Implement BSIP 74: Margin Call Fee Ratio

libraries/chain/asset_evaluator.cpp

@@ -46,6 +46,12 @@ namespace detail {
       }
    }
 
+   void check_bitasset_options_bsip74( const fc::time_point_sec& block_time, const bitasset_options& options)
+   {
+      FC_ASSERT( block_time >= HARDFORK_CORE_BSIP74_TIME 
+            || !options.extensions.value.margin_call_fee_ratio.valid(),
+            "A BitAsset's MCFR cannot be set before Hardfork BSIP74" );  
+   }    
    // TODO review and remove code below and links to it after HARDFORK_BSIP_81_TIME
    void check_asset_options_hf_bsip81(const fc::time_point_sec& block_time, const asset_options& options)
    {
@@ -131,7 +137,10 @@ void_result asset_create_evaluator::do_evaluate( const asset_create_operation& o
 
    if( op.bitasset_opts )
    {
+      detail::check_bitasset_options_bsip74(d.head_block_time(), *op.bitasset_opts);
+
       const asset_object& backing = op.bitasset_opts->short_backing_asset(d);
+
       if( backing.is_market_issued() )
       {
          const asset_bitasset_data_object& backing_bitasset_data = backing.bitasset_data(d);
@@ -484,6 +493,8 @@ void_result asset_update_bitasset_evaluator::do_evaluate(const asset_update_bita
    // hf 922_931 is a consensus/logic change. This hf cannot be removed.
    bool after_hf_core_922_931 = ( d.get_dynamic_global_properties().next_maintenance_time > HARDFORK_CORE_922_931_TIME );
 
+   detail::check_bitasset_options_bsip74(d.head_block_time(), op.new_options);
+
    // Are we changing the backing asset?
    if( op.new_options.short_backing_asset != current_bitasset_data.options.short_backing_asset )
    {
@@ -829,8 +840,8 @@ operation_result asset_settle_evaluator::do_apply(const asset_settle_evaluator::
          //            performance loss. Needs testing.
          if( d.head_block_time() >= HARDFORK_CORE_1780_TIME )
          {
-	    const bool is_maker = false; // Settlement orders are takers
-            auto issuer_fees = d.pay_market_fees( fee_paying_account, settled_amount.asset_id(d), settled_amount , is_maker );
+            auto issuer_fees = d.pay_market_fees( fee_paying_account, settled_amount.asset_id(d),
+                  settled_amount, false );
             settled_amount -= issuer_fees;
          }
 

libraries/chain/asset_object.cpp

@@ -75,6 +75,7 @@ void graphene::chain::asset_bitasset_data_object::update_median_feeds( time_poin
          // update data derived from ICR
          current_initial_collateralization = price();
       }
+      adjust_mcfr();
       return;
    }
    if( current_feeds.size() == 1 )
@@ -90,6 +91,7 @@ void graphene::chain::asset_bitasset_data_object::update_median_feeds( time_poin
          // update data derived from ICR
          refresh_current_initial_collateralization();
       }
+      adjust_mcfr();
       return;
    }
 
@@ -118,6 +120,7 @@ void graphene::chain::asset_bitasset_data_object::update_median_feeds( time_poin
       // update data derived from ICR
       refresh_current_initial_collateralization();
    }
+   adjust_mcfr();
 }
 
 void asset_bitasset_data_object::refresh_current_initial_collateralization()
@@ -204,6 +207,28 @@ string asset_object::amount_to_string(share_type amount) const
    return result;
 }
 
