feat(app): name the NAV pause and follow the oracle's bounds

app/src/components/admin/ConfigurationSection.test.tsx

@@ -72,7 +72,7 @@ const READY: ConfigurationState = {
 		freshness: DAY,
 		cooldown: 3_600n,
 		maxUpBps: 1_000,
-		maxDownBps: null,
+		maxDownBps: 500,
 		min: PRICE_ONE / 2n,
 		max: 2n * PRICE_ONE,
 	},
@@ -157,7 +157,7 @@ describe("ConfigurationSection", () => {
 				freshness_duration: DAY,
 				cooldown_secs: 3_600n,
 				max_up_bps: 500,
-				max_down_bps: null,
+				max_down_bps: 500,
 				min_answer: PRICE_ONE / 2n,
 				max_answer: 2n * PRICE_ONE,
 			},

app/src/components/admin/CycleActionRail.test.tsx

@@ -422,15 +422,15 @@ describe("CycleActionRail", () => {
 
 	it("states an action's note outside the conditions", () => {
 		renderRail([
-			{ ...attestAction, note: "Ripcord raised — attesting does not lift it." },
+			{ ...attestAction, note: "NAV paused — attesting does not unpause it." },
 		])
 		expand("Attest price")
 
 		const list = screen.getByRole("list", { name: "Attest price conditions" })
 		expect(
-			screen.getByText("Ripcord raised — attesting does not lift it."),
+			screen.getByText("NAV paused — attesting does not unpause it."),
 		).toBeTruthy()
-		expect(within(list).queryByText(/Ripcord/)).toBeNull()
+		expect(within(list).queryByText(/NAV paused/)).toBeNull()
 	})
 })
 

app/src/components/admin/CycleSection.test.tsx

@@ -140,13 +140,13 @@ const ready = (overrides: Partial<ReadyState> = {}): CycleState => ({
 		price: price(1n),
 		attestedAt: 1_700_050_000n,
 		expiresAt: 1_700_136_000n,
-		ripcord: false,
+		navPaused: false,
 		recorded: true,
 		limits: {
 			freshness: 86_400n,
 			cooldown: 3_600n,
 			maxUpBps: 500,
-			maxDownBps: null,
+			maxDownBps: 1_000,
 			min: price(1n) / 2n,
 			max: price(2n),
 		},

app/src/components/admin/EmergencySection.test.tsx

@@ -16,8 +16,8 @@ const {
 	useOracleStateMock,
 	pauseVaultMock,
 	unpauseVaultMock,
-	raiseRipcordMock,
-	setRipcordMock,
+	pauseNavMock,
+	setNavPausedMock,
 	clearLatestMock,
 	pauseTokenMock,
 	unpauseTokenMock,
@@ -33,8 +33,8 @@ const {
 		useOracleStateMock: vi.fn(),
 		pauseVaultMock: tx(),
 		unpauseVaultMock: tx(),
-		raiseRipcordMock: tx(),
-		setRipcordMock: tx(),
+		pauseNavMock: tx(),
+		setNavPausedMock: tx(),
 		clearLatestMock: tx(),
 		pauseTokenMock: tx(),
 		unpauseTokenMock: tx(),
@@ -58,8 +58,8 @@ vi.mock("../../hooks/useOracleState", () => ({
 vi.mock("../../hooks/useEmergencyTransactions", () => ({
 	usePauseVault: () => pauseVaultMock,
 	useUnpauseVault: () => unpauseVaultMock,
-	useRaiseRipcord: () => raiseRipcordMock,
-	useSetRipcord: () => setRipcordMock,
+	usePauseNav: () => pauseNavMock,
+	useSetNavPaused: () => setNavPausedMock,
 	useClearLatest: () => clearLatestMock,
 	usePauseToken: () => pauseTokenMock,
 	useUnpauseToken: () => unpauseTokenMock,
@@ -103,8 +103,8 @@ describe("EmergencySection", () => {
 		for (const mock of [
 			pauseVaultMock,
 			unpauseVaultMock,
-			raiseRipcordMock,
-			setRipcordMock,
+			pauseNavMock,
+			setNavPausedMock,
 			clearLatestMock,
 			pauseTokenMock,
 			unpauseTokenMock,
@@ -122,7 +122,7 @@ describe("EmergencySection", () => {
 		expect(within(overview).getByText("Vault")).toBeTruthy()
 		expect(within(overview).getAllByText("Paused")).toHaveLength(2)
 		expect(within(overview).getByText("Open")).toBeTruthy()
-		expect(within(overview).getByText("Ripcord raised")).toBeTruthy()
+		expect(within(overview).getByText("NAV paused")).toBeTruthy()
 	})
 
 	it("offers the vault guardian only the pause, saying what it stops and what stays open", () => {
@@ -155,36 +155,36 @@ describe("EmergencySection", () => {
 		).toBeTruthy()
 	})
 
