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TBTCOptimisticMinting

TBTCOptimisticMinting

The Optimistic Minting mechanism allows to mint TBTC before TBTCVault receives the Bank balance. There are two permissioned sets in the system: Minters and Guardians, both set up in 1-of-n mode. Minters observe the revealed deposits and request minting TBTC. Any single Minter can perform this action. There is an optimisticMintingDelay between the time of the request from a Minter to the time TBTC is minted. During the time of the delay, any Guardian can cancel the minting.

This functionality is a part of TBTCVault. It is implemented in a separate abstract contract to achieve better separation of concerns and easier-to-follow code.

OptimisticMintingRequest

struct OptimisticMintingRequest {
  uint64 requestedAt;
  uint64 finalizedAt;
}

GOVERNANCE_DELAY

uint256 GOVERNANCE_DELAY

The time delay that needs to pass between initializing and finalizing the upgrade of governable parameters.

SATOSHI_MULTIPLIER

uint256 SATOSHI_MULTIPLIER

Multiplier to convert satoshi to TBTC token units.

bridge

contract Bridge bridge

isOptimisticMintingPaused

bool isOptimisticMintingPaused

Indicates if the optimistic minting has been paused. Only the Governance can pause optimistic minting. Note that the pause of the optimistic minting does not stop the standard minting flow where wallets sweep deposits.

optimisticMintingFeeDivisor

uint32 optimisticMintingFeeDivisor

Divisor used to compute the treasury fee taken from each optimistically minted deposit and transferred to the treasury upon finalization of the optimistic mint. This fee is computed as follows: fee = amount / optimisticMintingFeeDivisor. For example, if the fee needs to be 2%, the optimisticMintingFeeDivisor should be set to 50 because 1/50 = 0.02 = 2%. The optimistic minting fee does not replace the deposit treasury fee cut by the Bridge. The optimistic fee is a percentage AFTER the treasury fee is cut: optimisticMintingFee = (depositAmount - treasuryFee) / optimisticMintingFeeDivisor

optimisticMintingDelay

uint32 optimisticMintingDelay

The time that needs to pass between the moment the optimistic minting is requested and the moment optimistic minting is finalized with minting TBTC.

isMinter

mapping(address => bool) isMinter

Indicates if the given address is a Minter. Only Minters can request optimistic minting.

minters

address[] minters

List of all Minters.

May be used to establish an order in which the Minters should request for an optimistic minting.

isGuardian

mapping(address => bool) isGuardian

Indicates if the given address is a Guardian. Only Guardians can cancel requested optimistic minting.

optimisticMintingRequests

mapping(uint256 => struct TBTCOptimisticMinting.OptimisticMintingRequest) optimisticMintingRequests

Collection of all revealed deposits for which the optimistic minting was requested. Indexed by a deposit key computed as keccak256(fundingTxHash | fundingOutputIndex).

optimisticMintingDebt

mapping(address => uint256) optimisticMintingDebt

Optimistic minting debt value per depositor's address. The debt represents the total value of all depositor's deposits revealed to the Bridge that has not been yet swept and led to the optimistic minting of TBTC. When TBTCVault sweeps a deposit, the debt is fully or partially paid off, no matter if that particular swept deposit was used for the optimistic minting or not. The values are in 1e18 Ethereum precision.

newOptimisticMintingFeeDivisor

uint32 newOptimisticMintingFeeDivisor

New optimistic minting fee divisor value. Set only when the parameter update process is pending. Once the update gets

optimisticMintingFeeUpdateInitiatedTimestamp

uint256 optimisticMintingFeeUpdateInitiatedTimestamp

The timestamp at which the update of the optimistic minting fee divisor started. Zero if update is not in progress.

newOptimisticMintingDelay

uint32 newOptimisticMintingDelay

New optimistic minting delay value. Set only when the parameter update process is pending. Once the update gets finalized, this

optimisticMintingDelayUpdateInitiatedTimestamp

uint256 optimisticMintingDelayUpdateInitiatedTimestamp

The timestamp at which the update of the optimistic minting delay started. Zero if update is not in progress.

