PegKeeperV1
Concept of PegKeepers¶
PegKeepers are contracts that help stabilize the peg of crvUSD. Each Keeper is allocated a specific amount of crvUSD to secure the peg. The DAO decides this balance and can be raised or lowered by calling set_debt_ceiling() in the Factory.
The underlying actions of the PegKeepers can be divided into two actions, which get executed when calling update():
-
crvUSD price > 1: The PegKeeper mints and deposits crvUSD single-sidedly into the pool to which it is "linked", and receives LP tokens in exchange. This increases the balance of crvUSD in the pool and therefore decreases the price.
It is important to note that the LP tokens are not staked in the gauge (if there is one). Thus, the PegKeeper does not receive CRV emissions. -
crvUSD price < 1: If PegKeepers hold a balance of the corresponding LP token, they can single-sidedly withdraw crvUSD from the liquidity pool and burn it. This action reduces the supply of crvUSD in the pool and should subsequently increase its price.
Note
PegKeepers do not actually mint or burn crvUSD tokens. They have a defined allocated balance of crvUSD tokens that they can use for deposits. It is important to note that PegKeepers cannot do anything else apart from depositing and withdrawing. Therefore, crvUSD token balances of the PegKeepers that are not deposited into a pool may not be counted as circulating supply, although technically they are.
Contract Source & Deployment
Source code for this contract is available on Github.
| PegKeepers | Deployment Address |
|---|---|
PegKeeper for crvUSD/USDC | 0xaA346781dDD7009caa644A4980f044C50cD2ae22 |
PegKeeper for crvUSD/USDT | 0xE7cd2b4EB1d98CD6a4A48B6071D46401Ac7DC5C8 |
PegKeeper for crvUSD/USDP | 0x6B765d07cf966c745B340AdCa67749fE75B5c345 |
PegKeeper for crvUSD/TUSD | 0x1ef89Ed0eDd93D1EC09E4c07373f69C49f4dcCae |
Stabilisation Method¶
The most important function in the PegKeeper contract is the update() function. When invoked, the PegKeeper either mints and single-sidedly deposits crvUSD into the StableSwap pool, or it withdraws crvUSD from the pool by redeeming the LP tokens received from previous deposits.
-
Deposit and Mint: This mechanism is triggered when the price of crvUSD > 1. Minting and depositing into the pool will increase the crvUSD supply and decrease its price. The LP tokens that the PegKeeper receives when depositing crvUSD into the pool are not staked in the gauge (if the pool has one), which means the PegKeeper does not receive CRV inflation rewards.
-
Withdraw and Burn: This mechanism is triggered when the price of crvUSD < 1. By withdrawing crvUSD from the pool, the supply of crvUSD decreases, which increases its price.
PegKeepers have unlimited approval for the liquidity pool, allowing them to deposit and withdraw crvUSD.
update¶
PegKeeper.update(_beneficiary: address = msg.sender) -> uint256:
Function to either mint and deposit or withdraw and burn based on the balances within the pools.
A share (caller_share) of the generated profit will be awarded to the function's caller. By default, this is set to msg.sender, but there is also the possibility to input a _beneficiary address to which the rewards will be sent.
Returns: caller profit (uint256).
Emits: Provide or Withdraw
Note
There is an ACTION_DELAY of 15 minutes before calling the function again.
