Proposed: April 26, 2023
Status: Passed
Link: Snapshot
The SeasonFacet
removed from Beanstalk was incorrectly listed in the original Snapshot proposal as 0x83d6e6b446613c9bfaebc64260962bc4f828a3ac
. The correct SeasonFacet
address is 0x0cEFF1129091A0ffa97cC58d4D160F9676866a24
.
Beanstalk Farms, Chaikitty
Proposer Wallet: 0xf9d183af486a973b7921ceb5fdc9908d12aab440
sunrise
;sunrise
incentive reward to account for current network and Beanstalk conditions; andsunrise
interoperable with the farm
function.During times of short-term excess demand for Soil, Beanstalk is paying significantly more in Pods than is necessary to attract creditors. In addition, Pod minting is concentrated towards Farmers who are able to execute transactions on-chain first when the demand for Soil is excessively high.
Beanstalk frequently overpays for the sunrise
, as most of the reward is used to pay for high gas prices that are due to the competitiveness of calling sunrise
.
The sunrise
function is not interoperable with the farm
function, as the function does not currently return any data.
We propose a Dutch auction for Temperature in the Field during the first b blocks after the sunrise
(Morning) of each Season. Each Morning, the Temperature ramps from 1% to 100% of the maximum Temperature.
With this change, the Temperature offered by Beanstalk is dynamic within a Season. In practice, when deltaB > 0
, the amount of Soil issued in a Season is dynamic, while the maximum number Pods that can be issued if all Soil is Sown in the Morning is fixed. When deltaB < 0
, the amount of Soil issued in a Season is fixed, while the maximum number of Pods that can be issued if all Soil is Sown in the Morning is dynamic.
Before Morning Auction
Parameters within a given Season | deltaB > 0 |
deltaB < 0 |
---|---|---|
Soil issued | Fixed | Fixed |
Maximum number of Pods that can be minted* | Fixed | Fixed |
Temperature | Fixed | Fixed |
*If all Soil is Sown.
Morning Auction
Parameters within a given Season | deltaB > 0 |
deltaB < 0 |
---|---|---|
Soil issued | Dynamic | Fixed |
Maximum number of Pods that can be minted** | Fixed | Dynamic |
Temperature | Dynamic | Dynamic |
**If all Soil is Sown in the Morning.
Redefine all instances of as the maximum Temperature .
Redefine h to:
Where a is the control variable, b is the number of blocks needed to elapse to reach the maximum Temperature, and c is the number of blocks that have elapsed since the sunrise
call.
Adjust the time in which Beanstalk considers demand for Soil increasing in instances where all but at most one Soil is Sown from 5 minutes to 10 minutes since sunrise
(i.e., ).
When deltaB > 0
, fix the maximum Pods that can be issued during a Season based on the number of Pods that became Harvestable at the start of that Season.
Due to function changes in LibDibbler.sol
, the Fundraiser Facet must also be updated.
The following changes are made to Beanstalk's storage:
Season
struct: uint32 sunriseBlock
;Season
struct: bool abovePeg
;startSoil
from the Field
struct in favor of beanSown
;soil
in the Field
struct from datatype uint256
to uint128
; andyield
from the Weather
struct in favor of t
.We propose changing the base sunrise
incentive reward to account for current network and Beanstalk conditions.
The following logic is used to calculate the incentive reward:
gasUsed = min(deltaGas + GAS_OVERHEAD, MAX_SUNRISE_GAS)
gasFee = block.basefee + PRIORITY_FEE_BUFFER
gasCostBean = gasFee * gasUsed * ethBeanPrice
sunriseReward = min(BASE_REWARD + gasCostBean, MAX_REWARD)
exponentiatedReward = sunriseReward * 1.01^(blocksLate * BLOCK_LENGTH_SECONDS)
Where:
deltaGas
is equal to the delta of gasleft
at the start and end of transaction;GAS_OVERHEAD
is the estimated gas overhead not included in deltaGas
(21k plus gas cost to pay the caller);MAX_SUNRISE_GAS
is the manipulation protection parameter that defines the maximum possible gas cost to call sunrise
(likely during a Flood);PRIORITY_FEE_BUFFER
is the overestimation of the maximum required priorityFee
to call sunrise
(it is possible to access the baseGasFee
but not the priorityFee
in Solidity);ethBeanPrice
is the ETH/BEAN price (which is derived from the BEAN:3CRV pool on Curve and the USDC:ETH pool on Uniswap V3);BASE_REWARD
is a fixed increase in Bean reward to cover the costs of operating sunrise
bots;MAX_REWARD
is the max base reward to prevent manipulation;blocksLate
is the number of blocks in which a successful sunrise
call was executed past the first block in which it could have been executed; andBLOCK_LENGTH_SECONDS
is number of seconds per block in Ethereum (post-Merge this is fixed at 12).gm
functionWe propose adding a gm
function that (1) implements the sunrise
function, (2) can send the incentive reward to the caller's Farm or Circulating balance and (3) returns the number of Beans paid for the incentive reward.
