文件 1 的 1:crvUSDController.vy
# @version 0.3.7
"""
@title crvUSD Controller
@author Curve.Fi
@license Copyright (c) Curve.Fi, 2020-2023 - all rights reserved
"""
interface LLAMMA:
def A() -> uint256: view
def get_p() -> uint256: view
def get_base_price() -> uint256: view
def active_band() -> int256: view
def active_band_with_skip() -> int256: view
def p_oracle_up(n: int256) -> uint256: view
def p_oracle_down(n: int256) -> uint256: view
def deposit_range(user: address, amount: uint256, n1: int256, n2: int256): nonpayable
def read_user_tick_numbers(_for: address) -> int256[2]: view
def get_sum_xy(user: address) -> uint256[2]: view
def withdraw(user: address, frac: uint256) -> uint256[2]: nonpayable
def get_x_down(user: address) -> uint256: view
def get_rate_mul() -> uint256: view
def set_rate(rate: uint256) -> uint256: nonpayable
def set_fee(fee: uint256): nonpayable
def set_admin_fee(fee: uint256): nonpayable
def price_oracle() -> uint256: view
def can_skip_bands(n_end: int256) -> bool: view
def set_price_oracle(price_oracle: PriceOracle): nonpayable
def admin_fees_x() -> uint256: view
def admin_fees_y() -> uint256: view
def reset_admin_fees(): nonpayable
def has_liquidity(user: address) -> bool: view
def bands_x(n: int256) -> uint256: view
def bands_y(n: int256) -> uint256: view
def set_callback(user: address): nonpayable
interface ERC20:
def transferFrom(_from: address, _to: address, _value: uint256) -> bool: nonpayable
def transfer(_to: address, _value: uint256) -> bool: nonpayable
def decimals() -> uint256: view
def approve(_spender: address, _value: uint256) -> bool: nonpayable
def balanceOf(_from: address) -> uint256: view
interface WETH:
def deposit(): payable
def withdraw(_amount: uint256): nonpayable
interface MonetaryPolicy:
def rate_write() -> uint256: nonpayable
interface Factory:
def stablecoin() -> address: view
def admin() -> address: view
def fee_receiver() -> address: view
def WETH() -> address: view
interface PriceOracle:
def price() -> uint256: view
def price_w() -> uint256: nonpayable
event UserState:
user: indexed(address)
collateral: uint256
debt: uint256
n1: int256
n2: int256
liquidation_discount: uint256
event Borrow:
user: indexed(address)
collateral_increase: uint256
loan_increase: uint256
event Repay:
user: indexed(address)
collateral_decrease: uint256
loan_decrease: uint256
event RemoveCollateral:
user: indexed(address)
collateral_decrease: uint256
event Liquidate:
liquidator: indexed(address)
user: indexed(address)
collateral_received: uint256
stablecoin_received: uint256
debt: uint256
event SetMonetaryPolicy:
monetary_policy: address
event SetBorrowingDiscounts:
loan_discount: uint256
liquidation_discount: uint256
event CollectFees:
amount: uint256
new_supply: uint256
struct Loan:
initial_debt: uint256
rate_mul: uint256
struct Position:
user: address
x: uint256
y: uint256
debt: uint256
health: int256
struct CallbackData:
active_band: int256
stablecoins: uint256
collateral: uint256
FACTORY: immutable(Factory)
STABLECOIN: immutable(ERC20)
MAX_LOAN_DISCOUNT: constant(uint256) = 5 * 10**17
MIN_LIQUIDATION_DISCOUNT: constant(uint256) = 10**16 # Start liquidating when threshold reached
MAX_TICKS: constant(int256) = 50
MAX_TICKS_UINT: constant(uint256) = 50
MIN_TICKS: constant(int256) = 4
MAX_SKIP_TICKS: constant(uint256) = 1024
MAX_P_BASE_BANDS: constant(int256) = 5
MAX_RATE: constant(uint256) = 43959106799 # 400% APY
loan: HashMap[address, Loan]
liquidation_discounts: public(HashMap[address, uint256])
_total_debt: Loan
loans: public(address[2**64 - 1]) # Enumerate existing loans
loan_ix: public(HashMap[address, uint256]) # Position of the loan in the list
n_loans: public(uint256) # Number of nonzero loans
minted: public(uint256)
redeemed: public(uint256)
monetary_policy: public(MonetaryPolicy)
liquidation_discount: public(uint256)
loan_discount: public(uint256)
COLLATERAL_TOKEN: immutable(ERC20)
COLLATERAL_PRECISION: immutable(uint256)
AMM: immutable(LLAMMA)
A: immutable(uint256)
Aminus1: immutable(uint256)
LOG2_A_RATIO: immutable(int256) # log(A / (A - 1))
SQRT_BAND_RATIO: immutable(uint256)
MAX_ADMIN_FEE: constant(uint256) = 10**18 # 100%
MIN_FEE: constant(uint256) = 10**6 # 1e-12, still needs to be above 0
MAX_FEE: constant(uint256) = 10**17 # 10%
USE_ETH: immutable(bool)
CALLBACK_DEPOSIT: constant(bytes4) = method_id("callback_deposit(address,uint256,uint256,uint256,uint256[])", output_type=bytes4)
CALLBACK_REPAY: constant(bytes4) = method_id("callback_repay(address,uint256,uint256,uint256,uint256[])", output_type=bytes4)
CALLBACK_LIQUIDATE: constant(bytes4) = method_id("callback_liquidate(address,uint256,uint256,uint256,uint256[])", output_type=bytes4)
DEAD_SHARES: constant(uint256) = 1000
MAX_ETH_GAS: constant(uint256) = 10000 # Forward this much gas to ETH transfers (2300 is what send() does)
@external
def __init__(
collateral_token: address,
monetary_policy: address,
loan_discount: uint256,
liquidation_discount: uint256,
amm: address):
"""
@notice Controller constructor deployed by the factory from blueprint
@param collateral_token Token to use for collateral
@param monetary_policy Address of monetary policy
@param loan_discount Discount of the maximum loan size compare to get_x_down() value
