Open Dollar Contracts

This repository contains the core smart contract code for Open Dollar.

Resources

Documentation

• Technical Contracts docs: https://contracts.opendollar.com
• Protocol Docs: https://docs.opendollar.com

Contract Deployments

Addresses for can be found in the app: https://app.opendollar.com/stats

Tools

• @opendollar/abis - ABI interfaces are published automatically from this repo, on merge to main https://www.npmjs.com/package/@opendollar/abis
• @opendollar/sdk - Library to interact with Open Dollar smart contracts https://github.com/open-dollar/od-sdk

Audits

Audit	Date	Auditor	Commit	Changes Since Audit	Report
contracts	October, 2023	Cod4rena	f401eb5	View Changes	View Report
app	March, 2024	Quantstamp	7c9b18c	View Changes	View Report
contracts	April, 2024	Quantstamp	6cdc848	View Changes	View Report
relayer	April, 2024	Pashov Audit Group	453222d	View Changes	View Report

A Security Scan was performed by Pessimistic April, 2024 at a0b7640. (Report to be published)

Additional audits completed prior to forking this codebase can be found here: https://github.com/hai-on-op/audit-reports

Usage

Basic Setup for Cloned Repo

Run: yarn install, yarn build, yarn test

Selecting a Foundry profile

When running forge, you can specify the profile to use using the FOUNDRY_PROFILE environment variable. e.g. export FOUNDRY_PROFILE=test && forge test. Alternatively, you can add FOUNDRY_PROFILE=test to .env and run source .env.

Development

Anvil

Start Anvil:

anvil

Next, copy the private key from anvil terminal output into your .env

ANVIL_RPC=http://127.0.0.1:8545
ANVIL_ONE=0x....

Deploy the contracts locally:

yarn deploy:anvil

You now have a local anvil test environment with a locally deployed and instantiated version of the Open Dollar Protocol.

NOTE: You may need to manually verify that all required addresses were updated in AnvilContracts.t.sol. The script parseAnvilDeployments.js is not perfect.

Anvil Testing

The following scripts are used to simulate various states of the protocol. The scripts can be found in script/states and are described below:

DebtState.s.sol

• DebtState.s.sol puts every SAFE in jeopardy of liquidation by driving the non-wstETH collateral prices down. After running DebtState any SAFEs can be liquidated freely for testing.

forge script script/states/DebtState.s.sol:DebtState --fork-url http://localhost:8545 -vvvvv

LiquidationAuction.s.sol

• LiquidationAuction.s.sol takes DebtState a step further and liquidates every SAFE on the platform. It then initiates and completes a single collateral auction. We also create a chunk of unbacked debt in the accounting engine which enables launching a debt auction. This state can be used to test liquidations, launching collateral auctions, launching a debt auction or viewing a completed collateral auction.

forge script script/states/DebtAuction.s.sol:DebtAuction --fork-url http://localhost:8545 -vvvvv

DebtAuction.s.sol

DebtAuction.s.sol takes LiquidationAuction a step further and creates a large amount of unbacked debt in the AccountingEngine; which allows us to then create a debt auction. The debt auction is then bid on and settled. This allows testing of viewing a completed debt auction.

forge script script/states/DebtAuction.s.sol:DebtAuction --fork-url http://localhost:8545 -vvvvv`

SurplusState.s.sol

SurplusState.s.sol pushes the clock forward so that the protocol accrues surplus. It can be used to test launching a SurplusAuction.

forge script script/states/SurplusState.s.sol:SurplusState --fork-url http://localhost:8545 -vvvvv

SurplusAuction.s.sol

SurplusAuction.s.sol takes SurplusState a step farther, and initiates a surplus auction, bids on it and settles it. It can be used to test viewing a completed surplus auction.`

forge script script/states/SurplusAuction.s.sol:SurplusAuction --fork-url http://localhost:8545 -vvvvv

Tests

Forge test

yarn test will run all tests in the test folder. These tests are pranked on a fork Arbitrum mainnet. Additionally, there are Sepolia deployment tests.

Coverage Reports with Anvil

Coverage testing is performed using lcov and a local Anvil fork of the contracts. First install lcov for mac/linx.

1. Start Anvil using the instructions above.

2. To generate a report, run the command:

yarn test:coverage

3. Open coverage-report/index.html to view the report.

Governance

OpenDollar governance follows the common pattern of:

• generating a governance proposal
• submitting a governance proposal
• queuing the governance proposal
• executing the governance proposal

We include a set of governance scripts in script/gov which allow DAO members to propose, queue and execute different governance actions.

Governance CLI

yarn propose [action flag] [option flag] [path to input json]

All available flags can also be viewed with

yarn propose --help

The input for the proposal is a json file in the "gov-inputs/[network]" folder. You can find basic templates in these folders.

