discount rate adapter

term-finance · Aug 7, 2024 · b2e6d25 · b2e6d25
1 parent 606c4a3
commit b2e6d25
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Showing 9 changed files with 83 additions and 23 deletions.
diff --git a/src/RepoTokenList.sol b/src/RepoTokenList.sol
@@ -5,6 +5,7 @@ import "forge-std/console.sol";
 import {ITermRepoToken} from "./interfaces/term/ITermRepoToken.sol";
 import {ITermRepoServicer} from "./interfaces/term/ITermRepoServicer.sol";
 import {ITermRepoCollateralManager} from "./interfaces/term/ITermRepoCollateralManager.sol";
+import {ITermDiscountRateAdapter} from "./interfaces/term/ITermDiscountRateAdapter.sol";
 import {ITermController, AuctionMetadata} from "./interfaces/term/ITermController.sol";
 import {ERC20} from "@openzeppelin/contracts/token/ERC20/ERC20.sol";
 import {RepoTokenUtils} from "./RepoTokenUtils.sol";
@@ -158,18 +159,6 @@ library RepoTokenList {
         }        
     }
 
-    function getAuctionRate(ITermController termController, ITermRepoToken repoToken) internal view returns (uint256) {
-        (AuctionMetadata[] memory auctionMetadata, ) = termController.getTermAuctionResults(repoToken.termRepoId());
-
-        uint256 len = auctionMetadata.length;
-
-        if (len == 0) {
-            revert InvalidRepoToken(address(repoToken));
-        }
-
-        return auctionMetadata[len - 1].auctionClearingRate;
-    }
-
     function validateRepoToken(
         RepoTokenListData storage listData,
         ITermRepoToken repoToken,
@@ -212,6 +201,7 @@ library RepoTokenList {
         RepoTokenListData storage listData, 
         ITermRepoToken repoToken,
         ITermController termController,
+        ITermDiscountRateAdapter discountRateAdapter,
         address asset
     ) internal returns (uint256 auctionRate, uint256 redemptionTimestamp) {
         auctionRate = listData.auctionRates[address(repoToken)];
@@ -223,14 +213,14 @@ library RepoTokenList {
                 revert InvalidRepoToken(address(repoToken));
             }
 
-            uint256 oracleRate = getAuctionRate(termController, repoToken);
+            uint256 oracleRate = discountRateAdapter.getDiscountRate(address(repoToken));
             if (oracleRate != INVALID_AUCTION_RATE) {
                 if (auctionRate != oracleRate) {
                     listData.auctionRates[address(repoToken)] = oracleRate;
                 }
             }
         } else {
-            auctionRate = getAuctionRate(termController, repoToken);
+            auctionRate = discountRateAdapter.getDiscountRate(address(repoToken));
 
             redemptionTimestamp = validateRepoToken(listData, repoToken, termController, asset);
 

diff --git a/src/Strategy.sol b/src/Strategy.sol
@@ -12,6 +12,7 @@ import {ITermController} from "./interfaces/term/ITermController.sol";
 import {ITermVaultEvents} from "./interfaces/term/ITermVaultEvents.sol";
 import {ITermAuctionOfferLocker} from "./interfaces/term/ITermAuctionOfferLocker.sol";
 import {ITermRepoCollateralManager} from "./interfaces/term/ITermRepoCollateralManager.sol";
+import {ITermDiscountRateAdapter} from "./interfaces/term/ITermDiscountRateAdapter.sol";
 import {ITermAuction} from "./interfaces/term/ITermAuction.sol";
 import {RepoTokenList, RepoTokenListData} from "./RepoTokenList.sol";
 import {TermAuctionList, TermAuctionListData, PendingOffer} from "./TermAuctionList.sol";
@@ -46,6 +47,7 @@ contract Strategy is BaseStrategy, Pausable, ReentrancyGuard {
     IERC4626 public immutable YEARN_VAULT;
 
