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Merged
merged 3 commits into from
Aug 16, 2022
Merged

turn on liquidation fees and deprecate old liquidation instruction #100

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7dae666
turn on liquidation fees and deprecate old liquidation instruction
nope-finance Aug 15, 2022
b179b23
fix tests
nope-finance Aug 16, 2022
c675f8e
clippy
nope-finance Aug 16, 2022
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3 changes: 3 additions & 0 deletions token-lending/program/src/error.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -167,6 +167,9 @@ pub enum LendingError {
/// Insufficent protocol fees to redeem or no liquidity availible to process redeem
#[error("Insufficent protocol fees to claim or no liquidity availible")]
InsufficientProtocolFeesToRedeem,
/// Deprecated instruction
#[error("Instruction is deprecated")]
DeprecatedInstruction,
}

impl From<LendingError> for ProgramError {
Expand Down
44 changes: 5 additions & 39 deletions token-lending/program/src/processor.rs
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Expand Up @@ -1584,46 +1584,12 @@ fn process_repay_obligation_liquidity(

#[inline(never)] // avoid stack frame limit
fn process_liquidate_obligation(
program_id: &Pubkey,
liquidity_amount: u64,
accounts: &[AccountInfo],
_program_id: &Pubkey,
_liquidity_amount: u64,
_accounts: &[AccountInfo],
) -> ProgramResult {
if liquidity_amount == 0 {
msg!("Liquidity amount provided cannot be zero");
return Err(LendingError::InvalidAmount.into());
}

let account_info_iter = &mut accounts.iter();
let source_liquidity_info = next_account_info(account_info_iter)?;
let destination_collateral_info = next_account_info(account_info_iter)?;
let repay_reserve_info = next_account_info(account_info_iter)?;
let repay_reserve_liquidity_supply_info = next_account_info(account_info_iter)?;
let withdraw_reserve_info = next_account_info(account_info_iter)?;
let withdraw_reserve_collateral_supply_info = next_account_info(account_info_iter)?;
let obligation_info = next_account_info(account_info_iter)?;
let lending_market_info = next_account_info(account_info_iter)?;
let lending_market_authority_info = next_account_info(account_info_iter)?;
let user_transfer_authority_info = next_account_info(account_info_iter)?;
let clock = &Clock::from_account_info(next_account_info(account_info_iter)?)?;
let token_program_id = next_account_info(account_info_iter)?;

_liquidate_obligation(
program_id,
liquidity_amount,
source_liquidity_info,
destination_collateral_info,
repay_reserve_info,
repay_reserve_liquidity_supply_info,
withdraw_reserve_info,
withdraw_reserve_collateral_supply_info,
obligation_info,
lending_market_info,
lending_market_authority_info,
user_transfer_authority_info,
clock,
token_program_id,
)?;
Ok(())
msg!("method deprecated, please migrate to Liquidate Obligation and Redeem Reserve Collateral");
Err(LendingError::DeprecatedInstruction.into())
}

#[allow(clippy::too_many_arguments)]
Expand Down
8 changes: 6 additions & 2 deletions token-lending/program/src/state/reserve.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -327,8 +327,12 @@ impl Reserve {
let bonus = amount_liquidated_wads.try_sub(amount_liquidated_wads.try_div(bonus_rate)?)?;

// After deploying must update all reserves to set liquidation fee then redeploy with this line instead of hardcode
// let protocol_fee = max(bonus.try_mul(Rate::from_percent(self.config.protocol_liquidation_fee))?.try_ceil_u64()?, 1);
let protocol_fee = std::cmp::max(bonus.try_mul(Rate::from_percent(0))?.try_ceil_u64()?, 1);
let protocol_fee = std::cmp::max(
bonus
.try_mul(Rate::from_percent(self.config.protocol_liquidation_fee))?
.try_ceil_u64()?,
1,
);
Ok(protocol_fee)
}

Expand Down
55 changes: 4 additions & 51 deletions token-lending/program/tests/liquidate_obligation.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -17,7 +17,7 @@ use solend_program::{
use spl_token::instruction::approve;

#[tokio::test]
async fn test_success() {
async fn test_fail_deprecated() {
let mut test = ProgramTest::new(
"solend_program",
solend_program::id(),
Expand All @@ -35,8 +35,8 @@ async fn test_success() {
const USDC_LIQUIDATION_AMOUNT_FRACTIONAL: u64 =
USDC_BORROW_AMOUNT_FRACTIONAL * (LIQUIDATION_CLOSE_FACTOR as u64) / 100;
// 320 USDC / 20 USDC per SOL -> 16 SOL + 10% bonus -> 17.6 SOL (88/5)
const SOL_LIQUIDATION_AMOUNT_LAMPORTS: u64 =
LAMPORTS_TO_SOL * INITIAL_COLLATERAL_RATIO * 88 * (LIQUIDATION_CLOSE_FACTOR as u64) / 100;
// const SOL_LIQUIDATION_AMOUNT_LAMPORTS: u64 =
// LAMPORTS_TO_SOL * INITIAL_COLLATERAL_RATIO * 88 * (LIQUIDATION_CLOSE_FACTOR as u64) / 100;

