feat: Add Pool Fees (#1633)

* chore: init blank pool fees pallet * chore: apply workspace #1609 to pool-fees dummy * fix: docker-compose * feat: add changeguard pool fees support * wip: prepare payment logic * refactor: use reserve instead of nav * chore: add extrinsics * feat: prep + pay disbursements * refactor: Apply fees ChangeGuard to #1637 * feat: add pool fees to all runtimes * feat: add fees pool registration * fix: existing pool unit tests * fix: existing integration tests * docs: add pool fee types * wip: init fees unit tests * tests: extrinsics wip * chore: add events * tests: add pool fees unit tests * fix: support retroactive disbursements * refactor: add epoch transition hook * refactor: add pool fee prefix to types * refactor: remove redundand trait bounds * wip: pool system integration tests * refactor: move portfolio valuation from loans to cfg-types * chore: add pool fee account id * wip: pool fee nav * wip: fix uts * wip: fix apply review by @lemunozm * fix: issues after rebase * tests: add saturated_proration * refactor: simplify pool fee amounts * chore: aum + fix fees UTs * chore: apply AUM to pool-system * fix: remove AUM coupling in PoolFees * fix: transfer on close, unit tests * fix: use total nav * fix: taplo * fix: fee calc on nav closing * feat: impl TimeAsSecs for timestamp mock * fix: test on_closing instead of update_active_fees * fix: clippy * tests: fix + add missing pool fees * refactor: make update fees result instead of void * tests: add insufficient resource in p-system * bench: add pool fees, apply to system + registry * fix: tests * refactor: explicitly use Seconds in FeeAmountProration impl * docs: add PoolFeeAmount and NAV update * refactor: update NAV, total assets after review from @mustermeiszer * fix: clippy * refactor: Add PoolFeePayable * fix: clippy * fix: correct epoch execution with fees (#1695) * fix: correct epoch execution with fees * refactor: use new nav syntax * tests: fix auto epoch closing * feat: epoch execution migration * chore: add epoch migration to altair --------- Co-authored-by: William Freudenberger <[email protected]> --------- Co-authored-by: Guillermo Perez <[email protected]> Co-authored-by: Frederik Gartenmeister <[email protected]>
centrifuge · Jan 23, 2024 · 0426f76 · 0426f76
1 parent ca18a90
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Showing 58 changed files with 4,876 additions and 216 deletions.
diff --git a/Cargo.lock b/Cargo.lock
diff --git a/Cargo.toml b/Cargo.toml
@@ -35,6 +35,7 @@ members = [
   "pallets/oracle-collection",
   "pallets/order-book",
   "pallets/permissions",
+  "pallets/pool-fees",
   "pallets/pool-system",
   "pallets/pool-registry",
   "pallets/restricted-tokens",
@@ -63,7 +64,7 @@ smallvec = "1.6.1"
 serde = { version = "1.0.119", features = ["derive"] }
 parity-scale-codec = { version = "3.0", default-features = false, features = ["derive"] }
 scale-info = { version = "2.3.0", default-features = false, features = ["derive"] }
-log = "0.4"
+log = { version = "0.4", default-features = false }
 getrandom = { version = "0.2", features = ["js"] }
 static_assertions = "1.1.0"
 lazy_static = "1.4.0"
@@ -78,6 +79,7 @@ futures = "0.3.25"
 jsonrpsee = { version = "0.16.2", features = ["server", "macros"] }
 url = "2.2.2"
 tempfile = "3.1.0"
+strum = { version = "0.24", default-features = false, features = ["derive"] }
 