-	it("raises the ripcord for an oracle admin through set_ripcord, shown as raising", () => {
+	it("pauses the NAV for an oracle admin through set_nav_paused, shown as pausing", () => {
 		const { rerender } = render(
 			<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />,
 		)
 
-		fireEvent.click(button("Raise the ripcord"))
-		expect(setRipcordMock.submit).toHaveBeenCalledWith(true, oracleAdmin)
-		expect(raiseRipcordMock.submit).not.toHaveBeenCalled()
+		fireEvent.click(button("Pause the NAV"))
+		expect(setNavPausedMock.submit).toHaveBeenCalledWith(true, oracleAdmin)
+		expect(pauseNavMock.submit).not.toHaveBeenCalled()
 
-		setRipcordMock.status = { status: "preparing" }
+		setNavPausedMock.status = { status: "preparing" }
 		rerender(<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />)
 
 		expect(
-			screen.getByRole("heading", { name: "Preparing to raise the ripcord" }),
+			screen.getByRole("heading", { name: "Preparing to pause the NAV" }),
 		).toBeTruthy()
 	})
 
-	it("lowers the ripcord, and clears the latest price once raised", () => {
+	it("unpauses the NAV, and clears the latest price once paused", () => {
 		setState("open", "open", "paused")
 		const { rerender } = render(
 			<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />,
 		)
 
-		fireEvent.click(button("Lower the ripcord"))
-		expect(setRipcordMock.submit).toHaveBeenCalledWith(false, oracleAdmin)
+		fireEvent.click(button("Unpause the NAV"))
+		expect(setNavPausedMock.submit).toHaveBeenCalledWith(false, oracleAdmin)
 
-		setRipcordMock.status = { status: "preparing" }
+		setNavPausedMock.status = { status: "preparing" }
 		rerender(<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />)
 		expect(
-			screen.getByRole("heading", { name: "Preparing to lower the ripcord" }),
+			screen.getByRole("heading", { name: "Preparing to unpause the NAV" }),
 		).toBeTruthy()
 
 		fireEvent.click(button("Clear the latest price"))

app/src/components/admin/EmergencySection.tsx

@@ -5,8 +5,8 @@ import {
 	useClearLatest,
 	usePauseToken,
 	usePauseVault,
-	useRaiseRipcord,
-	useSetRipcord,
+	usePauseNav,
+	useSetNavPaused,
 	useUnpauseToken,
 	useUnpauseVault,
 } from "../../hooks/useEmergencyTransactions"
@@ -29,8 +29,8 @@ import CycleActionRail from "./CycleActionRail"
 import SurfaceLayout from "./SurfaceLayout"
 import layoutStyles from "./SurfaceLayout.module.css"
 
-const RAISE = "raise"
-const LOWER = "lower"
+const PAUSE = "pause"
+const UNPAUSE = "unpause"
 
