variable
+ // To prevent redemptions unless Bold depegs below 0.95 and allow the system to take off
+ baseRate = INITIAL_REDEMPTION_RATE;
+ emit BaseRateUpdated(INITIAL_REDEMPTION_RATE);
+ }
 
  // --- Dependency setter ---
 
@@ -919,7 +923,6 @@ contract TroveManager is ERC721, LiquityBase, Ownable, CheckContract, ITroveMana
  RedemptionTotals memory totals;
 
  _requireValidMaxFeePercentage(_maxFeePercentage);
- _requireAfterBootstrapPeriod();
  totals.price = priceFeed.fetchPrice();
  _requireTCRoverMCR(totals.price);
  _requireAmountGreaterThanZero(_boldamount);
@@ -1364,16 +1367,14 @@ contract TroveManager is ERC721, LiquityBase, Ownable, CheckContract, ITroveMana
  }
 
  function getRedemptionRateWithDecay() public view override returns (uint) {
- return 0;
- // return _calcRedemptionRate(_calcDecayedBaseRate());
+ return _calcRedemptionRate(_calcDecayedBaseRate());
  }
 
- function _calcRedemptionRate(uint /* _baseRate */) internal pure returns (uint) {
- return 0;
- // return LiquityMath._min(
- // REDEMPTION_FEE_FLOOR + _baseRate,
- // DECIMAL_PRECISION // cap at a maximum of 100%
- // );
+ function _calcRedemptionRate(uint _baseRate) internal pure returns (uint) {
+ return LiquityMath._min(
+ REDEMPTION_FEE_FLOOR + _baseRate,
+ DECIMAL_PRECISION // cap at a maximum of 100%
+ );
  }
 
  function _getRedemptionFee(uint _ETHDrawn) internal view returns (uint) {
@@ -1384,11 +1385,10 @@ contract TroveManager is ERC721, LiquityBase, Ownable, CheckContract, ITroveMana
  return _calcRedemptionFee(getRedemptionRateWithDecay(), _ETHDrawn);
  }
 
- function _calcRedemptionFee(uint /* _redemptionRate */, uint /* _ETHDrawn */) internal pure returns (uint) {
- return 0;
- // uint redemptionFee = _redemptionRate * _ETHDrawn / DECIMAL_PRECISION;
- // require(redemptionFee < _ETHDrawn, "TroveManager: Fee would eat up all returned collateral");
- // return redemptionFee;
+ function _calcRedemptionFee(uint _redemptionRate, uint _ETHDrawn) internal pure returns (uint) {
+ uint redemptionFee = _redemptionRate * _ETHDrawn / DECIMAL_PRECISION;
+ require(redemptionFee < _ETHDrawn, "TroveManager: Fee would eat up all returned collateral");
+ return redemptionFee;
  }
 
  // --- Internal fee functions ---
@@ -1471,11 +1471,6 @@ contract TroveManager is ERC721, LiquityBase, Ownable, CheckContract, ITroveMana
  require(_getTCR(_price) >= MCR, "TroveManager: Cannot redeem when TCR < MCR");
  }
 
- function _requireAfterBootstrapPeriod() internal view {
- uint systemDeploymentTime = boldToken.deploymentStartTime();
- require(block.timestamp >= systemDeploymentTime + BOOTSTRAP_PERIOD, "TroveManager: Redemptions are not allowed during bootstrap phase");
- }
-
  function _requireValidMaxFeePercentage(uint _maxFeePercentage) internal pure {
  require(_maxFeePercentage >= REDEMPTION_FEE_FLOOR && _maxFeePercentage <= DECIMAL_PRECISION,
  "Max fee percentage must be between 0.5% and 100%");

contracts/src/test/basicOps.t.sol

@@ -46,11 +46,11 @@ contract BasicOps is DevTestSetup {
 
  uint256 trovesCount = troveManager.getTroveIdsCount();
  assertEq(trovesCount, 2);
- 
+
  vm.startPrank(B);
  borrowerOperations.closeTrove(B_Id);
  vm.stopPrank();
- 
+
  // Check Troves count reduced by 1
  trovesCount = troveManager.getTroveIdsCount();
  assertEq(trovesCount, 1);
@@ -66,7 +66,7 @@ contract BasicOps is DevTestSetup {
  assertGt(debt_1, 0);
  uint256 coll_1 = troveManager.getTroveColl(A_Id);
  assertGt(coll_1, 0);
- 
+
  // Adjust trove
  borrowerOperations.adjustTrove(A_Id, 1e18, 1e18, true, 500e18, true);
 
@@ -94,8 +94,6 @@ contract BasicOps is DevTestSetup {
 
  // B is now first in line to get redeemed, as they both have the same interest rate,
  // but B's Trove is younger.
-
- vm.warp(block.timestamp + troveManager.BOOTSTRAP_PERIOD() + 1);
 
  uint256 redemptionAmount = 1000e18; // 1k BOLD
 
@@ -106,7 +104,7 @@ contract BasicOps is DevTestSetup {
  10,
  1e18
  );
- 
+
  // Check B's coll and debt reduced
  uint256 debt_2 = troveManager.getTroveDebt(B_Id);
  assertLt(debt_2, debt_1);

contracts/src/test/troveManager.t.sol

@@ -20,8 +20,6 @@ contract TroveManagerTest is DevTestSetup {
  uint256 collB1 = troveManager.getTroveColl(BTroveId);
  assertGt(collB1, 0);
 
- // fast-forward until redemptions are enabled
- vm.warp(block.timestamp + troveManager.BOOTSTRAP_PERIOD() + 1);
  // Reduce ETH price so A’s ICR goes below 100%
  uint256 newPrice = 1000e18;
  priceFeed.setPrice(newPrice);
@@ -51,4 +49,29 @@ contract TroveManagerTest is DevTestSetup {
  uint256 collB2 = troveManager.getTroveColl(BTroveId);
  assertLt(collB2, collB1, "B coll mismatch");
  }
+
+ function testInitialRedemptionBaseRate() public {
+ assertEq(troveManager.baseRate(), 5e16);
+ }
+
+ function testRedemptionBaseRateAfter2Weeks() public {
+ assertEq(troveManager.baseRate(), 5e16);
+
+ // Two weeks go by
+ vm.warp(block.timestamp + 14 days);
+
+ priceFeed.setPrice(2000e18);
+ openTroveNoHints100pctMaxFee(A, 200 ether, 200000e18, 1e17);
+ // A redeems 0.01 BOLD, base rate goes down to almost zero (it’s updated on redemption)
+ vm.startPrank(A);
+ troveManager.redeemCollateral(
+ 1e16,
+ 10,
+ 1e18
+ );
+ vm.stopPrank();
+
+ console.log(troveManager.baseRate(), "baseRate");
+ assertLt(troveManager.baseRate(), 3e10); // Goes down below 3e-8, i.e., below 0.000003%
+ }
 }

contracts/test/BorrowerOperationsTest.js

@@ -3551,8 +3551,8 @@ contract("BorrowerOperations", async (accounts) => {
 
  const baseRateBefore = await troveManager.baseRate();
 
- // Artificially make baseRate 5%
- await troveManager.setBaseRate(dec(5, 16));
+ // Artificially make baseRate 6% (higher than the intital 5%)
+ await troveManager.setBaseRate(dec(6, 16));
  await troveManager.setLastFeeOpTimeToNow();
 
  assert.isTrue((await troveManager.baseRate()).gt(baseRateBefore));