 # Cumulus
 cumulus-pallet-aura-ext = { git = "https://github.com/paritytech/cumulus", default-features = false, branch = "polkadot-v0.9.43" }
@@ -272,6 +274,7 @@ pallet-oracle-feed = { path = "pallets/oracle-feed", default-features = false }
 pallet-oracle-collection = { path = "pallets/oracle-collection", default-features = false }
 pallet-order-book = { path = "pallets/order-book", default-features = false }
 pallet-permissions = { path = "pallets/permissions", default-features = false }
+pallet-pool-fees = { path = "pallets/pool-fees", default-features = false }
 pallet-pool-registry = { path = "pallets/pool-registry", default-features = false }
 pallet-pool-system = { path = "pallets/pool-system", default-features = false }
 pallet-restricted-tokens = { path = "pallets/restricted-tokens", default-features = false }

diff --git a/libs/mocks/src/time.rs b/libs/mocks/src/time.rs
@@ -33,4 +33,13 @@ pub mod pallet {
 			execute_call!(())
 		}
 	}
+
+	impl<T: Config> frame_support::traits::UnixTime for Pallet<T>
+	where
+		T::Moment: Into<u64>,
+	{
+		fn now() -> std::time::Duration {
+			core::time::Duration::from_millis(<Pallet<T> as Time>::now().into())
+		}
+	}
 }
diff --git a/libs/primitives/src/lib.rs b/libs/primitives/src/lib.rs
@@ -176,6 +176,9 @@ pub mod types {
 
 	/// The type for indexing pallets on a Substrate runtime
 	pub type PalletIndex = u8;
+
+	/// The representation of a pool fee identifier
+	pub type PoolFeeId = u64;
 }
 
 /// Common constants for all runtimes
@@ -272,6 +275,14 @@ pub mod constants {
 	pub const MAX_POV_SIZE: u64 = cumulus_primitives_core::relay_chain::MAX_POV_SIZE as u64;
 	/// Block storage limit in bytes. Set to 40 KB.
 	pub const BLOCK_STORAGE_LIMIT: u64 = 40 * 1024;
+
+	/// The maximum number of fees per pool.
+	///
+	/// NOTE: Must be ge than [MAX_POOL_FEES_PER_BUCKET].
+	pub const MAX_FEES_PER_POOL: u32 = 200;
+
+	/// The maximum number of pool fees per pool fee bucket
+	pub const MAX_POOL_FEES_PER_BUCKET: u32 = 100;
 }
 
 /// Listing of parachains we integrate with.

diff --git a/libs/traits/Cargo.toml b/libs/traits/Cargo.toml
@@ -19,6 +19,7 @@ scale-info = { version = "2.3.0", default-features = false, features = ["derive"
 sp-arithmetic = { git = "https://github.com/paritytech/substrate", default-features = false, branch = "polkadot-v0.9.43" }
 sp-runtime = { git = "https://github.com/paritytech/substrate", default-features = false, branch = "polkadot-v0.9.43" }
 sp-std = { git = "https://github.com/paritytech/substrate", default-features = false, branch = "polkadot-v0.9.43" }
+strum = { workspace = true, default-features = false }
 
 [dev-dependencies]
 cfg-mocks = { path = "../mocks" }
@@ -42,6 +43,7 @@ std = [
   "sp-std/std",
   "cfg-primitives/std",
   "scale-info/std",
+  "strum/std",
 ]
 try-runtime = [
   "frame-support/try-runtime",

diff --git a/libs/traits/src/benchmarking.rs b/libs/traits/src/benchmarking.rs
@@ -10,6 +10,12 @@
 // MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
 // GNU General Public License for more details.
 