     ITermController public termController;
+    ITermDiscountRateAdapter public discountRateAdapter;
     RepoTokenListData internal repoTokenListData;
     TermAuctionListData internal termAuctionListData;
     uint256 public timeToMaturityThreshold; // seconds
@@ -103,6 +105,11 @@ contract Strategy is BaseStrategy, Pausable, ReentrancyGuard {
         repoTokenConcentrationLimit = newRepoTokenConcentrationLimit;
     }
 
+    function setDiscountRateAdapter(address newAdapter) external onlyManagement {
+        TERM_VAULT_EVENT_EMITTER.emitDiscountRateAdapterUpdated(address(discountRateAdapter), newAdapter);
+        discountRateAdapter = ITermDiscountRateAdapter(newAdapter);
+    }
+
     function repoTokenHoldings() external view returns (address[] memory) {
         return repoTokenListData.holdings();
     }
@@ -203,7 +210,7 @@ contract Strategy is BaseStrategy, Pausable, ReentrancyGuard {
     }
 
     function _sweepAssetAndRedeemRepoTokens(uint256 liquidAmountRequired) private {
-        termAuctionListData.removeCompleted(repoTokenListData, termController, address(asset));
+        termAuctionListData.removeCompleted(repoTokenListData, termController, discountRateAdapter, address(asset));
         repoTokenListData.removeAndRedeemMaturedTokens();
 
         uint256 underlyingBalance = IERC20(asset).balanceOf(address(this));
@@ -233,6 +240,7 @@ contract Strategy is BaseStrategy, Pausable, ReentrancyGuard {
         (uint256 auctionRate, uint256 redemptionTimestamp) = repoTokenListData.validateAndInsertRepoToken(
             ITermRepoToken(repoToken),
             termController,
+            discountRateAdapter,
             address(asset)
         );
 
@@ -307,7 +315,7 @@ contract Strategy is BaseStrategy, Pausable, ReentrancyGuard {
 
         offerLocker.unlockOffers(offerIds);
 
-        termAuctionListData.removeCompleted(repoTokenListData, termController, address(asset));
+        termAuctionListData.removeCompleted(repoTokenListData, termController, discountRateAdapter, address(asset));
 
         _sweepAssetAndRedeemRepoTokens(0);
     }
@@ -498,28 +506,31 @@ contract Strategy is BaseStrategy, Pausable, ReentrancyGuard {
     function getRepoTokenValue(address repoToken) public view returns (uint256) {
         return repoTokenListData.getPresentValue(PURCHASE_TOKEN_PRECISION, repoToken) + 
             termAuctionListData.getPresentValue(
-                repoTokenListData, termController, PURCHASE_TOKEN_PRECISION, repoToken
+                repoTokenListData, discountRateAdapter, PURCHASE_TOKEN_PRECISION, repoToken
             );
     }
 
     function _totalAssetValue() internal view returns (uint256 totalValue) {
         return _totalLiquidBalance(address(this)) + 
             repoTokenListData.getPresentValue(PURCHASE_TOKEN_PRECISION, address(0)) + 
             termAuctionListData.getPresentValue(
-                repoTokenListData, termController, PURCHASE_TOKEN_PRECISION, address(0)
+                repoTokenListData, discountRateAdapter, PURCHASE_TOKEN_PRECISION, address(0)
             );
     }
 
     constructor(
         address _asset,
         string memory _name,
         address _yearnVault,
+        address _discountRateAdapter,
         address _eventEmitter
     ) BaseStrategy(_asset, _name) {
         YEARN_VAULT = IERC4626(_yearnVault);
         TERM_VAULT_EVENT_EMITTER = ITermVaultEvents(_eventEmitter);
         PURCHASE_TOKEN_PRECISION = 10**ERC20(asset).decimals();
 
