MCD - Multi-collateral Dai
Usage: mcd [<options>] <command> [<args>]
or: mcd help [<command>]
Commands:
bite Trigger liquidation of an unsafe Urn
bites ReUrns
cdp Cdp managerment
dai Dai management
debt Total dai issuance
drip Trigger stability fee accumulation
flap Trigger a flap auction
flips View flips and kick-off auctions
flog Release queued bad-debt for auction
flop Trigger a flop auction
frob Urn management
frobs Recent frobs
gem Collateral management
help Print help about mcd or one of its subcommands
ilk Ilk (collateral type) parameters
poke Update the spot price for a given Ilk
unwrap Unwrap WETH to ETH
urn CDP state
vice Total bad debt
vow Liquidator balances
wrap Wrap ETH to WETH
First install dapp tools:
$ curl https://dapp.tools/install | shThen install the mcd package:
$ dapp pkg install mcdMcd is built on top of Seth and uses the same network configuration options, which just like Seth, can be defined in the ~/sethrc initialisation file.
Similar to Seth, mcd also supports transaction signing with Ledger hardware wallets and can run against both local and remote nodes.
Since mcd will always be used against a known deployment of the system, defaults can be loaded wherever possible. In most cases the only required configuration parameter is the -C, --chain=<chain> (MCD_CHAIN) option and -F, --from=<address> (ETH_FROM) sender account when not using a testnet.
Example ~/.sethrc:
#!/usr/bin/env bash
export ETH_FROM=0x4Ffa8667Fe2db498DCb95A322b448eA688Ce430c
export MCD_CHAIN=kovanRun against the latest Kovan deployment by setting the -C, --chain option to kovan. Specify a sender account when sending transactions using the -F, --from option, or via the ETH_FROM env variable.
$ export ETH_FROM=0x4Ffa8667Fe2db498DCb95A322b448eA688Ce430c
$ mcd --chain=kovan dai join 100Run agaist remote testchain deployments by setting the -C, --chain option to the remote testchain Id. Mcd will auto-configure account settings via the testchain api so that no further configuration is required. To view a list of available testchains run:
$ mcd testnet chains`Then set the chain option, or the chain env variable to the appropriate testchain Id.
$ export MCD_CHAIN=12899149080555595289
$ mcd dai join 100Run against a locally running instance of Dapp testnet where the system has been deployed by setting the C, --chain option to testnet. Mcd will auto-configure account testings for dapp testnet so that no further configuration is required.
By default, Mcd assumes that the output of the testchain deployment script is available at ~/.dapp/testnet/8545/config/addresses.json. Configuration addresses can be loaded from a different location by setting the --config (MCD_CONFIG) option.
$ export MCD_CONFIG=~/testchain-deployment-scripts/out/addresses.json
$ mcd -C testnet dai join 100Ilks are collateral types with corresponding risk parameters which have been approved by system governance. Use the ilks command to view the list off available Ilks.
$ mcd ilks
ILK GEM DESC
ETH-A WETH Ethereum
ETH-B WETH Ethereum
COL1-A COL1 Token 1Each Ilk has its own set of configuration parameters which can be viewed via the ilk command. The I, --ilk=<id> option is used to scope commands to a particular Ilk:
$ mcd --ilk=ETH-A ilk
Art 40.000000000000000000 Total debt (DAI)
rate 1.000080370887129123082627939 WETH DAI exchange rate
spot 99.333333333333333333333333333 WETH price with safety mat (USD)
line 1000.0000000000000000000000000000000000000 Debt ceiling (DAI)
dust 0.0000000000000000000000000000000000000000 Debt floor (DAI)
flip 0x9d905effff127a01da3b38124f8da88e766eb8dd Flip auction contract
chop 1.000000000000000000000000000 Liquidation penalty
lump 10000.000000000000000000 Flip auction lot size
tax 1.000000000782997609082909351 Stability fee
rho 1552802862 Last drip timestamp
pip 0x98312e16f5b2c0def872a1f7484a8456e5a67a3b Price feed contract
mat 1.500000000000000000000000000 Liquidation ratioIndividial ilk values can be retrieved by adding the parameter name as an argument to the ilk command:
$ mcd --ilk=ETH-A ilk spot
99.333333333333333333333333333Gems are collateral tokens. Collateral is added and removed from the via adapters, which abstract away the differences between various token behaviours. Use gem [<subcommand>] to manage collateral balances for any given Ilk.