+use parity_scale_codec::{Decode, Encode};
+use scale_info::TypeInfo;
+use sp_std::{fmt::Debug, vec::Vec};
+
+use crate::fee::PoolFeeBucket;
+
 /// Benchmark utility to create pools
 pub trait PoolBenchmarkHelper {
 	type PoolId;
@@ -120,3 +126,22 @@ pub trait ForeignInvestmentBenchmarkHelper {
 		pool_currency: Self::CurrencyId,
 	);
 }
+
+/// Benchmark utility for adding pool fees
+pub trait PoolFeesBenchmarkHelper {
+	type PoolFeeInfo: Encode + Decode + Clone + TypeInfo + Debug;
+	type PoolId: Encode + Decode + Clone + TypeInfo + Debug;
+
+	/// Generate n default fixed pool fees and return their info
+	fn get_pool_fee_infos(n: u32) -> Vec<Self::PoolFeeInfo>;
+
+	/// Add the default fixed fee `n` times to the given pool and bucket pair
+	fn add_pool_fees(pool_id: Self::PoolId, bucket: PoolFeeBucket, n: u32);
+
+	/// Get the fee info for a fixed pool fee which takes 1% of the NAV
+	fn get_default_fixed_fee_info() -> Self::PoolFeeInfo;
+
+	/// Get the fee info for a chargeable pool fee which can be charged up to
+	/// 1000u128 per second
+	fn get_default_charged_fee_info() -> Self::PoolFeeInfo;
+}
diff --git a/libs/traits/src/fee.rs b/libs/traits/src/fee.rs
@@ -0,0 +1,73 @@
+// Copyright 2023 Centrifuge Foundation (centrifuge.io).
+
+// Centrifuge is free software: you can redistribute it and/or modify
+// it under the terms of the GNU General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version (see http://www.gnu.org/licenses).
+
+// Centrifuge is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU General Public License for more details.
+
+use frame_support::dispatch::{Decode, Encode, MaxEncodedLen, TypeInfo};
+use sp_runtime::DispatchResult;
+use strum::{EnumCount, EnumIter};
+
+/// The priority segregation of pool fees
+///
+/// NOTE: Whenever a new variant is added, must bump
+/// [cfg_primitives::MAX_FEES_PER_POOL].
+#[derive(
+	Debug, Encode, Decode, EnumIter, EnumCount, TypeInfo, MaxEncodedLen, PartialEq, Eq, Clone, Copy,
+)]
+pub enum PoolFeeBucket {
+	/// Fees that are charged first, before any redemptions, investments,
+	/// repayments or originations
+	Top,
+	// Future: AfterTranche(TrancheId)
+}
+
+/// Trait to add fees to a pool
+pub trait PoolFees {
+	type PoolId;
+	type FeeInfo;
+
+	/// Add a new fee to the pool and bucket.
+	///
+	/// NOTE: Assumes call permissions are separately checked beforehand.
+	fn add_fee(pool_id: Self::PoolId, bucket: PoolFeeBucket, fee: Self::FeeInfo) -> DispatchResult;
+
+	/// Returns the maximum number of pool fees per bucket required for accurate
+	/// weights
+	fn get_max_fees_per_bucket() -> u32;
+
+	/// Returns the current amount of active fees for the given pool and bucket
+	/// pair
+	fn get_pool_fee_bucket_count(pool: Self::PoolId, bucket: PoolFeeBucket) -> u32;
+}
+
+/// Trait to prorate a fee amount to a rate or amount
+pub trait FeeAmountProration<Balance, Rate, Time> {
+	/// Returns the prorated amount based on the NAV passed time period.
+	fn saturated_prorated_amount(&self, portfolio_valuation: Balance, period: Time) -> Balance;
+
+	/// Returns the proratio rate based on the NAV and passed time period.
+	fn saturated_prorated_rate(&self, portfolio_valuation: Balance, period: Time) -> Rate;
+}
+
+#[cfg(test)]
+mod tests {
+	use strum::IntoEnumIterator;
+
+	use super::*;
+
+	#[test]
+	fn max_fees_per_pool() {
+		assert!(
+			cfg_primitives::MAX_POOL_FEES_PER_BUCKET
+				<= (cfg_primitives::MAX_FEES_PER_POOL * PoolFeeBucket::iter().count() as u32),
+			"Need to bump MAX_FEES_PER_POOL after adding variant(s) to PoolFeeBuckets"
+		);
+	}
+}
diff --git a/libs/traits/src/lib.rs b/libs/traits/src/lib.rs
@@ -53,6 +53,7 @@ pub mod rewards;
 #[cfg(feature = "runtime-benchmarks")]
 /// Traits related to benchmarking tooling.
 pub mod benchmarking;
+pub mod fee;
 
