The controller manages the collateral and debt levels for all users, and it is a major user entry point for the Yield protocol.

Collateral and Treasury integration

  • Supports Weth and Chai as collateral types, and many functions will require as the first parameter to specify "CHAI" or "ETH-A" encoded in a bytes32.
  • Relies on Treasury for all Dai, Chai and Weth transfers. Users never interact with the Treasury directly.
  • Never holds any assets.

Debt Management

  • Allows users to post and withdraw Chai and Weth collateral.
    • The assets are managed by the Treasury, and the Controller records them in the posted variable.
    • Any transactions resulting in a user weth collateral below DUST are reverted.
  • Allows users to borrow fyDai against their Chai and Weth collateral.
    • This will result in the Controller minting fyDai from the appropriate series into the appropriate wallet.
    • Debt is recorded in fyDai terms, by collateral, by series, at debtFYDai.
    • Mature fyDai can be borrowed normally.
  • Allows users to repay their debt in 2 ways
    • DAI: repayDai lets you directly send DAI to the treasury to repay your debt, internally converting the DAI to fyDAI
    • fyDAI: repayFYDai burns the fyDAI from the appropriate series

Read-only functionality

  • The powerOf function returns the borrowing power of an user in Dai terms.
  • locked returns the amount of collateral already used in borrowing operations.
  • Allows querying the debt of a user in Dai terms, using debtDai.
  • The inDai and inFYDai functions can be used to convert values from Dai to fyDai terms and viceversa.
    • Before maturity 1 fyDai equals 1 Dai but after maturity the fyDai increases in value with MakerDAO's vat.ilks("ETH-A").rate.
  • The totalDebtDai function returns the debt of an user, in Dai, aggregated across all series. The aggregated debt in fyDai must be computed by an external function, if needed.
  • Integrates with a number of FYDai contracts decided upon deployment.
    • These can be found in the series variable.
    • The seriesIterator variable can be used to retrieve all series.

Delegation & Orchestration

  • Users can delegate the control of their accounts in Controllers to any address using controller.addDelegate(delegate.address). This feature is central to the core/periphery division and can be used by anyone to build proxies that interact safely with the user records in the controller.
  • All user-facing functions have from and to parameters, which combined with the delegation feature allow the functions in the Controller to be composed, avoiding intermediary asset transactions. More on that in the proxy explainer.
  • Allows orchestrated contracts to erase any amount of debt or collateral for an user. This is to be used during liquidations or during unwind. Users can never use erase directly.

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