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feat: make mkr assessor the default assessor #559

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merged 4 commits into from
May 17, 2021
Merged

feat: make mkr assessor the default assessor #559

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c8934b2
feat: start to move mkr assessor to assessor
hieronx May 6, 2021
add8850
fix: assessor token price tests
hieronx May 14, 2021
3ccb62a
refactor: remove old mkr assessor, update tests
hieronx May 17, 2021
e7b7ec9
Merge branch 'develop' of github.com:centrifuge/tinlake into mkr-asse…
hieronx May 17, 2021
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6 changes: 3 additions & 3 deletions src/lender/admin/pool.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -20,7 +20,7 @@ interface AssessorLike {
function file(bytes32 name, uint256 value) external;
}

interface LendingAdapter {
interface LendingAdapterLike {
function raise(uint256 amount) external;
function sink(uint256 amount) external;
}
Expand All @@ -34,7 +34,7 @@ interface MemberlistLike {
contract PoolAdmin is Auth {

AssessorLike public assessor;
LendingAdapter public lending;
LendingAdapterLike public lending;
MemberlistLike public seniorMemberlist;
MemberlistLike public juniorMemberlist;

Expand Down Expand Up @@ -63,7 +63,7 @@ contract PoolAdmin is Auth {
if (contractName == "assessor") {
assessor = AssessorLike(addr);
} else if (contractName == "lending") {
lending = LendingAdapter(addr);
lending = LendingAdapterLike(addr);
} else if (contractName == "seniorMemberlist") {
seniorMemberlist = MemberlistLike(addr);
} else if (contractName == "juniorMemberlist") {
Expand Down
123 changes: 104 additions & 19 deletions src/lender/assessor.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -34,6 +34,14 @@ interface ReserveLike {
function currencyAvailable() external view returns(uint);
}

interface LendingAdapter {
function remainingCredit() external view returns (uint);
function juniorStake() external view returns (uint);
function calcOvercollAmount(uint amount) external view returns (uint);
function stabilityFee() external view returns(uint);
function debt() external view returns(uint);
}

contract Assessor is Definitions, Auth, Interest {
// senior ratio from the last epoch executed
Fixed27 public seniorRatio;
Expand All @@ -56,10 +64,13 @@ contract Assessor is Definitions, Auth, Interest {

uint public maxReserve;

uint public creditBufferTime = 1 days;

TrancheLike public seniorTranche;
TrancheLike public juniorTranche;
NAVFeedLike public navFeed;
ReserveLike public reserve;
LendingAdapter public lending;

constructor() public {
wards[msg.sender] = 1;
Expand All @@ -77,23 +88,27 @@ contract Assessor is Definitions, Auth, Interest {
juniorTranche = TrancheLike(addr);
} else if (contractName == "reserve") {
reserve = ReserveLike(addr);
} else if (contractName == "lending") {
lending = LendingAdapter(addr);
} else revert();
}

function file(bytes32 name, uint value) public auth {
if(name == "seniorInterestRate") {
if (name == "seniorInterestRate") {
seniorInterestRate = Fixed27(value);
}
else if (name == "maxReserve") {maxReserve = value;}
else if (name == "maxSeniorRatio") {
} else if (name == "maxReserve") {
maxReserve = value;
} else if (name == "maxSeniorRatio") {
require(value > minSeniorRatio.value, "value-too-small");
maxSeniorRatio = Fixed27(value);
}
else if (name == "minSeniorRatio") {
} else if (name == "minSeniorRatio") {
require(value < maxSeniorRatio.value, "value-too-big");
minSeniorRatio = Fixed27(value);
} else if (name == "creditBufferTime") {
creditBufferTime = value;
} else {
revert("unknown-variable");
}
else {revert("unknown-variable");}
}

function reBalance(uint seniorAsset_, uint seniorRatio_) internal {
Expand Down Expand Up @@ -133,11 +148,19 @@ contract Assessor is Definitions, Auth, Interest {
}

function calcSeniorTokenPrice() external view returns(uint) {
return calcSeniorTokenPrice(navFeed.currentNAV(), reserve.totalBalance());
return calcSeniorTokenPrice(navFeed.approximatedNAV(), reserve.totalBalance());
}

function calcSeniorTokenPrice(uint nav_, uint) public view returns(uint) {
return _calcSeniorTokenPrice(nav_, reserve.totalBalance());
}

function calcJuniorTokenPrice() external view returns(uint) {
return calcJuniorTokenPrice(navFeed.currentNAV(), reserve.totalBalance());
return _calcJuniorTokenPrice(navFeed.currentNAV(), reserve.totalBalance());
}

function calcJuniorTokenPrice(uint nav_, uint) public view returns (uint) {
return _calcJuniorTokenPrice(nav_, reserve.totalBalance());
}

function calcTokenPrices() external view returns (uint, uint) {
Expand All @@ -147,15 +170,21 @@ contract Assessor is Definitions, Auth, Interest {
}