 const EmergencySection: React.FC<{
 	grants: Grant[]
@@ -43,8 +43,8 @@ const EmergencySection: React.FC<{
 	const { oracle } = useOracleState()
 	const pauseVault = usePendingTransaction(usePauseVault())
 	const unpauseVault = usePendingTransaction(useUnpauseVault())
-	const raiseRipcord = usePendingTransaction(useRaiseRipcord())
-	const setRipcord = usePendingTransaction(useSetRipcord())
+	const pauseNav = usePendingTransaction(usePauseNav())
+	const setNavPaused = usePendingTransaction(useSetNavPaused())
 	const clearLatest = usePendingTransaction(useClearLatest())
 	const pauseToken = usePendingTransaction(usePauseToken())
 	const unpauseToken = usePendingTransaction(useUnpauseToken())
@@ -60,12 +60,12 @@ const EmergencySection: React.FC<{
 			case "unpause-vault":
 				unpauseVault.submit(undefined, "", action.grant)
 				return
-			case "raise-ripcord":
-				if (action.viaAdmin) setRipcord.submit(true, RAISE, action.grant)
-				else raiseRipcord.submit(undefined, "", action.grant)
+			case "pause-nav":
+				if (action.viaAdmin) setNavPaused.submit(true, PAUSE, action.grant)
+				else pauseNav.submit(undefined, "", action.grant)
 				return
-			case "lower-ripcord":
-				setRipcord.submit(false, LOWER, action.grant)
+			case "unpause-nav":
+				setNavPaused.submit(false, UNPAUSE, action.grant)
 				return
 			case "clear-latest":
 				clearLatest.submit(undefined, "", action.grant)
@@ -95,10 +95,10 @@ const EmergencySection: React.FC<{
 	const modalFlows: TransactionModalProps[] = [
 		flow("pause-vault", pauseVault),
 		flow("unpause-vault", unpauseVault),
-		flow("raise-ripcord", raiseRipcord),
+		flow("pause-nav", pauseNav),
 		flow(
-			setRipcord.amountLabel === RAISE ? "raise-ripcord" : "lower-ripcord",
-			setRipcord,
+			setNavPaused.amountLabel === PAUSE ? "pause-nav" : "unpause-nav",
+			setNavPaused,
 		),
 		flow("clear-latest", clearLatest),
 		flow("pause-token", pauseToken),

app/src/components/vault/TransactionModal.test.tsx

@@ -1601,6 +1601,7 @@ describe("TransactionModal, attesting a price", () => {
 		[3005, /already have expired/],
 		[3003, /cooldown .* has not elapsed/],
 		[3004, /moves further from the last attested price/],
+		[3010, /^Unpause the NAV first\.$/],
 	])("names the oracle's reason for code %i", (code, sentence) => {
 		renderAttestModal({
 			status: "failed",
@@ -2105,8 +2106,8 @@ describe("TransactionModal, emergency actions", () => {
 	it.each<[EmergencyModalAction, string, string]>([
 		["pause-vault", "Preparing to pause the vault", "Vault paused"],
 		["unpause-vault", "Preparing to unpause the vault", "Vault unpaused"],
-		["raise-ripcord", "Preparing to raise the ripcord", "Ripcord raised"],
-		["lower-ripcord", "Preparing to lower the ripcord", "Ripcord lowered"],
+		["pause-nav", "Preparing to pause the NAV", "NAV paused"],
+		["unpause-nav", "Preparing to unpause the NAV", "NAV unpaused"],
 		[
 			"clear-latest",
 			"Preparing to clear the latest price",
@@ -2177,8 +2178,8 @@ describe("TransactionModal, emergency actions", () => {
 		["unpause-vault", 1001, "vault", /The vault is not paused/],
 		["pause-token", 1000, "share token", /The share token is already paused/],
 		["unpause-token", 1001, "share token", /The share token is not paused/],
-		["raise-ripcord", 2000, "oracle", /does not hold the role/],
-		["clear-latest", 3008, "oracle", /The ripcord is not raised/],
+		["pause-nav", 2000, "oracle", /does not hold the role/],
+		["clear-latest", 3008, "oracle", /The NAV is not paused/],
 	])(
 		"names the reason %s was refused with code %i",
 		(action, code, refuser, sentence) => {
@@ -2209,7 +2210,7 @@ describe("TransactionModal, emergency actions", () => {
 	})
 
 	it("sends an unknown outcome to the Emergency tab", () => {
-		renderEmergencyModal("raise-ripcord", {
+		renderEmergencyModal("pause-nav", {
 			status: "failed",
 			failure: { kind: "unknown" },
 		})

