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https://github.com/Instadapp/aave-protocol-v2.git
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updated rebalance conditions,tests
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The3D
parent
a960e43dcf
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@ -10,9 +10,13 @@ interface IReserveInterestRateStrategy {
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/**
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* @dev returns the base variable borrow rate, in rays
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*/
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function baseVariableBorrowRate() external view returns (uint256);
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/**
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* @dev returns the maximum variable borrow rate
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*/
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function getMaxVariableBorrowRate() external view returns (uint256);
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/**
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* @dev calculates the liquidity, stable, and variable rates depending on the current utilization rate
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* and the base parameters
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@ -89,6 +89,10 @@ contract DefaultReserveInterestRateStrategy is IReserveInterestRateStrategy {
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return _baseVariableBorrowRate;
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}
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function getMaxVariableBorrowRate() external override view returns (uint256) {
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return _baseVariableBorrowRate.add(_variableRateSlope1).add(_variableRateSlope2);
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}
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/**
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* @dev calculates the interest rates depending on the available liquidity and the total borrowed.
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* @param reserve the address of the reserve
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@ -12,6 +12,7 @@ import {IAToken} from '../tokenization/interfaces/IAToken.sol';
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import {Helpers} from '../libraries/helpers/Helpers.sol';
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import {Errors} from '../libraries/helpers/Errors.sol';
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import {WadRayMath} from '../libraries/math/WadRayMath.sol';
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import {PercentageMath} from '../libraries/math/PercentageMath.sol';
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import {ReserveLogic} from '../libraries/logic/ReserveLogic.sol';
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import {GenericLogic} from '../libraries/logic/GenericLogic.sol';
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import {ValidationLogic} from '../libraries/logic/ValidationLogic.sol';
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@ -26,6 +27,7 @@ import {IPriceOracleGetter} from '../interfaces/IPriceOracleGetter.sol';
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import {SafeERC20} from '@openzeppelin/contracts/token/ERC20/SafeERC20.sol';
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import {ILendingPool} from '../interfaces/ILendingPool.sol';
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import {LendingPoolStorage} from './LendingPoolStorage.sol';
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import {IReserveInterestRateStrategy} from '../interfaces/IReserveInterestRateStrategy.sol';
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/**
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* @title LendingPool contract
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@ -36,10 +38,12 @@ import {LendingPoolStorage} from './LendingPoolStorage.sol';
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contract LendingPool is VersionedInitializable, ILendingPool, LendingPoolStorage {
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using SafeMath for uint256;
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using WadRayMath for uint256;
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using PercentageMath for uint256;
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using SafeERC20 for IERC20;
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//main configuration parameters
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uint256 public constant REBALANCE_DOWN_RATE_DELTA = (1e27) / 5;
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uint256 public constant REBALANCE_UP_LIQUIDITY_RATE_THRESHOLD = 4000;
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uint256 public constant REBALANCE_UP_USAGE_RATIO_THRESHOLD = 0.95 * 1e27; //usage ratio of 95%
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uint256 public constant MAX_STABLE_RATE_BORROW_SIZE_PERCENT = 25;
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uint256 public constant FLASHLOAN_PREMIUM_TOTAL = 9;
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@ -354,26 +358,39 @@ contract LendingPool is VersionedInitializable, ILendingPool, LendingPoolStorage
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whenNotPaused();
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ReserveLogic.ReserveData storage reserve = _reserves[asset];
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IStableDebtToken stableDebtToken = IStableDebtToken(reserve.stableDebtTokenAddress);
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IERC20 stableDebtToken = IERC20(reserve.stableDebtTokenAddress);
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IERC20 variableDebtToken = IERC20(reserve.variableDebtTokenAddress);
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uint256 stableBorrowBalance = IERC20(address(stableDebtToken)).balanceOf(user);
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uint256 stableBorrowBalance = IERC20(stableDebtToken).balanceOf(user);
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// user must be borrowing on asset at a stable rate
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require(stableBorrowBalance > 0, Errors.NOT_ENOUGH_STABLE_BORROW_BALANCE);
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uint256 rebalanceDownRateThreshold = WadRayMath.ray().add(REBALANCE_DOWN_RATE_DELTA).rayMul(
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reserve.currentStableBorrowRate
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);
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//1. user stable borrow rate is below the current liquidity rate. The loan needs to be rebalanced,
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//as this situation can be abused (user putting back the borrowed liquidity in the same reserve to earn on it)
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//2. user stable rate is above the market avg borrow rate of a certain delta, and utilization rate is low.
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//In this case, the user is paying an interest that is too high, and needs to be rescaled down.
