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35 lines
1.4 KiB
Markdown
35 lines
1.4 KiB
Markdown
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# Begin Blocker
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At the start of every block the BeginBlocker of the cdp module:
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- updates total CDP fees
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- liquidates CDPs under the collateral ratio
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- nets out system debt and, if necessary, starts auctions to re-balance it
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- records the last block time
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## Update Fees
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- The total fees accumulated since the last block across all CDPs are calculated.
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- An equal amount of debt coins are minted and sent to the system's CDP module account.
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- An equal amount of stable asset coins are minted and sent to the system's liquidator module account
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## Liquidate CDP
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- Get every cdp that is under the liquidation ratio for its collateral type.
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- For each cdp:
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- Calculate and update fees since last update.
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- Remove all collateral and internal debt coins from cdp and deposits and delete it. Send the coins to the liquidator module account.
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- Start auctions of a fixed size from this collateral (with any remainder in a smaller sized auction), sending collateral and debt coins to the auction module account.
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- Decrement total principal.
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## Net Out System Debt, Re-Balance
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- Burn the maximum possible equal amount of debt and stable asset from the liquidator module account.
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- If there is enough debt remaining for an auction, start one.
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- If there is enough surplus stable asset remaining for an auction, start one.
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- Otherwise do nothing, leave debt/surplus to accumulate over subsequent blocks.
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## Update Previous Block Time
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The current block time is recorded.
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