@param liquidation_discount Discount of the maximum loan size compare to
get_x_down() for "bad liquidation" purposes
@param amm AMM address (Already deployed from blueprint)
"""
FACTORY = Factory(msg.sender)
stablecoin: ERC20 = ERC20(Factory(msg.sender).stablecoin())
STABLECOIN = stablecoin
assert stablecoin.decimals() == 18
self.monetary_policy = MonetaryPolicy(monetary_policy)
self.liquidation_discount = liquidation_discount
self.loan_discount = loan_discount
self._total_debt.rate_mul = 10**18
AMM = LLAMMA(amm)
_A: uint256 = LLAMMA(amm).A()
A = _A
Aminus1 = _A - 1
LOG2_A_RATIO = self.log2(_A * 10**18 / unsafe_sub(_A, 1))
COLLATERAL_TOKEN = ERC20(collateral_token)
COLLATERAL_PRECISION = pow_mod256(10, 18 - ERC20(collateral_token).decimals())
SQRT_BAND_RATIO = isqrt(unsafe_div(10**36 * _A, unsafe_sub(_A, 1)))
stablecoin.approve(msg.sender, max_value(uint256))
if Factory(msg.sender).WETH() == collateral_token:
USE_ETH = True
@payable
@external
def __default__():
if msg.value > 0:
assert USE_ETH
assert len(msg.data) == 0
@internal
@pure
def log2(_x: uint256) -> int256:
"""
@notice int(1e18 * log2(_x / 1e18))
"""
# adapted from: https:
# and vyper log implementation
# Might use more optimal solmate's log
inverse: bool = _x < 10**18
res: uint256 = 0
x: uint256 = _x
if inverse:
x = 10**36 / x
t: uint256 = 2**7
for i in range(8):
p: uint256 = pow_mod256(2, t)
if x >= unsafe_mul(p, 10**18):
x = unsafe_div(x, p)
res = unsafe_add(unsafe_mul(t, 10**18), res)
t = unsafe_div(t, 2)
d: uint256 = 10**18
for i in range(34): # 10 decimals: math.log(10**10, 2) == 33.2. Need more?
if (x >= 2 * 10**18):
res = unsafe_add(res, d)
x = unsafe_div(x, 2)
x = unsafe_div(unsafe_mul(x, x), 10**18)
d = unsafe_div(d, 2)
if inverse:
return -convert(res, int256)
else:
return convert(res, int256)
@external
@view
def factory() -> Factory:
"""
@notice Address of the factory
"""
return FACTORY
@external
@view
def amm() -> LLAMMA:
"""
@notice Address of the AMM
"""
return AMM
@external
@view
def collateral_token() -> ERC20:
"""
@notice Address of the collateral token
"""
return COLLATERAL_TOKEN
@internal
def _rate_mul_w() -> uint256:
"""
@notice Getter for rate_mul (the one which is 1.0+) from the AMM
"""
rate: uint256 = min(self.monetary_policy.rate_write(), MAX_RATE)
return AMM.set_rate(rate)
@internal
def _debt(user: address) -> (uint256, uint256):
"""
@notice Get the value of debt and rate_mul and update the rate_mul counter
@param user User address
@return (debt, rate_mul)
"""
rate_mul: uint256 = self._rate_mul_w()
loan: Loan = self.loan[user]
if loan.initial_debt == 0:
return (0, rate_mul)
else:
return (loan.initial_debt * rate_mul / loan.rate_mul, rate_mul)
@internal
@view
def _debt_ro(user: address) -> uint256:
"""
@notice Get the value of debt without changing the state
@param user User address
@return Value of debt
"""
rate_mul: uint256 = AMM.get_rate_mul()
loan: Loan = self.loan[user]
if loan.initial_debt == 0:
return 0
else:
return loan.initial_debt * rate_mul / loan.rate_mul
@external
@view
@nonreentrant('lock')
def debt(user: address) -> uint256:
"""
@notice Get the value of debt without changing the state
@param user User address
@return Value of debt
"""
return self._debt_ro(user)
@external
@view
@nonreentrant('lock')
def loan_exists(user: address) -> bool:
"""
@notice Check whether there is a loan of `user` in existence
"""
return self.loan[user].initial_debt > 0
# No decorator because used in monetary policy
@external
@view
def total_debt() -> uint256:
"""
@notice Total debt of this controller
"""
rate_mul: uint256 = AMM.get_rate_mul()
loan: Loan = self._total_debt
return loan.initial_debt * rate_mul / loan.rate_mul
@internal
@view
def get_y_effective(collateral: uint256, N: uint256, discount: uint256) -> uint256:
"""
@notice Intermediary method which calculates y_effective defined as x_effective / p_base,
however discounted by loan_discount.
x_effective is an amount which can be obtained from collateral when liquidating
@param collateral Amount of collateral to get the value for
@param N Number of bands the deposit is made into
@param discount Loan discount at 1e18 base (e.g. 1e18 == 100%)
@return y_effective
"""
# x_effective = sum_{i=0..N-1}(y / N * p(n_{n1+i})) =
# = y / N * p_oracle_up(n1) * sqrt((A - 1) / A) * sum_{0..N-1}(((A-1) / A)**k)
# === d_y_effective * p_oracle_up(n1) * sum(...) === y_effective * p_oracle_up(n1)
# d_y_effective = y / N / sqrt(A / (A - 1))
# d_y_effective: uint256 = collateral * unsafe_sub(10**18, discount) / (SQRT_BAND_RATIO * N)
# Make some extra discount to always deposit lower when we have DEAD_SHARES rounding
d_y_effective: uint256 = collateral * unsafe_sub(
10**18, min(discount + (DEAD_SHARES * 10**18) / max(collateral / N, DEAD_SHARES), 10**18)
) / (SQRT_BAND_RATIO * N)
y_effective: uint256 = d_y_effective
for i in range(1, MAX_TICKS_UINT):
if i == N:
break
d_y_effective = unsafe_div(d_y_effective * Aminus1, A)
y_effective = unsafe_add(y_effective, d_y_effective)
return y_effective
@internal
@view
def _calculate_debt_n1(collateral: uint256, debt: uint256, N: uint256) -> int256:
"""
@notice Calculate the upper band number for the deposit to sit in to support
the given debt. Reverts if requested debt is too high.
