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RAI X UMA Challenge by Reflexer Labs

# Challenge

https://gitcoin.co/issue/reflexer-labs/geb/97/100024834

To build a synthetic asset tracking the Kovan RAI redemption rate movements using UMA.

# Overview

UMA is a fast, flexible, and secure way to create synthetic assets on Ethereum. UMA has defined a novel architecture that enables anyone to create a synth asset that can track virtually anything from stock markets in Iran to gas fees on Ethereum safely and securely.

In this challenge, I created a synth asset RR-RAI-APR21 tracking the RAI redemption rate.

Also, a DApp (a fork of UMAProtocol/emp-tools) to interact with my EMP and manage/create their positions.

https://emp-tools-2391flb9z-ashutoshvarma.vercel.app/

# Solution

Pricing Model

Redemption_Rate is the rate at which RAI is being devalued or revalued, it can therefore be negative as well. It is stored as redemptionRate in OracleRelayer relayer contract. Mathematically,

redemptionRate = Redemption_Rate + 1

Therefore redemptionRate is bound in (0,2) which makes it a sensible candidate to track our synthetic asset. But redemptionRate changes very slowly and is almost constant up to few decimals. For example, these are some consecutive value for redemptionRate :-

0.99999999984948877039244582
0.999999999848547411861463422,     // Starting 10 decimals are almost consatnt
0.999999999848547690004497233.

To mitigate this to some extent we can use annualizedRate which is a scaled version of redemptionRate.

annualizedRate = (redemptionRate) ^ (365 * 12 * 30 * 24 * 3600)

I avoided using complex scaling methods to keep the implementation as simple as possible. (In case of dispute, every UMA shareholder should be able to calculate the correct price without any issue. Also, the same price value should be reproducible across different programming languages like python, bash up to 18 decimals (Wei) in case someone decides to use a different language)

Lastly, to prevent market manipulation due to flash loans and other factors which can make Redemption_Rate volatile for a very short period (which can cause sudden liquidations) so we should take Time Weighted Average Price (TWAP) of annualizedRate.

PriceFeed Implementation

Sources of data :-

RaiRedemptionPriceFeed.js calculates TWAP (8 hours by default) of annualizedRate. While calculating TWAP, timestamp of asset price should be accurate so for that purpose we will use the timestamp of the block in which redemptionRate is changed (or UpdateRedemptionRate event block time).

Since redemptionRate is updated every updateRateDelay (saved in RateSetter) seconds, for Kovan it is 3 Hrs so TWAP length is kept 8 hrs to make sure atleast 2 annualizedRate are used to calculate price. Also sometimes there is a delay of 15min in rate updation ( see https://discord.com/channels/698935373568540753/698936206691401759/818863474364514352 for full discussion).

There can be a delay of about 40-60s (or sometimes more) in indexing new events to subgraph, which can lead to wrong calculation of TWAP as there might be a new price that is not indexed in the subgraph yet, so to prevent this we employ the following logic

PRICES = QUERY_SUBGRAPH()                         // Fetch prices from subgraph (with block number to compute timestamp)

LATEST_SUBGRAPH_TIMESTAMP = PRICES[0].timestamp   // Subgraphs's latest price's (block) timestamp 

NEXT_RATE_UPDATE_TIME = LATEST_SUBGRAPH_TIMESTAMP + UPDATE_RATE_DELAY     // time when rate will be changed by RAI bots

IF CURRENT_TIME > NEXT_RATE_UPDATE_TIME:                                    // If this is true, that means subgraph might not have lastest price indexed.
    LATEST_PRICE = PRICE_FROM_MOST_RECENT_EVENT()                           // Try to get price from latest UpdateRedemptionRate event
    IF LATEST_PRICE && LATEST_PRICE.timestamp > LATEST_SUBGRAPH_TIMESTAMP:  // If price from event is newer than lastest subgraph 
        PRICES.push(LATEST_PRICE)                                           // add to prices list
    END
END

CURRENT_PRICE = TWAP(PRICES)

Why don't just read redemptionRate from OracleRelayer ?

Problem is that we need a timestamp for a given price also in order to calculate the correct TWAP, reading the value from the contract will not give us a timestamp of price.

