Vatis the core Vault engine of
dss. It stores Vaults and tracks all the associated Dai and Collateral balances. It also defines the rules by which Vaults and balances can be manipulated. The rules defined in the
Vatare immutable, so in some sense, the rules in the
Vatcan be viewed as the constitution of
gem: collateral tokens.
dai: stablecoin tokens.
sin: unbacked stablecoin (system debt, not belonging to any
ilks: a mapping of
Ilk: a collateral type.
Art: total normalized stablecoin debt.
rate: stablecoin debt multiplier (accumulated stability fees).
spot: collateral price with safety margin, i.e. the maximum stablecoin allowed per unit of collateral.
line: the debt ceiling for a specific collateral type.
dust: the debt floor for a specific collateral type.
urns: a mapping of
Urn: a specific Vault.
ink: collateral balance.
art: normalized outstanding stablecoin debt.
init: create a new collateral type.
slip: modify a user's collateral balance.
flux: transfer collateral between users.
move: transfer stablecoin between users.
grab: liquidate a Vault.
heal: create / destroy equal quantities of stablecoin and system debt (
fold: modify the debt multiplier, creating / destroying corresponding debt.
suck: mint unbacked stablecoin (accounted for with
Line: the total debt ceiling for all collateral types.
frob: modify a Vault.
lock: transfer collateral into a Vault.
free: transfer collateral from a Vault.
draw: increase Vault debt, creating Dai.
wipe: decrease Vault debt, destroying Dai.
dink: change in collateral.
dart: change in debt.
fork: to split a Vault - binary approval or splitting/merging Vaults.
dink: amount of collateral to exchange.
dart: amount of stablecoin debt to exchange.
wish: check whether an address is allowed to modify another address's gem or dai balance.
wishfor a pair of addresses.
wishfor a pair of addresses.
Artrepresent normalized debt, i.e. a value that when multiplied by the correct rate gives the up-to-date, current stablecoin debt.
debtis the sum of all
dai(the total quantity of dai issued).
viceis the sum of all
sin(the total quantity of system debt).
Ilk.Artthe sum of all
urns for that
viceplus the sum of
Ilk.Art * Ilk.rateacross all
gemcan always be transferred to any address by it's owner.
daican only move with the consent of it's owner.
daican always be transferred to any address by it's owner.
Vatcontract has no external dependencies and maintains the central "Accounting Invariants" of Dai. The core principles that apply to the
vatare as follows:
ilkis a particular type of collateral.
gemis assigned to users with
gemis transferred between users with
ink- encumbered collateral
art- encumbered, normalized debt
Art- encumbered, normalized debt
rate- debt scaling factor (discussed further below)
spot- price with safety margin
line- debt ceiling
dust- debt floor
frob(i, u, v, w, dink, dart), which modifies the Vault of user
grab(i, u, v, w, dink, dart), which modifies the Vault of user
grabis the means by which Vaults are liquidated, transferring debt from the Vault to a users
msg.senderis used as the address for the
sin, so only the Vow can successfully call
heal. This is because whenever
suckare called, the Vow's address is passed as the recipient of
sin. Note that this is contingent on the current design and implementation of the system.
healcan only be called with a positive number (uint) and will
daican be transferred between users with
fold(bytes32 ilk, address u, int rate)
rateis the conversion factor between any normalized debt (
art) drawn against it and the present value of that debt with accrued fees. The
foldis actually the change in the
Ilk.ratevalue, i.e. a difference of scaling factors (new - old). It is a signed integer, and hence current account values may increase or decrease. The quantity
Ilk.Art*rateis added to the
daibalance of the address
u(representing an increase or decrease in system surplus); the debt balances of all Vaults collateralized with the specified
Ilkare updated implicitly via the addition of
Vatare written to be as generic as possible and as such have interfaces that can be quite verbose. Care should be taken that you have not mixed the order of parameters.
authed against the
Vathas full root access, and can therefore steal all collateral in the system. This means that the addition of a new collateral type (and associated adapter) carries considerable risk.
Vatcould be catastrophic and could lead to the loss (or locking) of all Dai and Collateral in the system. It could become impossible to modify Vault's or to transfer Dai. Auctions could cease to function. Shutdown could fail.
Vatrelies upon a set of trusted oracles to provide price data. Should these price feeds fail, it would become possible for unbacked Dai to be minted, or safe Vaults could be unfairly liquidated.
Vat. This allows them to steal collateral (
slip) or mint unbacked Dai (
suck/ addition of worthless collateral types). Should the cryptoeconomic protections that make doing so prohibitively expensive fail, the system may be vulnerable and left open for bad actors to drain collateral.
Vatrelies on external Adapter contracts to ensure that the collateral balances in the
Vatrepresent real external collateral balances. Adapter contracts are authorized to make arbitrary modifications to all collateral balances. A faulty collateral adapter could result in the loss of all collateral in the system.