Protocol Token Printing Permissions

1. Summary

GebPrintingPermissions allows governance to whitelist multiple independent GEBs to print the same protocol token. It imposes delays for adding and removing permissions and it can also allow specific systems to print tokens indefinitely.

2. Contract Variables & Functions

Variables

• authorizedAccounts[usr: address] - addresses allowed to cover or uncover systems
• allowedSystems[system: address] - data about a system that is allowed to print protocol tokens
• usedAuctionHouses[house: address] - mapping that shows whether a DebtAuctionHouse is allowed to print tokens or not
• unrevokableRightsCooldown - minimum time (in seconds) after which as system will have indefinite permission to print protocol tokens
• denyRightsCooldown - cooldown that must pass between calling startUncoverSystem and endUncoverSystem
• addRightsCooldown - cooldown for quickly removing cover from a freshly added system
• coveredSystems - the current number of systems covered by the protocol token
• protocolTokenAuthority - the authority contract dictating who can print tokens
• AUCTION_HOUSE_TYPE - debt auction house identifier

Data Structures

• SystemRights - struct that stores data about each AccountingEngine (system). Contains:
  • covered - whether this system is covered or not
  • revokeRightsDeadline - deadline after which governance can no longer remove printing permissions from the system
  • uncoverCooldownEnd - cooldown after which governance can call endUncoverSystem and uncover this system
  • withdrawAddedRightsDeadline - cooldown during which governance can uncover a system without having to wait until uncoverCooldownEnd passed
  • previousDebtAuctionHouse - the previous DebtAuctionHouse connected to the AccountingEngine
  • currentDebtAuctionHouse - the current DebtAuctionHouse connected to the AccountingEngine

Modifiers

• isAuthorized **** - checks whether an address is part of authorizedAddresses.

Functions

• addAuthorization(usr: address) - add an address to authorizedAddresses.

• removeAuthorization(usr: address) - remove an address from authorizedAddresses.

• modifyParameters(parameter: bytes32, data: uint256) - modify a uint256 parameter

• giveUpAuthorityRoot() - give up the perinting permission's position of root inside the ProtocolTokenAuthority

• giveUpAuthorityOwnership - give up the perinting permission's position of owner inside the ProtocolTokenAuthority

• coverSystem(accountingEngine: address) - cover a new system / allow the DebtAuctionHouse set inside accountingEngine to print protocol tokens

• startUncoverSystem(accountingEngine: address) - start to uncover a system / withdraw the permission of the previous and current DebtAuctionHouses that were associated with accountingEngine

• abandonUncoverSystem(accountingEngine: address) - abandon the uncovering of a specific system

• endUncoverSystem(accountingEngine: address) - end the uncovering process for a system

• updateCurrentDebtAuctionHouse(accountingEngine: address) - update the currentDebtAuctionHouse of a specific system and set the old current auction house as the

  previousDebtAuctionHouse

• removePreviousDebtAuctionHouse(accountingEngine: address) - remove the permission to print protocol tokens from an accountingEngine's previousDebtAuctionHouse

• proposeIndefinitePrintingPermissions(accountingEngine: address, freezeDelay: uint256) - propose a deadline after which the accountingEngine / system cannot be denied printing permissions

