Sip 71 binary options improvements (#599)

contracts/BinaryOption.sol

@@ -57,15 +57,21 @@ contract BinaryOption is IERC20, IBinaryOption {
 
         /* The last claimant might be owed slightly more or less than the actual remaining deposit
            based on rounding errors with the price.
-           Therefore if the user's bid is the entire rest of the pot, just give them everything that's left. */
-        if (_bid == totalBids && _bid != 0) {
+           Therefore if the user's bid is the entire rest of the pot, just give them everything that's left.
+           If there is no supply, then this option lost, and we'll return 0.
+           */
+        if ((_bid == totalBids && _bid != 0) || supply == 0) {
             return supply;
         }
 
-        /* If somehow a user who is not the last bidder is owed more than what's available,
+        /* Note that option supply on the losing side and deposits can become decoupled,
+           but losing options are not claimable, therefore we only need to worry about
+           the situation where supply < owed on the winning side.
+
+           If somehow a user who is not the last bidder is owed more than what's available,
            subsequent bidders will be disadvantaged. Given that the minimum bid is 10^16 wei,
            this should never occur in reality. */
-        assert(owed <= supply);
+        require(owed <= supply, "supply < claimable");
         return owed;
     }
 
@@ -85,7 +91,8 @@ contract BinaryOption is IERC20, IBinaryOption {
     }
 
     function totalClaimableSupply() external view returns (uint) {
-        return _totalClaimableSupply(market.exercisableDeposits());
+        (, uint exercisableDeposits) = market.senderPriceAndExercisableDeposits();
+        return _totalClaimableSupply(exercisableDeposits);
     }
 
     /* ========== MUTATIVE FUNCTIONS ========== */

contracts/BinaryOptionMarket.sol

@@ -60,6 +60,7 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
     uint public deposited;
     address public creator;
     bool public resolved;
+    bool public refundsEnabled;
 
     uint internal _feeMultiplier;
 
@@ -80,6 +81,7 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
         uint[2] memory _creatorLimits, // [capitalRequirement, skewLimit]
         bytes32 _oracleKey,
         uint _strikePrice,
+        bool _refundsEnabled,
         uint[3] memory _times, // [biddingEnd, maturity, expiry]
         uint[2] memory _bids, // [longBid, shortBid]
         uint[3] memory _fees // [poolFee, creatorFee, refundFee]
@@ -94,8 +96,12 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
         oracleDetails = OracleDetails(_oracleKey, _strikePrice, 0);
         times = Times(_times[0], _times[1], _times[2]);
 
+        refundsEnabled = _refundsEnabled;
+
         (uint longBid, uint shortBid) = (_bids[0], _bids[1]);
         _checkCreatorLimits(longBid, shortBid);
+        emit Bid(Side.Long, _creator, longBid);
+        emit Bid(Side.Short, _creator, shortBid);
 
         // Note that the initial deposit of synths must be made by the manager, otherwise the contract's assumed
         // deposits will fall out of sync with its actual balance. Similarly the total system deposits must be updated in the manager.
@@ -217,7 +223,14 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
     }
 
     function senderPriceAndExercisableDeposits() external view returns (uint price, uint exercisable) {
-        exercisable = _exercisableDeposits(deposited);
+        // When the market is not yet resolved, both sides might be able to exercise all the options.
+        // On the other hand, if the market has resolved, then only the winning side may exercise.
+        exercisable = 0;
+        if (!resolved || address(_option(_result())) == msg.sender) {
+            exercisable = _exercisableDeposits(deposited);
+        }
+
+        // Send the correct price for each side of the market.
         if (msg.sender == address(options.long)) {
             price = prices.long;
         } else if (msg.sender == address(options.short)) {
@@ -423,6 +436,7 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
     }
 