OptimisticMintingRequested

event OptimisticMintingRequested(address minter, uint256 depositKey, address depositor, uint256 amount, bytes32 fundingTxHash, uint32 fundingOutputIndex)

OptimisticMintingFinalized

event OptimisticMintingFinalized(address minter, uint256 depositKey, address depositor, uint256 optimisticMintingDebt)

OptimisticMintingCancelled

event OptimisticMintingCancelled(address guardian, uint256 depositKey)

OptimisticMintingDebtRepaid

event OptimisticMintingDebtRepaid(address depositor, uint256 optimisticMintingDebt)

MinterAdded

event MinterAdded(address minter)

MinterRemoved

event MinterRemoved(address minter)

GuardianAdded

event GuardianAdded(address guardian)

GuardianRemoved

event GuardianRemoved(address guardian)

OptimisticMintingPaused

event OptimisticMintingPaused()

OptimisticMintingUnpaused

event OptimisticMintingUnpaused()

OptimisticMintingFeeUpdateStarted

event OptimisticMintingFeeUpdateStarted(uint32 newOptimisticMintingFeeDivisor)

OptimisticMintingFeeUpdated

event OptimisticMintingFeeUpdated(uint32 newOptimisticMintingFeeDivisor)

OptimisticMintingDelayUpdateStarted

event OptimisticMintingDelayUpdateStarted(uint32 newOptimisticMintingDelay)

OptimisticMintingDelayUpdated

event OptimisticMintingDelayUpdated(uint32 newOptimisticMintingDelay)

onlyMinter

modifier onlyMinter()

onlyGuardian

modifier onlyGuardian()

onlyOwnerOrGuardian

modifier onlyOwnerOrGuardian()

whenOptimisticMintingNotPaused

modifier whenOptimisticMintingNotPaused()

onlyAfterGovernanceDelay

modifier onlyAfterGovernanceDelay(uint256 updateInitiatedTimestamp)

constructor

constructor(contract Bridge _bridge) internal

_mint

function _mint(address minter, uint256 amount) internal virtual

Mints the given amount of TBTC to the given depositor's address. Implemented by TBTCVault.

getMinters

function getMinters() external view returns (address[])

Allows to fetch a list of all Minters.

requestOptimisticMint

function requestOptimisticMint(bytes32 fundingTxHash, uint32 fundingOutputIndex) external

Allows a Minter to request for an optimistic minting of TBTC. The following conditions must be met:

  • There is no optimistic minting request for the deposit, finalized or not.

  • The deposit with the given Bitcoin funding transaction hash and output index has been revealed to the Bridge.

  • The deposit has not been swept yet.

  • The deposit is targeted into the TBTCVault.

  • The optimistic minting is not paused. After calling this function, the Minter has to wait for optimisticMintingDelay before finalizing the mint with a call to finalizeOptimisticMint.

The deposit done on the Bitcoin side must be revealed early enough to the Bridge on Ethereum to pass the Bridge's validation. The validation passes successfully only if the deposit reveal is done respectively earlier than the moment when the deposit refund locktime is reached, i.e. the deposit becomes refundable. It may happen that the wallet does not sweep a revealed deposit and one of the Minters requests an optimistic mint for that deposit just before the locktime is reached. Guardians must cancel optimistic minting for this deposit because the wallet will not be able to sweep it. The on-chain optimistic minting code does not perform any validation for gas efficiency: it would have to perform the same validation as validateDepositRefundLocktime and expect the entire DepositRevealInfo to be passed to assemble the expected script hash on-chain. Guardians must validate if the deposit happened on Bitcoin, that the script hash has the expected format, and that the wallet is an active one so they can also validate the time left for the refund.

finalizeOptimisticMint

function finalizeOptimisticMint(bytes32 fundingTxHash, uint32 fundingOutputIndex) external

Allows a Minter to finalize previously requested optimistic minting. The following conditions must be met:

  • The optimistic minting has been requested for the given deposit.