 /// A trait used for loosely coupling the claim pallet with a reward mechanism.
 ///
@@ -176,6 +177,7 @@ pub trait PoolMutate<AccountId, PoolId> {
 	type MaxTranches: Get<u32>;
 	type TrancheInput: Encode + Decode + Clone + TypeInfo + Debug + PartialEq;
 	type PoolChanges: Encode + Decode + Clone + TypeInfo + Debug + PartialEq + MaxEncodedLen;
+	type PoolFeeInput: Encode + Decode + Clone + TypeInfo + Debug;
 
 	fn create(
 		admin: AccountId,
@@ -184,6 +186,7 @@ pub trait PoolMutate<AccountId, PoolId> {
 		tranche_inputs: Vec<Self::TrancheInput>,
 		currency: Self::CurrencyId,
 		max_reserve: Self::Balance,
+		pool_fees: Vec<Self::PoolFeeInput>,
 	) -> DispatchResult;
 
 	fn update(pool_id: PoolId, changes: Self::PoolChanges) -> Result<UpdateState, DispatchError>;
@@ -624,6 +627,25 @@ pub trait StatusNotificationHook {
 	fn notify_status_change(id: Self::Id, status: Self::Status) -> Result<(), Self::Error>;
 }
 
+/// Trait to signal an epoch transition.
+pub trait EpochTransitionHook {
+	type Balance;
+	type PoolId;
+	type Time;
+	type Error;
+
+	/// Hook into the closing of an epoch
+	fn on_closing_mutate_reserve(
+		pool_id: Self::PoolId,
+		assets_under_management: Self::Balance,
+		reserve: &mut Self::Balance,
+	) -> Result<(), Self::Error>;
+
+	/// Hook into the execution of an epoch before any investment and
+	/// redemption fulfillments
+	fn on_execution_pre_fulfillments(pool_id: Self::PoolId) -> Result<(), Self::Error>;
+}
+
 /// Trait to synchronously provide a currency conversion estimation for foreign
 /// currencies into/from pool currencies.
 pub trait IdentityCurrencyConversion {

diff --git a/libs/types/Cargo.toml b/libs/types/Cargo.toml
@@ -15,7 +15,7 @@ bitflags = { version = "1.3", default-features = false }
 hex-literal = { version = "0.3.4", default-features = false }
 parity-scale-codec = { version = "3.0.0", features = ["derive"], default-features = false }
 scale-info = { version = "2.3.0", default-features = false, features = ["derive"] }
-serde = { version = "1.0.119" }
+serde = { workspace = true }
 
 # substrate dependencies
 frame-support = { git = "https://github.com/paritytech/substrate", default-features = false, branch = "polkadot-v0.9.43" }

diff --git a/libs/types/src/ids.rs b/libs/types/src/ids.rs
@@ -36,6 +36,7 @@ pub const NFT_SALES_PALLET_ID: PalletId = PalletId(*b"pal/nfts");
 pub const STAKE_POT_PALLET_ID: PalletId = PalletId(*b"PotStake");
 pub const BLOCK_REWARDS_PALLET_ID: PalletId = PalletId(*b"cfg/blrw");
 pub const LIQUIDITY_REWARDS_PALLET_ID: PalletId = PalletId(*b"cfg/lqrw");
+pub const POOL_FEES_PALLET_ID: PalletId = PalletId(*b"cfg/plfs");
 
 // Other ids
 pub const CHAIN_BRIDGE_HASH_ID: [u8; 13] = *b"cent_nft_hash";

diff --git a/libs/types/src/lib.rs b/libs/types/src/lib.rs
@@ -28,6 +28,7 @@ pub mod oracles;
 pub mod orders;
 pub mod permissions;
 pub mod pools;
+pub mod portfolio;
 pub mod time;
 pub mod tokens;
 pub mod xcm;