All JSON inputs have these required fields:

• chainid: the chainId of the desired network.
• network: the desired network to be submitted on.
• proposalType: the type of proposal. This must be in camel case with the first letter capitalized e.g. "AddCollateral"
• ODGovernor_Address: the address of the OD_Governor. if you don't want to enter this manually use the --auto flag.
• description: a description of the proposal being made.

Contract addresses with the "_Address" suffix can be automatically added by the generation script with the --auto flag.

For example:

yarn propose -g --auto /gov-input/anvil/new-AddCollateral.json

will fill inProtocolToken_Address, ODGovernor_Address, SAFEEngine_Address, OracleRelayer_Address, LiquidationEngine_Address, TaxCollector_Address, GlobalSettlement_Address from script/anvil/deployment/AnvilContracts.t.sol

The output is always a JSON file which includes at least the following proposalParams:

{
    "proposalId": uint256,
    "targets": address[],
    "values": uint256[]
    "calldatas": bytes[],
    "description": string,
    "descriptionHash": bytes32
}

The JSON output may also include extra params for informative purposes and for execution params for the scripts themselves. Please do not alter the generated outputs in any way. This will invalidate the proposal.

Steps for submitting a proposal

1. Fill in necessarry data in the input Json template.
2. Generate the Proposal with

 yarn propose -g --auto /gov-input/new-ProposalType.json

3. If you haven't delegated your tokens you can delegate to yourself with

yarn propose -d /gov-output/11111111-proposalType.json

4. Commit and push your changes so someone else can use the generate script to with the same params to verify the output is correct.
5. After Verification, Submit the proposal with

yarn propose -s /gov-output/11111111-proposalType.json

6. Vote on a proposal with

yarn propose -v /gov-output/11111111-proposalType.json

7. Queue a proposal with

yarn propose -q /gov-output/11111111-proposalType.json

8. Execute a proposal with

yarn propose -x /gov-output/11111111-proposalType.json

note: If you want to use the --delegate flag to delegate your tokens, you must add the ProtocolToken_Address field to the input json, or use the --auto flag when generating the proposal.

Proposal Types

Add Collateral

Add a new ERC20 as collateral to the system.

Template: new-AddCollateral.json

Required json fields

• newCollateralAddress: the token address of the proposed collateral to be added.
• newCollateralType: the symbol of the collateral token e.g. ARB
• SAFEEngineCollateralParams:
  • collateralDebtCeiling: RAD, The maximum amount of debt that can be generated with the collateral type
  • collateralDebtFloor: RAD, The minimum amount of debt that must be generated by a SAFE using the collateral
• TaxCollectorCollateralParams:
  • stabilityFee: RAY, the per collateral stability fee.
• LiquidationEngineCollateralParams:
  • newCAHChild: This will be automatically added in the generation script. you can leave this empty.
  • liquidationPenalty: WAD, Penalty applied to every liquidation involving this collateral type.
  • liquidationQuantity: RAD, Max amount of system coins to request in one auction for this collateral type.
• OracleRelayerCollateralParams:
  • delayedOracle: Usually a DelayedOracle that enforces delays to fresh price feeds.
  • safetyCRatio: RAY, CRatio used to compute the 'safePrice' - the price used when generating debt in SAFEEngine.
  • liquidationCRatio: RAY, CRatio used to compute the 'liquidationPrice' the price used when liquidating SAFEs.
• CollateralAuctionHouseParams:
  • maximumDiscount: WAD, Maximum discount at which collateral is being sold
  • minimumBid: WAD, Minimum acceptable bid
  • minimumDiscount: WAD, Minimum discount at which collateral is being sold
  • perSecondDiscountUpdateRate: RAY, Rate at which the discount will be updated in an auction. This script proposes adding a new collateral to the system (deploys new contracts via the collateral join, collateral auction house factories and it adds the correct authorizations to the needed contracts).

Modify Parameters

Modify any parameters in a Modifiable.sol contract.

Template: new-ModifyParameters.json

Required JSON vars:

• objectArray: each object in the array can be a param to be modified. Each object must contain:
  • target: the address of the target contract.
  • param: the name of the param to be modified.
  • type: the data type of the input data.
  • data: the input data. this can be a string, uint or an address. depending on the requirement of the parameter that is being modified.

Update PIDController Params

Update the redemption rate PI controller.

Template: new-UpdatePIDController.json

To update the PI controller you simply make a ModifyParameters proposal with all the PI controller params you would like to modify listed as individual params in the objectArray.

NOTE: see IPIDController.sol for more information about this.

ERC20 Transfer

Transfer ERC20 tokens from the TimelockController or any target contract.

Template: newERC20Transfer.json

You can propose multiple transfers in the same proposal by adding multiple transfer objects to the objectArray

Required json vars:

• objectArray: each object in the objectArray is a proposed transfer.
  • erc20Token: the address of the token to be transfered
  • transferTo: the address of the token recipient
  • amount: the amount to be transfered in wei.

Add Nitro Rewards

Add rewards to the Camelot Nitro pool