@param collateral Amount of collateral (at its native precision)
@param debt Amount of requested debt
@param N Number of bands to deposit into
@return Upper band n1 (n1 <= n2) to deposit into. Signed integer
"""
assert debt > 0, "No loan"
n0: int256 = AMM.active_band()
p_base: uint256 = AMM.p_oracle_up(n0)
# x_effective = y / N * p_oracle_up(n1) * sqrt((A - 1) / A) * sum_{0..N-1}(((A-1) / A)**k)
# === d_y_effective * p_oracle_up(n1) * sum(...) === y_effective * p_oracle_up(n1)
# d_y_effective = y / N / sqrt(A / (A - 1))
y_effective: uint256 = self.get_y_effective(collateral * COLLATERAL_PRECISION, N, self.loan_discount)
# p_oracle_up(n1) = base_price * ((A - 1) / A)**n1
# We borrow up until min band touches p_oracle,
# or it touches non-empty bands which cannot be skipped.
# We calculate required n1 for given (collateral, debt),
# and if n1 corresponds to price_oracle being too high, or unreachable band
# - we revert.
# n1 is band number based on adiabatic trading, e.g. when p_oracle ~ p
y_effective = y_effective * p_base / (debt + 1) # Now it's a ratio
# n1 = floor(log2(y_effective) / self.logAratio)
# EVM semantics is not doing floor unlike Python, so we do this
assert y_effective > 0, "Amount too low"
n1: int256 = self.log2(y_effective) # <- switch to faster ln() XXX?
if n1 < 0:
n1 -= LOG2_A_RATIO - 1 # This is to deal with vyper's rounding of negative numbers
n1 /= LOG2_A_RATIO
n1 = min(n1, 1024 - convert(N, int256)) + n0
if n1 <= n0:
assert AMM.can_skip_bands(n1 - 1), "Debt too high"
# Let's not rely on active_band corresponding to price_oracle:
# this will be not correct if we are in the area of empty bands
assert AMM.p_oracle_up(n1) < AMM.price_oracle(), "Debt too high"
return n1
@internal
@view
def max_p_base() -> uint256:
"""
@notice Calculate max base price including skipping bands
"""
p_oracle: uint256 = AMM.price_oracle()
# Should be correct unless price changes suddenly by MAX_P_BASE_BANDS+ bands
n1: int256 = unsafe_div(self.log2(AMM.get_base_price() * 10**18 / p_oracle), LOG2_A_RATIO) + MAX_P_BASE_BANDS
p_base: uint256 = AMM.p_oracle_up(n1)
n_min: int256 = AMM.active_band_with_skip()
for i in range(MAX_SKIP_TICKS + 1):
n1 -= 1
if n1 <= n_min:
break
p_base_prev: uint256 = p_base
p_base = unsafe_div(p_base * A, Aminus1)
if p_base > p_oracle:
return p_base_prev
return p_base
@external
@view
@nonreentrant('lock')
def max_borrowable(collateral: uint256, N: uint256) -> uint256:
"""
@notice Calculation of maximum which can be borrowed (details in comments)
@param collateral Collateral amount against which to borrow
@param N number of bands to have the deposit into
@return Maximum amount of stablecoin to borrow
"""
# Calculation of maximum which can be borrowed.
# It corresponds to a minimum between the amount corresponding to price_oracle
# and the one given by the min reachable band.
#
# Given by p_oracle (perhaps needs to be multiplied by (A - 1) / A to account for mid-band effects)
# x_max ~= y_effective * p_oracle
#
# Given by band number:
# if n1 is the lowest empty band in the AMM
# xmax ~= y_effective * amm.p_oracle_up(n1)
#
# When n1 -= 1:
# p_oracle_up *= A / (A - 1)
y_effective: uint256 = self.get_y_effective(collateral * COLLATERAL_PRECISION, N, self.loan_discount)
x: uint256 = unsafe_sub(max(unsafe_div(y_effective * self.max_p_base(), 10**18), 1), 1)
x = unsafe_div(x * (10**18 - 10**14), 10**18) # Make it a bit smaller
return min(x, STABLECOIN.balanceOf(self)) # Cannot borrow beyond the amount of coins Controller has
@external
@view
@nonreentrant('lock')
def min_collateral(debt: uint256, N: uint256) -> uint256:
"""
@notice Minimal amount of collateral required to support debt
@param debt The debt to support
@param N Number of bands to deposit into
@return Minimal collateral required
"""
# Add N**2 to account for precision loss in multiple bands, e.g. N * 1 / (y/N) = N**2 / y
return unsafe_div(unsafe_div(debt * 10**18 / self.max_p_base() * 10**18 / self.get_y_effective(10**18, N, self.loan_discount) + N * (N + 2 * DEAD_SHARES), COLLATERAL_PRECISION) * 10**18, 10**18 - 10**14)
@external
@view
@nonreentrant('lock')
def calculate_debt_n1(collateral: uint256, debt: uint256, N: uint256) -> int256:
"""
@notice Calculate the upper band number for the deposit to sit in to support
the given debt. Reverts if requested debt is too high.