Code & Tests

The full implementation of price feed with unit tests is contained in the UMA protocol repo's fork. https://github.com/ashutoshvarma/protocol

RaiRedemptionPriceFeed - here

Unit tests - here

Also, default price-feed configuration has been added for bots to work with minimal configuration - eacb633

UMA's Networker class does not support sending POST requests which were necessary in order to query subgraphs. To add support for POST requests I made few small changes to it. Here is the PR UMAprotocol/protocol#2691

# Deployment

An EMP UMA Contract and Token has been deployed to the Kovan test net and a UMA liquidation & disputer bot is configured to use the RaiRedemptionPriceFeed.

Setup Configuration

1. Collateral Currency - RAI

"symbol":           "RAI",
"name":             "Rai Reflex Index"
"address":          "0x76b06a2f6df6f0514e7bec52a9afb3f603b477cd",
"decimals":         18,

Added buy UMA team to AddressWhitelist. through this transaction

2. Price Indentifier Name - RaiRedemptionRate

Added by UMA Team to IdentifierWhitelist through this transaction

2. Synth Token - RR-RAI-APR21

syntheticName:      "RAI Redemption Rate [RR April 2021]", 
syntheticSymbol:    "RR-RAI-APR21",

Token Deployed (by EMP) at https://kovan.etherscan.io/token/0xcac5b5ac9f4af1a4b73a12cd007a64ba4dfa07c2

3. EMP Parameteres

Expiry date:            30/04/2021, 16:30:00 UTC
Price identifier:       RaiRedemptionRate
Collateral requirement: 1.25
Unique sponsors:        1
Minimum sponsor tokens: 100.0 RR-RAI-APR21

(This EMP will expire at the end of April 2021 and synth holders can redeem their token then.)

Deployed at

https://kovan.etherscan.io/address/0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3

While trying to deploy EMP using UMAProject/launch-emp scripts I faced some errors due to incompatibility between the old ganache-CLI version and node 14, I made a small PR for this also ,UMAprotocol/launch-emp#14

# Uniswap Pool - RAI & RR-RAI-APR21

Created the pool and added the initial liquidity to Kovan Uniswap Pool of RAI and RR-RAI-APR21.

https://app.uniswap.org/#/swap?outputCurrency=0xCaC5B5AC9F4af1A4b73a12CD007A64BA4DFa07C2

Pool Address - https://kovan.etherscan.io/address/0xff0ca43fc5444dc464177cbd82419d42db1af761#tokentxns

NOTE:- You might need to import RAI & RR-RAI-APR21 tokens in uniswap in-order to swap.

# LIVE DApp

Live - https://emp-tools-2391flb9z-ashutoshvarma.vercel.app/

Source - https://github.com/ashutoshvarma/emp-tools

A Simple DApp to interact with EMP, manage the position, deposit collateral, redeem synth and view positions or liquidations. (Fork from emp-tools)

Changes made to original emp-tools for supporting RAI EMP contract

  1. Disable DevMining interfaces
  2. Use updated EMP ABI.
  3. Replace Old EMP ABI methods with the updated ones.
  4. Add dummy price config for RR-RAI-APR21 synth. (Its hardcoded to 1 for good approximation as due to time constraints I could'nt deploy price API for this.)

image image image

Since no breaking changes were made to this, no new tests are written. Old tests are still passing by the way.

# Testing the Deployment

(All the interactions with EMP contract is done using the above DApp.)

Preperation

Liquidator Bot Config

Liquidator Address - https://kovan.etherscan.io/address/0xfce1cb7ee0ea8926c2bbcc68d1d927555f9f7256

Added 150 RAI, 100 RR-RAI-APR21, and some ETH to liquidator address (see for more info https://docs.umaproject.org/developers/bots#funding-accounts)

SLACK_WEBHOOK=https://hooks.slack.com/services/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
MNEMONIC=skin moment wagon special donkey excuse brown fruit wall put sunny ecology
EMP_ADDRESS=0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3
COMMAND=yarn truffle exec ./packages/liquidator/index.js --network kovan_mnemonic

Disputer Bot Config

Disputer Address - https://kovan.etherscan.io/address/0x384681B59E798E345dE15D9be9362FC63E00f7f5

Added 150 RAI, 100 RR-RAI-APR21, and some ETH to Disputer address (see for more info https://docs.umaproject.org/developers/bots#funding-accounts)