gem --ilk=<id> symbol Gem symbol e.g. WETH
gem --ilk=<id> balance Print balances for a given urn (default: ETH_FROM)
gem --ilk=<id> join <wad> Add collateral to a given Urn (default: ETH_FROM)
gem --ilk=<id> exit <wad> [<guy>] Remove collateral from an Urn (default: ETH_FROM)The join command can add collateral from the sender account to any specified Urn. The exit command can remove collateral from a specified Urn, provided that the sender controls the private key associated with that Urn.
By default, ETH_FROM is used to determine which Urn should be credited with collateral. Use U, --urn=<index> to optionally credit an Urn other than the default.
$ mcd --ilk=ETH-A --urn=0x123456789abcdef0123456789abcdef012345678 join 100The exit command can remove collateral from a specified Urn, provided that the sender controls the private key associated with that Urn. The exit command can also withdraw collateral to an account other than ETH_FROM buy passing the destination address as an additional argument:
$ mcd --ilk=ETH-A exit 100 0xDecaf00000000000000000000000000000000000Urns represent Cdp state for any given Urn index, where an Urn index consists of an address component (the public key of the account that owns the Urn) and an optional index component.
Use the urn command to view Urn state for any given Ilk:
$ mcd --ilk=ETH-A urn
ilk ETH-A Collateral type
urn 4Ffa8667Fe2db498DCb95A322b448eA688Ce430c000000000000000000000000 Urn index
ink 204.000000000000000000 Locked collateral (WETH)
art 40.000000000000000000 Outstanding debt (DAI)
spot 99.333333333333333333333333333 Price with safety mat (USD)
rate 1.000080370887129123082627939 WETH DAI exchange rate
fill 50655 Collateralisation ratio (%)By default, ETH_FROM is used to determine which Urn to query. Use the U, --urn=<index> option to query Urns at other indexes.
Urn state (urn.ink and urn.art) is managed via the frob <dink> <dart> command, where dink and dart are delta amounts by which ink (Locked collateral) and art (Outstanding debt) should be changed. For example, to lock 100 WETH and draw 400 Dai on the ETH-A Ilk:
$ mcd --ilk=ETH-A frob 100 400To reduce outstanding debt by 200 Dai whilst keeping the amount of locked collateral constant:
$ mcd --ilk=ETH-A frob -- 0 -200Similar to Gem adapters, a Dai adapter is used to exchange Vat Dai for ERC20 token Dai which can then be used outside the system. Use dai [<subcommand>] to manage dai balances.
dai balance Print balances for a given urn (default: ETH_FROM)
dai join <wad> Exchange DSToken Dai for Vat Dai
dai exit <wad> Exchange Vat Dai for DSToken DaiOnce Dai has been drawn on an Urn, it can be withdrawn for use outside the system using dai exit. Dai can be returned to repay Urn debt via dai join.
