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- Reviewed comments on DefaultReserveInterestRateStrategy and interface.
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@ -2,26 +2,15 @@
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pragma solidity ^0.6.8;
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/**
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@title IReserveInterestRateStrategyInterface interface
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@notice Interface for the calculation of the interest rates.
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*/
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* @title IReserveInterestRateStrategyInterface interface
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* @dev Interface for the calculation of the interest rates
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* @author Aave
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*/
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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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*
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*/
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function calculateInterestRates(
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address reserve,
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uint256 utilizationRate,
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@ -5,53 +5,55 @@ import {SafeMath} from '../dependencies/openzeppelin/contracts/SafeMath.sol';
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import {IReserveInterestRateStrategy} from '../interfaces/IReserveInterestRateStrategy.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 {LendingPoolAddressesProvider} from '../configuration/LendingPoolAddressesProvider.sol';
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import {ILendingPoolAddressesProvider} from '../interfaces/ILendingPoolAddressesProvider.sol';
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import {ILendingRateOracle} from '../interfaces/ILendingRateOracle.sol';
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/**
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* @title DefaultReserveInterestRateStrategy contract
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* @notice implements the calculation of the interest rates depending on the reserve parameters.
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* @dev if there is need to update the calculation of the interest rates for a specific reserve,
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* a new version of this contract will be deployed.
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* @notice Implements the calculation of the interest rates depending on the reserve state
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* @dev The model of interest rate is based on 2 slopes, one before the `OPTIMAL_UTILIZATION_RATE`
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* point of utilization and another from that one to 100%
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* - An instance of this same contract, can't be used across different Aave markets, due to the caching
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* of the LendingPoolAddressesProvider
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* @author Aave
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**/
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contract DefaultReserveInterestRateStrategy is IReserveInterestRateStrategy {
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using WadRayMath for uint256;
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using SafeMath for uint256;
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using PercentageMath for uint256;
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/**
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* @dev this constant represents the utilization rate at which the pool aims to obtain most competitive borrow rates
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* expressed in ray
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* @dev this constant represents the utilization rate at which the pool aims to obtain most competitive borrow rates.
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* Expressed in ray
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**/
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uint256 public constant OPTIMAL_UTILIZATION_RATE = 0.8 * 1e27;
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/**
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* @dev this constant represents the excess utilization rate above the optimal. It's always equal to
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* 1-optimal utilization rate. Added as a constant here for gas optimizations
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* expressed in ray
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* @dev This constant represents the excess utilization rate above the optimal. It's always equal to
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* 1-optimal utilization rate. Added as a constant here for gas optimizations.
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* Expressed in ray
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**/
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uint256 public constant EXCESS_UTILIZATION_RATE = 0.2 * 1e27;
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LendingPoolAddressesProvider public immutable addressesProvider;
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ILendingPoolAddressesProvider public immutable addressesProvider;
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//base variable borrow rate when Utilization rate = 0. Expressed in ray
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// Base variable borrow rate when Utilization rate = 0. Expressed in ray
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uint256 internal immutable _baseVariableBorrowRate;
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//slope of the variable interest curve when utilization rate > 0 and <= OPTIMAL_UTILIZATION_RATE. Expressed in ray
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// Slope of the variable interest curve when utilization rate > 0 and <= OPTIMAL_UTILIZATION_RATE. Expressed in ray
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uint256 internal immutable _variableRateSlope1;
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//slope of the variable interest curve when utilization rate > OPTIMAL_UTILIZATION_RATE. Expressed in ray
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// Slope of the variable interest curve when utilization rate > OPTIMAL_UTILIZATION_RATE. Expressed in ray
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uint256 internal immutable _variableRateSlope2;
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//slope of the stable interest curve when utilization rate > 0 and <= OPTIMAL_UTILIZATION_RATE. Expressed in ray
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// Slope of the stable interest curve when utilization rate > 0 and <= OPTIMAL_UTILIZATION_RATE. Expressed in ray
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uint256 internal immutable _stableRateSlope1;
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//slope of the stable interest curve when utilization rate > OPTIMAL_UTILIZATION_RATE. Expressed in ray
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// Slope of the stable interest curve when utilization rate > OPTIMAL_UTILIZATION_RATE. Expressed in ray
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uint256 internal immutable _stableRateSlope2;
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constructor(
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LendingPoolAddressesProvider provider,
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ILendingPoolAddressesProvider provider,
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uint256 baseVariableBorrowRate,
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uint256 variableRateSlope1,
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uint256 variableRateSlope2,
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@ -66,10 +68,6 @@ contract DefaultReserveInterestRateStrategy is IReserveInterestRateStrategy {
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_stableRateSlope2 = stableRateSlope2;
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}
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/**
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* @dev accessors
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*/
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function variableRateSlope1() external view returns (uint256) {
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return _variableRateSlope1;
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}
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@ -103,16 +101,14 @@ contract DefaultReserveInterestRateStrategy is IReserveInterestRateStrategy {
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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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* @param availableLiquidity the liquidity available in the reserve
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* @param totalStableDebt the total borrowed from the reserve a stable rate
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* @param totalVariableDebt the total borrowed from the reserve at a variable rate
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* @param averageStableBorrowRate the weighted average of all the stable rate borrows
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* @param reserveFactor the reserve portion of the interest to redirect to the reserve treasury
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* @return currentLiquidityRate the liquidity rate
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* @return currentStableBorrowRate stable borrow rate
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* @return currentVariableBorrowRate variable borrow rate
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* @dev Calculates the interest rates depending on the reserve's state and configurations
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* @param reserve The address of the reserve
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* @param availableLiquidity The liquidity available in the reserve
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* @param totalStableDebt The total borrowed from the reserve a stable rate
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* @param totalVariableDebt The total borrowed from the reserve at a variable rate
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* @param averageStableBorrowRate The weighted average of all the stable rate loans
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* @param reserveFactor The reserve portion of the interest that goes to the treasury of the market
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* @return The liquidity rate, the stable borrow rate and the variable borrow rate
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**/
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function calculateInterestRates(
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address reserve,
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@ -184,12 +180,12 @@ contract DefaultReserveInterestRateStrategy is IReserveInterestRateStrategy {
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}
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/**
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* @dev calculates the overall borrow rate as the weighted average between the total variable borrows and total stable borrows.
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* @param totalStableDebt the total borrowed from the reserve a stable rate
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* @param totalVariableDebt the total borrowed from the reserve at a variable rate
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* @param currentVariableBorrowRate the current variable borrow rate
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* @param currentAverageStableBorrowRate the weighted average of all the stable rate borrows
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* @return the weighted averaged borrow rate
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* @dev Calculates the overall borrow rate as the weighted average between the total variable borrows and total stable borrows
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* @param totalStableDebt The total borrowed from the reserve a stable rate
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* @param totalVariableDebt The total borrowed from the reserve at a variable rate
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* @param currentVariableBorrowRate The current variable borrow rate of the reserve
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* @param currentAverageStableBorrowRate The current weighted average of all the stable rate loans
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* @return The weighted averaged borrow rate
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**/
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function _getOverallBorrowRate(
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uint256 totalStableDebt,
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