Update DAIInterestRateModel to v4 (fixes #230) #231
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MathisGD
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Dec 22, 2022
contracts/DAIInterestRateModelV4.sol
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| * @param owner_ The address of the owner, i.e. the Timelock contract (which has the ability to update parameters directly) | ||
| */ | ||
| constructor(uint jumpMultiplierPerYear, uint kink_, address pot_, address jug_, address owner_) JumpRateModelV2(0, 0, jumpMultiplierPerYear, kink_, owner_) public { | ||
| gapPerBlock = 4e16 / blocksPerYear; |
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I think that the gap should be discussed.
ETH-B stability fee + 4% = 7%, vs 5.13% at the moment.
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I don't think I get this. Should we discuss this in the governance forum?
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I meant that there is no real reason why we would keep the same as before. @monnet-supply proposed some parameters here, for example: https://www.comp.xyz/t/compound-dsr-proposal/3856/7?u=mathisgd
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Updated the contract and did some cleanup. Left a comment on one of the suggested changes. Thanks @MathisGD |
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red-swan
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red-swan
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The older version of BaseJumpRateModel has a blocksPerYear constant that reflects the amount of blocks produced in a 15-second block time environment. After the Merge, block times have gone down from 15 seconds to 12 seconds, this being reflected in DAIInterestRateModelV4. This brings the constant in line with the new state of the Ethereum Network.
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| constructor(uint baseRatePerYear, uint multiplierPerYear, uint jumpMultiplierPerYear, uint kink_, address owner_) | ||
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| BaseJumpRateModelV2(baseRatePerYear,multiplierPerYear,jumpMultiplierPerYear,kink_,owner_) public {} |
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Suggested change
| BaseJumpRateModelV2(baseRatePerYear,multiplierPerYear,jumpMultiplierPerYear,kink_,owner_) public {} | |
| BaseJumpRateModelV3(baseRatePerYear,multiplierPerYear,jumpMultiplierPerYear,kink_,owner_) public {} |
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This patch changes the DAIInterestRateModel contract to use a
SECONDS_PER_BLOCKparameter of12, reflecting post-merge protocol changes. It also updates the IRM to look at theETH-Bstability fee in order to calculate the borrow rate, instead of using the more conservativeETH-Aas a reference.This fixes #230 and enables reactivation of the Dai Savings Rate for cDAI holders, once the contract is deployed and the IRM for cDAI is updated to the new version.
Related governance forum thread: https://www.comp.xyz/t/compound-dsr-proposal/3856