     function refund(Side side, uint value) external duringBidding returns (uint refundMinusFee) {
+        require(refundsEnabled, "Refunds disabled");
         if (value == 0) {
             return 0;
         }
@@ -488,8 +502,18 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
         returns (uint longClaimed, uint shortClaimed)
     {
         uint exercisable = _exercisableDeposits(deposited);
-        uint longOptions = options.long.claim(msg.sender, prices.long, exercisable);
-        uint shortOptions = options.short.claim(msg.sender, prices.short, exercisable);
+        Side outcome = _result();
+        bool _resolved = resolved;
+
+        // Only claim options if we aren't resolved, and only claim the winning side.
+        uint longOptions;
+        uint shortOptions;
+        if (!_resolved || outcome == Side.Long) {
+            longOptions = options.long.claim(msg.sender, prices.long, exercisable);
+        }
+        if (!_resolved || outcome == Side.Short) {
+            shortOptions = options.short.claim(msg.sender, prices.short, exercisable);
+        }
 
         require(longOptions != 0 || shortOptions != 0, "Nothing to claim");
         emit OptionsClaimed(msg.sender, longOptions, shortOptions);
@@ -536,13 +560,12 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
 
     /* ---------- Market Expiry ---------- */
 
-    function expire(address payable beneficiary) external onlyOwner {
-        require(_expired(), "Unexpired options remaining");
-
+    function _selfDestruct(address payable beneficiary) internal {
         uint _deposited = deposited;
         if (_deposited != 0) {
             _decrementDeposited(_deposited);
         }
+
         // Transfer the balance rather than the deposit value in case there are any synths left over
         // from direct transfers.
         IERC20 sUSD = _sUSD();
@@ -554,11 +577,22 @@ contract BinaryOptionMarket is Owned, MixinResolver, IBinaryOptionMarket {
         // Destroy the option tokens before destroying the market itself.
         options.long.expire(beneficiary);
         options.short.expire(beneficiary);
-
-        // Good night
         selfdestruct(beneficiary);
     }
 
+    function cancel(address payable beneficiary) external onlyOwner duringBidding {
+        (uint longTotalBids, uint shortTotalBids) = _totalBids();
+        (uint creatorLongBids, uint creatorShortBids) = _bidsOf(creator);
+        bool cancellable = longTotalBids == creatorLongBids && shortTotalBids == creatorShortBids;
+        require(cancellable, "Not cancellable");
+        _selfDestruct(beneficiary);
+    }
+
+    function expire(address payable beneficiary) external onlyOwner {
+        require(_expired(), "Unexpired options remaining");
+        _selfDestruct(beneficiary);
+    }
+
     /* ========== MODIFIERS ========== */
 
     modifier duringBidding() {

contracts/BinaryOptionMarketFactory.sol

@@ -42,13 +42,14 @@ contract BinaryOptionMarketFactory is Owned, SelfDestructible, MixinResolver {
         uint[2] calldata creatorLimits,
         bytes32 oracleKey,
         uint strikePrice,
+        bool refundsEnabled,
         uint[3] calldata times, // [biddingEnd, maturity, expiry]
         uint[2] calldata bids, // [longBid, shortBid]
         uint[3] calldata fees // [poolFee, creatorFee, refundFee]
     ) external returns (BinaryOptionMarket) {
         address manager = _manager();
         require(address(manager) == msg.sender, "Only permitted by the manager.");
 
-        return new BinaryOptionMarket(manager, creator, creatorLimits, oracleKey, strikePrice, times, bids, fees);
+        return new BinaryOptionMarket(manager, creator, creatorLimits, oracleKey, strikePrice, refundsEnabled, times, bids, fees);
     }
 }