@param collateral Amount of collateral (at its native precision)
@param debt Amount of requested debt
@param N Number of bands to deposit into
@return Upper band n1 (n1 <= n2) to deposit into. Signed integer
"""
return self._calculate_debt_n1(collateral, debt, N)
@internal
def _deposit_collateral(amount: uint256, mvalue: uint256):
"""
Deposits raw ETH, WETH or both at the same time
"""
if not USE_ETH:
assert mvalue == 0 # dev: Not accepting ETH
diff: uint256 = amount - mvalue # dev: Incorrect ETH amount
if mvalue > 0:
WETH(COLLATERAL_TOKEN.address).deposit(value=mvalue)
assert COLLATERAL_TOKEN.transfer(AMM.address, mvalue)
if diff > 0:
assert COLLATERAL_TOKEN.transferFrom(msg.sender, AMM.address, diff, default_return_value=True)
@internal
def _withdraw_collateral(_for: address, amount: uint256, use_eth: bool):
if use_eth and USE_ETH:
assert COLLATERAL_TOKEN.transferFrom(AMM.address, self, amount)
WETH(COLLATERAL_TOKEN.address).withdraw(amount)
raw_call(_for, b"", value=amount, gas=MAX_ETH_GAS)
else:
assert COLLATERAL_TOKEN.transferFrom(AMM.address, _for, amount, default_return_value=True)
@internal
def execute_callback(callbacker: address, callback_sig: bytes4,
user: address, stablecoins: uint256, collateral: uint256, debt: uint256,
callback_args: DynArray[uint256, 5]) -> CallbackData:
assert callbacker != COLLATERAL_TOKEN.address
data: CallbackData = empty(CallbackData)
data.active_band = AMM.active_band()
band_x: uint256 = AMM.bands_x(data.active_band)
band_y: uint256 = AMM.bands_y(data.active_band)
# Callback
response: Bytes[64] = raw_call(
callbacker,
concat(callback_sig, _abi_encode(user, stablecoins, collateral, debt, callback_args)),
max_outsize=64
)
data.stablecoins = convert(slice(response, 0, 32), uint256)
data.collateral = convert(slice(response, 32, 32), uint256)
# Checks after callback
assert data.active_band == AMM.active_band()
assert band_x == AMM.bands_x(data.active_band)
assert band_y == AMM.bands_y(data.active_band)
return data
@internal
def _create_loan(mvalue: uint256, collateral: uint256, debt: uint256, N: uint256, transfer_coins: bool):
assert self.loan[msg.sender].initial_debt == 0, "Loan already created"
assert N > MIN_TICKS-1, "Need more ticks"
assert N < MAX_TICKS+1, "Need less ticks"
n1: int256 = self._calculate_debt_n1(collateral, debt, N)
n2: int256 = n1 + convert(N - 1, int256)
rate_mul: uint256 = self._rate_mul_w()
self.loan[msg.sender] = Loan({initial_debt: debt, rate_mul: rate_mul})
liquidation_discount: uint256 = self.liquidation_discount
self.liquidation_discounts[msg.sender] = liquidation_discount
n_loans: uint256 = self.n_loans
self.loans[n_loans] = msg.sender
self.loan_ix[msg.sender] = n_loans
self.n_loans = unsafe_add(n_loans, 1)
total_debt: uint256 = self._total_debt.initial_debt * rate_mul / self._total_debt.rate_mul + debt
self._total_debt.initial_debt = total_debt
self._total_debt.rate_mul = rate_mul
AMM.deposit_range(msg.sender, collateral, n1, n2)
self.minted += debt
if transfer_coins:
self._deposit_collateral(collateral, mvalue)
STABLECOIN.transfer(msg.sender, debt)
log UserState(msg.sender, collateral, debt, n1, n2, liquidation_discount)
log Borrow(msg.sender, collateral, debt)
@payable
@external
@nonreentrant('lock')
def create_loan(collateral: uint256, debt: uint256, N: uint256):
"""
@notice Create loan
@param collateral Amount of collateral to use
@param debt Stablecoin debt to take
@param N Number of bands to deposit into (to do autoliquidation-deliquidation),
can be from MIN_TICKS to MAX_TICKS
"""
self._create_loan(msg.value, collateral, debt, N, True)
@payable
@external
@nonreentrant('lock')
def create_loan_extended(collateral: uint256, debt: uint256, N: uint256, callbacker: address, callback_args: DynArray[uint256,5]):
"""
@notice Create loan but pass stablecoin to a callback first so that it can build leverage
@param collateral Amount of collateral to use
@param debt Stablecoin debt to take
@param N Number of bands to deposit into (to do autoliquidation-deliquidation),
can be from MIN_TICKS to MAX_TICKS
@param callbacker Address of the callback contract
@param callback_args Extra arguments for the callback (up to 5) such as min_amount etc
"""
# Before callback
STABLECOIN.transfer(callbacker, debt)
# Callback
# If there is any unused debt, callbacker can send it to the user
more_collateral: uint256 = self.execute_callback(
callbacker, CALLBACK_DEPOSIT, msg.sender, 0, collateral, debt, callback_args).collateral
# After callback
self._deposit_collateral(collateral, msg.value)
assert COLLATERAL_TOKEN.transferFrom(callbacker, AMM.address, more_collateral, default_return_value=True)
self._create_loan(0, collateral + more_collateral, debt, N, False)
@internal
def _add_collateral_borrow(d_collateral: uint256, d_debt: uint256, _for: address, remove_collateral: bool):
"""
@notice Internal method to borrow and add or remove collateral
@param d_collateral Amount of collateral to add
@param d_debt Amount of debt increase
@param _for Address to transfer tokens to
@param remove_collateral Remove collateral instead of adding
"""
debt: uint256 = 0
rate_mul: uint256 = 0
debt, rate_mul = self._debt(_for)
assert debt > 0, "Loan doesn't exist"
debt += d_debt
ns: int256[2] = AMM.read_user_tick_numbers(_for)
size: uint256 = convert(unsafe_add(unsafe_sub(ns[1], ns[0]), 1), uint256)
xy: uint256[2] = AMM.withdraw(_for, 10**18)
assert xy[0] == 0, "Already in underwater mode"
if remove_collateral:
xy[1] -= d_collateral
else:
xy[1] += d_collateral
n1: int256 = self._calculate_debt_n1(xy[1], debt, size)
n2: int256 = n1 + unsafe_sub(ns[1], ns[0])
AMM.deposit_range(_for, xy[1], n1, n2)
self.loan[_for] = Loan({initial_debt: debt, rate_mul: rate_mul})
liquidation_discount: uint256 = self.liquidation_discount
self.liquidation_discounts[_for] = liquidation_discount
if d_debt != 0:
total_debt: uint256 = self._total_debt.initial_debt * rate_mul / self._total_debt.rate_mul + d_debt
self._total_debt.initial_debt = total_debt
self._total_debt.rate_mul = rate_mul
if remove_collateral:
