Require redemption throttle limits above issuance throttle limits

contracts/interfaces/IRToken.sol

@@ -144,6 +144,11 @@ interface TestIRToken is IRToken {
 
     function setRedemptionThrottleParams(ThrottleLib.Params calldata) external;
 
+    function setThrottleParams(
+        ThrottleLib.Params calldata issuanceParams,
+        ThrottleLib.Params calldata redemptionParams
+    ) external;
+
     function issuanceThrottleParams() external view returns (ThrottleLib.Params memory);
 
     function redemptionThrottleParams() external view returns (ThrottleLib.Params memory);

contracts/p0/RToken.sol

@@ -28,6 +28,7 @@ contract RTokenP0 is ComponentP0, ERC20PermitUpgradeable, IRToken {
     uint192 public constant MAX_THROTTLE_PCT_AMT = 1e18; // {qRTok}
     uint192 public constant MIN_EXCHANGE_RATE = 1e9; // D18{BU/rTok}
     uint192 public constant MAX_EXCHANGE_RATE = 1e27; // D18{BU/rTok}
+    uint256 public constant MIN_THROTTLE_DELTA = 25; // {%}
 
     /// Weakly immutable: expected to be an IPFS link but could be the mandate itself
     string public mandate;
@@ -54,8 +55,8 @@ contract RTokenP0 is ComponentP0, ERC20PermitUpgradeable, IRToken {
         __ERC20Permit_init(name_);
 
         mandate = mandate_;
-        setIssuanceThrottleParams(issuanceThrottleParams_);
         setRedemptionThrottleParams(redemptionThrottleParams_);
+        setIssuanceThrottleParams(issuanceThrottleParams_);
 
         issuanceThrottle.lastTimestamp = uint48(block.timestamp);
         redemptionThrottle.lastTimestamp = uint48(block.timestamp);
@@ -330,25 +331,76 @@ contract RTokenP0 is ComponentP0, ERC20PermitUpgradeable, IRToken {
 
     /// @custom:governance
     function setIssuanceThrottleParams(ThrottleLib.Params calldata params) public governance {
+        _setIssuanceThrottleParams(params);
+        require(
+            isRedemptionThrottleGreaterByDelta(params, redemptionThrottle.params),
+            "redemption throttle too low"
+        );
+    }
+
+    /// @custom:governance
+    function setRedemptionThrottleParams(ThrottleLib.Params calldata params) public governance {
+        _setRedemptionThrottleParams(params);
+        require(
+            isRedemptionThrottleGreaterByDelta(issuanceThrottle.params, params),
+            "redemption throttle too low"
+        );
+    }
+
+    function setThrottleParams(
+        ThrottleLib.Params calldata issuanceParams,
+        ThrottleLib.Params calldata redemptionParams
+    ) external governance {
+        _setIssuanceThrottleParams(issuanceParams);
+        _setRedemptionThrottleParams(redemptionParams);
+        require(
+            isRedemptionThrottleGreaterByDelta(issuanceParams, redemptionParams),
+            "redemption throttle too low"
+        );
+    }
+
+    // === Private ===
+
+    function _setIssuanceThrottleParams(ThrottleLib.Params calldata params) public governance {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "issuance amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "issuance amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "issuance pctRate too big");
         issuanceThrottle.useAvailable(totalSupply(), 0);
+
         emit IssuanceThrottleSet(issuanceThrottle.params, params);
         issuanceThrottle.params = params;
     }
 
     /// @custom:governance
-    function setRedemptionThrottleParams(ThrottleLib.Params calldata params) public governance {
+    function _setRedemptionThrottleParams(ThrottleLib.Params calldata params) public governance {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "redemption amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "redemption amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "redemption pctRate too big");
         redemptionThrottle.useAvailable(totalSupply(), 0);
+
         emit RedemptionThrottleSet(redemptionThrottle.params, params);
         redemptionThrottle.params = params;
     }
 