const SOL_RESERVE_COLLATERAL_LAMPORTS: u64 = 2 * SOL_DEPOSIT_AMOUNT_LAMPORTS;
const USDC_RESERVE_LIQUIDITY_FRACTIONAL: u64 = 2 * USDC_BORROW_AMOUNT_FRACTIONAL;
Expand Down Expand Up @@ -98,15 +98,6 @@ async fn test_success() {

let (mut banks_client, payer, recent_blockhash) = test.start().await;

let initial_user_liquidity_balance =
get_token_balance(&mut banks_client, usdc_test_reserve.user_liquidity_pubkey).await;
let initial_liquidity_supply_balance =
get_token_balance(&mut banks_client, usdc_test_reserve.liquidity_supply_pubkey).await;
let initial_user_collateral_balance =
get_token_balance(&mut banks_client, sol_test_reserve.user_collateral_pubkey).await;
let initial_collateral_supply_balance =
get_token_balance(&mut banks_client, sol_test_reserve.collateral_supply_pubkey).await;

let mut transaction = Transaction::new_with_payer(
&[
approve(
Expand Down Expand Up @@ -144,43 +135,5 @@ async fn test_success() {
&[&payer, &user_accounts_owner, &user_transfer_authority],
recent_blockhash,
);
assert!(banks_client.process_transaction(transaction).await.is_ok());

let user_liquidity_balance =
get_token_balance(&mut banks_client, usdc_test_reserve.user_liquidity_pubkey).await;
assert_eq!(
user_liquidity_balance,
initial_user_liquidity_balance - USDC_LIQUIDATION_AMOUNT_FRACTIONAL
);

let liquidity_supply_balance =
get_token_balance(&mut banks_client, usdc_test_reserve.liquidity_supply_pubkey).await;
assert_eq!(
liquidity_supply_balance,
initial_liquidity_supply_balance + USDC_LIQUIDATION_AMOUNT_FRACTIONAL
);

let user_collateral_balance =
get_token_balance(&mut banks_client, sol_test_reserve.user_collateral_pubkey).await;
assert_eq!(
user_collateral_balance,
initial_user_collateral_balance + SOL_LIQUIDATION_AMOUNT_LAMPORTS
);

let collateral_supply_balance =
get_token_balance(&mut banks_client, sol_test_reserve.collateral_supply_pubkey).await;
assert_eq!(
collateral_supply_balance,
initial_collateral_supply_balance - SOL_LIQUIDATION_AMOUNT_LAMPORTS
);

let obligation = test_obligation.get_state(&mut banks_client).await;
assert_eq!(
obligation.deposits[0].deposited_amount,
SOL_DEPOSIT_AMOUNT_LAMPORTS - SOL_LIQUIDATION_AMOUNT_LAMPORTS
);
assert_eq!(
obligation.borrows[0].borrowed_amount_wads,
(USDC_BORROW_AMOUNT_FRACTIONAL - USDC_LIQUIDATION_AMOUNT_FRACTIONAL).into()
)
assert!(banks_client.process_transaction(transaction).await.is_err());
}
10 changes: 3 additions & 7 deletions token-lending/program/tests/liquidate_obligation_and_redeem_collateral.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -177,9 +177,7 @@ async fn test_success() {

assert_eq!(
// 30% of the bonus
// SOL_LIQUIDATION_AMOUNT_LAMPORTS * 3 / 10 / 11,
// 0 % min 1 for now
max(SOL_LIQUIDATION_AMOUNT_LAMPORTS * 0 / 10 / 11, 1),
max(SOL_LIQUIDATION_AMOUNT_LAMPORTS * 3 / 10 / 11, 1),
(fee_receiver_withdraw_liquidity_balance - initial_fee_receiver_withdraw_liquidity_balance)
);

Expand Down Expand Up @@ -367,11 +365,9 @@ async fn test_success_insufficent_liquidity() {
);

assert_eq!(
// 30% of the bonus (math looks stupid because i need to divide but round up so x/y -> (x-1)/y+1 )
// max((min(SOL_LIQUIDATION_AMOUNT_LAMPORTS, AVAILABLE_SOL_LIQUIDITY) * 3 - 1 ) / (10 * 11) + 1, 1),
// 0 % min 1 for now
// 30% of the bonus (math looks stupid because need to divide but round up so x/y -> (x-1)/y+1 )
max(
(min(SOL_LIQUIDATION_AMOUNT_LAMPORTS, AVAILABLE_SOL_LIQUIDITY) * 0) / (10 * 11),
(min(SOL_LIQUIDATION_AMOUNT_LAMPORTS, AVAILABLE_SOL_LIQUIDITY) * 3 - 1) / (10 * 11) + 1,
1
),
(fee_reciever_withdraw_liquidity_balance - initial_fee_reciever_withdraw_liquidity_balance)
Expand Down