log RemoveCollateral(_for, d_collateral)
else:
log Borrow(_for, d_collateral, d_debt)
log UserState(_for, xy[1], debt, n1, n2, liquidation_discount)
@payable
@external
@nonreentrant('lock')
def add_collateral(collateral: uint256, _for: address = msg.sender):
"""
@notice Add extra collateral to avoid bad liqidations
@param collateral Amount of collateral to add
@param _for Address to add collateral for
"""
if collateral == 0:
return
self._add_collateral_borrow(collateral, 0, _for, False)
self._deposit_collateral(collateral, msg.value)
@external
@nonreentrant('lock')
def remove_collateral(collateral: uint256, use_eth: bool = True):
"""
@notice Remove some collateral without repaying the debt
@param collateral Amount of collateral to remove
@param use_eth Use wrapping/unwrapping if collateral is ETH
"""
if collateral == 0:
return
self._add_collateral_borrow(collateral, 0, msg.sender, True)
self._withdraw_collateral(msg.sender, collateral, use_eth)
@payable
@external
@nonreentrant('lock')
def borrow_more(collateral: uint256, debt: uint256):
"""
@notice Borrow more stablecoins while adding more collateral (not necessary)
@param collateral Amount of collateral to add
@param debt Amount of stablecoin debt to take
"""
if debt == 0:
return
self._add_collateral_borrow(collateral, debt, msg.sender, False)
if collateral != 0:
self._deposit_collateral(collateral, msg.value)
STABLECOIN.transfer(msg.sender, debt)
self.minted += debt
@internal
def _remove_from_list(_for: address):
last_loan_ix: uint256 = self.n_loans - 1
loan_ix: uint256 = self.loan_ix[_for]
assert self.loans[loan_ix] == _for # dev: should never fail but safety first
self.loan_ix[_for] = 0
if loan_ix < last_loan_ix: # Need to replace
last_loan: address = self.loans[last_loan_ix]
self.loans[loan_ix] = last_loan
self.loan_ix[last_loan] = loan_ix
self.n_loans = last_loan_ix
@payable
@external
@nonreentrant('lock')
def repay(_d_debt: uint256, _for: address = msg.sender, max_active_band: int256 = 2**255-1, use_eth: bool = True):
"""
@notice Repay debt (partially or fully)
@param _d_debt The amount of debt to repay. If higher than the current debt - will do full repayment
@param _for The user to repay the debt for
@param max_active_band Don't allow active band to be higher than this (to prevent front-running the repay)
@param use_eth Use wrapping/unwrapping if collateral is ETH
"""
if _d_debt == 0:
return
# Or repay all for MAX_UINT256
# Withdraw if debt become 0
debt: uint256 = 0
rate_mul: uint256 = 0
debt, rate_mul = self._debt(_for)
assert debt > 0, "Loan doesn't exist"
d_debt: uint256 = min(debt, _d_debt)
debt = unsafe_sub(debt, d_debt)
if debt == 0:
# Allow to withdraw all assets even when underwater
xy: uint256[2] = AMM.withdraw(_for, 10**18)
if xy[0] > 0:
# Only allow full repayment when underwater for the sender to do
assert _for == msg.sender
STABLECOIN.transferFrom(AMM.address, _for, xy[0])
if xy[1] > 0:
self._withdraw_collateral(_for, xy[1], use_eth)
log UserState(_for, 0, 0, 0, 0, 0)
log Repay(_for, xy[1], d_debt)
self._remove_from_list(_for)
else:
active_band: int256 = AMM.active_band_with_skip()
assert active_band <= max_active_band
ns: int256[2] = AMM.read_user_tick_numbers(_for)
size: uint256 = convert(unsafe_add(unsafe_sub(ns[1], ns[0]), 1), uint256)
liquidation_discount: uint256 = 0
if ns[0] > active_band:
# Not in liquidation - can move bands
xy: uint256[2] = AMM.withdraw(_for, 10**18)
n1: int256 = self._calculate_debt_n1(xy[1], debt, size)
n2: int256 = n1 + unsafe_sub(ns[1], ns[0])
AMM.deposit_range(_for, xy[1], n1, n2)
liquidation_discount = self.liquidation_discount
self.liquidation_discounts[_for] = liquidation_discount
log UserState(_for, xy[1], debt, n1, n2, liquidation_discount)
log Repay(_for, 0, d_debt)
else:
# Underwater - cannot move band but can avoid a bad liquidation
liquidation_discount = self.liquidation_discounts[_for]
log UserState(_for, max_value(uint256), debt, ns[0], ns[1], liquidation_discount)
log Repay(_for, 0, d_debt)
if _for != msg.sender:
# Doesn't allow non-sender to repay in a way which ends with unhealthy state
# full = False to make this condition non-manipulatable (and also cheaper on gas)
assert self._health(_for, debt, False, liquidation_discount) > 0
# If we withdrew already - will burn less!
STABLECOIN.transferFrom(msg.sender, self, d_debt) # fail: insufficient funds
self.redeemed += d_debt
self.loan[_for] = Loan({initial_debt: debt, rate_mul: rate_mul})
total_debt: uint256 = self._total_debt.initial_debt * rate_mul / self._total_debt.rate_mul
self._total_debt.initial_debt = unsafe_sub(max(total_debt, d_debt), d_debt)
self._total_debt.rate_mul = rate_mul
@external
@nonreentrant('lock')
def repay_extended(callbacker: address, callback_args: DynArray[uint256,5]):
"""
@notice Repay loan but get a stablecoin for that from callback (to deleverage)
@param callbacker Address of the callback contract
@param callback_args Extra arguments for the callback (up to 5) such as min_amount etc
"""
# Before callback
ns: int256[2] = AMM.read_user_tick_numbers(msg.sender)
xy: uint256[2] = AMM.withdraw(msg.sender, 10**18)
debt: uint256 = 0
rate_mul: uint256 = 0
debt, rate_mul = self._debt(msg.sender)
COLLATERAL_TOKEN.transferFrom(AMM.address, callbacker, xy[1], default_return_value=True)
cb: CallbackData = self.execute_callback(
callbacker, CALLBACK_REPAY, msg.sender, xy[0], xy[1], debt, callback_args)
# After callback
total_stablecoins: uint256 = cb.stablecoins + xy[0]
assert total_stablecoins > 0 # dev: no coins to repay
# d_debt: uint256 = min(debt, total_stablecoins)
d_debt: uint256 = 0
# If we have more stablecoins than the debt - full repayment and closing the position
if total_stablecoins >= debt:
d_debt = debt
debt = 0
self._remove_from_list(msg.sender)
# Transfer debt to self, everything else to sender
if cb.stablecoins > 0:
STABLECOIN.transferFrom(callbacker, self, cb.stablecoins)
if xy[0] > 0:
STABLECOIN.transferFrom(AMM.address, self, xy[0])
if total_stablecoins > d_debt:
STABLECOIN.transfer(msg.sender, unsafe_sub(total_stablecoins, d_debt))