+uint16_t asset_bitasset_data_object::adjust_mcfr()
+{
+   if (options.extensions.value.margin_call_fee_ratio.valid())
+   {
+      auto mcfr = *options.extensions.value.margin_call_fee_ratio;
+      // Reduce mcfr if it causes parameters to go out of range
+      if ( ( 1 > current_feed.maximum_short_squeeze_ratio
+            || current_feed.maximum_short_squeeze_ratio >= current_feed.maintenance_collateral_ratio)
+            || (1 > current_feed.maximum_short_squeeze_ratio - mcfr 
+            || current_feed.maximum_short_squeeze_ratio - mcfr >= current_feed.maintenance_collateral_ratio)) 
+         mcfr = current_feed.maximum_short_squeeze_ratio - 1;
+      options.extensions.value.current_margin_call_fee_ratio = mcfr;
+      return mcfr;
+   }
+   else
+   {
+      options.extensions.value.current_margin_call_fee_ratio = fc::optional<uint16_t>();
+   }
+
+   return 0;
+}
+
 FC_REFLECT_DERIVED_NO_TYPENAME( graphene::chain::asset_dynamic_data_object, (graphene::db::object),
                     (current_supply)(confidential_supply)(accumulated_fees)(accumulated_collateral_fees)(fee_pool) )
 

libraries/chain/db_market.cpp

@@ -45,6 +45,14 @@ namespace detail {
       return static_cast<int64_t>(a);
    }
 
+   share_type calculate_ratio( const share_type& value, uint16_t ratio)
+   {
+      fc::uint128_t a(value.value);
+      a *= (ratio-GRAPHENE_COLLATERAL_RATIO_DENOM);
+      a /= GRAPHENE_COLLATERAL_RATIO_DENOM;
+      return static_cast<int64_t>(a);
+   }
+
 } //detail
 
 /**
@@ -474,10 +482,7 @@ bool database::apply_order(const limit_order_object& new_order_object, bool allo
           && !sell_abd->has_settlement()
           && !sell_abd->current_feed.settlement_price.is_null() )
       {
-         if( before_core_hardfork_1270 )
-            call_match_price = ~sell_abd->current_feed.max_short_squeeze_price_before_hf_1270();
-         else
-            call_match_price = ~sell_abd->current_feed.max_short_squeeze_price();
+         call_match_price = ~get_max_short_squeeze_price( maint_time, sell_abd->current_feed );
          if( ~new_order_object.sell_price <= call_match_price ) // new limit order price is good enough to match a call
             to_check_call_orders = true;
       }
@@ -685,8 +690,9 @@ int database::match( const limit_order_object& bid, const call_order_object& ask
    order_pays = call_receives;
 
    int result = 0;
-   result |= fill_limit_order( bid, order_pays, order_receives, cull_taker, match_price, false ); // the limit order is taker
-   result |= fill_call_order( ask, call_pays, call_receives, match_price, true ) << 1;      // the call order is maker
+   result |= fill_limit_order( bid, order_pays, order_receives, cull_taker, match_price,
+         false ); // limit order is the taker
+   result |= fill_call_order( ask, call_pays, call_receives, match_price, true ) << 1; // the call order is maker
    // result can be 0 when call order has target_collateral_ratio option set.
 
    return result;
@@ -803,9 +809,8 @@ bool database::fill_limit_order( const limit_order_object& order, const asset& p
    FC_ASSERT( pays.asset_id != receives.asset_id );
 
    const account_object& seller = order.seller(*this);
-   const asset_object& recv_asset = receives.asset_id(*this);
 
-   auto issuer_fees = pay_market_fees(&seller, recv_asset, receives, is_maker);
+   const auto issuer_fees = pay_market_fees(&seller, receives.asset_id(*this), receives, is_maker);
 
    pay_order( seller, receives - issuer_fees, pays );
 
@@ -897,11 +902,19 @@ bool database::fill_limit_order( const limit_order_object& order, const asset& p
          return maybe_cull_small_order( *this, order );
       return false;
    }
-} FC_CAPTURE_AND_RETHROW( (order)(pays)(receives) ) }
-
+} FC_CAPTURE_AND_RETHROW( (order)(pays)(receives) ) } 
 
