Patch to compound v3 borrows

[darvinrio]

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Please build spells in the proper subproject directory. For more information, please see the main readme, which also links to a GH discussion with the option to ask questions.

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For adding to existing spell lineage

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• Description:
  Follow up to Patch to add compound v3 Base asset supply #6448

• Adding partial Borrow and Repay events of Base asset of compound v3 pools, via patch

• for withdraws and borrows check -> https://dune.com/queries/3945443

• for supply and repay check -> https://dune.com/queries/3945395

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[dune-eng]

Workflow run id 10237860105 approved.

[dune-eng]

Workflow run id 10237859950 approved.

[dune-eng]

Workflow run id 10237860113 approved.

[dune-eng]

Workflow run id 10237861969 approved.

[dune-eng]

Workflow run id 10237861865 approved.

[jeff-dude]

thank you @darvinrio for the PR. can you help me out a bit more with some context here?

• was data missing and this fills the gaps?
• were there bugs in existing data?
• both?
• does this work towards an existing known bug, tracked somewhere?

[jeff-dude]

@tomfutago friendly tag, as the one who helped build this lineage of spells. do you want to give a quick review?

[darvinrio]

thank you @darvinrio for the PR. can you help me out a bit more with some context here?

• was data missing and this fills the gaps?
• were there bugs in existing data?
• both?
• does this work towards an existing known bug, tracked somewhere?

@jeff-dude

1. earlier version of supply side tables only had collateral supply and withdrawal
2. the borrow side tables filtered out partial borrows and repays

I added base asset supply and withdrawal and partial borrows and repays.

for more context:
compound increases your supply if you repay more than your borrow.
similarly it increases your borrow if you withdraw more than your supply (if you have collateral left for that)

[tomfutago]

hey @darvinrio @jeff-dude

I looked at the changes, admittedly not in massive depth, and here are my notes that hopefully will add some value:

• original code for compound v3 borrow/supply macros was based on an existing query I found on a "many-stars" dash, which I can't unfortunately find now, so this is just to add some background story..
• with changes in this PR (btw, thanks for looking into this @darvinrio!) there are a few of them that seem arbitrary, eg:
  when s.amount < t.amount+10 then 'supply' -- accuracy fix (don't understand +10 part, as in: why this specific value?)
  or
  s.evt_index+1 on join with evt_transfer - is +1 always the case?
• I looked at check queries, but tbh I don't get what they're showing/proving. what would make me more comfortable was to see a query that takes 1 specifc compound v3 market and compare supply/borrow totals between spell in the current version with the one added in this PR - ideally market where totals are off when using current spells to showcase how this PR fixes that

[darvinrio]

hey @tomfutago thanks for the review.
i ll get back with a detailed report on the choices made and the impact.
i am currently swamped with a bunch of other work.

thanks in ahead for your patience

cc: @jeff-dude

[jeff-dude]

hey @tomfutago thanks for the review. i ll get back with a detailed report on the choices made and the impact. i am currently swamped with a bunch of other work.

thanks in ahead for your patience

cc: @jeff-dude

all good, no rush! thanks for collaborating.

[darvinrio]

A slightly more detailed report :
@jeff-dude @tomfutago

This PR #6495 aims to

1. Add supply and withdrawal of the Base Asset (the existing model only covers Collateral supply and withdrawal)
2. Add both full and partial types of supply and withdraw
3. Add partial borrow and repay (the existing model only covers full repayment and borrows).

I hope this clears the confusions. happy to clear any doubts that might arise.

In compound v3, the repay and supply were put together to prevent looping.
so, the USDC one borrows, can’t be supplied back, only repaid.
Similarly, borrowing and withdrawing were put together.

Since these two were put together, and there was no amount bound, a user can repay and supply in the same event, if the amount sent to the Comet contract is more than their outstanding debt.

Definition:

1. Full Repay - is an action, where the entire base asset is used to pay back the loan.
   1. (100 USDC is sent via supply() and 100 USDC is used in debt repayment)
2. Partial Repay - is an action, where a portion of the base asset is used to pay back the loan, and the remaining is supplied
   1. (100 USDC is sent via supply() and 60 USDC is used in debt repayment and 40 is supplied for lending)
3. Full Borrow - is an action, where the entire base asset sent to the user is debt
   1. (100 USDC that the user receives from withdraw() is 100 USDC debt against collateral)
4. Partial Borrow - is an action, where a portion of base asset sent to user is debt, the rest is the pre-existing supply of the user
   1. (100 USDC that the user receives from withdraw() is 60 USDC debt against collateral, and 40 USDC from their supply)

To find these amounts, we can track Supply, Withdraw and Transfer events.

• Supply is emitted when base Asset is sent to the Comet - supply and repays
• Withdraw is emitted when a base Asset is withdrawn from the Comet - borrows and withdraws
• Transfer is emitted when there is a transfer of the Comet - supply and withdraws or transfers (out of scope)

Supply

Say a user has 100 USDC debt, and sends 150 USDC via supply() as repayment, the Comet contract would repay 100 USDC debt and log the remaining 50 USDC as supply.

In this case, the Supply event logs 100, while the Transfer event logs 50.

The Transfer event is always emitted immediately after the Supply event

The Transfer event is always emitted immediately after the Supply event

Withdrawals:

A user has supplied 50 USDC to the Comet, and now tries to withdrawal 110 USDC. Provided there are enough collaterals, the user withdraws 50 USDC from their supply, and borrows 60 USDC against their collateral.

In this case, the Withdraw event logs 110, while the Transfer event logs 50.

The Transfer event is always emitted immediately after the Withdraw event

Comparing Existing Models:

In the below queries, you can see that the new model accurately matches the existing models for full borrows and full repays, while also adding the partial borrows and partial repays.

Borrows Check:

https://dune.com/queries/3996425

https://dune.com/queries/3996456

Repays Check:

https://dune.com/queries/3996448

https://dune.com/queries/3996453

The arbitrary 10

This was a threshold added (back in 2022) to filter out minuscule repayments, borrows, supply and withdrawals.

The aim was to exclude actions that have for example 1/1e6 USDC repaid, while taking the count of such actions.

However, a more recent analysis has shown that this threshold could be moved.
I can remove it in a future commit, as that piece of code doesn’t affect the end rows in the model.

https://dune.com/queries/3997824

https://dune.com/queries/3996463

https://dune.com/queries/3996458

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notion link to the same

[tomfutago]

A slightly more detailed report..

"slightly more detailed" 😳😂 that's probably most detailed response ever! will take a look, but it will take me some time (most likely earliest next week, if that..) @jeff-dude if you're happy with the above - no need to wait for me 👍

[tomfutago]

hey @darvinrio it sounds to me like you know much more than me how compound v3 works 🙌 thanks for providing this added info in so much depth! I looked at your explanations and comp queries - and I'm convinced updated logic is correct.

[darvinrio]

hey @darvinrio it sounds to me like you know much more than me how compound v3 works 🙌 thanks for providing this added info in so much depth! I looked at your explanations and comp queries - and I'm convinced updated logic is correct.

thank you for providing me with my Monday morning validation 🤗

[jeff-dude]

thank you @darvinrio for the clean code updates & clear communication on what is changing and why.

thank you @tomfutago for taking the time to give a review 🙏

i'm good with the changes based on the two of you agreeing here