Add Struct Finance

src/adaptors/struct-finance/index.js

@@ -0,0 +1,173 @@
+const axios = require('axios');
+const utils = require('../utils');
+const { request, gql } = require('graphql-request');
+const { apy: gmxApy } = require('../gmx/index.js');
+
+const USDC_TOKEN_ADDRESS = '0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e';
+const BTCB_TOKEN_ADDRESS = '0x152b9d0FdC40C096757F570A51E494bd4b943E50';
+const FSGLP_TOKEN_ADDRESS = '0x9e295B5B976a184B14aD8cd72413aD846C299660';
+
+const structSubgraphUrl =
+  'https://subgraph.satsuma-prod.com/0598bbca8a6d/structfinance/struct-finance-factory/api';
+
+const tokens = {
+  [USDC_TOKEN_ADDRESS]: {
+    project: 'struct-finance',
+    symbol: 'USDC',
+    chain: utils.formatChain('avax'),
+    underlyingTokens: [FSGLP_TOKEN_ADDRESS],
+  },
+  [BTCB_TOKEN_ADDRESS]: {
+    project: 'struct-finance',
+    symbol: 'BTC.b',
+    chain: utils.formatChain('avax'),
+    underlyingTokens: [FSGLP_TOKEN_ADDRESS],
+  },
+};
+
+// percentages are scaled by 10 ** 4
+const scalingFactor = 10 ** 4;
+
+// returns tranches sorted by the highest hurdle (senior) rate available for a given token
+const qGetHighestSeniorRateForOpenTrancheToken = gql`
+  query GetHighestSeniorRateForOpenTrancheToken($tokenAddress: Bytes) {
+    trancheCreateds(
+      orderDirection: desc
+      orderBy: product__hurdleRate
+      where: {
+        and: [
+          { trancheType: "0" }
+          { tokenAddress: $tokenAddress }
+          { product_: { status: 0 } }
+        ]
+      }
+    ) {
+      id
+      trancheType
+      tokenAddress
+      product {
+        id
+        hurdleRate
+        tranches {
+          senior {
+            totalDeposited
+          }
+        }
+      }
+    }
+  }
+`;
+
+// returns tranches sorted by the highest junior rate (lowest hurdle rate) available for a given token
+const qGetHighestJuniorRateForOpenTrancheToken = gql`
+  query GetHighestJuniorRateForOpenTrancheToken($tokenAddress: Bytes) {
+    trancheCreateds(
+      orderDirection: asc
+      orderBy: product__hurdleRate
+      where: {
+        and: [
+          { trancheType: "1" }
+          { tokenAddress: $tokenAddress }
+          { product_: { status: 0 } }
+        ]
+      }
+    ) {
+      id
+      trancheType
+      tokenAddress
+      product {
+        id
+        hurdleRate
+        tranches {
+          junior {
+            totalDeposited
+          }
+        }
+      }
+    }
+  }
+`;
+
+async function getTrancheTokenInfo(tokenAddress, glpApy, tokenInfo) {
+  const { trancheCreateds: seniorTranches } = await request(
+    structSubgraphUrl,
+    qGetHighestSeniorRateForOpenTrancheToken,
+    {
+      tokenAddress,
+    }
+  );
+
+  const { trancheCreateds: juniorTranches } = await request(
+    structSubgraphUrl,
+    qGetHighestJuniorRateForOpenTrancheToken,
+    {
+      tokenAddress,
+    }
+  );
+
+  let tokenDeposits = 0;
+  let highestJuniorRate = 0;
+  let highestSeniorRate = 0;
+  if (seniorTranches.length !== 0) {
+    highestSeniorRate = Number(seniorTranches[0].product.hurdleRate);
+    tokenDeposits += seniorTranches.reduce(tabulateTokenDeposits, 0);
+  }
+  if (juniorTranches.length !== 0) {
+    // junior tranche rate is 2x the glp rate minus the senior tranche rate
+    highestJuniorRate =
+      glpApy * 2 - Number(juniorTranches[0].product.hurdleRate);
+    tokenDeposits += juniorTranches.reduce(tabulateTokenDeposits, 0);
+  }
+
+  let highestApr =
+    highestSeniorRate > highestJuniorRate
+      ? highestSeniorRate
+      : highestJuniorRate;
+
+  const highestAprHuman = highestApr / scalingFactor;
+  const tokenDepositsHuman = tokenDeposits / 10 ** tokenInfo.decimals;
+  const tvlUsd = tokenDepositsHuman * tokenInfo.price;
+
+  const tokenData = tokens[tokenAddress];
+  Object.assign(tokenData, {
+    apy: highestAprHuman,
+    pool: `${tokenAddress}-avalanche`.toLowerCase(),
+    tvlUsd,
+  });
+  return tokenData;
+}
+
+function tabulateTokenDeposits(acc, tranche) {
+  return (
+    acc + Number(Object.values(tranche.product.tranches)[0].totalDeposited)
+  );
+}
+
+async function getTokenPrices() {
+  const priceKeys = Object.keys(tokens)
+    .map((i) => `avax:${i}`)
+    .join(',');
+
+  return (await axios.get(`https://coins.llama.fi/prices/current/${priceKeys}`))
+    .data.coins;
+}
+
+async function getTrancheTokenAprs() {
+  const [, , , glpAvax] = await gmxApy();
+  const tokenPrices = await getTokenPrices();
+  const glpApyBaseScaled = Math.floor(glpAvax.apyBase * scalingFactor);
+  const trancheTokenPromises = Object.entries(tokens).map(
+    async ([tokenAddress, token]) => {
+      const tokenInfo = tokenPrices[`avax:${tokenAddress}`];
+      return getTrancheTokenInfo(tokenAddress, glpApyBaseScaled, tokenInfo);
+    }
+  );
+  const tokenAprs = await Promise.all(trancheTokenPromises);
+  return tokenAprs;
+}
+
+module.exports = {
+  timetravel: false,
+  apy: getTrancheTokenAprs,
+  url: 'https://app.struct.fi',
+};