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Shutdown

Concept

Probity may initiate shut down by governance vote. The shutdown module gracefully settles all debt and equity in the system. Prices are frozen at time of shutdown, and there may be price volatility risk during this window. Generally, the shut down process can take up to 2 days. All collateral auctions must finish so that the final debt balance can be calculated. Then borrowers will be able to redeem Aurei for their collateral. When there remains system debt after collateral auctions have finished, the remaining shortfall is covered by equity position holders' underlying assets.

Data Structures

Collateral

Property
Type
Description
finalPrice
uint256
The final price of the collateral asset when the system is shut down.
normDebt
uint256
The total (normalized) debt in the shutdown state.
gap
uint256
The undercollateralized debt in the shutdown state.
redemptionRatio
uint256
The amount of the collateral asset received in return for a stablecoin.

Methods

External Methods

switchAddress

changeWaitPeriod

initiateShutdown

setFinalPrice

processUserDebt

freeExcessCollateral

writeOffFromReserves

calculateInvestorObligation

processUserEquity

setFinalDebtBalance

calculateRedemptionRatio

returnStablecoin

redeemCollateral

calculateRedemptionRatio

setFinalSystemReserve

redeemVouchers