  • The deposit has not been swept yet.

  • At least optimisticMintingDelay passed since the optimistic minting was requested for the given deposit.

  • The optimistic minting has not been finalized earlier for the given deposit.

  • The optimistic minting request for the given deposit has not been canceled by a Guardian.

  • The optimistic minting is not paused. This function mints TBTC and increases optimisticMintingDebt for the given depositor. The optimistic minting request is marked as finalized.

cancelOptimisticMint

function cancelOptimisticMint(bytes32 fundingTxHash, uint32 fundingOutputIndex) external

Allows a Guardian to cancel optimistic minting request. The following conditions must be met:

  • The optimistic minting request for the given deposit exists.

  • The optimistic minting request for the given deposit has not been finalized yet. Optimistic minting request is removed. It is possible to request optimistic minting again for the same deposit later.

Guardians must validate the following conditions for every deposit for which the optimistic minting was requested:

  • The deposit happened on Bitcoin side and it has enough confirmations.

  • The optimistic minting has been requested early enough so that the wallet has enough time to sweep the deposit.

  • The wallet is an active one and it does perform sweeps or it will perform sweeps once the sweeps are activated.

addMinter

function addMinter(address minter) external

Adds the address to the Minter list.

removeMinter

function removeMinter(address minter) external

Removes the address from the Minter list.

addGuardian

function addGuardian(address guardian) external

Adds the address to the Guardian set.

removeGuardian

function removeGuardian(address guardian) external

Removes the address from the Guardian set.

pauseOptimisticMinting

function pauseOptimisticMinting() external

Pauses the optimistic minting. Note that the pause of the optimistic minting does not stop the standard minting flow where wallets sweep deposits.

unpauseOptimisticMinting

function unpauseOptimisticMinting() external

Unpauses the optimistic minting.

beginOptimisticMintingFeeUpdate

function beginOptimisticMintingFeeUpdate(uint32 _newOptimisticMintingFeeDivisor) external

Begins the process of updating optimistic minting fee. The fee is computed as follows: fee = amount / optimisticMintingFeeDivisor. For example, if the fee needs to be 2% of each deposit, the optimisticMintingFeeDivisor should be set to 50 because 1/50 = 0.02 = 2%.

See the documentation for optimisticMintingFeeDivisor.

finalizeOptimisticMintingFeeUpdate

function finalizeOptimisticMintingFeeUpdate() external

Finalizes the update process of the optimistic minting fee.

beginOptimisticMintingDelayUpdate

function beginOptimisticMintingDelayUpdate(uint32 _newOptimisticMintingDelay) external

Begins the process of updating optimistic minting delay.

finalizeOptimisticMintingDelayUpdate

function finalizeOptimisticMintingDelayUpdate() external

Finalizes the update process of the optimistic minting delay.

calculateDepositKey

function calculateDepositKey(bytes32 fundingTxHash, uint32 fundingOutputIndex) public pure returns (uint256)

Calculates deposit key the same way as the Bridge contract. The deposit key is computed as keccak256(fundingTxHash | fundingOutputIndex).

repayOptimisticMintingDebt

function repayOptimisticMintingDebt(address depositor, uint256 amount) internal returns (uint256)

Used by TBTCVault.receiveBalanceIncrease to repay the optimistic minting debt before TBTC is minted. When optimistic minting is finalized, debt equal to the value of the deposit being a subject of the optimistic minting is incurred. When TBTCVault sweeps a deposit, the debt is fully or partially paid off, no matter if that particular deposit was used for the optimistic minting or not.

See TBTCVault.receiveBalanceIncrease

Parameters

Name
Type
Description

depositor

address

The depositor whose balance increase is received.

amount

uint256

The balance increase amount for the depositor received.

Return Values

Name
Type
Description

[0]

uint256

The TBTC amount that should be minted after paying off the optimistic minting debt.

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