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Test conversion rate with fee #196

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merged 11 commits into from
Oct 18, 2023
Merged

Test conversion rate with fee #196

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99b35a5
test: conversion rate with fee
MerlinEgalite Oct 12, 2023
7a557e1
test: fix tests fee partially
MerlinEgalite Oct 12, 2023
9bf6008
fix: last total assets
MerlinEgalite Oct 13, 2023
1e364e9
fix: test
MerlinEgalite Oct 13, 2023
e56667e
Merge branch 'test/conversion-rate' of github.com:morpho-labs/morpho-…
MerlinEgalite Oct 13, 2023
fb88167
fix: merge
MerlinEgalite Oct 13, 2023
8ed861c
refactor: clean code
MerlinEgalite Oct 13, 2023
c1b70a1
test: increase amount supplied
MerlinEgalite Oct 16, 2023
a8371f8
ci: fix ci?
MerlinEgalite Oct 16, 2023
6927a41
Merge pull request #201 from morpho-labs/fix/last-total-assets
MerlinEgalite Oct 18, 2023
afe1166
test: come back to totalAssets
MerlinEgalite Oct 18, 2023
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2 changes: 1 addition & 1 deletion src/MetaMorpho.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -569,7 +569,7 @@ contract MetaMorpho is ERC4626, ERC20Permit, Ownable2Step, Multicall, IMetaMorph
}

/// @inheritdoc ERC4626
/// @dev The accrual of fees is taken into account in the conversion.
/// @dev The accrual of performance fees is taken into account in the conversion.
function _convertToAssets(uint256 shares, Math.Rounding rounding) internal view override returns (uint256) {
(uint256 feeShares, uint256 newTotalAssets) = _accruedFeeShares();

Expand Down
105 changes: 77 additions & 28 deletions test/forge/FeeTest.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -23,30 +23,30 @@ contract FeeTest is BaseTest {

// Create some debt on the market to accrue interest.

loanToken.setBalance(SUPPLIER, 1);
loanToken.setBalance(SUPPLIER, MAX_TEST_ASSETS);

vm.prank(SUPPLIER);
morpho.supply(marketParams, 1, 0, ONBEHALF, hex"");
morpho.supply(marketParams, MAX_TEST_ASSETS, 0, ONBEHALF, hex"");

uint256 collateral = uint256(1).wDivUp(marketParams.lltv);
uint256 collateral = uint256(MAX_TEST_ASSETS).wDivUp(marketParams.lltv);
collateralToken.setBalance(BORROWER, collateral);

vm.startPrank(BORROWER);
morpho.supplyCollateral(marketParams, collateral, BORROWER, hex"");
morpho.borrow(marketParams, 1, 0, BORROWER, BORROWER);
morpho.borrow(marketParams, MAX_TEST_ASSETS, 0, BORROWER, BORROWER);
vm.stopPrank();
}

_setCap(allMarkets[0], CAP);
}

function _feeShares(uint256 totalAssetsBefore) internal view returns (uint256) {
function _feeShares(uint256 lastTotalAssetsBefore) internal view returns (uint256) {
uint256 totalAssetsAfter = vault.totalAssets();
uint256 interest = totalAssetsAfter - totalAssetsBefore;
uint256 feeAmount = interest.wMulDown(FEE);
uint256 interest = totalAssetsAfter - lastTotalAssetsBefore;
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uint256 feeAssets = interest.mulDiv(FEE, WAD);

return feeAmount.mulDiv(
vault.totalSupply() + 10 ** DECIMALS_OFFSET, totalAssetsAfter - feeAmount + 1, Math.Rounding.Floor
return feeAssets.mulDiv(
vault.totalSupply() + 10 ** DECIMALS_OFFSET, totalAssetsAfter - feeAssets + 1, Math.Rounding.Floor
);
}

Expand All @@ -58,12 +58,13 @@ contract FeeTest is BaseTest {
vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

assertEq(vault.lastTotalAssets(), vault.totalAssets(), "lastTotalAssets");
assertApproxEqAbs(vault.lastTotalAssets(), vault.totalAssets(), 1, "lastTotalAssets");
}

function testAccrueFeeWithinABlock(uint256 deposited, uint256 withdrawn) public {
deposited = bound(deposited, MIN_TEST_ASSETS, MAX_TEST_ASSETS);
withdrawn = bound(withdrawn, MIN_TEST_ASSETS, deposited);
deposited = bound(deposited, MIN_TEST_ASSETS + 1, MAX_TEST_ASSETS);
// The deposited amount is rounded down on Morpho and thus cannot be withdrawn in a block in most cases.
withdrawn = bound(withdrawn, MIN_TEST_ASSETS, deposited - 1);

loanToken.setBalance(SUPPLIER, deposited);

Expand All @@ -73,7 +74,7 @@ contract FeeTest is BaseTest {
vm.prank(ONBEHALF);
vault.withdraw(withdrawn, RECEIVER, ONBEHALF);

assertEq(vault.balanceOf(FEE_RECIPIENT), 0, "vault.balanceOf(FEE_RECIPIENT)");
assertApproxEqAbs(vault.balanceOf(FEE_RECIPIENT), 0, 1, "vault.balanceOf(FEE_RECIPIENT)");
}

function testDepositAccrueFee(uint256 deposited, uint256 newDeposit, uint256 blocks) public {
Expand All @@ -86,11 +87,11 @@ contract FeeTest is BaseTest {
vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 totalAssetsBefore = vault.totalAssets();
uint256 lastTotalAssetsBefore = vault.lastTotalAssets();