Source code: Mint and Deposit
event Provide:
amount: uint256
@external
@nonpayable
def update(_beneficiary: address = msg.sender) -> uint256:
"""
@notice Provide or withdraw coins from the pool to stabilize it
@param _beneficiary Beneficiary address
@return Amount of profit received by beneficiary
"""
if self.last_change + ACTION_DELAY > block.timestamp:
return 0
balance_pegged: uint256 = POOL.balances(I)
balance_peg: uint256 = POOL.balances(1 - I) * PEG_MUL
initial_profit: uint256 = self._calc_profit()
p_agg: uint256 = AGGREGATOR.price() # Current USD per stablecoin
# Checking the balance will ensure no-loss of the stabilizer, but to ensure stabilization
# we need to exclude "bad" p_agg, so we add an extra check for it
if balance_peg > balance_pegged:
assert p_agg >= 10**18
self._provide((balance_peg - balance_pegged) / 5) # this dumps stablecoin
else:
assert p_agg <= 10**18
self._withdraw((balance_pegged - balance_peg) / 5) # this pumps stablecoin
# Send generated profit
new_profit: uint256 = self._calc_profit()
assert new_profit >= initial_profit, "peg unprofitable"
lp_amount: uint256 = new_profit - initial_profit
caller_profit: uint256 = lp_amount * self.caller_share / SHARE_PRECISION
if caller_profit > 0:
POOL.transfer(_beneficiary, caller_profit)
return caller_profit
@internal
def _provide(_amount: uint256):
# We already have all reserves here
# ERC20(PEGGED).mint(self, _amount)
if _amount == 0:
return
amounts: uint256[2] = empty(uint256[2])
amounts[I] = _amount
POOL.add_liquidity(amounts, 0)
self.last_change = block.timestamp
self.debt += _amount
log Provide(_amount)
Source code: Withdraw and Burn
event Withdraw:
amount: uint256
@external
@nonpayable
def update(_beneficiary: address = msg.sender) -> uint256:
"""
@notice Provide or withdraw coins from the pool to stabilize it
@param _beneficiary Beneficiary address
@return Amount of profit received by beneficiary
"""
if self.last_change + ACTION_DELAY > block.timestamp:
return 0
balance_pegged: uint256 = POOL.balances(I)
balance_peg: uint256 = POOL.balances(1 - I) * PEG_MUL
initial_profit: uint256 = self._calc_profit()
p_agg: uint256 = AGGREGATOR.price() # Current USD per stablecoin
# Checking the balance will ensure no-loss of the stabilizer, but to ensure stabilization
# we need to exclude "bad" p_agg, so we add an extra check for it
if balance_peg > balance_pegged:
assert p_agg >= 10**18
self._provide((balance_peg - balance_pegged) / 5) # this dumps stablecoin
else:
assert p_agg <= 10**18
self._withdraw((balance_pegged - balance_peg) / 5) # this pumps stablecoin
# Send generated profit
new_profit: uint256 = self._calc_profit()
assert new_profit >= initial_profit, "peg unprofitable"
lp_amount: uint256 = new_profit - initial_profit
caller_profit: uint256 = lp_amount * self.caller_share / SHARE_PRECISION
if caller_profit > 0:
POOL.transfer(_beneficiary, caller_profit)
return caller_profit
@internal
def _withdraw(_amount: uint256):
if _amount == 0:
return
debt: uint256 = self.debt
amount: uint256 = min(_amount, debt)
amounts: uint256[2] = empty(uint256[2])
amounts[I] = amount
POOL.remove_liquidity_imbalance(amounts, max_value(uint256))
self.last_change = block.timestamp
self.debt -= amount
log Withdraw(amount)
last_change¶
PegKeeper.last_change() -> uint256: view
Function which retrieves the timestamp of when the balances of the PegKeeper were last altered. This variable is updated each time update() (_provide or _withdraw) is called. This variable is of importance for update(), as there is a mandatory delay of 15 * 60 seconds before the function can be called again.
Returns: timestamp (uint256).
Calculating and Withdrawing Profits¶
calc_profit¶
PegKeeper.calc_profit() -> uint256:
Function to calculate the generated profit in LP tokens.
Returns: generated profit (uint256).
Source code
PRECISION: constant(uint256) = 10 ** 18
# Calculation error for profit
PROFIT_THRESHOLD: constant(uint256) = 10 ** 18
@internal
@view
def _calc_profit() -> uint256:
lp_balance: uint256 = POOL.balanceOf(self)
virtual_price: uint256 = POOL.get_virtual_price()
lp_debt: uint256 = self.debt * PRECISION / virtual_price + PROFIT_THRESHOLD
if lp_balance <= lp_debt:
return 0
else:
return lp_balance - lp_debt
@external
@view
def calc_profit() -> uint256:
"""
@notice Calculate generated profit in LP tokens
@return Amount of generated profit
"""
return self._calc_profit()
estimate_caller_profit¶
PegKeeper.estimate_caller_profit() -> uint256:
Function to estimate the profit from calling update(). The caller of the function will receive 20% of the total profits.
Returns: expected amount of profit going to the caller (uint256).
Warning
Please note that this method provides an estimate and may not reflect the precise profit. The actual profit tends to be higher due to the increasing virtual price of the LP token.
