RoC Stable Platform - Collateral RIF Token
  • Introduction
  • RIF On Chain platform
    • Main concepts
    • System states
    • Public actions
      • User actions
      • Process actions
    • Contracts architecture
      • MoC
      • CommissionSplitter
      • MoCState
      • MoCBucketContainer
      • MoCSettlement
      • MoCHelperLib
      • MoCLibConnection
      • MoCConverter
      • MoCExchange
      • MoCConnector
      • MoCRiskProxManager
      • MoCInrate
      • MoCVendors
      • MoCWhitelist
      • MoCBase
      • OwnerBurnableToken
      • RiskProToken
      • StableToken
      • MoCToken
      • PriceProvider
    • Contract mocks
    • Relevant patterns and choices
    • Data dictionary
    • Getting started
  • Integration with RoC platform
    • Introduction to RoC
      • The MoC Contract
      • RoC Precisions
      • RoC State Contracts
    • Getting RIFPros
      • Minting RIFPros
      • Redeeming RIFPros
    • Getting USDRIF
      • Minting USDRIF
      • Redeeming USDRIF
        • On Settlement: redeemStableTokenRequest
        • On Settlement: alterRedeemRequestAmount
        • Outside Settlement: redeemFreeStableToken
        • On Liquidation State: redeemAllStableToken
        • How-to
    • Commission fees values
    • Vendors
    • Fees calculation
    • From outside the blockchain
      • Using RSK nodes
      • Using web3
      • Official RIF On Chain ABIs
      • Events
      • Example code minting RIFPros
      • Example code minting RIFPros without Truffle
      • Example code redeeming RIFPros
      • Example code redeeming RIFPros without Truffle
      • Example code minting USDRIF
      • Example code redeeming free USDRIF
      • Example code redeeming USDRIF Request
      • Example code redeeming all USDRIF
  • Smart contracts
    • Contracts verification
    • ABIs documentation
      • Blockable
      • Blocker
      • ERC20Mintable
      • Governed
      • Initializable
      • MakeStoppable
      • MakeUnstoppable
      • MoC
      • MoCBucketContainer
      • MoCConnector
      • MoCConverter
      • MoCEMACalculator
      • MoCExchange
      • MoCHelperLib
      • MoCHelperLibMock
      • MoCInrate
      • MoCInrateRiskproxChanger
      • MoCLibConnection
      • MoCPriceProviderMock
      • MoCReserve
      • MoCRiskProxManager
      • MoCSettlement
      • MoCSettlementMock
      • MoCState
      • MoCStateMock
      • MoCToken
      • MoCVendors
      • MoCWhitelist
      • MocInrateStableChanger
      • MockBlocker
      • MockMakeStoppable
      • MockMakeUnstoppable
      • MockStopper
      • MockUpgradeDelegator
      • MockUpgraderTemplate
      • OwnerBurnableToken
      • Pausable
      • PriceFeed
      • PriceFeederAdder
      • PriceFeederRemover
      • PriceProvider
      • PriceProviderChanger
      • PriceProviderMock
      • ReserveToken
      • RiskProToken
      • StableToken
      • Stoppable
      • Stopper
      • UpgradeDelegator
      • UpgraderTemplate
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  1. RIF On Chain platform

System states

PreviousMain conceptsNextPublic actions

Last updated 1 year ago

System state is ruled by the global value, and it's relation with the Objective Coverage (Cobj), currently set to 4.

  • Above coverage

    Healthy state of the system. Every Token can be minted, and every Token (besides non-free USDRIF) can be redeemed.

  • Below coverage

    When the coverage falls below a certain threshold (Cobj), RIFPros can no longer be redeemed as a measure to keep the coverage as high as possible. Additionally, RODCs can't be minted.

  • Discount sale of RIFPro

    When the coverage falls below the next threshold (uTPDU, currently 1.6), RIFPros are sold at a discounted price with the intention of pumping more RIFs into the system.

  • Liquidated

    If the former measures fail and the coverage falls below last threshold (currently 1.04) and liquidation is enabled, the contracts are locked allowing only the redemption of remaining USDRIF at the last available price. Although USDRIF Tokens can still be transferred freely, RIFPro Token on the other hand is permanently paused, as it has lost all of its value. This state is irreversible, once the liquidation state is achieved on the contract, there is no coming back even if the price and/or coverage recovers.

Protected mode

Additionally, the system can enter a protected mode when coverage falls below a certain threshold (currently 1.5), in which case neither RIFPros can no longer be minted nor free USDRIF can be redeemed. In case the price and/or coverage recovers, the system can go back to another state.

To know if the contract is in protected mode you can ask the MocState for the protected and the globalCoverage() values, if coverage is less than the protected threshold, the contract is in protected mode.

Note that eventually the contract can recover from this mode. In case it does not, two things can happen:

  • global coverage stabilizes indefinitely below 1: liquidation is enabled

  • global coverage stabilizes indefinitely below protected threshold but above 1: protected threshold is changed below its stabilization value

Coverage