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refactor(interests): expose accrued interests and fee #138

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refactor(interests): expose accrued interests and fee #138

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ff2359c
refactor(interests): expose accrued interests and fee
Rubilmax Jul 17, 2023
77aec59
refactor(interests): internalize interests accounting
Rubilmax Jul 17, 2023
5464dcf
refactor(interests): add view modifier
Rubilmax Jul 19, 2023
4d8a502
Merge branch 'main' of github.com:morpho-labs/blue into refactor/accr…
Rubilmax Jul 19, 2023
d9ca411
Merge branch 'fix/hardhat-ci-collateral' of github.com:morpho-labs/bl…
Rubilmax Jul 20, 2023
02c2546
fix(blue): compilation error
Rubilmax Jul 20, 2023
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55 changes: 37 additions & 18 deletions src/Blue.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -95,7 +95,7 @@ contract Blue {
require(isLltvEnabled[market.lltv], "LLTV not enabled");
require(lastUpdate[id] == 0, "market already exists");

accrueInterests(market, id);
_accrueInterests(market, id);
}

// Supply management.
Expand All @@ -105,7 +105,7 @@ contract Blue {
require(lastUpdate[id] != 0, "unknown market");
require(amount != 0, "zero amount");

accrueInterests(market, id);
_accrueInterests(market, id);

if (totalSupply[id] == 0) {
supplyShare[id][onBehalf] = WAD;
Expand All @@ -127,7 +127,7 @@ contract Blue {
require(amount != 0, "zero amount");
require(isSenderOrIsApproved(onBehalf), "not approved");

accrueInterests(market, id);
_accrueInterests(market, id);

uint256 shares = amount.wMul(totalSupplyShares[id]).wDiv(totalSupply[id]);
supplyShare[id][onBehalf] -= shares;
Expand All @@ -148,7 +148,7 @@ contract Blue {
require(amount != 0, "zero amount");
require(isSenderOrIsApproved(onBehalf), "not approved");

accrueInterests(market, id);
_accrueInterests(market, id);

if (totalBorrow[id] == 0) {
borrowShare[id][onBehalf] = WAD;
Expand All @@ -172,7 +172,7 @@ contract Blue {
require(lastUpdate[id] != 0, "unknown market");
require(amount != 0, "zero amount");

accrueInterests(market, id);
_accrueInterests(market, id);

uint256 shares = amount.wMul(totalBorrowShares[id]).wDiv(totalBorrow[id]);
borrowShare[id][onBehalf] -= shares;
Expand Down Expand Up @@ -204,7 +204,7 @@ contract Blue {
require(amount != 0, "zero amount");
require(isSenderOrIsApproved(onBehalf), "not approved");

accrueInterests(market, id);
_accrueInterests(market, id);

collateral[id][onBehalf] -= amount;

Expand All @@ -220,7 +220,7 @@ contract Blue {
require(lastUpdate[id] != 0, "unknown market");
require(seized != 0, "zero amount");

accrueInterests(market, id);
_accrueInterests(market, id);

require(!isHealthy(market, id, borrower), "cannot liquidate a healthy position");

Expand Down Expand Up @@ -261,25 +261,44 @@ contract Blue {

// Interests management.

function accrueInterests(Market calldata market, Id id) private {
uint256 marketTotalBorrow = totalBorrow[id];
function accrued(Market calldata market) external view returns (uint256 accruedInterests, uint256 feeShares) {
Id id = market.toId();
require(lastUpdate[id] != 0, "unknown market");

if (marketTotalBorrow != 0) {
uint256 borrowRate = market.irm.borrowRate(market);
uint256 accruedInterests = marketTotalBorrow.wMul(borrowRate).wMul(block.timestamp - lastUpdate[id]);
totalBorrow[id] = marketTotalBorrow + accruedInterests;
(accruedInterests, feeShares) = _accruedInterests(market, id);
}

function _accrueInterests(Market calldata market, Id id) internal {
(uint256 accruedInterests, uint256 feeShares) = _accruedInterests(market, id);

if (accruedInterests > 0) {
totalBorrow[id] += accruedInterests;
totalSupply[id] += accruedInterests;
}

if (feeShares > 0) {
supplyShare[id][feeRecipient] += feeShares;
totalSupplyShares[id] += feeShares;
}

lastUpdate[id] = block.timestamp;
}

function _accruedInterests(Market calldata market, Id id)
internal
view
returns (uint256 accruedInterests, uint256 feeShares)
{
if (totalBorrow[id] != 0) {
uint256 borrowRate = market.irm.borrowRate(market);
accruedInterests = totalBorrow[id].wMul(borrowRate).wMul(block.timestamp - lastUpdate[id]);

if (fee[id] != 0) {
uint256 feeAmount = accruedInterests.wMul(fee[id]);
// The fee amount is subtracted from the total supply in this calculation to compensate for the fact that total supply is already updated.
uint256 feeShares = feeAmount.wMul(totalSupplyShares[id]).wDiv(totalSupply[id] - feeAmount);
supplyShare[id][feeRecipient] += feeShares;
totalSupplyShares[id] += feeShares;
feeShares = feeAmount.wMul(totalSupplyShares[id]).wDiv(totalSupply[id] - feeAmount);
}
}

lastUpdate[id] = block.timestamp;
}

// Health check.
Expand Down
2 changes: 1 addition & 1 deletion src/interfaces/IIrm.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -4,5 +4,5 @@ pragma solidity >=0.5.0;
import {Market} from "src/libraries/MarketLib.sol";

interface IIrm {
function borrowRate(Market calldata market) external returns (uint256);
function borrowRate(Market calldata market) external view returns (uint256);
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}