+        discountRateAdapter = ITermDiscountRateAdapter(_discountRateAdapter);
+
         IERC20(_asset).safeApprove(_yearnVault, type(uint256).max);
     }
 

diff --git a/src/TermAuctionList.sol b/src/TermAuctionList.sol
@@ -5,6 +5,7 @@ import {ITermAuction} from "./interfaces/term/ITermAuction.sol";
 import {ITermAuctionOfferLocker} from "./interfaces/term/ITermAuctionOfferLocker.sol";
 import {ITermController} from "./interfaces/term/ITermController.sol";
 import {ITermRepoToken} from "./interfaces/term/ITermRepoToken.sol";
+import {ITermDiscountRateAdapter} from "./interfaces/term/ITermDiscountRateAdapter.sol";
 import {ERC20} from "@openzeppelin/contracts/token/ERC20/ERC20.sol";
 import {RepoTokenList, RepoTokenListData} from "./RepoTokenList.sol";
 import {RepoTokenUtils} from "./RepoTokenUtils.sol";
@@ -81,6 +82,7 @@ library TermAuctionList {
         TermAuctionListData storage listData, 
         RepoTokenListData storage repoTokenListData,
         ITermController termController,
+        ITermDiscountRateAdapter discountRateAdapter,
         address asset
     ) internal {
         /*
@@ -134,7 +136,9 @@ library TermAuctionList {
             }
 
             if (insertRepoToken) {
-                repoTokenListData.validateAndInsertRepoToken(ITermRepoToken(offer.repoToken), termController, asset);
+                repoTokenListData.validateAndInsertRepoToken(
+                    ITermRepoToken(offer.repoToken), termController, discountRateAdapter, asset
+                );
             }
 
             prev = current;
@@ -174,7 +178,7 @@ library TermAuctionList {
     function getPresentValue(
         TermAuctionListData storage listData, 
         RepoTokenListData storage repoTokenListData,
-        ITermController termController,
+        ITermDiscountRateAdapter discountRateAdapter,
         uint256 purchaseTokenPrecision,
         address repoTokenToMatch
     ) internal view returns (uint256 totalValue) {
@@ -205,7 +209,7 @@ library TermAuctionList {
                         repoTokenAmountInBaseAssetPrecision, 
                         purchaseTokenPrecision, 
                         RepoTokenList.getRepoTokenMaturity(offer.repoToken), 
-                        RepoTokenList.getAuctionRate(termController, ITermRepoToken(offer.repoToken))
+                        discountRateAdapter.getDiscountRate(offer.repoToken)
                     );
 
                     // since multiple offers can be tied to the same repo token, we need to mark

diff --git a/src/TermDiscountRateAdapter.sol b/src/TermDiscountRateAdapter.sol
@@ -0,0 +1,23 @@
+// SPDX-License-Identifier: AGPL-3.0
+pragma solidity 0.8.18;
+
+import {ITermDiscountRateAdapter} from "./interfaces/term/ITermDiscountRateAdapter.sol";
+import {ITermController, AuctionMetadata} from "./interfaces/term/ITermController.sol";
+import {ITermRepoToken} from "./interfaces/term/ITermRepoToken.sol";
+
+contract TermDiscountRateAdapter is ITermDiscountRateAdapter {
+    ITermController public immutable TERM_CONTROLLER;
+
+    constructor(address termController_) {
+        TERM_CONTROLLER = ITermController(termController_);
+    }
+
+    function getDiscountRate(address repoToken) external view returns (uint256) {
+        (AuctionMetadata[] memory auctionMetadata, ) = TERM_CONTROLLER.getTermAuctionResults(ITermRepoToken(repoToken).termRepoId());
+
+        uint256 len = auctionMetadata.length;
+        require(len > 0);
+
+        return auctionMetadata[len - 1].auctionClearingRate;
+    }
+}
diff --git a/src/TermVaultEventEmitter.sol b/src/TermVaultEventEmitter.sol
@@ -67,6 +67,13 @@ contract TermVaultEventEmitter is Initializable, UUPSUpgradeable, AccessControlU
         emit Unpaused();
     }
 
