// SPDX-License-Identifier: agpl-3.0 pragma solidity ^0.6.8; import {SafeMath} from '../dependencies/openzeppelin/contracts/SafeMath.sol'; import {IReserveInterestRateStrategy} from '../interfaces/IReserveInterestRateStrategy.sol'; import {WadRayMath} from '../libraries/math/WadRayMath.sol'; import {PercentageMath} from '../libraries/math/PercentageMath.sol'; import {LendingPoolAddressesProvider} from '../configuration/LendingPoolAddressesProvider.sol'; import {ILendingRateOracle} from '../interfaces/ILendingRateOracle.sol'; /** * @title DefaultReserveInterestRateStrategy contract * @notice implements the calculation of the interest rates depending on the reserve parameters. * @dev if there is need to update the calculation of the interest rates for a specific reserve, * a new version of this contract will be deployed. * @author Aave **/ contract DefaultReserveInterestRateStrategy is IReserveInterestRateStrategy { using WadRayMath for uint256; using SafeMath for uint256; using PercentageMath for uint256; /** * @dev this constant represents the utilization rate at which the pool aims to obtain most competitive borrow rates * expressed in ray **/ uint256 public constant OPTIMAL_UTILIZATION_RATE = 0.8 * 1e27; /** * @dev this constant represents the excess utilization rate above the optimal. It's always equal to * 1-optimal utilization rate. Added as a constant here for gas optimizations * expressed in ray **/ uint256 public constant EXCESS_UTILIZATION_RATE = 0.2 * 1e27; LendingPoolAddressesProvider public immutable addressesProvider; //base variable borrow rate when Utilization rate = 0. Expressed in ray uint256 internal immutable _baseVariableBorrowRate; //slope of the variable interest curve when utilization rate > 0 and <= OPTIMAL_UTILIZATION_RATE. Expressed in ray uint256 internal immutable _variableRateSlope1; //slope of the variable interest curve when utilization rate > OPTIMAL_UTILIZATION_RATE. Expressed in ray uint256 internal immutable _variableRateSlope2; //slope of the stable interest curve when utilization rate > 0 and <= OPTIMAL_UTILIZATION_RATE. Expressed in ray uint256 internal immutable _stableRateSlope1; //slope of the stable interest curve when utilization rate > OPTIMAL_UTILIZATION_RATE. Expressed in ray uint256 internal immutable _stableRateSlope2; constructor( LendingPoolAddressesProvider provider, uint256 baseVariableBorrowRate, uint256 variableRateSlope1, uint256 variableRateSlope2, uint256 stableRateSlope1, uint256 stableRateSlope2 ) public { addressesProvider = provider; _baseVariableBorrowRate = baseVariableBorrowRate; _variableRateSlope1 = variableRateSlope1; _variableRateSlope2 = variableRateSlope2; _stableRateSlope1 = stableRateSlope1; _stableRateSlope2 = stableRateSlope2; } /** * @dev accessors */ function variableRateSlope1() external view returns (uint256) { return _variableRateSlope1; } function variableRateSlope2() external view returns (uint256) { return _variableRateSlope2; } function stableRateSlope1() external view returns (uint256) { return _stableRateSlope1; } function stableRateSlope2() external view returns (uint256) { return _stableRateSlope2; } function baseVariableBorrowRate() external override view returns (uint256) { return _baseVariableBorrowRate; } function getMaxVariableBorrowRate() external override view returns (uint256) { return _baseVariableBorrowRate.add(_variableRateSlope1).add(_variableRateSlope2); } struct CalcInterestRatesLocalVars { uint256 totalBorrows; uint256 currentVariableBorrowRate; uint256 currentStableBorrowRate; uint256 currentLiquidityRate; uint256 utilizationRate; } /** * @dev