SLACK_WEBHOOK=https://hooks.slack.com/services/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
MNEMONIC=drip sniff surface alien notice chuckle dash charge claim solid runway arrive
EMP_ADDRESS=0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3
COMMAND=yarn truffle exec ./packages/disputer/index.js --network kovan_mnemonic

1. Minting

A new position is created where 200 RAI is deposited for 100 RR-RAI-APR21

Sponsor - 0x1920F59D3De3cd1753fC677c9d431C99777B9a99

Transcation - https://kovan.etherscan.io/tx/0x717b5c305ab2abbdd29a8cab62a99cbdf66469f1ce6b7de69d310ddd0383ab62

Since asset price is bounded between (0,2) (annualizedRate) this position should be well above 1.25 (minimum CR ratio required).

Current Status - Over Collaterised (No risk of liquidation)

2. Test Run Liquidator Bot - No Liquidations

❯ yarn truffle exec ./packages/liquidator/index.js --network kovan_mnemonic
yarn run v1.22.5
$ /home/oreki_clr/Projects/UMAProject/protocol/node_modules/.bin/truffle exec ./packages/liquidator/index.js --network kovan_mnemonic
Failed to initialize libusb.
Using network 'kovan_mnemonic'.

2021-03-14 14:22:07 [info]: {
  "at": "Liquidator#index",
  "message": "Liquidator started 🌊",
  "financialContractAddress": "0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3",
  "pollingDelay": 60,
  "errorRetries": 3,
  "errorRetriesTimeout": 1,
  "priceFeedConfig": null,
  "liquidatorConfig": {}
}
2021-03-14 14:22:10 [debug]: {
  "at": "createReferencePriceFeedForFinancialContract",
  "message": "Inferred default config from identifier or Financial Contract address",
  "financialContractAddress": "0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3",
  "identifier": "RaiRedemptionRate",
  "defaultConfig": {
    "type": "rairate",
    "rateSetterAddress": "0x0641C280B21A31daf1518a91A68Ad396EcC6f2f0",
    "raiSubgraphUrl": "https://subgraph-kovan.reflexer.finance/subgraphs/name/reflexer-labs/rai",
    "updateRateDelay": 10800,
    "twapLength": 28800,
    "historicalLookback": 28800,
    "priceFeedDecimals": 18
  }
}
2021-03-14 14:22:11 [debug]: {
  "at": "createPriceFeed",
  "message": "Creating RAIRedemptionRatePriceFeed",
  "config": {
    "type": "rairate",
    "rateSetterAddress": "0x0641C280B21A31daf1518a91A68Ad396EcC6f2f0",
    "raiSubgraphUrl": "https://subgraph-kovan.reflexer.finance/subgraphs/name/reflexer-labs/rai",
    "updateRateDelay": 10800,
    "twapLength": 28800,
    "historicalLookback": 28800,
    "priceFeedDecimals": 18,
    "lookback": 7200
  }
}
2021-03-14 14:22:11 [debug]: {
  "at": "GasEstimator",
  "message": "Gas estimator updated",
  "lastUpdateTimestamp": 1615731731,
  "currentFastPriceGwei": 144
}
2021-03-14 14:22:11 [debug]: {
  "at": "Liquidator#index",
  "message": "Liquidator initialized",
  "collateralDecimals": 18,
  "syntheticDecimals": 18,
  "priceFeedDecimals": 18,
  "priceFeedConfig": null,
  "liquidatorConfig": {
    "contractVersion": "latest",
    "contractType": "ExpiringMultiParty"
  }
}
2021-03-14 14:22:19 [info]: {
  "at": "Liquidator#index",
  "message": "Approved Financial Contract to transfer unlimited synthetic tokens 💰",
  "syntheticApprovalTx": "0xa49bbc4a76ac56c4e6e6f89bd24f371a9a9a29d5f01a8c1ac142e56aa1d6bfdf"
}
2021-03-14 14:22:20 [debug]: {
  "at": "GasEstimator",
  "message": "Gas estimator update skipped",
  "currentTime": 1615731740,
  "lastUpdateTimestamp": 1615731731,
  "currentFastPriceGwei": 144,
  "timeRemainingUntilUpdate": 51
}
2021-03-14 14:22:21 [debug]: {
  "at": "FinancialContractClient",
  "message": "Financial Contract state updated",
  "lastUpdateTimestamp": "1615731740"
}
2021-03-14 14:22:21 [debug]: {
  "at": "Liquidator",
  "message": "Checking for liquidatable positions and preforming liquidations"
}
2021-03-14 14:22:21 [debug]: {
  "at": "Liquidator",
  "message": "Checking for under collateralized positions",
  "liquidatorOverridePrice": null,
  "latestCumulativeFundingRateMultiplier": "de0b6b3a7640000",
  "inputPrice": "999999999988988357",
  "scaledPrice": "979999999989208589",
  "financialContractCRRatio": "1250000000000000000",
  "maxCollateralPerToken": "1224999999986510736",
  "crThreshold": 0.02
}
2021-03-14 14:22:21 [debug]: {
  "at": "Liquidator",
  "message": "No undercollateralized position"
}
2021-03-14 14:22:21 [debug]: {
  "at": "Liquidator",
  "message": "Checking for expired and disputed liquidations to withdraw rewards from"
}
2021-03-14 14:22:21 [debug]: {
  "at": "Liquidator",
  "message": "No withdrawable liquidations"
}
2021-03-14 14:22:21 [debug]: {
  "at": "Liquidator#index",
  "message": "End of execution loop - waiting polling delay",
  "pollingDelay": "60 (s)"
}

