feat: Improve C value updation (#760)

* baseline * keeper test * add hourly calculation back * fix dynamic c value limits for new host chains * changelog
persistenceOne · Feb 15, 2024 · 3b17353 · 3b17353
1 parent adcd4ca
commit 3b17353
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Showing 5 changed files with 88 additions and 78 deletions.
diff --git a/CHANGELOG.md b/CHANGELOG.md
@@ -38,6 +38,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Features
 
+- [760](https://github.com/persistenceOne/pstake-native/pull/760) Calculate C Value after autocompounding / slashing.
 - [758](https://github.com/persistenceOne/pstake-native/pull/758) Dynamic C Value limit updates.
 - [757](https://github.com/persistenceOne/pstake-native/pull/757) Change ibc transfer to use timeoutTimestamp instead of
   timeoutHeight

diff --git a/x/liquidstakeibc/keeper/hooks.go b/x/liquidstakeibc/keeper/hooks.go
@@ -310,6 +310,9 @@ func (k *Keeper) OnRecvIBCTransferPacket(
 		deposit.Amount.Amount = deposit.Amount.Amount.Add(transferAmount.Sub(feeAmount.TruncateInt()))
 		k.SetDeposit(ctx, deposit)
 
+		// update the c value for the auto compounding chain
+		k.UpdateCValue(ctx, hc)
+
 		// emit autocompound received event
 		ctx.EventManager().EmitEvent(
 			sdk.NewEvent(

diff --git a/x/liquidstakeibc/keeper/icq.go b/x/liquidstakeibc/keeper/icq.go
@@ -111,6 +111,9 @@ func DelegationCallback(k Keeper, ctx sdk.Context, data []byte, query icqtypes.Q
 		validator.DelegatedAmount = delegatedAmount.TruncateInt()
 		k.SetHostChainValidator(ctx, hc, validator)
 
+		// update the c value for the slashed chain
+		k.UpdateCValue(ctx, hc)
+
 		ctx.EventManager().EmitEvent(
 			sdk.NewEvent(
 				types.EventTypeSlashing,

diff --git a/x/liquidstakeibc/keeper/keeper.go b/x/liquidstakeibc/keeper/keeper.go
@@ -255,90 +255,93 @@ func (k *Keeper) UpdateCValues(ctx sdk.Context) {
 	hostChains := k.GetAllHostChains(ctx)
 
 	for _, hc := range hostChains {
+		k.UpdateCValue(ctx, hc)
+	}
+}
 
-		// total stk tokens minted
-		mintedAmount := k.bankKeeper.GetSupply(ctx, hc.MintDenom()).Amount
-
-		// total tokenized staked amount
-		tokenizedStakedAmount := k.GetLSMDepositAmountUntokenized(ctx, hc.ChainId)
-
-		// amount staked by the module in any of the validators of the host chain
-		stakedAmount := hc.GetHostChainTotalDelegations()
-
-		// amount that is in the staking flow and hasn't left Persistence yet
-		amountOnPersistence := k.GetDepositAmountOnPersistence(ctx, hc.ChainId)
-
-		// amount that is in the staking flow and has arrived to the host chain, but hasn't been staked yet
-		amountOnHostChain := k.GetDepositAmountOnHostChain(ctx, hc.ChainId)
-
-		// amount unbonded from a validator that has been in the Unbonding state for more than 4 unbonding epochs
-		totalUnbondingAmount := k.GetAllValidatorUnbondedAmount(ctx, hc)
-
-		// total amount staked
-		liquidStakedAmount := tokenizedStakedAmount.Add(stakedAmount).Add(amountOnPersistence).Add(amountOnHostChain).Add(totalUnbondingAmount)
-
-		var cValue sdk.Dec
-		if mintedAmount.IsZero() || liquidStakedAmount.IsZero() {
-			cValue = sdk.OneDec()
-		} else {
-			cValue = sdk.NewDecFromInt(mintedAmount).Quo(sdk.NewDecFromInt(liquidStakedAmount))
-		}
-
-		k.Logger(ctx).Info(
-			fmt.Sprintf(
-				"Updated CValue for %s. Total minted amount: %v. Total liquid staked amount: %v. Composed of %v staked tokens, %v tokens on Persistence, %v tokens on the host chain, %v tokens from a validator total unbonding. New c_value: %v - Old c_value: %v",
-				hc.ChainId,
-				mintedAmount,
-				liquidStakedAmount,
-				stakedAmount,
-				amountOnPersistence,
-				amountOnHostChain,
-				totalUnbondingAmount,
-				cValue,
-				hc.CValue,
-			),
-		)
+func (k *Keeper) UpdateCValue(ctx sdk.Context, hc *types.HostChain) {
+	// total stk tokens minted
+	mintedAmount := k.bankKeeper.GetSupply(ctx, hc.MintDenom()).Amount
 