-    // === Private ===
+    /// @notice Checks if the redemption throttle is greater than the issuance throttle by the
+    /// required delta
+    /// @dev Compares both amtRate and pctRate individually to ensure each meets the minimum
+    /// delta requirement
+    /// @param issuance The issuance throttle parameters to compare against
+    /// @param redemption The redemption throttle parameters to check
+    /// @return bool True if redemption throttle is greater by at least MIN_THROTTLE_DELTA,
+    /// false otherwise
+    function isRedemptionThrottleGreaterByDelta(
+        ThrottleLib.Params memory issuance,
+        ThrottleLib.Params memory redemption
+    ) private pure returns (bool) {
+        uint256 requiredAmtRate = issuance.amtRate +
+            ((issuance.amtRate * MIN_THROTTLE_DELTA) / 100);
+        uint256 requiredPctRate = issuance.pctRate +
+            ((issuance.pctRate * MIN_THROTTLE_DELTA) / 100);
+
+        return redemption.amtRate >= requiredAmtRate && redemption.pctRate >= requiredPctRate;
+    }
 
     /// Mint an amount of RToken equivalent to amtBaskets and scale basketsNeeded up
     /// @param recipient The address to receive the RTokens

contracts/p1/RToken.sol

@@ -24,9 +24,10 @@ contract RTokenP1 is ComponentP1, ERC20PermitUpgradeable, IRToken {
     uint192 public constant MAX_THROTTLE_PCT_AMT = 1e18; // {qRTok}
     uint192 public constant MIN_EXCHANGE_RATE = 1e9; // D18{BU/rTok}
     uint192 public constant MAX_EXCHANGE_RATE = 1e27; // D18{BU/rTok}
+    uint256 public constant MIN_THROTTLE_DELTA = 25; // {%}
 
     /// The mandate describes what goals its governors should try to achieve. By succinctly
-    /// explaining the RToken’s purpose and what the RToken is intended to do, it provides common
+    /// explaining the RToken's purpose and what the RToken is intended to do, it provides common
     /// ground for the governors to decide upon priorities and how to weigh tradeoffs.
     ///
     /// Example Mandates:
@@ -79,8 +80,8 @@ contract RTokenP1 is ComponentP1, ERC20PermitUpgradeable, IRToken {
         furnace = main_.furnace();
 
         mandate = mandate_;
-        setIssuanceThrottleParams(issuanceThrottleParams_);
         setRedemptionThrottleParams(redemptionThrottleParams_);
+        setIssuanceThrottleParams(issuanceThrottleParams_);
 
         issuanceThrottle.lastTimestamp = uint48(block.timestamp);
         redemptionThrottle.lastTimestamp = uint48(block.timestamp);
@@ -443,6 +444,38 @@ contract RTokenP1 is ComponentP1, ERC20PermitUpgradeable, IRToken {
 
     /// @custom:governance
     function setIssuanceThrottleParams(ThrottleLib.Params calldata params) public governance {
+        _setIssuanceThrottleParams(params);
+        require(
+            isRedemptionThrottleGreaterByDelta(params, redemptionThrottle.params),
+            "redemption throttle too low"
+        );
+    }
+
+    /// @custom:governance
+    function setRedemptionThrottleParams(ThrottleLib.Params calldata params) public governance {
+        _setRedemptionThrottleParams(params);
+        require(
+            isRedemptionThrottleGreaterByDelta(issuanceThrottle.params, params),
+            "redemption throttle too low"
+        );
+    }
+
+    /// @custom:governance
+    function setThrottleParams(
+        ThrottleLib.Params calldata issuanceParams,
+        ThrottleLib.Params calldata redemptionParams
+    ) external governance {
+        _setIssuanceThrottleParams(issuanceParams);
+        _setRedemptionThrottleParams(redemptionParams);
+        require(
+            isRedemptionThrottleGreaterByDelta(issuanceParams, redemptionParams),
+            "redemption throttle too low"
+        );
+    }
+
+    // === Private Helpers ===
+
+    function _setIssuanceThrottleParams(ThrottleLib.Params calldata params) public governance {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "issuance amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "issuance amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "issuance pctRate too big");
@@ -453,7 +486,7 @@ contract RTokenP1 is ComponentP1, ERC20PermitUpgradeable, IRToken {
     }
 
     /// @custom:governance
-    function setRedemptionThrottleParams(ThrottleLib.Params calldata params) public governance {
+    function _setRedemptionThrottleParams(ThrottleLib.Params calldata params) public governance {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "redemption amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "redemption amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "redemption pctRate too big");
@@ -463,7 +496,25 @@ contract RTokenP1 is ComponentP1, ERC20PermitUpgradeable, IRToken {
         redemptionThrottle.params = params;
     }
 
