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flamingo-margin-maintainer's Introduction

README

Disclaimer

flamingo-margin-maintainer is provided "as-is", without warranty of any kind. You may modify and use this software freely as you wish, but Flamingo Finance is not responsible for any of its behavior or their consequences, intended or otherwise.

Introduction

flamingo-margin-maintainer is a margin maintenance bot for Flamingo FUSD.

flamingo-margin-maintainer loops through open Vaults which are specified by a set of (collateralHash, fTokenHash, account). Once it finds a Vault eligible for margin maintenance, it transfers a quantity of the fToken and receives the collateral in exchange.

As of Dec 20, 2022, flamingo-margin-maintainer loops through the following cycle:

  • Fetch the off-chain price of the collateral from the Flamingo API.
  • Fetch the on-chain prices of the fToken and the collateral from the Flamingo swap pools.
  • Compute the combined price (arithmetic average) of the collateral.
  • Fetch open Vaults that have minted the fToken against the collateral.
  • Loop through these Vaults. If $FTOKEN_VALUE / $COLLATERAL_VALUE > MAX_LTV_THRESHOLD, attempt margin maintenance by sending fTokens to the Vault.
  • If a pre-specified threshold is reached, convert the collateral into more fTokens on Flamingo pools.
  • Sleep

Getting Started

  • Run npm install to install all dependencies.
  • Run export NODE_ENV=test to run on testnet, or export NODE_ENV=prod to run on mainnet.
  • Set up your wallet's private key by calling export PRIVATE_KEY=<PRIVATE_KEY> Do not share your private key with anybody. Ensure that your operating environment is secure.
  • Tune parameters as desired.
  • Run npm run maintainer-dev to run the bot.
  • Remember to start with DRY_RUN=true and check the output.

Deploying to Production

  • Run npm run build to transpile the source to JavaScript.
  • Run docker build -t flamingo_margin_maintainer . to create a container image.
  • Run your image.

Tunable Parameters

Option Description
FTOKEN_SCRIPT_HASH The hash of the fToken that you would like to use to maintain.
COLLATERAL_SCRIPT_HASH The hash of the collateral that you would like to receive through margin maintenance.
WEBHOOK_URL A webhook URL that allows you to post notifications to a Discord server you own. Please refer to Discord Webhooks.
MAINTAINER_NAME The name that is used when webhook messages are posted to disambiguate your process from others.
MAINTENANCE_THRESHOLD The minimum margin maintenance quantity, expressed in FTokens. Liquidations smaller than this quantity will not be performed.
LOW_BALANCE_THRESHOLD The balance under which the process will log a WARN and post an alert to the webhook URL, if specified.
AUTO_SWAP Automatically swap collateral into FToken if AUTO_SWAP === true && collateral balance > SWAP_THRESHOLD.
SWAP_THRESHOLD Automatically swap collateral into FToken if AUTO_SWAP === true && collateral balance > SWAP_THRESHOLD.
VERIFY_WAIT_MILLIS The milliseconds that flamingo-margin-maintainer will wait for a transaction confirmation to be received before moving on to the next cycle.
SLEEP_MILLIS The cycle duration expressed in milliseconds. flamingo-margin-maintainer will wait this duration betwen each cycle. It is recommended to set this duration to at least 15000, as Neo blocks are generated every ~15s.
DRY_RUN If set to true, output the computations without actually performing margin maintenance. Useful for testing and tuning parameters.

Although other parameters do exist in the configuration, tinkering with these properties is not advised unless you are familiar with Neo N3 development.

Debugging in VS Code

You can add your private key as PRIVATE_KEY in the .env file

flamingo-margin-maintainer's People

Contributors

lyrebird-finance avatar pestcodernever avatar 77696c6c avatar

Stargazers

avatar

Watchers

Yue Xie avatar avatar Qiang Liu avatar avatar avatar Adrian Fjellberg avatar avatar Rendong Liu avatar

Forkers

pestcodernever liquidboy

flamingo-margin-maintainer's Issues

Liquidator does not account for different asset decimals.

I ran into an issue when trying to liquidate loans with fWETH as collateral. I noticed that the LTV calculation became incorrect because the F-asset and the collateral asset uses different decimal count. In my example FUSD uses 6 decimals and fWETH uses 18 decimals.

I think the culprit these lines of code:
https://github.com/flamingo-finance/flamingo-fusd-liquidator/blob/main/src/liquidator.ts#L89-L94

function computeLoanToValue(vault: AccountVaultBalance, priceData: PriceData) {
  const numerator = vault.fTokenBalance * priceData.fTokenPrice;
  if (numerator === 0) {
    return 0;
  }
  const denominator = vault.collateralBalance * priceData.collateralCombinedPrice;
  return (100 * numerator) / denominator;
}

The balances need to be adjusted for token decimals before they can be used in the calculations. I suggest creating a separate config file for the different assets defining how many decimals they have. We usually have file called tokens.js that defines a lot of static data about assets we use :)

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