3. Forced Collateral Withdrawl

Withdrawing large amount of collateral can cause our position to under collateralized. Since DApp won't allow such transactions to happen we will have to use etherscan write contract feature for this

We will use the requestWithdrawal method to withdraw 100 RAI to make our position under collateralized for testing.

Withdrawl request Transaction - https://kovan.etherscan.io/tx/0x6bc2a7ebfb63b359d9e34626739e6185f450772974d65a509e21f440fc246ff1

Current Status - Under Collaterised (risk of liquidation)

4. Test Run Liquidator Bot - Should Liquidate Postion

❯ yarn truffle exec ./packages/liquidator/index.js --network kovan_mnemonic
yarn run v1.22.5
$ /home/oreki_clr/Projects/UMAProject/protocol/node_modules/.bin/truffle exec ./packages/liquidator/index.js --network kovan_mnemonic
Failed to initialize libusb.
Using network 'kovan_mnemonic'.

2021-03-14 14:29:28 [info]: {
  "at": "Liquidator#index",
  "message": "Liquidator started 🌊",
  "financialContractAddress": "0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3",
  "pollingDelay": 60,
  "errorRetries": 3,
  "errorRetriesTimeout": 1,
  "priceFeedConfig": null,
  "liquidatorConfig": {}
}
2021-03-14 14:29:34 [debug]: {
  "at": "createReferencePriceFeedForFinancialContract",
  "message": "Inferred default config from identifier or Financial Contract address",
  "financialContractAddress": "0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3",
  "identifier": "RaiRedemptionRate",
  "defaultConfig": {
    "type": "rairate",
    "rateSetterAddress": "0x0641C280B21A31daf1518a91A68Ad396EcC6f2f0",
    "raiSubgraphUrl": "https://subgraph-kovan.reflexer.finance/subgraphs/name/reflexer-labs/rai",
    "updateRateDelay": 10800,
    "twapLength": 28800,
    "historicalLookback": 28800,
    "priceFeedDecimals": 18
  }
}
2021-03-14 14:29:34 [debug]: {
  "at": "createPriceFeed",
  "message": "Creating RAIRedemptionRatePriceFeed",
  "config": {
    "type": "rairate",
    "rateSetterAddress": "0x0641C280B21A31daf1518a91A68Ad396EcC6f2f0",
    "raiSubgraphUrl": "https://subgraph-kovan.reflexer.finance/subgraphs/name/reflexer-labs/rai",
    "updateRateDelay": 10800,
    "twapLength": 28800,
    "historicalLookback": 28800,
    "priceFeedDecimals": 18,
    "lookback": 7200
  }
}
2021-03-14 14:29:34 [debug]: {
  "at": "GasEstimator",
  "message": "Gas estimator updated",
  "lastUpdateTimestamp": 1615732174,
  "currentFastPriceGwei": 144
}
2021-03-14 14:29:34 [debug]: {
  "at": "Liquidator#index",
  "message": "Liquidator initialized",
  "collateralDecimals": 18,
  "syntheticDecimals": 18,
  "priceFeedDecimals": 18,
  "priceFeedConfig": null,
  "liquidatorConfig": {
    "contractVersion": "latest",
    "contractType": "ExpiringMultiParty"
  }
}
2021-03-14 14:29:35 [debug]: {
  "at": "GasEstimator",
  "message": "Gas estimator update skipped",
  "currentTime": 1615732175,
  "lastUpdateTimestamp": 1615732174,
  "currentFastPriceGwei": 144,
  "timeRemainingUntilUpdate": 59
}
2021-03-14 14:29:36 [debug]: {
  "at": "FinancialContractClient",
  "message": "Financial Contract state updated",
  "lastUpdateTimestamp": "1615732172"