app/src/components/vault/TransactionModal.tsx

@@ -38,8 +38,8 @@ import styles from "./TransactionModal.module.css"
 export type EmergencyModalAction =
 	| "pause-vault"
 	| "unpause-vault"
-	| "raise-ripcord"
-	| "lower-ripcord"
+	| "pause-nav"
+	| "unpause-nav"
 	| "clear-latest"
 	| "pause-token"
 	| "unpause-token"
@@ -331,6 +331,8 @@ const attestContractErrorReason = (code: number): string => {
 			return "The cooldown since the last attestation has not elapsed yet."
 		case 3004:
 			return "That price moves further from the last attested price than the oracle allows."
+		case 3010:
+			return "Unpause the NAV first."
 		default:
 			return GENERIC_REFUSAL
 	}
@@ -1026,19 +1028,19 @@ const EMERGENCY_COPY: Record<EmergencyModalAction, AdminCopy> = {
 		done: "Vault unpaused",
 		doneBody: "Deposits, pricing and upgrades are open again.",
 	},
-	"raise-ripcord": {
+	"pause-nav": {
 		refuser: "oracle",
-		verb: "raise the ripcord",
-		signing: "Signing stops pricing until the ripcord is lowered.",
-		done: "Ripcord raised",
+		verb: "pause the NAV",
+		signing: "Signing stops pricing until the NAV is unpaused.",
+		done: "NAV paused",
 		doneBody:
-			"Pricing is stopped. No epoch can be fulfilled until the ripcord is lowered.",
+			"Pricing is stopped. No epoch can be fulfilled until the NAV is unpaused.",
 	},
-	"lower-ripcord": {
+	"unpause-nav": {
 		refuser: "oracle",
-		verb: "lower the ripcord",
+		verb: "unpause the NAV",
 		signing: "Signing resumes pricing.",
-		done: "Ripcord lowered",
+		done: "NAV unpaused",
 		doneBody: "Epochs can be fulfilled again while the price is valid.",
 	},
 	"clear-latest": {
@@ -1047,7 +1049,7 @@ const EMERGENCY_COPY: Record<EmergencyModalAction, AdminCopy> = {
 		signing: "Signing removes the recorded price.",
 		done: "Latest price cleared",
 		doneBody:
-			"The next attestation is not limited by its distance from the last. Pricing stays stopped until the ripcord is lowered.",
+			"The next attestation is not limited by its distance from the last. Pricing stays stopped until the NAV is unpaused.",
 	},
 	"pause-token": {
 		refuser: "share token",
@@ -1339,7 +1341,7 @@ const adminContractErrorReason =
 			case 3001:
 				return "One of the oracle limits is out of range."
 			case 3008:
-				return "The ripcord is not raised, so the latest price cannot be cleared."
+				return "The NAV is not paused, so the latest price cannot be cleared."
 			case 6007:
 				return "The deposit cap cannot be negative."
 			case 6045:
@@ -1443,8 +1445,8 @@ const describeStatus = (
 			return describeFinalizeRoundStatus(props.status, props.round)
 		case "pause-vault":
 		case "unpause-vault":
-		case "raise-ripcord":
-		case "lower-ripcord":
+		case "pause-nav":
+		case "unpause-nav":
 		case "clear-latest":
 		case "pause-token":
 		case "unpause-token":

app/src/hooks/useAdminTransaction.test.ts

@@ -32,8 +32,8 @@ import {
 	useClearLatest,
 	usePauseToken,
 	usePauseVault,
-	useRaiseRipcord,
-	useSetRipcord,
+	usePauseNav,
+	useSetNavPaused,
 	useUnpauseToken,
 	useUnpauseVault,
 } from "./useEmergencyTransactions"
@@ -115,8 +115,8 @@ const {
 	verifier: { allow: vi.fn() },
 	verifierWriterMock: vi.fn(),
 	oracle: {
-		raise_ripcord: vi.fn(),
-		set_ripcord: vi.fn(),
+		pause_nav: vi.fn(),
+		set_nav_paused: vi.fn(),
 		clear_latest: vi.fn(),
 		set_config: vi.fn(),
 		grant_role: vi.fn(),
@@ -144,7 +144,7 @@ const ORACLE_CONFIG = {
 	freshness_duration: 86_400n,
 	cooldown_secs: 3_600n,
 	max_up_bps: 1_000,
-	max_down_bps: null,
+	max_down_bps: 500,
 	min_answer: 1n,
 	max_answer: 10n,
 }
@@ -200,9 +200,9 @@ const cases: Case[] = [
 		refusal: 1001,
 	},
 	{
-		name: "useRaiseRipcord",
-		useHook: useRaiseRipcord,
-		method: oracle.raise_ripcord,
+		name: "usePauseNav",
+		useHook: usePauseNav,
+		method: oracle.pause_nav,
 		arg: undefined,
 		args: { caller: investorAddress },
 		keys: oracleWriteKeys,
@@ -218,9 +218,9 @@ const cases: Case[] = [
 		refusal: 3008,
 	},
 	{
-		name: "useSetRipcord",
-		useHook: useSetRipcord,
-		method: oracle.set_ripcord,
+		name: "useSetNavPaused",
+		useHook: useSetNavPaused,
+		method: oracle.set_nav_paused,
 		arg: false,
 		args: { paused: false, caller: investorAddress },
 		keys: oracleWriteKeys,