if cb.collateral > 0:
assert COLLATERAL_TOKEN.transferFrom(callbacker, msg.sender, cb.collateral, default_return_value=True)
log UserState(msg.sender, 0, 0, 0, 0, 0)
# Else - partial repayment -> deleverage, but only if we are not underwater
else:
size: uint256 = convert(unsafe_add(unsafe_sub(ns[1], ns[0]), 1), uint256)
assert ns[0] > cb.active_band
d_debt = cb.stablecoins # cb.stablecoins <= total_stablecoins < debt
debt = unsafe_sub(debt, cb.stablecoins)
# Not in liquidation - can move bands
n1: int256 = self._calculate_debt_n1(cb.collateral, debt, size)
n2: int256 = n1 + unsafe_sub(ns[1], ns[0])
AMM.deposit_range(msg.sender, cb.collateral, n1, n2)
liquidation_discount: uint256 = self.liquidation_discount
self.liquidation_discounts[msg.sender] = liquidation_discount
assert COLLATERAL_TOKEN.transferFrom(callbacker, AMM.address, cb.collateral, default_return_value=True)
# Stablecoin is all spent to repay debt -> all goes to self
STABLECOIN.transferFrom(callbacker, self, cb.stablecoins)
# We are above active band, so xy[0] is 0 anyway
log UserState(msg.sender, cb.collateral, debt, n1, n2, liquidation_discount)
xy[1] = 0
# No need to check _health() because it's the sender
# Common calls which we will do regardless of whether it's a full repay or not
log Repay(msg.sender, xy[1], d_debt)
self.redeemed += d_debt
self.loan[msg.sender] = Loan({initial_debt: debt, rate_mul: rate_mul})
total_debt: uint256 = self._total_debt.initial_debt * rate_mul / self._total_debt.rate_mul
self._total_debt.initial_debt = unsafe_sub(max(total_debt, d_debt), d_debt)
self._total_debt.rate_mul = rate_mul
@internal
@view
def _health(user: address, debt: uint256, full: bool, liquidation_discount: uint256) -> int256:
"""
@notice Returns position health normalized to 1e18 for the user.
Liquidation starts when < 0, however devaluation of collateral doesn't cause liquidation
@param user User address to calculate health for
@param debt The amount of debt to calculate health for
@param full Whether to take into account the price difference above the highest user's band
@param liquidation_discount Liquidation discount to use (can be 0)
@return Health: > 0 = good.
"""
assert debt > 0, "Loan doesn't exist"
health: int256 = 10**18
if liquidation_discount > 0:
health -= convert(liquidation_discount, int256)
health = unsafe_div(convert(AMM.get_x_down(user), int256) * health, convert(debt, int256)) - 10**18
if full:
ns: int256[2] = AMM.read_user_tick_numbers(user) # ns[1] > ns[0]
if ns[0] > AMM.active_band(): # We are not in liquidation mode
p: uint256 = AMM.price_oracle()
p_up: uint256 = AMM.p_oracle_up(ns[0])
if p > p_up:
health += convert(unsafe_div((p - p_up) * AMM.get_sum_xy(user)[1] * COLLATERAL_PRECISION, debt), int256)
return health
@external
@view
@nonreentrant('lock')
def health_calculator(user: address, d_collateral: int256, d_debt: int256, full: bool, N: uint256 = 0) -> int256:
"""
@notice Health predictor in case user changes the debt or collateral
@param user Address of the user
@param d_collateral Change in collateral amount (signed)
@param d_debt Change in debt amount (signed)
@param full Whether it's a 'full' health or not
@param N Number of bands in case loan doesn't yet exist
@return Signed health value
"""
xy: uint256[2] = AMM.get_sum_xy(user)
xy[1] *= COLLATERAL_PRECISION
ns: int256[2] = AMM.read_user_tick_numbers(user)
debt: int256 = convert(self._debt_ro(user), int256)
n: uint256 = N
ld: int256 = 0
if debt != 0:
ld = convert(self.liquidation_discounts[user], int256)
n = convert(unsafe_add(unsafe_sub(ns[1], ns[0]), 1), uint256)
else:
ld = convert(self.liquidation_discount, int256)
ns[0] = max_value(int256) # This will trigger a "re-deposit"
n1: int256 = 0
collateral: int256 = 0
x_eff: int256 = 0
debt += d_debt
assert debt > 0, "Non-positive debt"
active_band: int256 = AMM.active_band_with_skip()
if ns[0] > active_band and (d_collateral != 0 or d_debt != 0): # re-deposit
collateral = convert(xy[1], int256) + d_collateral
n1 = self._calculate_debt_n1(convert(collateral, uint256), convert(debt, uint256), n)
else:
n1 = ns[0]
x_eff = convert(AMM.get_x_down(user) * 10**18, int256)
p0: int256 = convert(AMM.p_oracle_up(n1), int256)
if ns[0] > active_band:
x_eff = convert(self.get_y_effective(convert(collateral, uint256), n, 0), int256) * p0
health: int256 = unsafe_div(x_eff, debt)
health = health - unsafe_div(health * ld, 10**18) - 10**18
if full:
if n1 > active_band: # We are not in liquidation mode
p_diff: int256 = max(p0, convert(AMM.price_oracle(), int256)) - p0
if p_diff > 0:
health += unsafe_div(p_diff * collateral, debt)
return health
@internal
@view
def _get_f_remove(frac: uint256, health_limit: uint256) -> uint256:
# f_remove = ((1 + h / 2) / (1 + h) * (1 - frac) + frac) * frac
f_remove: uint256 = 10 ** 18
if frac < 10 ** 18:
f_remove = unsafe_div(unsafe_mul(unsafe_add(10 ** 18, unsafe_div(health_limit, 2)), unsafe_sub(10 ** 18, frac)), unsafe_add(10 ** 18, health_limit))
f_remove = unsafe_div(unsafe_mul(unsafe_add(f_remove, frac), frac), 10 ** 18)
return f_remove
@internal
def _liquidate(user: address, min_x: uint256, health_limit: uint256, frac: uint256, use_eth: bool,
callbacker: address, callback_args: DynArray[uint256,5]):
"""
@notice Perform a bad liquidation of user if the health is too bad
@param user Address of the user
@param min_x Minimal amount of stablecoin withdrawn (to avoid liquidators being sandwiched)
@param health_limit Minimal health to liquidate at
@param frac Fraction to liquidate; 100% = 10**18
@param use_eth Use wrapping/unwrapping if collateral is ETH
@param callbacker Address of the callback contract
@param callback_args Extra arguments for the callback (up to 5) such as min_amount etc
"""
debt: uint256 = 0
rate_mul: uint256 = 0
debt, rate_mul = self._debt(user)
if health_limit != 0:
assert self._health(user, debt, True, health_limit) < 0, "Not enough rekt"
final_debt: uint256 = debt
debt = unsafe_div(debt * frac, 10**18)
assert debt > 0
final_debt = unsafe_sub(final_debt, debt)