Events

• AddAuthorization - emitted when a new address becomes authorized. Contains:
  • account - the new authorized account
• RemoveAuthorization - emitted when an address is de-authorized. Contains:
  • account - the address that was de-authorized
• ModifyParameters - emitted when a uint256 **** parameter is updated.
• GiveUpAuthorityRoot - emitted when giveUpAuthorityRoot is called.
• GiveUpAuthorityOwnership - emitted when giveUpAuthorityOwnership is called.
• RevokeDebtAuctionHouses - emitted when both the current and the previous DebtAuctionHouses are denied printing permissions. Contains:
  • accountingEngine - the accounting engine whose debt auction houses are denied permissions
  • currentHouse - the current debt auction house
  • previousHouse - the previous debt auction house
• CoverSystem - emitted when a new system is covered / allowed to print tokens. Contains:
  • accountingEngine - the accounting engine from the system that is being covered
  • debtAuctionHouse - the debt auction house set inside the accountingEngine
  • coveredSystems - the new number of systems being covered
  • withdrawAddedRightsDeadline - the deadline after which governance can no longer quickly uncover a system without calling startUncoverSystem and endUncoverSystem
• StartUncoverSystem - emitted when governance starts to uncover a system. Contains:
  • accountingEngine - the address of the accounting engine whose debt auction houses are uncovered
  • currentDebtAuctionHouse - the current debt auction house connected to the accounting engine
  • previousDebtAuctionHouse - the previous debt auction house that was connected to the accounting engine
  • coveredSystems - the latest amount of covered systems
  • revokeRightsDeadline - the deadline after which governance will not be able to remove this system's printing rights
  • uncoverCooldownEnd - the deadline after which governance can call endUncoverSystem and finish the uncover process
  • withdrawAddedRightsDeadline - cooldown during which governance could have uncovered the system without having to call endUncoverSystem
• AbandonUncoverSystem - emitted when governance abandons the uncover process for a system. Contains:
  • accountingEngine - address of the accounting engine who's no longer being uncovered
• EndUncoverSystem - emitted when the uncovering process is finished. Contains:
  • accountingEngine - the address of the accounting engine whose debt auction houses are denied printing permissions
  • currentHouse - the current debt auction house connected to the accounting engine
  • previousHouse - the previous debt auction house that was connected to the accounting engine
• UpdateCurrentDebtAuctionHouse - emitted when the current debt auction house of an accounting engine is updated. Contains:
  • accountingEngine - the address of the accounting engine whose current debt auction house is updated
  • currentHouse - the address of the new current debt auction house
  • previousHouse - the address of the previous debt auction house
• RemovePreviousDebtAuctionHouse - emitted when the previous debt auction house is removed from a covered system. Contains:
  • accountingEngine - the address of the accounting engine whose previous debt auction house is updated
  • currentHouse - the address of the new current debt auction house
  • previousHouse - the address of the previous debt auction house
• ProposeIndefinitePrintingPermissions - emitted when governance proposes a deadline after which they can no longer remove a system's permission to print tokens. Contains:
  • accountingEngine - the address of the accounting engine that's part of the system which will no longer be denied printing permissions
  • freezeDelay - the delay from the current timestamp after which the system will have indefinite printing permissions

3. Walkthrough

Current and Previous Debt Auction Houses

Inside the printing permissions contract, a system is represented by an AccountingEngine. The AccountingEngine has one debt auction house address in it at any time. That's the currentDebtAuctionHouse although governance may have previously had another auction house that was buggy or had to be upgraded and so the printing permissions keep track of both the currentDebtAuctionHouse and previousDebtAuctionHouse until there's no outstanding auction left in the previousDebtAuctionHouse.

Function Descriptions

coverSystem : checks that the debt auction house associated with that AccountingEngine is not already covered. Updates the withdrawAddedRightsDeadline for that specific AccountingEngine. The deadline makes sure that governance can withdraw cover from the AccountingEngine without the need to wait between startUncoverSystem and endUncoverSystem

startUncoverSystem: it cannot uncover a system if either the current or the previous debt auction house associated with that system have outstanding debt auctions to settle. It cannot uncover a system if that system is already in the process of being uncovered. It can withdraw cover from a system either if there are at least 2 systems covered or, even if there are multiple systems covered, the withdrawAddedRightsDeadline for the system that governance wants to uncover was not passed. It must make sure that at least one system is protected at any time the exception being when all the systems added have not passed their respective withdrawAddedRightsDeadline s

abandonUncoverSystem : it can only abandon the uncover for a system that is in the process of being uncovered.

endUncoverSystem : it must check again that neither the current nor the previous debt auction house has any outstanding auctions left. Similar to startUncoverSystem , it can withdraw cover from a system either if there are at least 2 systems covered or, even if there are multiple systems covered, the withdrawAddedRightsDeadline for the system that governance wants to uncover was not passed (same exception to the rule applies as for startUncoverSystem).

updateCurrentDebtAuctionHouse: it cannot update the currentDebtAuctionHouse if the new auction house is the same as the current one. It also cannot update the current auction house if previousDebtAuctionHouse is non null. It must allow the new auction house to print tokens and set previousDebtAuctionHouse as the last currentDebtAuctionHouse

removePreviousDebtAuctionHouse : it cannot remove the permission of the previousDebtAuctionHouse to print protocol tokens unless there are no outstanding auctions in that auction house.

proposeIndefinitePrintingPermissions : it sets a time after which governance can never remove cover from a specific accounting engine (and thus it's associated debt auction house). updateCurrentDebtAuctionHouse and removePreviousDebtAuctionHouse should still work even if now > allowedSystems[accountingEngine].revokeRightsDeadline