Source code
ACTION_DELAY: constant(uint256) = 15 * 60
@external
@view
def estimate_caller_profit() -> uint256:
"""
@notice Estimate profit from calling update()
@dev This method is not precise, real profit is always more because of increasing virtual price
@return Expected amount of profit going to beneficiary
"""
if self.last_change + ACTION_DELAY > block.timestamp:
return 0
balance_pegged: uint256 = POOL.balances(I)
balance_peg: uint256 = POOL.balances(1 - I) * PEG_MUL
initial_profit: uint256 = self._calc_profit()
p_agg: uint256 = AGGREGATOR.price() # Current USD per stablecoin
# Checking the balance will ensure no-loss of the stabilizer, but to ensure stabilization
# we need to exclude "bad" p_agg, so we add an extra check for it
new_profit: uint256 = 0
if balance_peg > balance_pegged:
if p_agg < 10**18:
return 0
new_profit = self._calc_future_profit((balance_peg - balance_pegged) / 5, True) # this dumps stablecoin
else:
if p_agg > 10**18:
return 0
new_profit = self._calc_future_profit((balance_pegged - balance_peg) / 5, False) # this pumps stablecoin
if new_profit < initial_profit:
return 0
lp_amount: uint256 = new_profit - initial_profit
return lp_amount * self.caller_share / SHARE_PRECISION
caller_share¶
PegKeeper.caller_share() -> uint256: view
Getter for the caller share which is the share of the profit generated when calling the update() function. The share is intended to incentivize the call of the function. The precision of the variable is set to \(10^5\).
Returns: caller share (uint256).
Source code
SHARE_PRECISION: constant(uint256) = 10 ** 5
caller_share: public(uint256)
@external
def __init__(_pool: CurvePool, _index: uint256, _receiver: address, _caller_share: uint256, _factory: address, _aggregator: StableAggregator, _admin: address):
"""
@notice Contract constructor
@param _pool Contract pool address
@param _index Index of the pegged
@param _receiver Receiver of the profit
@param _caller_share Caller's share of profit
@param _factory Factory which should be able to take coins away
@param _aggregator Price aggregator which shows the price of pegged in real "dollars"
@param _admin Admin account
"""
assert _index < 2
POOL = _pool
I = _index
pegged: address = _pool.coins(_index)
PEGGED = pegged
ERC20(pegged).approve(_pool.address, max_value(uint256))
ERC20(pegged).approve(_factory, max_value(uint256))
PEG_MUL = 10 ** (18 - ERC20(_pool.coins(1 - _index)).decimals())
self.admin = _admin
assert _receiver != empty(address)
self.receiver = _receiver
log ApplyNewAdmin(msg.sender)
log ApplyNewReceiver(_receiver)
assert _caller_share <= SHARE_PRECISION # dev: bad part value
self.caller_share = _caller_share
log SetNewCallerShare(_caller_share)
FACTORY = _factory
AGGREGATOR = _aggregator
IS_INVERSE = (_index == 0)
set_new_caller_share¶
PegKeeper.set_new_caller_share(_new_caller_share: uint256):
Guarded Method
This function is only callable by the admin of the contract.
Function to set the caller share to _new_caller_share.
Emits: SetNewCallerShare
| Input | Type | Description |
|---|---|---|
_new_caller_share | uint256 | New caller share |
Source code
event SetNewCallerShare:
caller_share: uint256
SHARE_PRECISION: constant(uint256) = 10 ** 5
caller_share: public(uint256)
@external
@nonpayable
def set_new_caller_share(_new_caller_share: uint256):
"""
@notice Set new update caller's part
@param _new_caller_share Part with SHARE_PRECISION
"""
assert msg.sender == self.admin # dev: only admin
assert _new_caller_share <= SHARE_PRECISION # dev: bad part value
self.caller_share = _new_caller_share
log SetNewCallerShare(_new_caller_share)
withdraw_profit¶
PegKeeper.withdraw_profit() -> uint256:
Function to withdraw the profit generated by the PegKeeper.
Returns: amount of LP tokens (uint256).
Emits: Profit
Source code
event Profit:
lp_amount: uint256
@external
@nonpayable
def withdraw_profit() -> uint256:
"""
@notice Withdraw profit generated by Peg Keeper
@return Amount of LP Token received
"""
lp_amount: uint256 = self._calc_profit()
POOL.transfer(self.receiver, lp_amount)
log Profit(lp_amount)
return lp_amount
Admin and Receiver¶
PegKeepers have an admin and a receiver. Both of these variables can be changed by calling the respective admin-guarded functions, but such changes must first be approved by a DAO vote.
After approval, the newly designated admin or receiver is required to apply these changes within a timeframe of 3 * 86400 seconds, which equates to a timespan of three days. Should there be an attempt to implement these changes after this period, the function will revert.
admin¶
PegKeeper.admin() -> address: view
Getter for the admin of the PegKeeper.
Returns: admin (address).
Source code
admin: public(address)
@external
def __init__(_pool: CurvePool, _index: uint256, _receiver: address, _caller_share: uint256, _factory: address, _aggregator: StableAggregator, _admin: address):
"""
@notice Contract constructor
@param _pool Contract pool address
@param _index Index of the pegged
@param _receiver Receiver of the profit
@param _caller_share Caller's share of profit
@param _factory Factory which should be able to take coins away
@param _aggregator Price aggregator which shows the price of pegged in real "dollars"
@param _admin Admin account
"""
...
self.admin = _admin
...
future_admin¶
PegKeeper.future_admin() -> address: view
Getter for the future admin of the PegKeeper.