_forward(blocks);

uint256 feeShares = _feeShares(totalAssetsBefore);
uint256 feeShares = _feeShares(lastTotalAssetsBefore);

loanToken.setBalance(SUPPLIER, newDeposit);

Expand All @@ -111,11 +112,11 @@ contract FeeTest is BaseTest {
vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 totalAssetsBefore = vault.totalAssets();
uint256 lastTotalAssetsBefore = vault.lastTotalAssets();

_forward(blocks);

uint256 feeShares = _feeShares(totalAssetsBefore);
uint256 feeShares = _feeShares(lastTotalAssetsBefore);

uint256 shares = vault.convertToShares(newDeposit);

Expand All @@ -138,11 +139,11 @@ contract FeeTest is BaseTest {
vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 totalAssetsBefore = vault.totalAssets();
uint256 lastTotalAssetsBefore = vault.lastTotalAssets();

_forward(blocks);

uint256 feeShares = _feeShares(totalAssetsBefore);
uint256 feeShares = _feeShares(lastTotalAssetsBefore);

uint256 shares = vault.convertToShares(withdrawn);

Expand All @@ -163,11 +164,11 @@ contract FeeTest is BaseTest {
vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 totalAssetsBefore = vault.totalAssets();
uint256 lastTotalAssetsBefore = vault.lastTotalAssets();

_forward(blocks);

uint256 feeShares = _feeShares(totalAssetsBefore);
uint256 feeShares = _feeShares(lastTotalAssetsBefore);

vm.prank(ONBEHALF);
vault.withdraw(withdrawn, RECEIVER, ONBEHALF);
Expand All @@ -178,21 +179,19 @@ contract FeeTest is BaseTest {

function testSetFeeAccrueFee(uint256 deposited, uint256 fee, uint256 blocks) public {
deposited = bound(deposited, MIN_TEST_ASSETS, MAX_TEST_ASSETS);
fee = bound(fee, 0, MAX_FEE);
fee = bound(fee, 0, FEE - 1);
blocks = _boundBlocks(blocks);

vm.assume(fee != FEE);

loanToken.setBalance(SUPPLIER, deposited);

vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 totalAssetsBefore = vault.totalAssets();
uint256 lastTotalAssetsBefore = vault.lastTotalAssets();

_forward(blocks);

uint256 feeShares = _feeShares(totalAssetsBefore);
uint256 feeShares = _feeShares(lastTotalAssetsBefore);

_setFee(fee);

Expand All @@ -209,11 +208,11 @@ contract FeeTest is BaseTest {
vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 totalAssetsBefore = vault.totalAssets();
uint256 lastTotalAssetsBefore = vault.lastTotalAssets();

_forward(blocks);

uint256 feeShares = _feeShares(totalAssetsBefore);
uint256 feeShares = _feeShares(lastTotalAssetsBefore);

vm.prank(OWNER);
vault.setFeeRecipient(address(1));
Expand Down Expand Up @@ -253,4 +252,54 @@ contract FeeTest is BaseTest {
vm.expectRevert(ErrorsLib.ZeroFeeRecipient.selector);
vault.setFeeRecipient(address(0));
}

function testConvertToAssetsWithFeeAndInterest(uint256 deposited, uint256 assets, uint256 blocks) public {
deposited = bound(deposited, MIN_TEST_ASSETS, MAX_TEST_ASSETS);
assets = bound(assets, 1, MAX_TEST_ASSETS);
blocks = _boundBlocks(blocks);

loanToken.setBalance(SUPPLIER, deposited);

vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 lastTotalAssetsBefore = vault.lastTotalAssets();
uint256 sharesBefore = vault.convertToShares(assets);

_forward(blocks);

uint256 feeShares = _feeShares(lastTotalAssetsBefore);
uint256 expectedShares = assets.mulDiv(
vault.totalSupply() + feeShares + 10 ** DECIMALS_OFFSET, vault.totalAssets() + 1, Math.Rounding.Floor
);
uint256 shares = vault.convertToShares(assets);

assertEq(shares, expectedShares, "shares");
assertLt(shares, sharesBefore, "shares decreased");
}

function testConvertToSharesWithFeeAndInterest(uint256 deposited, uint256 shares, uint256 blocks) public {
deposited = bound(deposited, MIN_TEST_ASSETS, MAX_TEST_ASSETS);
shares = bound(shares, 10 ** DECIMALS_OFFSET, MAX_TEST_ASSETS);
blocks = _boundBlocks(blocks);

loanToken.setBalance(SUPPLIER, deposited);

vm.prank(SUPPLIER);
vault.deposit(deposited, ONBEHALF);

uint256 lastTotalAssetsBefore = vault.lastTotalAssets();
uint256 assetsBefore = vault.convertToAssets(shares);

_forward(blocks);

uint256 feeShares = _feeShares(lastTotalAssetsBefore);
uint256 expectedAssets = shares.mulDiv(
vault.totalAssets() + 1, vault.totalSupply() + feeShares + 10 ** DECIMALS_OFFSET, Math.Rounding.Floor
);
uint256 assets = vault.convertToAssets(shares);

assertEq(assets, expectedAssets, "assets");
assertGe(assets, assetsBefore, "assets increased");
}
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}
2 changes: 1 addition & 1 deletion test/forge/helpers/BaseTest.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -149,7 +149,7 @@ contract BaseTest is Test {

/// @dev Bounds the fuzzing input to a realistic number of blocks.
function _boundBlocks(uint256 blocks) internal view returns (uint256) {
return bound(blocks, 1, type(uint24).max);
return bound(blocks, 2, type(uint24).max);
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}

/// @dev Bounds the fuzzing input to a non-zero address.
Expand Down
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