The cost to execute sunrise
in Beans is:
gasUsed * (baseGasFee + priorityFee) * beanEthPrice
This solution computes an on-chain estimation of the above formula while adding sufficiently tunable parameters to properly account for estimation error and potential manipulation.
Adding the ability to send sunrise
incentive rewards to the caller's Farm balance increases the composability of Beanstalk. Adding a return value for the new gm
function makes it much easier for other smart contracts calling Beanstalk to track sunrise
incentive rewards.
Reducing unnecessary Pod issuance should improve Beanstalk's creditworthiness as a borrower. Maximizing Beans borrowed for a given Pod issuance should improve Beanstalk's efficiency.
Reducing unnecessary Bean issuance in the sunrise
incentive reward can reduce sell pressure on Beans.
The cost of paying the sunrise
caller differs based on the selected ToMode
and whether the caller already has Beans in their Circulating and/or Farm balance. GAS_OVERHEAD
is set such that the incentive amount is high enough for Farmers that don't have Beans in their balances already. For Farmers that already have Beans (outside the Silo), this also has the affect of compensating for one failed transaction per success, such that a caller with 50/50 success rate will retain slight profit.
Improving the composability of Beanstalk should improve the user experience and utility of Beanstalk and Beans.
The Δ symbol indicates that there is a proposed change in functionality.
The following FieldFacet
is being removed from Beanstalk:
The following FieldFacet
is being added to Beanstalk:
FieldFacet
Function ChangesName | Selector | Action | Type | Δ |
---|---|---|---|---|
sow |
0x6c8d548e |
Remove | Call | |
sowWithMin |
0x78309c85 |
Remove | Call | |
harvest |
0x8fd83ecf |
Replace | Call | |
harvestableIndex |
0xd6be1816 |
Replace | View | |
plot |
0xe1d9d628 |
Replace | View | |
podIndex |
0xcb44a6cf |
Replace | View | |
totalHarvestable |
0x067fcd2e |
Replace | View | |
totalHarvested |
0x23dc1142 |
Replace | View | |
totalPods |
0xc0aa6a90 |
Replace | View | |
totalSoil |
0x3285008a |
Replace | View | ✓ |
totalUnharvestable |
0x4433366d |
Replace | View | |
yield |
0x28593984 |
Replace | View | ✓ |
maxTemperature |
0x7907091f |
Add | View | ✓ |
remainingPods |
0x56ba3e24 |
Add | View | ✓ |
sow |
0x32ab68ce |
Add | View | ✓ |
sowWithMin |
0x553030d0 |
Add | View | ✓ |
temperature |
0xadccea12 |
Add | View | ✓ |
FieldFacet
Event ChangesNone.
The following FundraiserFacet
is being removed from Beanstalk:
The following FundraiserFacet
is being added to Beanstalk:
FundraiserFacet
Function ChangesName | Selector | Action | Type | Δ |
---|---|---|---|---|
createFundraiser |
0x4b4e8d9a |
Replace | Call | |
fund |
0x43c5198e |
Replace | Call | ✓ |
fundingToken |
0xc869c1eb |
Replace | View | |
fundraiser |
0xce133450 |
Replace | View | |
numberOfFundraisers |
0x6299a9af |
Replace | View | |
remainingFunding |
0x0d1a844c |
Replace | View | |
totalFunding |
0x6ee66ddf |
Replace | View |
FundraiserFacet
Event ChangesNone.
The following SeasonFacet
is being removed from Beanstalk:
The following SeasonFacet
is being added to Beanstalk:
SeasonFacet
Function ChangesFunction Name | Selector | Action | Type | Δ |
---|---|---|---|---|
paused |
0x5c975abb |
Replace | View | |
plentyPerRoot |
0xe60d7a83 |
Replace | View | |
poolDeltaB |
0x471bcdbe |
Replace | View | |
rain |
0x43def26e |
Replace | View | |
season |
0xc50b0fb0 |
Replace | View | |
seasonTime |
0xca7b7d7b |
Replace | View | |
sunrise |
0xfc06d2a6 |
Replace | View | ✓ |
time |
0x16ada547 |
Replace | View | |
totalDeltaB |
0x06c499d8 |
Replace | View | |
weather |
0x686b6159 |
Replace | View | |
abovePeg |
0x2a27c499 |
Add | View | ✓ |
gm |
0x64ee4b80 |
Add | Call | ✓ |
sunriseBlock |
0x3b2ecb70 |
Add | View | ✓ |
SeasonFacet
Event ChangesNone.
The init
function on the following InitBipSunriseImprovements
contract is called:
None.
The commit hash of this BIP is 538b7a2a89760f6e7aab0fa3146551c030f388d1.
Halborn has performed an audit of this BIP up to commit hash f37cb42809fb8dfc9a0f2891db1ad96a1b848a4c. You can view the Halborn audit report here. All changes made between the two commits were either tests, documentation or minor fixes found during code review.
Immediately upon commit.