Returns: future admin (address).
commit_new_admin¶
PegKeeper.commit_new_admin(_new_admin: address):
Guarded Method
This function is only callable by the admin of the contract.
Function to commit a new admin.
Emits: CommitNewAdmin
| Input | Type | Description |
|---|---|---|
_new_admin | address | new admin address |
Source code
event CommitNewAdmin:
admin: address
@external
@nonpayable
def commit_new_admin(_new_admin: address):
"""
@notice Commit new admin of the Peg Keeper
@param _new_admin Address of the new admin
"""
assert msg.sender == self.admin # dev: only admin
assert self.new_admin_deadline == 0 # dev: active action
deadline: uint256 = block.timestamp + ADMIN_ACTIONS_DELAY
self.new_admin_deadline = deadline
self.future_admin = _new_admin
log CommitNewAdmin(_new_admin)
apply_new_admin¶
PegKeeper.apply_new_admin():
Guarded Method
This function is only callable by the future_admin of the contract.
Function to apply the new admin of the PegKeeper.
Emits: ApplyNewAdmin
Source code
event ApplyNewAdmin:
admin: address
@external
@nonpayable
def apply_new_admin():
"""
@notice Apply new admin of the Peg Keeper
@dev Should be executed from new admin
"""
new_admin: address = self.future_admin
assert msg.sender == new_admin # dev: only new admin
assert block.timestamp >= self.new_admin_deadline # dev: insufficient time
assert self.new_admin_deadline != 0 # dev: no active action
self.admin = new_admin
self.new_admin_deadline = 0
log ApplyNewAdmin(new_admin)
new_admin_deadline¶
PegKeeper.new_admin_deadline() -> uint256: view
Getter for the timestamp indicating the deadline by which the future_admin can apply the admin change. Once the deadline is over, the address will no longer be able to apply the changes. The deadline is set for a timeperiod of three days.
Returns: timestamp (uint256).
receiver¶
PegKeeper.receiver() -> address: view
Getter for the receiver of the PegKeeper's profits.
Returns: receiver (address).
Source code
receiver: public(address)
@external
def __init__(_pool: CurvePool, _index: uint256, _receiver: address, _caller_share: uint256, _factory: address, _aggregator: StableAggregator, _admin: address):
"""
@notice Contract constructor
@param _pool Contract pool address
@param _index Index of the pegged
@param _receiver Receiver of the profit
@param _caller_share Caller's share of profit
@param _factory Factory which should be able to take coins away
@param _aggregator Price aggregator which shows the price pegged in real "dollars"
@param _admin Admin account
"""
...
assert _receiver != empty(address)
self.receiver = _receiver
...
future_receiver¶
PegKeeper.future_receiver() -> address: view
Getter for the future receiver of the PegKeeper's profit.
Returns: future receiver (address).
commit_new_receiver¶
PegKeeper.commit_new_receiver(_new_receiver: address):
Guarded Method
This function is only callable by the admin of the contract.
Function to commit a new receiver address.
Emits: CommitNewReceiver
| Input | Type | Description |
|---|---|---|
_new_receiver | address | new receiver address |
Source code
event CommitNewReceiver:
receiver: address
@external
@nonpayable
def commit_new_receiver(_new_receiver: address):
"""
@notice Commit new receiver of profit
@param _new_receiver Address of the new receiver
"""
assert msg.sender == self.admin # dev: only admin
assert self.new_receiver_deadline == 0 # dev: active action
deadline: uint256 = block.timestamp + ADMIN_ACTIONS_DELAY
self.new_receiver_deadline = deadline
self.future_receiver = _new_receiver
log CommitNewReceiver(_new_receiver)
apply_new_receiver¶
PegKeeper.apply_new_receiver():
Function to apply the new receiver address of the PegKeeper's profit.
Emits: ApplyNewReceiver
Source code
event ApplyNewReceiver:
receiver: address
@external
@nonpayable
def apply_new_receiver():
"""
@notice Apply new receiver of profit
"""
assert block.timestamp >= self.new_receiver_deadline # dev: insufficient time
assert self.new_receiver_deadline != 0 # dev: no active action
new_receiver: address = self.future_receiver
self.receiver = new_receiver
self.new_receiver_deadline = 0
log ApplyNewReceiver(new_receiver)
new_receiver_deadline¶
PegKeeper.new_receiver_deadline() -> uint256: view
Getter for the timestamp indicating the deadline by which the future_receiver can apply the receiver change. Once the deadline is over, the address will no longer be able to apply the changes. The deadline is set for a timeperiod of three days.