contracts/BinaryOptionMarketManager.sol

@@ -239,6 +239,7 @@ contract BinaryOptionMarketManager is Owned, Pausable, SelfDestructible, MixinRe
     function createMarket(
         bytes32 oracleKey,
         uint strikePrice,
+        bool refundsEnabled,
         uint[2] calldata times, // [biddingEnd, maturity]
         uint[2] calldata bids // [longBid, shortBid]
     )
@@ -268,6 +269,7 @@ contract BinaryOptionMarketManager is Owned, Pausable, SelfDestructible, MixinRe
             [creatorLimits.capitalRequirement, creatorLimits.skewLimit],
             oracleKey,
             strikePrice,
+            refundsEnabled,
             [biddingEnd, maturity, expiry],
             bids,
             [fees.poolFee, fees.creatorFee, fees.refundFee]
@@ -291,9 +293,16 @@ contract BinaryOptionMarketManager is Owned, Pausable, SelfDestructible, MixinRe
         _maturedMarkets.push(market);
     }
 
-    function expireMarkets(address[] calldata markets) external notPaused {
-        _systemStatus().requireSystemActive();
+    function cancelMarket(address market) external notPaused {
+        require(_activeMarkets.contains(market), "Not an active market");
+        address creator = BinaryOptionMarket(market).creator();
+        require(msg.sender == creator, "Sender not market creator");
+        BinaryOptionMarket(market).cancel(msg.sender);
+        _activeMarkets.remove(market);
+        emit MarketCancelled(market);
+    }
 
+    function expireMarkets(address[] calldata markets) external notPaused {
         for (uint i = 0; i < markets.length; i++) {
             address market = markets[i];
 
@@ -406,6 +415,7 @@ contract BinaryOptionMarketManager is Owned, Pausable, SelfDestructible, MixinRe
         uint expiryDate
     );
     event MarketExpired(address market);
+    event MarketCancelled(address market);
     event MarketsMigrated(BinaryOptionMarketManager receivingManager, BinaryOptionMarket[] markets);
     event MarketsReceived(BinaryOptionMarketManager migratingManager, BinaryOptionMarket[] markets);
     event MarketCreationEnabledUpdated(bool enabled);

contracts/interfaces/IBinaryOptionMarket.sol

@@ -21,6 +21,7 @@ interface IBinaryOptionMarket {
     function deposited() external view returns (uint);
     function creator() external view returns (address);
     function resolved() external view returns (bool);
+    function refundsEnabled() external view returns (bool);
 
     function phase() external view returns (Phase);
     function oraclePriceAndTimestamp() external view returns (uint price, uint updatedAt);

contracts/interfaces/IBinaryOptionMarketManager.sol

@@ -20,10 +20,11 @@ interface IBinaryOptionMarketManager {
     /* ========== MUTATIVE FUNCTIONS ========== */
 
     function createMarket(
-        bytes32 oracleKey, uint strikePrice,
+        bytes32 oracleKey, uint strikePrice, bool refundsEnabled,
         uint[2] calldata times, // [biddingEnd, maturity]
         uint[2] calldata bids // [longBid, shortBid]
     ) external returns (IBinaryOptionMarket);
     function resolveMarket(address market) external;
+    function cancelMarket(address market) external;
     function expireMarkets(address[] calldata market) external;
 }

contracts/test-helpers/MockBinaryOptionMarketManager.sol

@@ -14,11 +14,12 @@ contract MockBinaryOptionMarketManager {
         uint[2] calldata creatorLimits,
         bytes32 oracleKey,
         uint strikePrice,
+        bool refundsEnabled,
         uint[3] calldata times, // [biddingEnd, maturity, expiry]
         uint[2] calldata bids, // [longBid, shortBid]
         uint[3] calldata fees // [poolFee, creatorFee, refundFee]
     ) external {
-        market = new BinaryOptionMarket(address(this), creator, creatorLimits, oracleKey, strikePrice, times, bids, fees);
+        market = new BinaryOptionMarket(address(this), creator, creatorLimits, oracleKey, strikePrice, refundsEnabled, times, bids, fees);
         market.setResolverAndSyncCache(resolver);
     }
 