+/***
+ * @brief fill a call order in the specified amounts
+ * @param order the call order
+ * @param pays What the call order will give to the other party (collateral)
+ * @param receives what the call order will receive from the other party (debt)
+ * @param fill_price the price at which the call order will execute
+ * @param is_maker TRUE if the call order is the maker, FALSE if it is the taker
+ * @returns TRUE if the call order was completely filled
+ */
 bool database::fill_call_order( const call_order_object& order, const asset& pays, const asset& receives,
-                                const price& fill_price, const bool is_maker )
+      const price& fill_price, const bool is_maker )
 { try {
    FC_ASSERT( order.debt_type() == receives.asset_id );
    FC_ASSERT( order.collateral_type() == pays.asset_id );
@@ -910,53 +923,60 @@ bool database::fill_call_order( const call_order_object& order, const asset& pay
    // TODO pass in mia and bitasset_data for better performance
    const asset_object& mia = receives.asset_id(*this);
    FC_ASSERT( mia.is_market_issued() );
+   const asset_bitasset_data_object& bitasset = mia.bitasset_data(*this);
+
+   // calculate any margin call fees NOTE: Paid in collateral asset
+   const auto margin_fee = pay_margin_fees(mia, pays);
 
    optional<asset> collateral_freed;
-   modify( order, [&]( call_order_object& o ){
-            o.debt       -= receives.amount;
-            o.collateral -= pays.amount;
-            if( o.debt == 0 )
+   // adjust the order
+   modify( order, [&]( call_order_object& o ) {
+         o.debt       -= receives.amount;
+         o.collateral -= pays.amount + margin_fee.amount;
+         if( o.debt == 0 ) // is the whole debt paid?
+         {
+            collateral_freed = o.get_collateral();
+            o.collateral = 0;
+         }
+         else // the debt was not completely paid
+         {
+            auto maint_time = get_dynamic_global_properties().next_maintenance_time;
+            // update call_price after core-343 hard fork,
+            // but don't update call_price after core-1270 hard fork
+            if( maint_time <= HARDFORK_CORE_1270_TIME && maint_time > HARDFORK_CORE_343_TIME )
             {
-              collateral_freed = o.get_collateral();
-              o.collateral = 0;
-            }
-            else
-            {
-               auto maint_time = get_dynamic_global_properties().next_maintenance_time;
-               // update call_price after core-343 hard fork,
-               // but don't update call_price after core-1270 hard fork
-               if( maint_time <= HARDFORK_CORE_1270_TIME && maint_time > HARDFORK_CORE_343_TIME )
-               {
-                  o.call_price = price::call_price( o.get_debt(), o.get_collateral(),
-                                                    mia.bitasset_data(*this).current_feed.maintenance_collateral_ratio );
-               }
+               o.call_price = price::call_price( o.get_debt(), o.get_collateral(),
+                     bitasset.current_feed.maintenance_collateral_ratio );
             }
+         }
       });
 
    // update current supply
    const asset_dynamic_data_object& mia_ddo = mia.dynamic_asset_data_id(*this);
-
    modify( mia_ddo, [&receives]( asset_dynamic_data_object& ao ){
          ao.current_supply -= receives.amount;
       });
 
-   // Adjust balance
+   // If the whole debt is paid, adjust borrower's collateral balance
    if( collateral_freed.valid() )
       adjust_balance( order.borrower, *collateral_freed );
 
    // Update account statistics. We know that order.collateral_type() == pays.asset_id
    if( pays.asset_id == asset_id_type() )
    {
-      modify( get_account_stats_by_owner(order.borrower), [&collateral_freed,&pays]( account_statistics_object& b ){
-         b.total_core_in_orders -= pays.amount;
+      modify( get_account_stats_by_owner(order.borrower), 
+            [&collateral_freed,&pays,&margin_fee]( account_statistics_object& b ){
+         b.total_core_in_orders -= pays.amount + margin_fee.amount;
          if( collateral_freed.valid() )
             b.total_core_in_orders -= collateral_freed->amount;
       });
    }
 