# Withdraw sender's stablecoin and collateral to our contract
# When frac is set - we withdraw a bit less for the same debt fraction
# f_remove = ((1 + h/2) / (1 + h) * (1 - frac) + frac) * frac
# where h is health limit.
# This is less than full h discount but more than no discount
f_remove: uint256 = self._get_f_remove(frac, health_limit)
xy: uint256[2] = AMM.withdraw(user, f_remove) # [stable, collateral]
# x increase in same block -> price up -> good
# x decrease in same block -> price down -> bad
assert xy[0] >= min_x, "Slippage"
min_amm_burn: uint256 = min(xy[0], debt)
if min_amm_burn != 0:
STABLECOIN.transferFrom(AMM.address, self, min_amm_burn)
if debt > xy[0]:
to_repay: uint256 = unsafe_sub(debt, xy[0])
if callbacker == empty(address):
# Withdraw collateral if no callback is present
self._withdraw_collateral(msg.sender, xy[1], use_eth)
# Request what's left from user
STABLECOIN.transferFrom(msg.sender, self, to_repay)
else:
# Move collateral to callbacker, call it and remove everything from it back in
if xy[1] > 0:
assert COLLATERAL_TOKEN.transferFrom(AMM.address, callbacker, xy[1], default_return_value=True)
# Callback
cb: CallbackData = self.execute_callback(
callbacker, CALLBACK_LIQUIDATE, user, xy[0], xy[1], debt, callback_args)
assert cb.stablecoins >= to_repay, "not enough proceeds"
if cb.stablecoins > to_repay:
STABLECOIN.transferFrom(callbacker, msg.sender, unsafe_sub(cb.stablecoins, to_repay))
STABLECOIN.transferFrom(callbacker, self, to_repay)
if cb.collateral > 0:
assert COLLATERAL_TOKEN.transferFrom(callbacker, msg.sender, cb.collateral)
else:
# Withdraw collateral
self._withdraw_collateral(msg.sender, xy[1], use_eth)
# Return what's left to user
if xy[0] > debt:
STABLECOIN.transferFrom(AMM.address, msg.sender, unsafe_sub(xy[0], debt))
self.redeemed += debt
self.loan[user] = Loan({initial_debt: final_debt, rate_mul: rate_mul})
log Repay(user, xy[1], debt)
log Liquidate(msg.sender, user, xy[1], xy[0], debt)
if final_debt == 0:
log UserState(user, 0, 0, 0, 0, 0) # Not logging partial removeal b/c we have not enough info
self._remove_from_list(user)
d: uint256 = self._total_debt.initial_debt * rate_mul / self._total_debt.rate_mul
self._total_debt.initial_debt = unsafe_sub(max(d, debt), debt)
self._total_debt.rate_mul = rate_mul
@external
@nonreentrant('lock')
def liquidate(user: address, min_x: uint256, use_eth: bool = True):
"""
@notice Peform a bad liquidation (or self-liquidation) of user if health is not good
@param min_x Minimal amount of stablecoin to receive (to avoid liquidators being sandwiched)
@param use_eth Use wrapping/unwrapping if collateral is ETH
"""
discount: uint256 = 0
if user != msg.sender:
discount = self.liquidation_discounts[user]
self._liquidate(user, min_x, discount, 10**18, use_eth, empty(address), [])
@external
@nonreentrant('lock')
def liquidate_extended(user: address, min_x: uint256, frac: uint256, use_eth: bool,
callbacker: address, callback_args: DynArray[uint256,5]):
"""
@notice Peform a bad liquidation (or self-liquidation) of user if health is not good
@param min_x Minimal amount of stablecoin to receive (to avoid liquidators being sandwiched)
@param frac Fraction to liquidate; 100% = 10**18
@param use_eth Use wrapping/unwrapping if collateral is ETH
@param callbacker Address of the callback contract
@param callback_args Extra arguments for the callback (up to 5) such as min_amount etc
"""
discount: uint256 = 0
if user != msg.sender:
discount = self.liquidation_discounts[user]
self._liquidate(user, min_x, discount, min(frac, 10**18), use_eth, callbacker, callback_args)
@view
@external
@nonreentrant('lock')
def tokens_to_liquidate(user: address, frac: uint256 = 10 ** 18) -> uint256:
"""
@notice Calculate the amount of stablecoins to have in liquidator's wallet to liquidate a user
@param user Address of the user to liquidate
@param frac Fraction to liquidate; 100% = 10**18
@return The amount of stablecoins needed
"""
health_limit: uint256 = 0
if user != msg.sender:
health_limit = self.liquidation_discounts[user]
f_remove: uint256 = self._get_f_remove(frac, health_limit)
stablecoins: uint256 = unsafe_div(AMM.get_sum_xy(user)[0] * f_remove, 10 ** 18)
debt: uint256 = unsafe_div(self._debt_ro(user) * frac, 10 ** 18)
return unsafe_sub(max(debt, stablecoins), stablecoins)
@view
@external
@nonreentrant('lock')
def health(user: address, full: bool = False) -> int256:
"""
@notice Returns position health normalized to 1e18 for the user.
