The idea of rebasing is that the token supply can easily increase or decrease globally by a multiplier. This allows us to charge a 2% tax across the board, or gives 3% "inflation" to all holders.
It is done by storing a global "multiplier", which can start at 1.0. There is a privileged operation, only accessible by the controller, which can adjust this multiplier.
In our case, this is done to ensure that 1 L-Token equals 1 base asset. The same multiplier can just store a ratio for input/ouput. Such that at 1.2, I must deposit 12 base asset to mint 10 L-Token. However, if we adjust all Supply and Balance queries with this multiplier, we get the nice property for the user/UI that it maintains a 1:1 ratio.
In this case, I will deposit 12 base asset to mint 12 L-token. The multiplier is 1.2 now, so my balance stored in the storage is 10. Later that multiplier goes up to 1.4. When I query my balance, I see 14. I can send 7 to another user, and we both have 5 recorded in the raw storage, but 7 in all Balance queries.
Verify all operations apply this multiplier as necessary: display = storage * multiplier
To do so we need to add a few msg/query:
pub enum ExecuteMsg {
/// Can only be called by the controller.
/// config.multiplier *= ratio
Rebase { ratio: Decimal },
}
The idea of rebasing is that the token supply can easily increase or decrease globally by a multiplier. This allows us to charge a 2% tax across the board, or gives 3% "inflation" to all holders.
It is done by storing a global "multiplier", which can start at 1.0. There is a privileged operation, only accessible by the controller, which can adjust this multiplier.
In our case, this is done to ensure that 1 L-Token equals 1 base asset. The same multiplier can just store a ratio for input/ouput. Such that at 1.2, I must deposit 12 base asset to mint 10 L-Token. However, if we adjust all Supply and Balance queries with this multiplier, we get the nice property for the user/UI that it maintains a 1:1 ratio.
In this case, I will deposit 12 base asset to mint 12 L-token. The multiplier is 1.2 now, so my balance stored in the storage is 10. Later that multiplier goes up to 1.4. When I query my balance, I see 14. I can send 7 to another user, and we both have 5 recorded in the raw storage, but 7 in all Balance queries.
Verify all operations apply this multiplier as necessary:
display = storage * multiplierTo do so we need to add a few msg/query:
Stored as
Item<Decimal>in this contract. Different for each token contract.Note from Jakub: Ensure we test every msg and query so nothing gets missed (or missed later)