The dai balance command displays the internal system (vat) balance and the external (ext) token balance:
$ mcd dai balance
vat 1030.003120998308631176024235912000000000000000000 Vat balance
ext 0.000000000000000000 ERC20 balanceIndividial balance values can be retrieved by adding vat or ext as an argument to the balance command:
$ mcd dai balance vat
1030.003120998308631176024235912000000000000000000
The cdp command makes uses the Cdp Manager to allow Urns to be treated as non-fungible tokens with a unique NFT identifier:
$ cdp --ilk=ETH-A open
cdp 42 openedOnce a Cdp has been opened it can be managed via its unique identiier rather than the I, --ilk and U, urn options. The identifier can be either be passed via the --cdp option flag or as the first argument to the cdp command. Hence these commands are equivilent:
$ mcd --cdp=42 gem join 100
# or
$ mcd cdp 42 gem joinAll of the native Mcd functionality can be applied to Cdp's simply by supplying a Cdp identifier to the appropriate command:
$ mcd --cdp=42 gem join <wad> Add collateral
$ mcd --cdp=42 gem exit <wad> Remove collateral
$ mcd --cdp=42 dai join <wad> Add Dai
$ mcd --cdp=42 dai exit <wad> Remove Dai
$ mcd --cdp=42 frob <dink> <dart> Manage Cdp stateCdp Manger-specific functionality is also available via cdp`subcommands:
cdp ls List Cdps
cdp count Cdp count
cdp open Open a new Cdp
cdp <id> owner Get Cdp owner address
cdp <id> give <address> Change Cdp owner
The Cdp Portal uses a proxy contract for improved UX on the front-end. The --proxy option is available for compatability with Cdps created via the Cdp Portal:
$ mcd --proxy --cdp=42 frob 500 200This will send calls via the registered proxy for ETH_FROM, matching the behaviour of the Cdp portal. If the sender doesn't yet have a registered proxy, an option will be presented to create one.
Note: examples assume that ETH_FROM is set to an address controlled by the user, and that the MCD_CHAIN env variable has been set to a vaild chain identifier.
Note: The system doesn't handle ETH directly but instead uses WETH to represent ETH collateral. For convenience, the wrap and unwrap commands are provided for exchanging ETH to WETH and visa versa.
# i) Wrap
$ mcd wrap 100
eth 900.000000000000000000
weth 100.000000000000000000
# ii) Gem join
$ mcd --ilk=ETH-A gem join 100
$ Grant approval to move WETH to the Vat? [Y/n]: Y
vat 100.000000000000000000 Free collateral (WETH)
ink 0.000000000000000000 Locked collateral (WETH)
ext 0.000000000000000000 External account balance (WETH)
ext 900.000000000000000000 External account balance (ETH)
# iii) Lock & Draw
$ mcd --ilk=ETH-A frob 100 500
ilk ETH-A Collateral type
urn 41dc7BaBdEE52047e00F5F55973F3122985E7eBc000000000000000000000000 Urn index
ink 100.000000000000000000 Locked collateral (WETH)
art 500.000000000000000000 Outstanding debt (DAI)
spot 100.000000000000000000000000000 Price with safety mat (USD)
rate 1.000000000000000000000000000 WETH DAI exchange rate
fill 2000 Collateralization Ratio (%)
# iv) Withdraw Dai
$ mcd dai exit 500
vat 0.000060682318362511884962000000000000000000000 Vat balance
ext 500.000000000000000000 ERC20 balance# i) Wrap
$ mcd wrap 100
eth 900.000000000000000000
weth 100.000000000000000000
# ii) Open
$ mcd --ilk=ETH-A cdp open
Opened: cdp 42
# iii) Gem join
$ mcd --cdp=42 gem join 100
vat 100.000000000000000000 Free collateral (WETH)
ink 0.000000000000000000 Locked collateral (WETH)
ext 0.000000000000000000 External account balance (WETH)
ext 900.000000000000000000 External account balance (ETH)
# iv) Lock & Draw
$ mcd --cdp=42 frob 100 500
ilk ETH-A Collateral type
urn 63b0df87c81f55bb92c00b5690bdff84426fe36000000000000000000000002a Urn index
ink 100.000000000000000000 Locked collateral (WETH)
art 500.000000000000000000 Outstanding debt (DAI)
spot 100.000000000000000000000000000 Price with safety mat (USD)
rate 1.000000000000000000000000000 WETH DAI exchange rate
fill 2000 Collateralization Ratio (%)
# v) Withdraw Dai
$ mcd --cdp=42 dai exit 500
vat 0.000060682318362511884962000000000000000000000 Vat balance
ext 500.000000000000000000 ERC20 balance