+   // virtual operation for account history
    push_applied_operation( fill_order_operation( order.id, order.borrower, pays, receives,
-                                                 asset(0, pays.asset_id), fill_price, is_maker ) );
+         margin_fee, fill_price, is_maker ) );
 
+   // Call order completely filled, remove it
    if( collateral_freed.valid() )
       remove( order );
 
@@ -1034,6 +1054,20 @@ bool database::fill_settle_order( const force_settlement_object& settle, const a
 
 } FC_CAPTURE_AND_RETHROW( (settle)(pays)(receives) ) }
 
+/***
+ * Get the correct max_short_squeeze_price from the price_feed based on chain time
+ * (due to hardfork changes in the calculation)
+ * @param block_time the chain's current block time
+ * @param feed the debt asset's price feed
+ * @returns the max short squeeze price
+ */
+price database::get_max_short_squeeze_price( const fc::time_point_sec& block_time, const price_feed& feed)const
+{
+   if ( block_time <= HARDFORK_CORE_1270_TIME )
+      return feed.max_short_squeeze_price_before_hf_1270();
+   return feed.max_short_squeeze_price();
+}
+
 /**
  *  Starting with the least collateralized orders, fill them if their
  *  call price is above the max(lowest bid,call_limit).
@@ -1082,8 +1116,7 @@ bool database::check_call_orders( const asset_object& mia, bool enable_black_swa
     // looking for limit orders selling the most USD for the least CORE
     auto max_price = price::max( mia.id, bitasset.options.short_backing_asset );
     // stop when limit orders are selling too little USD for too much CORE
-    auto min_price = ( before_core_hardfork_1270 ? bitasset.current_feed.max_short_squeeze_price_before_hf_1270()
-                                                 : bitasset.current_feed.max_short_squeeze_price() );
+    auto min_price = get_max_short_squeeze_price( maint_time, bitasset.current_feed);
 
     // NOTE limit_price_index is sorted from greatest to least
     auto limit_itr = limit_price_index.lower_bound( max_price );
@@ -1181,10 +1214,10 @@ bool database::check_call_orders( const asset_object& mia, bool enable_black_swa
        }
 
        asset usd_for_sale = limit_order.amount_for_sale();
-       asset call_pays, call_receives, order_pays, order_receives;
+       asset call_pays, call_receives, limit_pays, limit_receives;
        if( usd_to_buy > usd_for_sale )
        {  // fill order
-          order_receives  = usd_for_sale * match_price; // round down, in favor of call order
+          limit_receives  = usd_for_sale * match_price; // round down, in favor of call order
 
           // Be here, the limit order won't be paying something for nothing, since if it would, it would have
           //   been cancelled elsewhere already (a maker limit order won't be paying something for nothing):
@@ -1201,7 +1234,7 @@ bool database::check_call_orders( const asset_object& mia, bool enable_black_swa
              //   so we should cull the order in fill_limit_order() below.
              // The order would receive 0 even at `match_price`, so it would receive 0 at its own price,
              //   so calling maybe_cull_small() will always cull it.
-             call_receives = order_receives.multiply_and_round_up( match_price );
+             call_receives = limit_receives.multiply_and_round_up( match_price );
 
           filled_limit = true;
 
@@ -1210,10 +1243,10 @@ bool database::check_call_orders( const asset_object& mia, bool enable_black_swa
 
           if( before_core_hardfork_342 )
           {
-             order_receives = usd_to_buy * match_price; // round down, in favor of call order
+             limit_receives = usd_to_buy * match_price; // round down, in favor of call order
           }
           else
-             order_receives = usd_to_buy.multiply_and_round_up( match_price ); // round up, in favor of limit order
+             limit_receives = usd_to_buy.multiply_and_round_up( match_price ); // round up, in favor of limit order
 
           filled_call    = true; // this is safe, since BSIP38 (hard fork core-834) depends on BSIP31 (hard fork core-343)
 
@@ -1227,8 +1260,8 @@ bool database::check_call_orders( const asset_object& mia, bool enable_black_swa
           }
        }
 