contracts/test-helpers/TestableBinaryOptionMarket.sol

@@ -7,6 +7,7 @@ contract TestableBinaryOptionMarket is BinaryOptionMarket {
         address _owner, address _creator,
         uint[2] memory _creatorLimits,
         bytes32 _oracleKey, uint256 _strikePrice,
+        bool _refundsEnabled,
         uint[3] memory _times,
         uint[2] memory _bids,
         uint[3] memory _fees
@@ -16,6 +17,7 @@ contract TestableBinaryOptionMarket is BinaryOptionMarket {
             _owner, _creator,
             _creatorLimits,
             _oracleKey, _strikePrice,
+            _refundsEnabled,
             _times,
             _bids,
             _fees)

package.json

@@ -1,14 +1,14 @@
 {
 	"name": "synthetix",
-	"version": "2.24.1",
+	"version": "2.25.0-alpha",
 	"license": "MIT",
 	"author": "Synthetix",
 	"description": "The smart contracts which make up the Synthetix system. (synthetix.io)",
 	"scripts": {
 		"clean-install": "rm -rf build && rm ./package-lock.json && rm -rf node_modules/* && npm install",
 		"compile:legacy": "buidler compile --config legacy/buidler.legacy.js",
 		"compile": "npm run compile:legacy && buidler compile",
-		"coverage": "buidler coverage --network coverage",
+		"coverage": "NODE_OPTIONS=\"--max-old-space-size=4096\" buidler coverage --network coverage",
 		"generate-asts": "buidler compile",
 		"format": "prettier --write \"contracts/**/*.sol\" \"**/*.js\"",
 		"lint": "solhint \"contracts/*.sol\" && solhint \"contracts/test-helpers/*.sol\" && solhint --config contracts/interfaces/.solhint.json \"contracts/interfaces/*.sol\" && eslint \"**/*.js\"",

publish/deployed/kovan/versions.json

@@ -5448,7 +5448,8 @@
 			},
 			"BinaryOptionMarketManager": {
 				"address": "0x9492eac3c8c6F1E768C71Fa2eAf04FB2F42104eC",
-				"status": "current"
+				"status": "replaced",
+				"replaced_in": "v2.25.0-alpha"
 			}
 		}
 	},
@@ -5462,7 +5463,8 @@
 		"contracts": {
 			"BinaryOptionMarketFactory": {
 				"address": "0x14c049BDf3bcf46bc884e26ceBC130560C60D549",
-				"status": "current"
+				"status": "replaced",
+				"replaced_in": "v2.25.0-alpha"
 			}
 		}
 	},
@@ -5479,5 +5481,23 @@
 				"status": "current"
 			}
 		}
+	},
+	"v2.25.0-alpha": {
+		"tag": "v2.25.0-alpha",
+		"fulltag": "v2.25.0-alpha",
+		"release": "Antares",
+		"network": "kovan",
+		"date": "2020-07-17T14:31:25+10:00",
+		"commit": "370731b3f0e5732616a80e38d4bc8cb07febc9d6",
+		"contracts": {
+			"BinaryOptionMarketFactory": {
+				"address": "0xdA78C7356D6E087fb0e1F62365C9259DA1a6b298",
+				"status": "current"
+			},
+			"BinaryOptionMarketManager": {
+				"address": "0x4176483150F667B2303C1eeF295431F0Cc593783",
+				"status": "current"
+			}
+		}
 	}
 }

publish/index.js

@@ -9,6 +9,7 @@ require('./src/commands/build').cmd(program);
 require('./src/commands/deploy').cmd(program);
 require('./src/commands/generate-token-list').cmd(program);
 require('./src/commands/import-fee-periods').cmd(program);
+require('./src/commands/migrate-binary-option-markets').cmd(program);
 require('./src/commands/nominate').cmd(program);
 require('./src/commands/owner').cmd(program);
 require('./src/commands/purge-synths').cmd(program);