Returns: timestamp (uint256).
revert_new_option¶
PegKeeper.revert_new_options():
Guarded Method
This function is only callable by the admin of the contract.
Function to revert admin or receiver changes. Calling this function sets the admin and receiver deadline back to 0 and emits ApplyNewAdmin and ApplyNewReceiver events to revert the changes.
Emits: ApplyNewAdmin and ApplyNewReceiver
Source code
event ApplyNewReceiver:
receiver: address
event ApplyNewAdmin:
admin: address
@external
@nonpayable
def revert_new_options():
"""
@notice Revert new admin of the Peg Keeper or new receiver
@dev Should be executed from admin
"""
assert msg.sender == self.admin # dev: only admin
self.new_admin_deadline = 0
self.new_receiver_deadline = 0
log ApplyNewAdmin(self.admin)
log ApplyNewReceiver(self.receiver)
Contract Info Methods¶
debt¶
PegKeeper.debt() -> uint256: view
Getter for the crvUSD debt of the PegKeeper. When the PegKeeper deposits crvUSD into the pool, the debt is incremented by the deposited amount. Conversely, if the PegKeeper withdraws, the debt is reduced by the withdrawn amount. debt is used to calculate the DebtFraction of the PegKeepers.
Returns: debt (uint256).
FACTORY¶
PegKeeper.FACTORY() -> address: view
Getter for the address of the factory contract.
Returns: factory contract (address).
Source code
FACTORY: immutable(address)
@external
def __init__(_pool: CurvePool, _index: uint256, _receiver: address, _caller_share: uint256, _factory: address, _aggregator: StableAggregator, _admin: address):
"""
@notice Contract constructor
@param _pool Contract pool address
@param _index Index of the pegged
@param _receiver Receiver of the profit
@param _caller_share Caller's share of profit
@param _factory Factory which should be able to take coins away
@param _aggregator Price aggregator which shows the price of pegged in real "dollars"
@param _admin Admin account
"""
...
FACTORY = _factory
...
PEGGED¶
PegKeeper.PEGGED() -> address: view
Getter for the address of the pegged token (crvUSD). Pegged asset is determined by the index of the token in the corresponding pool. Index value is stored in I.
Returns: pegged token contract (address).
Source code
PEGGED: immutable(address)
@external
def __init__(_pool: CurvePool, _index: uint256, _receiver: address, _caller_share: uint256, _factory: address, _aggregator: StableAggregator, _admin: address):
"""
@notice Contract constructor
@param _pool Contract pool address
@param _index Index of the pegged
@param _receiver Receiver of the profit
@param _caller_share Caller's share of profit
@param _factory Factory which should be able to take coins away
@param _aggregator Price aggregator which shows the price of pegged in real "dollars"
@param _admin Admin account
"""
...
PEGGED = pegged
...
POOL¶
PegKeeper.POOL() -> address: view
Getter for the pool contract address in which the PegKeeper deposits and withdraws.
Returns: pool contract (address).
Source code
POOL: immutable(CurvePool)
@external
def __init__(_pool: CurvePool, _index: uint256, _receiver: address, _caller_share: uint256, _factory: address, _aggregator: StableAggregator, _admin: address):
"""
@notice Contract constructor
@param _pool Contract pool address
@param _index Index of the pegged
@param _receiver Receiver of the profit
@param _caller_share Caller's share of profit
@param _factory Factory which should be able to take coins away
@param _aggregator Price aggregator which shows the price of pegged in real "dollars"
@param _admin Admin account
"""
...
POOL = _pool
...
AGGREGATOR¶
PegKeeper.AGGREGATOR() -> address: view
Getter for the price aggregator contract for crvUSD. This contract is used to determine the value of crvUSD.
Returns: price aggregator contract (address).
Source code
AGGREGATOR: immutable(StableAggregator)
@external
def __init__(_pool: CurvePool, _index: uint256, _receiver: address, _caller_share: uint256, _factory: address, _aggregator: StableAggregator, _admin: address):
"""
@notice Contract constructor
@param _pool Contract pool address
@param _index Index of the pegged
@param _receiver Receiver of the profit
@param _caller_share Caller's share of profit
@param _factory Factory which should be able to take coins away
@param _aggregator Price aggregator which shows the price of pegged in real "dollars"
@param _admin Admin account
"""
...
AGGREGATOR = _aggregator
...