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Liquidation protocol fee #71

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Liquidation protocol fee #71

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ccd0198
add reserve fields + update pack and unpack
Jan 5, 2022
7fed6b3
update cli
Jan 6, 2022
d3d9746
comment
Jan 6, 2022
cdb807f
add protocol fee to liquidate
Jan 7, 2022
592383f
formatting
Jan 10, 2022
aa7dc32
update cli
Jan 10, 2022
0d962c8
use saturating sub
Jan 10, 2022
610cd46
tests
nope-finance Jan 11, 2022
da28ec9
add claim protocol fees
Jan 13, 2022
d657f7d
account checks
Jan 13, 2022
49fe464
ClaimProtocolFees -> ClaimReserveProtocolFees
Jan 13, 2022
06c9f8b
debug comments
Jan 13, 2022
5ccba68
formatting(again)
Jan 13, 2022
cac0a8a
comments
Jan 14, 2022
ba6b3c6
validate protocol liquidation fee
Jan 17, 2022
706777f
fix oopsie that i did earlier with update reserve config
Jan 17, 2022
caf51c0
tests
Jan 17, 2022
24b2b1b
formatting
Jan 17, 2022
4937344
make sure liquidations accumulate protocol fees
Jan 17, 2022
56e61d2
make liquidation protocol fee in terms of base liquidity token
Jan 19, 2022
2fd17da
adding claim check at end of liquidation test, cleaning up claim inst…
nope-finance Feb 17, 2022
17ac101
pr comments
nope-finance Feb 17, 2022
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add reserve fields + update pack and unpack
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@nope-finance
ra authored and nope-finance committed Feb 17, 2022
commit ccd0198b2ad68adad5a70107444db13a4207203e
32 changes: 30 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 @@ -290,6 +290,14 @@ impl Reserve {
}
}

/*
psuedo code for liquidation protocol fee
let mut protocol_fee_amount = withdraw_amount.checked_div(liquidation_pct)?.checked_mul(protocol_fee)?;
if protocol_fee_amount == 0 {
protocol_fee_amount = 1;
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Doesn't enforcing a minimum protocol fee amount completely disincentive liquidators from liquidating sufficiently small liquidations?
I know they don't really go after the small ones anyway, but it seems like we might not want to have 0 incentivize liquidation opportunities maybe?
idk

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Also the liquidation will fail if withdraw_amount is 0

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this only affects the smallest of liquidations, which no one is incentivized to do anyway. wont liquidations already fail if withdraw amount is 0? (if you look in processor)

}
let withdraw_fee = withdraw_amount.checked_sub(protocol_fee_amount)?;*/

Ok(CalculateLiquidationResult {
settle_amount,
repay_amount,
Expand Down Expand Up @@ -363,6 +371,8 @@ pub struct ReserveLiquidity {
pub available_amount: u64,
/// Reserve liquidity borrowed
pub borrowed_amount_wads: Decimal,
/// Reserve accumulated protocol fees to claim
pub accumulated_protocol_fees: Decimal,
/// Reserve liquidity cumulative borrow rate
pub cumulative_borrow_rate_wads: Decimal,
/// Reserve liquidity market price in quote currency
Expand All @@ -380,6 +390,7 @@ impl ReserveLiquidity {
switchboard_oracle_pubkey: params.switchboard_oracle_pubkey,
available_amount: 0,
borrowed_amount_wads: Decimal::zero(),
accumulated_protocol_fees: Decimal::zero(),
cumulative_borrow_rate_wads: Decimal::one(),
market_price: params.market_price,
}
Expand Down Expand Up @@ -599,6 +610,8 @@ pub struct ReserveConfig {
pub loan_to_value_ratio: u8,
/// Bonus a liquidator gets when repaying part of an unhealthy obligation, as a percentage
pub liquidation_bonus: u8,
// Cut of the liquidation bonus that the protocol receives
pub protocol_liquidation_fee: u8,
/// Loan to value ratio at which an obligation can be liquidated, as a percentage
pub liquidation_threshold: u8,
/// Min borrow APY
Expand Down Expand Up @@ -763,7 +776,9 @@ impl Pack for Reserve {
config_deposit_limit,
config_borrow_limit,
config_fee_receiver,
config_protocol_liquidation_fee,
_padding,
liquidity_accumulated_protocol_fees,
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Why are we doing it like this?

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rather than?

) = mut_array_refs![
output,
1,
Expand Down Expand Up @@ -795,7 +810,9 @@ impl Pack for Reserve {
8,
8,
PUBKEY_BYTES,
248
1,
231,
16
];

// reserve
Expand All @@ -816,6 +833,10 @@ impl Pack for Reserve {
self.liquidity.borrowed_amount_wads,
liquidity_borrowed_amount_wads,
);
pack_decimal(
self.liquidity.accumulated_protocol_fees,
liquidity_accumulated_protocol_fees,
);
pack_decimal(
self.liquidity.cumulative_borrow_rate_wads,
liquidity_cumulative_borrow_rate_wads,
Expand All @@ -831,6 +852,7 @@ impl Pack for Reserve {
*config_optimal_utilization_rate = self.config.optimal_utilization_rate.to_le_bytes();
*config_loan_to_value_ratio = self.config.loan_to_value_ratio.to_le_bytes();
*config_liquidation_bonus = self.config.liquidation_bonus.to_le_bytes();
*config_protocol_liquidation_fee = self.config.protocol_liquidation_fee.to_le_bytes();
*config_liquidation_threshold = self.config.liquidation_threshold.to_le_bytes();
*config_min_borrow_rate = self.config.min_borrow_rate.to_le_bytes();
*config_optimal_borrow_rate = self.config.optimal_borrow_rate.to_le_bytes();
Expand Down Expand Up @@ -877,7 +899,9 @@ impl Pack for Reserve {
config_deposit_limit,
config_borrow_limit,
config_fee_receiver,
config_protocol_liquidation_fee,
_padding,
liquidity_accumulated_protocol_fees,
) = array_refs![
input,
1,
Expand Down Expand Up @@ -909,7 +933,9 @@ impl Pack for Reserve {
8,
8,
PUBKEY_BYTES,
248
1,
231,
16
];

let version = u8::from_le_bytes(*version);
Expand All @@ -935,6 +961,7 @@ impl Pack for Reserve {
),
available_amount: u64::from_le_bytes(*liquidity_available_amount),
borrowed_amount_wads: unpack_decimal(liquidity_borrowed_amount_wads),
accumulated_protocol_fees: unpack_decimal(liquidity_accumulated_protocol_fees),
cumulative_borrow_rate_wads: unpack_decimal(liquidity_cumulative_borrow_rate_wads),
market_price: unpack_decimal(liquidity_market_price),
},
Expand All @@ -947,6 +974,7 @@ impl Pack for Reserve {
optimal_utilization_rate: u8::from_le_bytes(*config_optimal_utilization_rate),
loan_to_value_ratio: u8::from_le_bytes(*config_loan_to_value_ratio),
liquidation_bonus: u8::from_le_bytes(*config_liquidation_bonus),
protocol_liquidation_fee: u8::from_le_bytes(*config_protocol_liquidation_fee),
liquidation_threshold: u8::from_le_bytes(*config_liquidation_threshold),
min_borrow_rate: u8::from_le_bytes(*config_min_borrow_rate),
optimal_borrow_rate: u8::from_le_bytes(*config_optimal_borrow_rate),
Expand Down