+    function emitDiscountRateAdapterUpdated(
+        address oldAdapter,
+        address newAdapter
+    ) external onlyRole(VAULT_CONTRACT) {
+        emit DiscountRateAdapterUpdated(oldAdapter, newAdapter);
+    }
+
     // ========================================================================
     // = Admin  ===============================================================
     // ========================================================================

diff --git a/src/interfaces/term/ITermDiscountRateAdapter.sol b/src/interfaces/term/ITermDiscountRateAdapter.sol
@@ -0,0 +1,6 @@
+// SPDX-License-Identifier: AGPL-3.0
+pragma solidity 0.8.18;
+
+interface ITermDiscountRateAdapter {
+    function getDiscountRate(address repoToken) external view returns (uint256);
+}
diff --git a/src/interfaces/term/ITermVaultEvents.sol b/src/interfaces/term/ITermVaultEvents.sol
@@ -18,6 +18,11 @@ interface ITermVaultEvents {
 
     event Unpaused();
 
+    event DiscountRateAdapterUpdated(
+        address indexed oldAdapter, 
+        address indexed newAdapter
+    );
+
     function emitTermControllerUpdated(address oldController, address newController) external;
 
     function emitTimeToMaturityThresholdUpdated(uint256 oldThreshold, uint256 newThreshold) external;
@@ -33,4 +38,9 @@ interface ITermVaultEvents {
     function emitPaused() external;
 
     function emitUnpaused() external;
+
+    function emitDiscountRateAdapterUpdated(
+        address oldAdapter,
+        address newAdapter
+    ) external;
 }
diff --git a/src/test/TestUSDCSellRepoToken.t.sol b/src/test/TestUSDCSellRepoToken.t.sol
@@ -363,7 +363,7 @@ contract TestUSDCSellRepoToken is Setup {
         repoTokenMatured.mint(testUser, 1000e18);
 
         // test: token has no auction clearing rate
-        vm.expectRevert(abi.encodeWithSelector(RepoTokenList.InvalidRepoToken.selector, address(repoToken1Week)));
+        vm.expectRevert();
         vm.prank(testUser);
         termStrategy.sellRepoToken(address(repoToken1Week), 1e18);           
 

diff --git a/src/test/utils/Setup.sol b/src/test/utils/Setup.sol
@@ -5,6 +5,7 @@ import "forge-std/console2.sol";
 import {ExtendedTest} from "./ExtendedTest.sol";
 
 import {Strategy, ERC20} from "../../Strategy.sol";
+import {TermDiscountRateAdapter} from "../../TermDiscountRateAdapter.sol";
 import {IStrategyInterface} from "../../interfaces/IStrategyInterface.sol";
 
 // Inherit the events so they can be checked if desired.
@@ -68,6 +69,7 @@ contract Setup is ExtendedTest, IEvents {
 
     // Term finance mocks
     MockTermController internal termController;
+    TermDiscountRateAdapter internal discountRateAdapter;
     TermVaultEventEmitter internal termVaultEventEmitterImpl;
     TermVaultEventEmitter internal termVaultEventEmitter;
     ERC4626Mock internal mockYearnVault;
@@ -93,6 +95,7 @@ contract Setup is ExtendedTest, IEvents {
         vm.etch(0xBB51273D6c746910C7C06fe718f30c936170feD0, address(tokenizedStrategy).code);
 
         termController = new MockTermController();
+        discountRateAdapter = new TermDiscountRateAdapter(address(termController));
         termVaultEventEmitterImpl = new TermVaultEventEmitter();
         termVaultEventEmitter = TermVaultEventEmitter(address(new ERC1967Proxy(address(termVaultEventEmitterImpl), "")));
         mockYearnVault = new ERC4626Mock(address(asset));
@@ -116,7 +119,13 @@ contract Setup is ExtendedTest, IEvents {
     function setUpStrategy() public returns (address) {
         // we save the strategy as a IStrategyInterface to give it the needed interface
         IStrategyInterface _strategy = IStrategyInterface(
-            address(new Strategy(address(asset), "Tokenized Strategy", address(mockYearnVault), address(termVaultEventEmitter)))
+            address(new Strategy(
+                address(asset), 
+                "Tokenized Strategy", 
+                address(mockYearnVault), 
+                address(discountRateAdapter),
+                address(termVaultEventEmitter)
+            ))
         );
 
         vm.prank(adminWallet);