-       call_pays  = order_receives;
-       order_pays = call_receives;
+       call_pays  = limit_receives;
+       limit_pays = call_receives;
 
        if( filled_call && before_core_hardfork_343 )
           ++call_price_itr;
@@ -1241,7 +1274,7 @@ bool database::check_call_orders( const asset_object& mia, bool enable_black_swa
 
        auto next_limit_itr = std::next( limit_itr );
        // when for_new_limit_order is true, the limit order is taker, otherwise the limit order is maker
-       bool really_filled = fill_limit_order( limit_order, order_pays, order_receives, true, match_price, !for_new_limit_order );
+       bool really_filled = fill_limit_order( limit_order, limit_pays, limit_receives, true, match_price, !for_new_limit_order );
        if( really_filled || ( filled_limit && before_core_hardfork_453 ) )
           limit_itr = next_limit_itr;
 
@@ -1295,6 +1328,39 @@ asset database::calculate_market_fee( const asset_object& trade_asset, const ass
    return percent_fee;
 }
 
+/**
+ * @brief Calculate the margin fee that is to be taken
+ * @param debt the indebted asset
+ * @param collateral the amount of collateral received (before fees)
+ * @returns the amount of fee that should be collected
+ */
+asset database::calculate_margin_fee(const asset_object& debt, const asset& collateral)const
+{
+   auto ba = debt.bitasset_data(*this);
+   auto price_feed = ba.current_feed;
+   if ( price_feed.settlement_price.is_null() 
+         || price_feed.settlement_price.base.amount == 0
+         || !ba.options.extensions.value.current_margin_call_fee_ratio.valid())
+      return asset(0);
+   auto amount = detail::calculate_ratio( collateral.amount,
+         *ba.options.extensions.value.current_margin_call_fee_ratio );
+   return asset(amount, collateral.asset_id) ;
+}
+
+/****
+ * @brief calculate the margin fee and distribute it
+ * @param debt_asset the indebted asset
+ * @param collarteral the amount of the collateral
+ * @returns the amount of the fee that was collected
+ */ 
+asset database::pay_margin_fees(const asset_object& debt_asset, const asset& collateral)
+{
+   const auto margin_fees = calculate_margin_fee( debt_asset, collateral );
+   if (margin_fees.amount.value != 0)
+      debt_asset.accumulate_fee(*this, margin_fees);
+   return margin_fees;
+}
+
 asset database::pay_market_fees(const account_object* seller, const asset_object& recv_asset, const asset& receives,
                                 const bool& is_maker)
 {

libraries/chain/db_update.cpp

@@ -219,12 +219,8 @@ bool database::check_for_blackswan( const asset_object& mia, bool enable_black_s
        return false;
 
     price highest = settle_price;
-    if( maint_time > HARDFORK_CORE_1270_TIME )
-       // due to #338, we won't check for black swan on incoming limit order, so need to check with MSSP here
-       highest = bitasset.current_feed.max_short_squeeze_price();
-    else if( maint_time > HARDFORK_CORE_338_TIME )
-       // due to #338, we won't check for black swan on incoming limit order, so need to check with MSSP here
-       highest = bitasset.current_feed.max_short_squeeze_price_before_hf_1270();
+    if (maint_time > HARDFORK_CORE_338_TIME)
+      highest = get_max_short_squeeze_price( maint_time, bitasset.current_feed);
 
     const limit_order_index& limit_index = get_index_type<limit_order_index>();
     const auto& limit_price_index = limit_index.indices().get<by_price>();

libraries/chain/hardfork.d/CORE_BSIP74.hf

@@ -0,0 +1,4 @@
+// bitshares-core BSIP 74 add margin call fee
+#ifndef HARDFORK_CORE_BSIP74_TIME
+#define HARDFORK_CORE_BSIP74_TIME (fc::time_point_sec( 1679955066 ) ) // Temporary date until actual hardfork date is set
+#endif