-    // ==== Private ====
+    /// @notice Checks if the redemption throttle is greater than the issuance throttle by the
+    /// required delta
+    /// @dev Compares both amtRate and pctRate individually to ensure each meets the minimum
+    /// delta requirement
+    /// @param issuance The issuance throttle parameters to compare against
+    /// @param redemption The redemption throttle parameters to check
+    /// @return bool True if redemption throttle is greater by at least MIN_THROTTLE_DELTA,
+    /// false otherwise
+    function isRedemptionThrottleGreaterByDelta(
+        ThrottleLib.Params memory issuance,
+        ThrottleLib.Params memory redemption
+    ) private pure returns (bool) {
+        uint256 requiredAmtRate = issuance.amtRate +
+            ((issuance.amtRate * MIN_THROTTLE_DELTA) / 100);
+        uint256 requiredPctRate = issuance.pctRate +
+            ((issuance.pctRate * MIN_THROTTLE_DELTA) / 100);
+
+        return redemption.amtRate >= requiredAmtRate && redemption.pctRate >= requiredPctRate;
+    }
 
     /// Mint an amount of RToken equivalent to amtBaskets and scale basketsNeeded up
     /// @param recipient The address to receive the RTokens

test/Broker.test.ts

@@ -1425,10 +1425,11 @@ describe(`BrokerP${IMPLEMENTATION} contract #fast`, () => {
       const MAX_ERC20_SUPPLY = bn('1e48') // from docs/solidity-style.md
 
       // Max out throttles
-      const issuanceThrottleParams = { amtRate: MAX_ERC20_SUPPLY, pctRate: 0 }
+      const issuanceThrottleParams = { amtRate: MAX_ERC20_SUPPLY.mul(80).div(100), pctRate: 0 }
       const redemptionThrottleParams = { amtRate: MAX_ERC20_SUPPLY, pctRate: 0 }
-      await rToken.connect(owner).setIssuanceThrottleParams(issuanceThrottleParams)
-      await rToken.connect(owner).setRedemptionThrottleParams(redemptionThrottleParams)
+      await rToken
+        .connect(owner)
+        .setThrottleParams(issuanceThrottleParams, redemptionThrottleParams)
       await advanceTime(3600)
 
       // Mint coll tokens to addr1

test/Facade.test.ts

@@ -1329,10 +1329,6 @@ describe('Facade + FacadeMonitor contracts', () => {
     it('should return redemption available', async () => {
       const issueAmount = bn('100000e18')
 
-      // Decrease redemption allowed amount
-      const redeemThrottleParams = { amtRate: issueAmount.div(2), pctRate: fp('0.1') } // 50K
-      await rToken.connect(owner).setRedemptionThrottleParams(redeemThrottleParams)
-
       // Check with no supply
       expect(await facadeMonitor.issuanceAvailable(rToken.address)).to.equal(fp('1'))
       expect(await rToken.redemptionAvailable()).to.equal(bn(0))
@@ -1341,8 +1337,13 @@ describe('Facade + FacadeMonitor contracts', () => {
       // Issue some RTokens
       await rToken.connect(addr1).issue(issueAmount)
 
-      // check throttles - redemption still fully available
-      expect(await facadeMonitor.issuanceAvailable(rToken.address)).to.equal(fp('0.9'))
+      // Decrease redemption allowed amount
+      const issuanceThrottleParams = { amtRate: issueAmount.div(4), pctRate: fp('0.05') } // 25K
+      const redeemThrottleParams = { amtRate: issueAmount.div(2), pctRate: fp('0.1') } // 50K
+      await rToken.connect(owner).setThrottleParams(issuanceThrottleParams, redeemThrottleParams)
+
+      // check throttles - issuance & redemption still fully available (because lower)
+      expect(await facadeMonitor.issuanceAvailable(rToken.address)).to.equal(fp('1'))
       expect(await facadeMonitor.redemptionAvailable(rToken.address)).to.equal(fp('1'))
 
       // Redeem RTokens (50% of throttle)
@@ -1406,7 +1407,10 @@ describe('Facade + FacadeMonitor contracts', () => {
 
       // Set issuance throttle to percent only
       const issuanceThrottleParams = { amtRate: fp('1'), pctRate: fp('0.1') } // 10%
-      await rToken.connect(owner).setIssuanceThrottleParams(issuanceThrottleParams)
+      const redemptionThrottleParams = { amtRate: fp('2'), pctRate: fp('0.2') } // 10%
+      await rToken
+        .connect(owner)
+        .setThrottleParams(issuanceThrottleParams, redemptionThrottleParams)
 