-		hc.LastCValue = hc.CValue
-		hc.CValue = cValue
-		k.SetHostChain(ctx, hc)
+	// total tokenized staked amount
+	tokenizedStakedAmount := k.GetLSMDepositAmountUntokenized(ctx, hc.ChainId)
+
+	// amount staked by the module in any of the validators of the host chain
+	stakedAmount := hc.GetHostChainTotalDelegations()
+
+	// amount that is in the staking flow and hasn't left Persistence yet
+	amountOnPersistence := k.GetDepositAmountOnPersistence(ctx, hc.ChainId)
+
+	// amount that is in the staking flow and has arrived to the host chain, but hasn't been staked yet
+	amountOnHostChain := k.GetDepositAmountOnHostChain(ctx, hc.ChainId)
+
+	// amount unbonded from a validator that has been in the Unbonding state for more than 4 unbonding epochs
+	totalUnbondingAmount := k.GetAllValidatorUnbondedAmount(ctx, hc)
+
+	// total amount staked
+	liquidStakedAmount := tokenizedStakedAmount.Add(stakedAmount).Add(amountOnPersistence).Add(amountOnHostChain).Add(totalUnbondingAmount)
+
+	var cValue sdk.Dec
+	if mintedAmount.IsZero() || liquidStakedAmount.IsZero() {
+		cValue = sdk.OneDec()
+	} else {
+		cValue = sdk.NewDecFromInt(mintedAmount).Quo(sdk.NewDecFromInt(liquidStakedAmount))
+	}
+
+	k.Logger(ctx).Info(
+		fmt.Sprintf(
+			"Updated CValue for %s. Total minted amount: %v. Total liquid staked amount: %v. Composed of %v staked tokens, %v tokens on Persistence, %v tokens on the host chain, %v tokens from a validator total unbonding. New c_value: %v - Old c_value: %v",
+			hc.ChainId,
+			mintedAmount,
+			liquidStakedAmount,
+			stakedAmount,
+			amountOnPersistence,
+			amountOnHostChain,
+			totalUnbondingAmount,
+			cValue,
+			hc.CValue,
+		),
+	)
+
+	hc.LastCValue = hc.CValue
+	hc.CValue = cValue
+	k.SetHostChain(ctx, hc)
 
-		if err := k.Hooks().PostCValueUpdate(ctx, hc.MintDenom(), hc.HostDenom, hc.CValue); err != nil {
-			k.Logger(ctx).Error("PostCValueUpdate hook failed with ", "err:", err)
-		}
+	if err := k.Hooks().PostCValueUpdate(ctx, hc.MintDenom(), hc.HostDenom, hc.CValue); err != nil {
+		k.Logger(ctx).Error("PostCValueUpdate hook failed with ", "err:", err)
+	}
 
+	ctx.EventManager().EmitEvent(
+		sdk.NewEvent(
+			types.EventTypeCValueUpdate,
+			sdk.NewAttribute(types.AttributeChainID, hc.ChainId),
+			sdk.NewAttribute(types.AttributeModuleMintedAmount, sdk.NewCoin(hc.MintDenom(), mintedAmount).String()),
+			sdk.NewAttribute(types.AttributeModuleLSMTokenizedAmount, sdk.NewCoin(hc.HostDenom, tokenizedStakedAmount).String()),
+			sdk.NewAttribute(types.AttributeModuleStakedAmount, sdk.NewCoin(hc.HostDenom, stakedAmount).String()),
+			sdk.NewAttribute(types.AttributeModuleAmountOnPersistence, sdk.NewCoin(hc.HostDenom, amountOnPersistence).String()),
+			sdk.NewAttribute(types.AttributeModuleAmountOnHostChain, sdk.NewCoin(hc.HostDenom, amountOnHostChain).String()),
+			sdk.NewAttribute(types.AttributeModuleUnbondingAmount, sdk.NewCoin(hc.HostDenom, totalUnbondingAmount).String()),
+			sdk.NewAttribute(types.AttributeOldCValue, hc.LastCValue.String()),
+			sdk.NewAttribute(types.AttributeNewCValue, hc.CValue.String()),
+		),
+	)
+
+	// if the c value is out of bounds, disable the chain
+	if !k.CValueWithinLimits(hc) {
+		hc.Active = false
+		k.SetHostChain(ctx, hc)
+
+		k.Logger(ctx).Error(fmt.Sprintf("C value out of limits !!! Disabling chain %s with c value %v.", hc.ChainId, hc.CValue))
 		ctx.EventManager().EmitEvent(
 			sdk.NewEvent(
-				types.EventTypeCValueUpdate,
+				types.EventTypeChainDisabled,
 				sdk.NewAttribute(types.AttributeChainID, hc.ChainId),
-				sdk.NewAttribute(types.AttributeModuleMintedAmount, sdk.NewCoin(hc.MintDenom(), mintedAmount).String()),
-				sdk.NewAttribute(types.AttributeModuleLSMTokenizedAmount, sdk.NewCoin(hc.HostDenom, tokenizedStakedAmount).String()),
-				sdk.NewAttribute(types.AttributeModuleStakedAmount, sdk.NewCoin(hc.HostDenom, stakedAmount).String()),
-				sdk.NewAttribute(types.AttributeModuleAmountOnPersistence, sdk.NewCoin(hc.HostDenom, amountOnPersistence).String()),
-				sdk.NewAttribute(types.AttributeModuleAmountOnHostChain, sdk.NewCoin(hc.HostDenom, amountOnHostChain).String()),
-				sdk.NewAttribute(types.AttributeModuleUnbondingAmount, sdk.NewCoin(hc.HostDenom, totalUnbondingAmount).String()),
 				sdk.NewAttribute(types.AttributeOldCValue, hc.LastCValue.String()),
 				sdk.NewAttribute(types.AttributeNewCValue, hc.CValue.String()),
 			),
 		)
-
-		// if the c value is out of bounds, disable the chain
-		if !k.CValueWithinLimits(hc) {
-			hc.Active = false
-			k.SetHostChain(ctx, hc)
-
-			k.Logger(ctx).Error(fmt.Sprintf("C value out of limits !!! Disabling chain %s with c value %v.", hc.ChainId, hc.CValue))
-			ctx.EventManager().EmitEvent(
-				sdk.NewEvent(
-					types.EventTypeChainDisabled,
-					sdk.NewAttribute(types.AttributeChainID, hc.ChainId),
-					sdk.NewAttribute(types.AttributeOldCValue, hc.LastCValue.String()),
-					sdk.NewAttribute(types.AttributeNewCValue, hc.CValue.String()),
-				),
-			)
-		} else {
-			k.RecalculateCValueLimits(ctx, hc, mintedAmount, liquidStakedAmount)
-		}
+	} else {
+		k.RecalculateCValueLimits(ctx, hc, mintedAmount, liquidStakedAmount)
 	}
 }
 