function calcTokenPrices(uint epochNAV, uint epochReserve) public view returns (uint, uint) {
return (calcJuniorTokenPrice(epochNAV, epochReserve), calcSeniorTokenPrice(epochNAV, epochReserve));
return (_calcJuniorTokenPrice(epochNAV, epochReserve), _calcSeniorTokenPrice(epochNAV, epochReserve));
}

function calcSeniorTokenPrice(uint epochNAV, uint epochReserve) public view returns(uint) {
if ((epochNAV == 0 && epochReserve == 0) || seniorTranche.tokenSupply() == 0) {
function _calcSeniorTokenPrice(uint nav_, uint reserve_) internal view returns(uint) {
// the coordinator interface will pass the reserveAvailable

if ((nav_ == 0 && reserve_ == 0) || seniorTranche.tokenSupply() == 0) {
// initial token price at start 1.00
return ONE;
}
uint totalAssets = safeAdd(epochNAV, epochReserve);

// reserve includes creditline from maker
uint totalAssets = safeAdd(nav_, reserve_);

// includes creditline
uint seniorAssetValue = calcExpectedSeniorAsset(seniorDebt(), seniorBalance_);

if(totalAssets < seniorAssetValue) {
Expand All @@ -164,19 +193,30 @@ contract Assessor is Definitions, Auth, Interest {
return rdiv(seniorAssetValue, seniorTranche.tokenSupply());
}

function calcJuniorTokenPrice(uint epochNAV, uint epochReserve) public view returns(uint) {
if ((epochNAV == 0 && epochReserve == 0) || juniorTranche.tokenSupply() == 0) {
function _calcJuniorTokenPrice(uint nav_, uint reserve_) internal view returns (uint) {
if ((nav_ == 0 && reserve_ == 0) || juniorTranche.tokenSupply() == 0) {
// initial token price at start 1.00
return ONE;
}
uint totalAssets = safeAdd(epochNAV, epochReserve);
// reserve includes creditline from maker
uint totalAssets = safeAdd(nav_, reserve_);

// includes creditline from mkr
uint seniorAssetValue = calcExpectedSeniorAsset(seniorDebt(), seniorBalance_);

if(totalAssets < seniorAssetValue) {
return 0;
}

return rdiv(safeSub(totalAssets, seniorAssetValue), juniorTranche.tokenSupply());
// the junior tranche only needs to pay for the mkr over-collateralization if
// the mkr vault is liquidated, if that is true juniorStake=0
uint juniorStake = 0;
if (address(lending) != address(0)) {
juniorStake = lending.juniorStake();
}

return rdiv(safeAdd(safeSub(totalAssets, seniorAssetValue), juniorStake),
juniorTranche.tokenSupply());
}

/// repayment update keeps track of senior bookkeeping for repaid loans
Expand Down Expand Up @@ -239,14 +279,32 @@ contract Assessor is Definitions, Auth, Interest {
return seniorDebt_;
}

function seniorBalance() public view returns (uint) {
function seniorBalance() public view returns(uint) {
return safeAdd(seniorBalance_, remainingOvercollCredit());
}

function effectiveSeniorBalance() public view returns(uint) {
return seniorBalance_;
}

function totalBalance() public view returns (uint) {
function effectiveTotalBalance() public view returns(uint) {
return reserve.totalBalance();
}

function totalBalance() public view returns(uint) {
return safeAdd(reserve.totalBalance(), remainingCredit());
}

// returns the current NAV
function currentNAV() public view returns(uint) {
return navFeed.currentNAV();
}

// returns the approximated NAV for gas-performance reasons
function getNAV() public view returns(uint) {
return navFeed.approximatedNAV();
}
Comment on lines +300 to +307
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We can refactor this methods after the more efficient NAV PR is merged.


// changes the total amount available for borrowing loans
function changeBorrowAmountEpoch(uint currencyAmount) public auth {
reserve.file("currencyAvailable", currencyAmount);
Expand Down Expand Up @@ -276,4 +334,31 @@ contract Assessor is Definitions, Auth, Interest {

return safeSub(ONE, rdiv(seniorAsset, assets));
}

// returns the remainingCredit plus a buffer for the interest increase
function remainingCredit() public view returns(uint) {
if (address(lending) == address(0)) {
return 0;
}

// over the time the remainingCredit will decrease because of the accumulated debt interest
// therefore a buffer is reduced from the remainingCredit to prevent the usage of currency which is not available
uint debt = lending.debt();
uint stabilityBuffer = safeSub(rmul(rpow(lending.stabilityFee(),
creditBufferTime, ONE), debt), debt);
uint remainingCredit = lending.remainingCredit();
if(remainingCredit > stabilityBuffer) {
return safeSub(remainingCredit, stabilityBuffer);
}

return 0;
}

function remainingOvercollCredit() public view returns(uint) {
if (address(lending) == address(0)) {
return 0;
}

return lending.calcOvercollAmount(remainingCredit());
}
}
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