FyToken

Introduction

An fyToken is an instantiation of a Hifi zero-coupon bond, with a specific configuration. It is pegged to a unique Erc20 collateral type, Erc20 underlying type and expiration time. The FyToken contract is itself an Erc20.

Gas Costs

Gas usage is not deterministic due to requisite calls to third-party Erc20 tokens. We provide the table below for guidance only:

Action

Typical Gas Cost

Borrow

<130K

Liquidate Borrow

<100K

Repay Borrow

<80K

Repay Borrow Behalf

<80K

Erc20 Functions

All Erc20 functions are implemented: allowance(), balanceOf(), decimals(), name(), symbol(), totalSupply(), approve(), transfer()and transferFrom().

Erc2612 Functions

All Erc2612 functions are implemented: permit(), nonces() and DOMAIN_SEPARATOR(). Erc2612 allows users to permit another account (or contract) to use their funds using a signed message. This enables gas-less transactions and single approval/transfer transactions.

Storage Properties

Balance Sheet

The address of the BalanceSheet contract, the global debt registry of Hifi.

BalanceSheetInterface public balanceSheet;

Collateral

The Erc20 asset that backs the borrows of this fyToken.

Erc20Interface public collateral;

Collateral Precision Scalar

The ratio between mantissa precision (1e18) and the collateral precision.

uint256 public collateralPrecisionScalar;

Expiration Time

Unix timestamp in seconds for when this token expires.

uint256 public expirationTime;

Fintroller

The unique Fintroller associated with this contract.

FintrollerInterface public fintroller;

Redemption Pool

The unique Redemption Pool associated with this contract.

RedemptionPoolInterface public redemptionPool;

Underlying

The Erc20 underlying, or target, asset for this fyToken.

Erc20Interface public underlying;

Underlying Precision Scalar

The ratio between mantissa precision (1e18) and the underlying precision.

uint256 public underlyingPrecisionScalar;

Constant Functions

Is Matured

Checks if the bond matured.

function isMatured() public view returns (bool)

  • RETURN: true = bond matured, otherwise it didn't.

Solidity

FyTokenInterface fyToken = FyTokenInterface(0xabcd...);
uint256 isMatured = fyToken.isMatured();

Ethers.js

const fyToken = new ethers.Contract(0xabcd..., fyTokenInterfaceABI, signer);
const isMatured = await fyToken.isMatured();

Non-Constant Functions

Borrow

Increases the debt of the caller and mints new fyToken. Emits a "Borrow" event.

function borrow(uint256 borrowAmount) public returns (bool)

  • borrowAmount: The amount of fyTokens to borrow and print into existence.

  • RETURN: true = success, otherwise it reverts.

Requirements

  • The vault must be open.

  • Must be called prior to maturation.

  • The amount to borrow cannot be zero.

  • The "Fintroller" must allow this action to be performed.

  • The locked collateral cannot be zero.

  • The total supply of fyTokens cannot exceed the debt ceiling.

  • The caller must not fall below the threshold collateralization ratio.

Solidity

FyTokenInterface fyToken = FyTokenInterface(0xabcd...);
uint256 borrowAmount = 10000000000000000000;
bool success = fyToken.borrow(borrowAmount);
require(success, "something went wrong");

Ethers.js

const fyToken = new ethers.Contract(0xabcd..., fyTokenInterfaceABI, signer);
const borrowAmount = "10000000000000000000";
const borrowTx = await fyToken.borrow(borrowAmount);
await borrowTx.wait();

Burn

Destroys burnAmount tokens from holder, reducing the token supply. Emits a "Burn" event.

function burn(address holder, uint256 burnAmount) external returns (bool)

  • holder: The account whose fyTokens to burn.

  • burnAmount: The amount of fyTokens to burn.

  • RETURN: true = success, otherwise it reverts.

Requirements

  • Must be called prior to maturation.

  • Can only be called by the "RedemptionPool".

  • The amount to burn cannot be zero.

We didn't write code snippets for this function because it is not meant to be called directly. Only the "RedemptionPool" contract is allowed to call "burn".

Liquidate Borrow

Repays the debt of the borrower and rewards the liquidator with a surplus of collateral. Emits a "LiquidateBorrow" event.

function liquidateBorrow(address borrower, uint256 repayAmount) external override returns (bool)

  • borrower: The account to liquidate.

  • repayAmount: The amount of fyTokens to repay.