@@ -348,7 +351,7 @@ func (k *Keeper) CValueWithinLimits(hc *types.HostChain) bool {
 
 func (k *Keeper) RecalculateCValueLimits(ctx sdk.Context, hc *types.HostChain, mintedAmount, lsAmount math.Int) {
 	// if there has been no activity on the chain yet, leave the limits as they are
-	if mintedAmount.IsZero() || lsAmount.IsZero() {
+	if hc.GetHostChainTotalDelegations().IsZero() {
 		return
 	}
 

diff --git a/x/liquidstakeibc/keeper/keeper_test.go b/x/liquidstakeibc/keeper/keeper_test.go
@@ -246,13 +246,13 @@ func (suite *IntegrationTestSuite) TestSendICATransfer() {
 	suite.Require().Error(err)
 }
 
-func (suite *IntegrationTestSuite) TestUpdateCValues() {
+func (suite *IntegrationTestSuite) TestUpdateCValue() {
 	pstakeApp, ctx := suite.app, suite.ctx
 	hc, found := pstakeApp.LiquidStakeIBCKeeper.GetHostChain(ctx, suite.chainB.ChainID)
 	suite.Require().Equal(true, found)
 	suite.Require().NotNil(hc)
 
-	suite.Require().NotPanics(func() { pstakeApp.LiquidStakeIBCKeeper.UpdateCValues(ctx) })
+	suite.Require().NotPanics(func() { pstakeApp.LiquidStakeIBCKeeper.UpdateCValue(ctx, hc) })
 
 	{
 		epoch := pstakeApp.EpochsKeeper.GetEpochInfo(suite.chainA.GetContext(), types.DelegationEpoch)
@@ -267,12 +267,12 @@ func (suite *IntegrationTestSuite) TestUpdateCValues() {
 		suite.NotNil(result)
 		suite.NoError(err)
 	}
-	suite.Require().NotPanics(func() { pstakeApp.LiquidStakeIBCKeeper.UpdateCValues(ctx) })
+	suite.Require().NotPanics(func() { pstakeApp.LiquidStakeIBCKeeper.UpdateCValue(ctx, hc) })
 
 	// lower limits so that chain goes out of limits
 	hc.Params.UpperCValueLimit = sdk.MustNewDecFromStr("0.5")
 	pstakeApp.LiquidStakeIBCKeeper.SetHostChain(ctx, hc)
-	suite.Require().NotPanics(func() { pstakeApp.LiquidStakeIBCKeeper.UpdateCValues(ctx) })
+	suite.Require().NotPanics(func() { pstakeApp.LiquidStakeIBCKeeper.UpdateCValue(ctx, hc) })
 	hc, _ = pstakeApp.LiquidStakeIBCKeeper.GetHostChain(ctx, suite.chainB.ChainID)
 	suite.Require().Equal(false, hc.Active)
 }