Liquidation starts when < 0, however devaluation of collateral doesn't cause liquidation
"""
return self._health(user, self._debt_ro(user), full, self.liquidation_discounts[user])
@view
@external
@nonreentrant('lock')
def users_to_liquidate(_from: uint256=0, _limit: uint256=0) -> DynArray[Position, 1000]:
"""
@notice Returns a dynamic array of users who can be "hard-liquidated".
This method is designed for convenience of liquidation bots.
@param _from Loan index to start iteration from
@param _limit Number of loans to look over
@return Dynamic array with detailed info about positions of users
"""
n_loans: uint256 = self.n_loans
limit: uint256 = _limit
if _limit == 0:
limit = n_loans
ix: uint256 = _from
out: DynArray[Position, 1000] = []
for i in range(10**6):
if ix >= n_loans or i == limit:
break
user: address = self.loans[ix]
debt: uint256 = self._debt_ro(user)
health: int256 = self._health(user, debt, True, self.liquidation_discounts[user])
if health < 0:
xy: uint256[2] = AMM.get_sum_xy(user)
out.append(Position({
user: user,
x: xy[0],
y: xy[1],
debt: debt,
health: health
}))
ix += 1
return out
# AMM has a nonreentrant decorator
@view
@external
def amm_price() -> uint256:
"""
@notice Current price from the AMM
"""
return AMM.get_p()
@view
@external
@nonreentrant('lock')
def user_prices(user: address) -> uint256[2]: # Upper, lower
"""
@notice Lowest price of the lower band and highest price of the upper band the user has deposit in the AMM
@param user User address
@return (upper_price, lower_price)
"""
assert AMM.has_liquidity(user)
ns: int256[2] = AMM.read_user_tick_numbers(user) # ns[1] > ns[0]
return [AMM.p_oracle_up(ns[0]), AMM.p_oracle_down(ns[1])]
@view
@external
@nonreentrant('lock')
def user_state(user: address) -> uint256[4]:
"""
@notice Return the user state in one call
@param user User to return the state for
@return (collateral, stablecoin, debt, N)
"""
xy: uint256[2] = AMM.get_sum_xy(user)
ns: int256[2] = AMM.read_user_tick_numbers(user) # ns[1] > ns[0]
return [xy[1], xy[0], self._debt_ro(user), convert(unsafe_add(unsafe_sub(ns[1], ns[0]), 1), uint256)]
# AMM has nonreentrant decorator
@external
def set_amm_fee(fee: uint256):
"""
@notice Set the AMM fee (factory admin only)
@param fee The fee which should be no higher than MAX_FEE
"""
assert msg.sender == FACTORY.admin()
assert fee <= MAX_FEE and fee >= MIN_FEE, "Fee"
AMM.set_fee(fee)
# AMM has nonreentrant decorator
@external
def set_amm_admin_fee(fee: uint256):
"""
@notice Set AMM's admin fee
@param fee New admin fee (not higher than MAX_ADMIN_FEE)
"""
assert msg.sender == FACTORY.admin()
assert fee <= MAX_ADMIN_FEE, "High fee"
AMM.set_admin_fee(fee)
@nonreentrant('lock')
@external
def set_monetary_policy(monetary_policy: address):
"""
@notice Set monetary policy contract
@param monetary_policy Address of the monetary policy contract
"""
assert msg.sender == FACTORY.admin()
self.monetary_policy = MonetaryPolicy(monetary_policy)
MonetaryPolicy(monetary_policy).rate_write()
log SetMonetaryPolicy(monetary_policy)
@nonreentrant('lock')
@external
def set_borrowing_discounts(loan_discount: uint256, liquidation_discount: uint256):
"""
@notice Set discounts at which we can borrow (defines max LTV) and where bad liquidation starts
@param loan_discount Discount which defines LTV
@param liquidation_discount Discount where bad liquidation starts
"""
assert msg.sender == FACTORY.admin()
assert loan_discount > liquidation_discount
assert liquidation_discount >= MIN_LIQUIDATION_DISCOUNT
assert loan_discount <= MAX_LOAN_DISCOUNT
self.liquidation_discount = liquidation_discount
self.loan_discount = loan_discount
log SetBorrowingDiscounts(loan_discount, liquidation_discount)
@external
@nonreentrant('lock')
def set_callback(cb: address):
"""
@notice Set liquidity mining callback
"""
assert msg.sender == FACTORY.admin()
AMM.set_callback(cb)
@external
@view
def admin_fees() -> uint256:
"""
@notice Calculate the amount of fees obtained from the interest
"""
rate_mul: uint256 = AMM.get_rate_mul()
loan: Loan = self._total_debt
loan.initial_debt = loan.initial_debt * rate_mul / loan.rate_mul
loan.initial_debt += self.redeemed
minted: uint256 = self.minted
return unsafe_sub(max(loan.initial_debt, minted), minted)
@external
@nonreentrant('lock')
def collect_fees() -> uint256:
"""
@notice Collect the fees charged as interest
"""
_to: address = FACTORY.fee_receiver()
# AMM-based fees
borrowed_fees: uint256 = AMM.admin_fees_x()
collateral_fees: uint256 = AMM.admin_fees_y()
if borrowed_fees > 0:
STABLECOIN.transferFrom(AMM.address, _to, borrowed_fees)
if collateral_fees > 0:
assert COLLATERAL_TOKEN.transferFrom(AMM.address, _to, collateral_fees, default_return_value=True)
AMM.reset_admin_fees()
# Borrowing-based fees
rate_mul: uint256 = self._rate_mul_w()
loan: Loan = self._total_debt
loan.initial_debt = loan.initial_debt * rate_mul / loan.rate_mul
loan.rate_mul = rate_mul
self._total_debt = loan
# Amount which would have been redeemed if all the debt was repaid now
to_be_redeemed: uint256 = loan.initial_debt + self.redeemed
# Amount which was minted when borrowing + all previously claimed admin fees
minted: uint256 = self.minted
# Difference between to_be_redeemed and minted amount is exactly due to interest charged
if to_be_redeemed > minted:
self.minted = to_be_redeemed
to_be_redeemed = unsafe_sub(to_be_redeemed, minted) # Now this is the fees to charge
STABLECOIN.transfer(_to, to_be_redeemed)
log CollectFees(to_be_redeemed, loan.initial_debt)
return to_be_redeemed
else:
log CollectFees(0, loan.initial_debt)
return 0