}
2021-03-14 14:29:37 [debug]: {
  "at": "Liquidator",
  "message": "Checking for liquidatable positions and preforming liquidations"
}
2021-03-14 14:29:37 [debug]: {
  "at": "Liquidator",
  "message": "Checking for under collateralized positions",
  "liquidatorOverridePrice": null,
  "latestCumulativeFundingRateMultiplier": "de0b6b3a7640000",
  "inputPrice": "999999999988993697",
  "scaledPrice": "979999999989213823",
  "financialContractCRRatio": "1250000000000000000",
  "maxCollateralPerToken": "1224999999986517278",
  "crThreshold": 0.02
}
2021-03-14 14:29:37 [debug]: {
  "at": "Liquidator",
  "message": "Detected a liquidatable position",
  "scaledPrice": "979999999989213823",
  "maxCollateralPerToken": "1224999999986517278",
  "position": {
    "sponsor": "0x1920F59D3De3cd1753fC677c9d431C99777B9a99",
    "withdrawalRequestPassTimestamp": "1615739248",
    "withdrawalRequestAmount": "100000000000000000000",
    "numTokens": "100000000000000000000",
    "amountCollateral": "200000000000000000000",
    "hasPendingWithdrawal": true
  }
}
2021-03-14 14:29:37 [debug]: {
  "at": "Liquidator",
  "message": "Liquidating position",
  "position": {
    "sponsor": "0x1920F59D3De3cd1753fC677c9d431C99777B9a99",
    "withdrawalRequestPassTimestamp": "1615739248",
    "withdrawalRequestAmount": "100000000000000000000",
    "numTokens": "100000000000000000000",
    "amountCollateral": "200000000000000000000",
    "hasPendingWithdrawal": true
  },
  "inputPrice": "979999999989213823",
  "minLiquidationPrice": "0",
  "maxLiquidationPrice": "1224999999986517278",
  "tokensToLiquidate": "100000000000000000000",
  "txnConfig": {
    "from": "0xfce1cb7EE0Ea8926c2BbCc68D1D927555F9f7256",
    "gas": 522288,
    "gasPrice": 144000000000
  }
}
2021-03-14 14:29:48 [info]: {
  "at": "Liquidator",
  "message": "Position has been liquidated!🔫",
  "position": {
    "sponsor": "0x1920F59D3De3cd1753fC677c9d431C99777B9a99",
    "withdrawalRequestPassTimestamp": "1615739248",
    "withdrawalRequestAmount": "100000000000000000000",
    "numTokens": "100000000000000000000",
    "amountCollateral": "200000000000000000000",
    "hasPendingWithdrawal": true
  },
  "inputPrice": "979999999989213823",
  "txnConfig": {
    "from": "0xfce1cb7EE0Ea8926c2BbCc68D1D927555F9f7256",
    "gas": 522288,
    "gasPrice": 144000000000
  },
  "liquidationResult": {
    "tx": "0x14524acc9991903527f7ae71864143ec3156f55ef4981f702a0b693aafe4bc13",
    "sponsor": "0x1920F59D3De3cd1753fC677c9d431C99777B9a99",
    "liquidator": "0xfce1cb7EE0Ea8926c2BbCc68D1D927555F9f7256",
    "liquidationId": "0",
    "tokensOutstanding": "100000000000000000000",
    "lockedCollateral": "200000000000000000000",
    "liquidatedCollateral": "100000000000000000000"
  }
}
2021-03-14 14:29:48 [debug]: {
  "at": "Liquidator",
  "message": "Checking for expired and disputed liquidations to withdraw rewards from"
}
2021-03-14 14:29:48 [debug]: {
  "at": "Liquidator",
  "message": "No withdrawable liquidations"
}
2021-03-14 14:29:48 [debug]: {
  "at": "Liquidator#index",
  "message": "End of execution loop - waiting polling delay",
  "pollingDelay": "60 (s)"
}

