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| Original file line number | Diff line number | Diff line change |
|---|---|---|
| @@ -0,0 +1,133 @@ | ||
| // @ts-check | ||
|
|
||
| import { assert } from '@agoric/assert'; | ||
| import { M, fit } from '@agoric/store'; | ||
| import '../../exported.js'; | ||
|
|
||
| // Eventually will be importable from '@agoric/zoe-contract-support' | ||
| import { provideDurableMapStore } from '@agoric/vat-data/src'; | ||
| import { swapExact } from '../contractSupport/index.js'; | ||
| import { isAfterDeadlineExitRule } from '../typeGuards.js'; | ||
|
|
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| /** | ||
| * A call option is the right (but not the obligation) to buy digital | ||
| * assets at a pre-determined price, called the strike price. This | ||
| * call option is "covered," meaning that the owner of the digital | ||
| * assets must put the assets in escrow. This guarantees that the | ||
| * assets can be transferred without relying on the owner of the | ||
| * digital assets to keep their promise. | ||
| * | ||
| * https://agoric.com/documentation/zoe/guide/contracts/covered-call.html | ||
| * | ||
| * The call option has an expiration date, when the opportunity is | ||
| * cancelled. The owner of the digital assets cannot remove the assets | ||
| * from escrow before the expiration date. | ||
| * | ||
| * The `creatorInvitation` of this contract is an invitation to escrow | ||
| * the underlying assets. The proposal to escrow assets can have any | ||
| * `give` and `want` with any keywords. Any number of assets of | ||
| * different brands can be escrowed under different keywords. The | ||
| * proposal must have an exit record with the key "afterDeadline": | ||
| * { | ||
| * give: { ... }, | ||
| * want: { ... }, | ||
| * exit: { | ||
| * afterDeadline: { deadline: time, timer: myTimer } | ||
| * }, | ||
| * } | ||
| * | ||
| * This deadline serves as the expiration date for the covered call | ||
| * option. After this deadline, if the option has not been exercised, | ||
| * the underlying assets are automatically paid out to the creator of | ||
| * the contract as a refund. | ||
| * | ||
| * After the owner of the digital assets escrows the assets in the | ||
| * initial offer, they receive a seat. The payout for this seat will | ||
| * either be a refund of the underlying assets (as mentioned above) or | ||
| * payments in the amount of the strike price. Zoe's enforcement of | ||
| * offer safety guarantees that the payout is either a refund or | ||
| * payments in the amount of the strike price, regardless of whether | ||
| * this contract is buggy. | ||
| * | ||
| * The offerResult of this initial seat resolves to the call option | ||
| * itself: an inspectable invitation to buy the underlying assets. The | ||
| * call option invitation has this additional information in the | ||
| * value: {expirationDate, timeAuthority, underlyingAssets, | ||
| * strikePrice } | ||
| * | ||
| * The invitation itself can be traded as a valuable digital asset: a | ||
| * covered call option. | ||
| * | ||
| * The recipient of a covered call option (buying it on some other | ||
| * exchange or through some other trading contract) can exercise the | ||
| * option before the deadline by using the option as an invitation to | ||
| * this contract, paying the strike price and receiving the underlying | ||
| * assets. The recipient of a covered call option can use whatever | ||
| * keywords they wish, as long as they give the strike price as | ||
| * specified in the invitation value, and want the underlying assets | ||
| * exactly. | ||
| * | ||
| * @param installationBaggage | ||
| * @param {ZCF} zcf | ||
| */ | ||
| const setupInstallation = (installationBaggage, zcf) => { | ||
| const sellSeatExpiredMsg = `The covered call option is expired.`; | ||
|
|
||
| const instanceBaggage = provideDurableMapStore( | ||
| installationBaggage, | ||
| 'instance', | ||
| ); | ||
|
|
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| /** @type {OfferHandler} */ | ||
| const makeOption = sellSeat => { | ||
| fit(sellSeat.getProposal(), M.split({ exit: { afterDeadline: M.any() } })); | ||
| const sellSeatExitRule = sellSeat.getProposal().exit; | ||
| assert( | ||
| isAfterDeadlineExitRule(sellSeatExitRule), | ||
| `the seller must have an afterDeadline exitRule, but instead had ${sellSeatExitRule}`, | ||
| ); | ||
|
|
||
| const exerciseOption = buySeat => { | ||
| assert(!sellSeat.hasExited(), sellSeatExpiredMsg); | ||
| try { | ||
| swapExact(zcf, sellSeat, buySeat); | ||
| } catch (err) { | ||
| console.log( | ||
| 'Swap failed. Please make sure your offer has the same underlyingAssets and strikePrice as specified in the invitation details. The keywords should not matter.', | ||
| ); | ||
| throw err; | ||
| } | ||
| zcf.shutdown('Swap completed.'); | ||
| return `The option was exercised. Please collect the assets in your payout.`; | ||
| }; | ||
|
|
||
| const customProps = harden({ | ||
| expirationDate: sellSeatExitRule.afterDeadline.deadline, | ||
| timeAuthority: sellSeatExitRule.afterDeadline.timer, | ||
| underlyingAssets: sellSeat.getProposal().give, | ||
| strikePrice: sellSeat.getProposal().want, | ||
| }); | ||
| return zcf.makeInvitation(exerciseOption, 'exerciseOption', customProps); | ||
| }; | ||
|
|
||
| const setupInstance = () => { | ||
| // define instance kinds | ||
|
|
||
| const makeInstanceKit = () => { | ||
| // the creatorFacet could be made durable for this demonstration, but if | ||
| // it's not initiated before upgrade, there's no state to lose. | ||
| const creatorFacet = { | ||
| makeInvitation: () => zcf.makeInvitation(makeOption, 'makeCallOption'), | ||
| }; | ||
| return harden({ creatorFacet }); | ||
| }; | ||
| return harden({ makeInstanceKit }); | ||
| }; | ||
|
|
||
| // redefine kinds. | ||
|
|
||
| return harden({ setupInstance }); | ||
| }; | ||
|
|
||
| harden(setupInstallation); | ||
| export { setupInstallation }; |
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