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47 lines
2.2 KiB
Markdown
47 lines
2.2 KiB
Markdown
<!--
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order: 6
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-->
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# Begin Block
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At the start of every block the BeginBlock of the cdp module:
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- updates the status of the pricefeed for each collateral asset
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- If the pricefeed is active (reporting a price):
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- updates fees for CDPs
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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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- pays out the savings rate if sufficient time has past
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- records the last savings rate distribution, if one occurred
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## Update Fees
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- The total fees accumulated since the last block for each CDP are calculated.
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- If the fee amount is non-zero:
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- Set the updated value for fees
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- Set the fees updated time for the CDP to the current block time
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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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- Increment total principal.
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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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- 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, minus surplus reserved for the savings rate, 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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## Distribute Surplus Stable Asset According to the Savings Rate
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- If `SavingsDistributionFrequency` seconds have elapsed since the previous distribution, the savings rate is applied to all accounts that hold stable asset.
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- Each account that holds stable asset is distributed a ratable portion of the surplus that is apportioned to the savings rate.
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- If distribution occurred, the time of the distribution is recorded.
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