After liquidation is complete user can see this in DApp also.

image

5. Test Run Disputer Bot - Should Not Dispute

❯ yarn truffle exec ./packages/disputer/index.js --network kovan_mnemonic
yarn run v1.22.5
$ /home/oreki_clr/Projects/UMAProject/protocol/node_modules/.bin/truffle exec ./packages/disputer/index.js --network kovan_mnemonic
Failed to initialize libusb.
Using network 'kovan_mnemonic'.

2021-03-14 14:31:45 [info]: {
  "at": "Disputer#index",
  "message": "Disputer started🔎",
  "financialContractAddress": "0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3",
  "pollingDelay": 60,
  "errorRetries": 3,
  "errorRetriesTimeout": 1,
  "priceFeedConfig": null,
  "disputerConfig": null
}
2021-03-14 14:31:46 [debug]: {
  "at": "createReferencePriceFeedForFinancialContract",
  "message": "Inferred default config from identifier or Financial Contract address",
  "financialContractAddress": "0x08eA186755Ad743897c00AAfaEF7Fb9A7EcE8cf3",
  "identifier": "RaiRedemptionRate",
  "defaultConfig": {
    "type": "rairate",
    "rateSetterAddress": "0x0641C280B21A31daf1518a91A68Ad396EcC6f2f0",
    "raiSubgraphUrl": "https://subgraph-kovan.reflexer.finance/subgraphs/name/reflexer-labs/rai",
    "updateRateDelay": 10800,
    "twapLength": 28800,
    "historicalLookback": 28800,
    "priceFeedDecimals": 18
  }
}
2021-03-14 14:31:47 [debug]: {
  "at": "createPriceFeed",
  "message": "Creating RAIRedemptionRatePriceFeed",
  "config": {
    "type": "rairate",
    "rateSetterAddress": "0x0641C280B21A31daf1518a91A68Ad396EcC6f2f0",
    "raiSubgraphUrl": "https://subgraph-kovan.reflexer.finance/subgraphs/name/reflexer-labs/rai",
    "updateRateDelay": 10800,
    "twapLength": 28800,
    "historicalLookback": 28800,
    "priceFeedDecimals": 18,
    "lookback": 7200
  }
}
2021-03-14 14:31:47 [debug]: {
  "at": "GasEstimator",
  "message": "Gas estimator updated",
  "lastUpdateTimestamp": 1615732307,
  "currentFastPriceGwei": 144
}
2021-03-14 14:31:47 [debug]: {
  "at": "Disputer#index",
  "message": "Disputer initialized",
  "collateralDecimals": 18,
  "syntheticDecimals": 18,
  "priceFeedDecimals": 18,
  "priceFeedConfig": null,
  "disputerConfig": {
    "contractVersion": "latest",
    "contractType": "ExpiringMultiParty"
  }
}
2021-03-14 14:31:47 [debug]: {
  "at": "GasEstimator",
  "message": "Gas estimator update skipped",
  "currentTime": 1615732307,
  "lastUpdateTimestamp": 1615732307,
  "currentFastPriceGwei": 144,
  "timeRemainingUntilUpdate": 60
}
2021-03-14 14:31:49 [debug]: {
  "at": "FinancialContractClient",
  "message": "Financial Contract state updated",
  "lastUpdateTimestamp": "1615732304"
}
2021-03-14 14:31:49 [debug]: {
  "at": "Disputer",
  "message": "Checking for any disputable liquidations"
}
2021-03-14 14:31:49 [debug]: {
  "at": "Disputer",
  "message": "No disputable liquidations"
}
2021-03-14 14:31:49 [debug]: {
  "at": "Disputer",
  "message": "Checking for disputed liquidations that may have resolved"
}
2021-03-14 14:31:49 [debug]: {
  "at": "Disputer",
  "message": "No withdrawable disputes"
}
2021-03-14 14:31:49 [debug]: {
  "at": "Disputer#index",
  "message": "End of execution loop - waiting polling delay",
  "pollingDelay": "60 (s)"
}


 # Refrence

RAI

UMA

Setup and Minting a Synthetic token

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