This SIP proposes the implementation of a cooldown mechanism for accounts wishing to exit or decrease their delegated collateral in a given market. It introduces a configurable cooldown duration (cooldownDuration), that a user must await after signaling his intent to decrease his delegated liquidity to a given market. The undelegation action can only be executed when the block time is within a configurable cooldown window cooldownWindow (after the cooldownDuration lapses). Failure to execute the action within the window, results in the expiration of the intent, requiring users to run a new intent of undelegation.
An account who signaled his intent to decrease his delegation on a given market cannot increase his delegated liquidity to that market during the cooldownDuration period. However, the account can signal multiple decreases of staked collateral on different markets simultaneously. Once a user signals his intention to reduce his delegated collateral on a specific market, he cannot schedule another reduction on that same market until the previous intent is executed or is expired.
In case a users' collateral is liquidated, all the accounts' cooldown intents are revoked.
\nThe cooldownDuration and cooldownWindow are both configurable per market. Markets that do not require this intent/execute pattern can have this feature disabled by setting cooldownDuration to zero.
Note that a user can signal an intent, but cannot execute that intent, if the minDelegateTime specified in SIP-320 had not lapsed.
In Perp V3, differences in the liquidation speeds of margin and positions could lead to deterministic profit/loss impacts. To ensure fair compensation for liquidity providers and prevent taking advantage of these determinisms, a cooldown period is proposed when undelegating liquidity from a market.
\nThis functionality aims to introduce friction in removing or decreasing a user's delegated collateral to discourage taking advantage of deterministic changes in profit/loss impact from liquidations.
\ncooldownDuration: A configurable duration in seconds, representing the minimum time before an intent can be executed.setCooldownDuration(int128): An addition to the IMarketManager interface, allowing markets to associate a cooldown duration.cooldownWindow: A configurable duration in seconds, determining the maximum time an intent can be executed after the cooldownDuration lapses.setCooldownWindow(int128): An addition to the IMarketManager interface, enabling markets to associate a cooldown window.cooldownDuration to 12 hours, cooldownWindow to 6 hours\ncooloffDuration and minDelegateTime lapse\ncooldownWindow\ncooldownWindow lapses\ncooldown intent had expiredcooloffDuration lapses\ncooloffDuration had not lapsedminDelegateTime and cooloffDuration has lapsed\ncooloff intent is revokedcooloffDuration lapse but before the minDelegateTime has lapsed\ncooldownWindow\nminDelegateTime not having lapsedPlease refer to technical specification for definitions of the below configurable values:
\ncooldownDurationcooldownWindowStatus changed to rejected, as per the authors' request.
\nCopyright and related rights waived via CC0.
"}},"pageContext":{"id":"82962c80-932d-5281-9551-49b6114e8838","frontmatter__sip":347,"__params":{"frontmatter__sip":"347"}}},"staticQueryHashes":[]}