calculates the interest rates depending on the available liquidity and the total borrowed. * @param reserve the address of the reserve * @param availableLiquidity the liquidity available in the reserve * @param totalStableDebt the total borrowed from the reserve a stable rate * @param totalVariableDebt the total borrowed from the reserve at a variable rate * @param averageStableBorrowRate the weighted average of all the stable rate borrows * @param reserveFactor the reserve portion of the interest to redirect to the reserve treasury * @return currentLiquidityRate the liquidity rate * @return currentStableBorrowRate stable borrow rate * @return currentVariableBorrowRate variable borrow rate **/ function calculateInterestRates( address reserve, uint256 availableLiquidity, uint256 totalStableDebt, uint256 totalVariableDebt, uint256 averageStableBorrowRate, uint256 reserveFactor ) external override view returns ( uint256, uint256, uint256 ) { CalcInterestRatesLocalVars memory vars; vars.totalBorrows = totalStableDebt.add(totalVariableDebt); vars.currentVariableBorrowRate = 0; vars.currentStableBorrowRate = 0; vars.currentLiquidityRate = 0; uint256 utilizationRate = vars.totalBorrows == 0 ? 0 : vars.totalBorrows.rayDiv(availableLiquidity.add(vars.totalBorrows)); vars.currentStableBorrowRate = ILendingRateOracle(addressesProvider.getLendingRateOracle()) .getMarketBorrowRate(reserve); if (utilizationRate > OPTIMAL_UTILIZATION_RATE) { uint256 excessUtilizationRateRatio = utilizationRate.sub(OPTIMAL_UTILIZATION_RATE).rayDiv( EXCESS_UTILIZATION_RATE ); vars.currentStableBorrowRate = vars.currentStableBorrowRate.add(_stableRateSlope1).add( _stableRateSlope2.rayMul(excessUtilizationRateRatio) ); vars.currentVariableBorrowRate = _baseVariableBorrowRate.add(_variableRateSlope1).add( _variableRateSlope2.rayMul(excessUtilizationRateRatio) ); } else { vars.currentStableBorrowRate = vars.currentStableBorrowRate.add( _stableRateSlope1.rayMul(utilizationRate.rayDiv(OPTIMAL_UTILIZATION_RATE)) ); vars.currentVariableBorrowRate = _baseVariableBorrowRate.add( utilizationRate.rayMul(_variableRateSlope1).rayDiv(OPTIMAL_UTILIZATION_RATE) ); } vars.currentLiquidityRate = _getOverallBorrowRate( totalStableDebt, totalVariableDebt, vars .currentVariableBorrowRate, averageStableBorrowRate ) .rayMul(utilizationRate) .percentMul(PercentageMath.PERCENTAGE_FACTOR.sub(reserveFactor)); return ( vars.currentLiquidityRate, vars.currentStableBorrowRate, vars.currentVariableBorrowRate ); } /** * @dev calculates the overall borrow rate as the weighted average between the total variable borrows and total stable borrows. * @param totalStableDebt the total borrowed from the reserve a stable rate * @param totalVariableDebt the total borrowed from the reserve at a variable rate * @param currentVariableBorrowRate the current variable borrow rate * @param currentAverageStableBorrowRate the weighted average of all the stable rate borrows * @return the weighted averaged borrow rate **/ function _getOverallBorrowRate( uint256 totalStableDebt, uint256 totalVariableDebt, uint256 currentVariableBorrowRate, uint256 currentAverageStableBorrowRate ) internal pure returns (uint256) { uint256 totalBorrows = totalStableDebt.add(totalVariableDebt); if (totalBorrows == 0) return 0; uint256 weightedVariableRate = totalVariableDebt.wadToRay().rayMul(currentVariableBorrowRate); uint256 weightedStableRate = totalStableDebt.wadToRay().rayMul(currentAverageStableBorrowRate); uint256 overallBorrowRate = weightedVariableRate.add(weightedStableRate).rayDiv( totalBorrows.wadToRay() ); return overallBorrowRate; } }