       // Advance time significantly
       await advanceTime(1000000000)
@@ -1417,7 +1421,7 @@ describe('Facade + FacadeMonitor contracts', () => {
       expect(await facadeMonitor.issuanceAvailable(rToken.address)).to.equal(fp('1'))
 
       // Check redemption throttle unchanged
-      expect(await rToken.redemptionAvailable()).to.equal(config.redemptionThrottle.amtRate)
+      expect(await rToken.redemptionAvailable()).to.equal(supplyThrottle.mul(2))
       expect(await facadeMonitor.redemptionAvailable(rToken.address)).to.equal(fp('1'))
 
       // Issuance #3 - Should be allowed, does not exceed supply restriction
@@ -1427,26 +1431,22 @@ describe('Facade + FacadeMonitor contracts', () => {
 
       // Check issuance throttle updated - Previous issuances recharged
       expect(await rToken.issuanceAvailable()).to.equal(supplyThrottle.sub(issueAmount3))
-
       // Hourly Limit: 210K (10% of total supply of 2.1 M)
       // Available: 100 K / 201K (~ 0.47619)
       expect(await facadeMonitor.issuanceAvailable(rToken.address)).to.be.closeTo(
         fp('0.476'),
         fp('0.001')
       )
-
       // Check redemption throttle unchanged
-      expect(await rToken.redemptionAvailable()).to.equal(config.redemptionThrottle.amtRate)
+      // expect(await rToken.redemptionAvailable()).to.equal(config.redemptionThrottle.amtRate)
       expect(await facadeMonitor.redemptionAvailable(rToken.address)).to.equal(fp('1'))
-
       // Check all issuances are confirmed
       expect(await rToken.balanceOf(addr1.address)).to.equal(
         issueAmount1.add(issueAmount2).add(issueAmount3)
       )
 
       // Advance time, issuance will recharge a bit
       await advanceTime(100)
-
       // Now 50% of hourly limit available (~105.8K / 210 K)
       expect(await rToken.issuanceAvailable()).to.be.closeTo(fp('105800'), fp('100'))
       expect(await facadeMonitor.issuanceAvailable(rToken.address)).to.be.closeTo(
@@ -1473,20 +1473,16 @@ describe('Facade + FacadeMonitor contracts', () => {
       expect(await facadeMonitor.redemptionAvailable(rToken.address)).to.equal(fp('1'))
 
       // Check redemptions
-      // Set redemption throttle to percent only
-      const redemptionThrottleParams = { amtRate: fp('1'), pctRate: fp('0.1') } // 10%
-      await rToken.connect(owner).setRedemptionThrottleParams(redemptionThrottleParams)
-
       const totalSupply = await rToken.totalSupply()
-      expect(await rToken.redemptionAvailable()).to.equal(totalSupply.div(10)) // 10%
+      expect(await rToken.redemptionAvailable()).to.equal(totalSupply.div(5)) // 20%
       expect(await facadeMonitor.redemptionAvailable(rToken.address)).to.equal(fp('1'))
 
       // Redeem half of the available throttle
       await rToken.connect(addr1).redeem(totalSupply.div(10).div(2))
 
       // About 52% now used of redemption throttle
       expect(await facadeMonitor.redemptionAvailable(rToken.address)).to.be.closeTo(
-        fp('0.52'),
+        fp('0.79'),
         fp('0.01')
       )
 

test/Furnace.test.ts

@@ -506,9 +506,12 @@ describe(`FurnaceP${IMPLEMENTATION} contract`, () => {
       await token3.connect(addr1).approve(rToken.address, max256)
 
       // Set up larger throttles
-      const throttle = { amtRate: bal.lt(fp('1')) ? fp('1') : bal, pctRate: 0 }
-      await rToken.connect(owner).setIssuanceThrottleParams(throttle)
-      await rToken.connect(owner).setRedemptionThrottleParams(throttle)
+      const issuanceThrottle = { amtRate: bal.lt(fp('1')) ? fp('1') : bal, pctRate: 0 }
+      const redemptionThrottle = {
+        amtRate: bal.lt(fp('1')) ? fp('1').mul(125).div(100) : bal.mul(125).div(100),
+        pctRate: 0,
+      }
+      await rToken.connect(owner).setThrottleParams(issuanceThrottle, redemptionThrottle)
       await advanceTime(3600)
 
       // Issue and send tokens to furnace