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uint256 userStableRate = stableDebtToken.getUserStableRate(user);
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//if the utilization rate is below 95%, no rebalances are needed
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uint256 totalBorrows = stableDebtToken.totalSupply().add(variableDebtToken.totalSupply());
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uint256 availableLiquidity = IERC20(reserve.aTokenAddress).totalSupply();
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uint256 utilizationRate = totalBorrows == 0
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? 0
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: totalBorrows.rayDiv(availableLiquidity.add(totalBorrows));
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require(
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userStableRate < reserve.currentLiquidityRate || userStableRate > rebalanceDownRateThreshold,
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utilizationRate >= REBALANCE_UP_USAGE_RATIO_THRESHOLD,
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Errors.INTEREST_RATE_REBALANCE_CONDITIONS_NOT_MET
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);
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//if the liquidity rate is below REBALANCE_UP_THRESHOLD of the max variable APR at 95% usage,
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//then we allow rebalancing of the stable rate positions.
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uint256 currentLiquidityRate = reserve.currentLiquidityRate;
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uint256 maxVariableBorrowRate = IReserveInterestRateStrategy(
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reserve
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.interestRateStrategyAddress
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)
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.getMaxVariableBorrowRate();
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require(
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currentLiquidityRate <=
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maxVariableBorrowRate.percentMul(REBALANCE_UP_LIQUIDITY_RATE_THRESHOLD),
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Errors.INTEREST_RATE_REBALANCE_CONDITIONS_NOT_MET
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);
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@ -381,8 +398,8 @@ contract LendingPool is VersionedInitializable, ILendingPool, LendingPoolStorage
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reserve.updateCumulativeIndexesAndTimestamp();
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stableDebtToken.burn(user, stableBorrowBalance);
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stableDebtToken.mint(user, stableBorrowBalance, reserve.currentStableBorrowRate);
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IStableDebtToken(address(stableDebtToken)).burn(user, stableBorrowBalance);
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IStableDebtToken(address(stableDebtToken)).mint(user, stableBorrowBalance, reserve.currentStableBorrowRate);
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reserve.updateInterestRates(asset, reserve.aTokenAddress, 0, 0);
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@ -507,7 +524,7 @@ contract LendingPool is VersionedInitializable, ILendingPool, LendingPoolStorage
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_flashLiquidationLocked = false;
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}
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struct FlashLoanLocalVars {
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struct FlashLoanLocalVars {
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uint256 premium;
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uint256 amountPlusPremium;
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IFlashLoanReceiver receiver;
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@ -19,7 +19,7 @@
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]
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},
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{
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"description": "User 0 deposits 1000 DAI, user 1 deposits 1 ETH, borrows 100 DAI at a variable rate, user 0 rebalances user 1 (revert expected)",
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"description": "User 0 deposits 1000 DAI, user 1 deposits 5 ETH, borrows 600 DAI at a variable rate, user 0 rebalances user 1 (revert expected)",
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"actions": [
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{
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"name": "mint",
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@ -51,7 +51,7 @@
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"name": "mint",
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"args": {
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"reserve": "WETH",
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"amount": "1",
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"amount": "5",
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"user": "1"
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},
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"expected": "success"
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@ -69,7 +69,7 @@
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"args": {
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"reserve": "WETH",
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"amount": "1",
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"amount": "5",
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"user": "1"
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},
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"expected": "success"
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@ -78,7 +78,7 @@
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"name": "borrow",
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"args": {
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"reserve": "DAI",
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"amount": "100",
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"amount": "600",
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"borrowRateMode": "variable",
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"user": "1",
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"timeTravel": "365"
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@ -122,7 +122,7 @@
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]
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},
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{
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"description": "User 2 deposits ETH and borrows the remaining DAI, causing the stable rates to rise (liquidity rate < user 1 borrow rate). User 0 tries to rebalance user 1 (revert expected)",
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"description": "User 2 deposits ETH and borrows the remaining DAI, causing the stable rates to rise (usage ratio = 94%). User 0 tries to rebalance user 1 (revert expected)",
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"actions": [
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{
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"name": "mint",
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@ -155,7 +155,7 @@
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"name": "borrow",
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"args": {
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"reserve": "DAI",
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"amount": "100",
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"amount": "340",
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"borrowRateMode": "variable",
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"user": "2"
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},
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@ -174,40 +174,13 @@
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]
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},
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{
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"description": "User 2 borrows more DAI, causing the liquidity rate to rise above user 1 stable borrow rate User 0 rebalances user 1",
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"description": "User 2 borrows the remaining DAI (usage ratio = 100%). User 0 rebalances user 1",
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"actions": [
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{
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"name": "mint",
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"args": {
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"reserve": "WETH",
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"amount": "3",
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"user": "2"
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},
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"expected": "success"
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},
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{
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"name": "approve",
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"args": {
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"reserve": "WETH",
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"user": "2"
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},
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"expected": "success"
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},
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{
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"name": "deposit",
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"args": {
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"reserve": "WETH",
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"amount": "3",
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"user": "2"
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},
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"expected": "success"
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},
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{
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"name": "borrow",
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"args": {
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"reserve": "DAI",
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"amount": "700",
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"amount": "60",
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"borrowRateMode": "variable",
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"user": "2"
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},
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