  • RETURN: true = success, otherwise it reverts.

Requirements

  • The vault must be open.

  • The liquidator cannot liquidate themselves.

  • The amount to repay cannot be zero.

  • The "Fintroller" must allow this action to be performed.

  • The borrower must be underwater if the bond didn't mature.

  • The caller must have at least "repayAmount" fyTokens.

  • The borrower must have at least "repayAmount" debt.

  • The amount of clutched collateral cannot be more than what the borrower has in the vault.

Solidity

FyTokenInterface fyToken = FyTokenInterface(0xabcd...);
address borrower = 0xbcde...;
uint256 repayAmount = 10000000000000000000;
bool success = fyToken.liquidateBorrow(borrower, repayAmount);
require(success, "something went wrong");

Ethers.js

const fyToken = new ethers.Contract(0xabcd..., fyTokenInterfaceABI, signer);
const borrower = 0xbcde...;
const repayAmount = "10000000000000000000";
const liquidateBorrowTx = await fyToken.liquidateBorrow(borrower, repayAmount);
await liquidateBorrowTx.wait();

Mint

Prints new tokens into existence and assigns them to beneficiary, increasing the total supply. Emits a "Mint" event.

function mint(address beneficiary, uint256 mintAmount) external override returns (bool)

  • beneficiary: The borrower account for which to mint the tokens.

  • mintAmount: The amount of fyTokens to print into existence.

  • RETURN: true = success, otherwise it reverts.

Requirements

  • Can only be called by the Redemption Pool.

  • The amount to mint cannot be zero.

We didn't write code snippets for this function because it is not meant to be called directly. Only the "RedemptionPool" contract is allowed to call "burn".

Repay Borrow

Deletes the borrower account's debt from the registry and take the fyTokens out of circulation. Emits a "RepayBorrow" event.

function repayBorrow(uint256 repayAmount) external override returns (bool)

  • repayAmount : The amount of fyTokens to repay.

  • RETURN

    • true = success, otherwise it reverts.

Requirements

  • The vault must be open.

  • The amount to repay cannot be zero.

  • The Fintroller must allow this action to be performed.

  • The caller must have at least repayAmount fyTokens.

  • The caller must have at least repayAmount debt.

Solidity

FyTokenInterface fyToken = FyTokenInterface(0xabcd...);
uint256 repayAmount = 10000000000000000000;
bool success = fyToken.repayBorrow(repayAmount);
require(success, "something went wrong");

Ethers.js

const fyToken = new ethers.Contract(0xabcd..., fyTokenInterfaceABI, signer);
const repayAmount = "10000000000000000000";
const repayBorrowTx = await fyToken.repayBorrow(repayAmount);
await repayBorrowTx.wait();

Repay Borrow Behalf

Clears the borrower account's debt from the registry and take the fyTokens out of circulation. Emits a "RepayBorrow" event.

function repayBorrowBehalf(address borrower, uint256 repayAmount) external override returns (bool)

  • borrower: The borrower account for which to repay the borrow.

  • repayAmount: The amount of fyTokens to repay.

  • RETURN: true = success, otherwise it reverts.

Requirements

  • same as the "repayBorrow" function, but here "msg.sender" is the account that must have at least "repayAmount" fyTokens to repay the borrow for the "borrower".

Solidity

FyTokenInterface fyToken = FyTokenInterface(0xabcd...);
address borrower = 0xbcde...;
uint256 repayAmount = 10000000000000000000;
bool success = fyToken.repayBorrowBehalf(borrower, repayAmount);
require(success, "something went wrong");

Ethers.js

const fyToken = new ethers.Contract(0xabcd..., fyTokenInterfaceABI, signer);
const borrower = 0xbcde...;
const repayAmount = "10000000000000000000";
const repayBorrowBehalfTx = await fyToken.repayBorrowBehalf(borrower, repayAmount);
await repayBorrowBehalfTx.wait();

Set Fintroller

Updates the Fintroller contract's address saved in storage. Emits a "SetFintroller" event.

function _setFintroller(FintrollerInterface newFintroller) external returns (bool)

  • newFintroller: The address of the new Fintroller contract.

  • RETURN: true = success, otherwise it reverts.

Requirements

  • The caller must be the admin.

  • The new Fintroller must pass the inspection.

We didn't write code snippets for this function because it is not meant to be called by end users. Only the protocol admin is allowed to call "setFintroller".

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