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| @@ -1,66 +1,77 @@ | ||
| // SPDX-License-Identifier: AGPL-3.0 | ||
| pragma solidity ^0.8.18; | ||
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| import {ERC20} from "@openzeppelin/contracts/token/ERC20/ERC20.sol"; | ||
| import {ITermRepoToken} from "./interfaces/term/ITermRepoToken.sol"; | ||
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| /*////////////////////////////////////////////////////////////// | ||
| LIBRARY: RepoTokenUtils | ||
| //////////////////////////////////////////////////////////////*/ | ||
|
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| library RepoTokenUtils { | ||
| uint256 internal constant THREESIXTY_DAYCOUNT_SECONDS = 360 days; | ||
| uint256 internal constant RATE_PRECISION = 1e18; | ||
|
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| /*////////////////////////////////////////////////////////////// | ||
| VIEW FUNCTIONS | ||
| //////////////////////////////////////////////////////////////*/ | ||
|
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| /** | ||
| * @notice Calculate the present value of a repoToken | ||
| * @param repoTokenAmountInBaseAssetPrecision The amount of repoToken in base asset precision | ||
| * @param purchaseTokenPrecision The precision of the purchase token | ||
| * @param redemptionTimestamp The redemption timestamp of the repoToken | ||
| * @param discountRate The auction rate | ||
| * @return presentValue The present value of the repoToken | ||
| */ | ||
| function calculatePresentValue( | ||
| uint256 repoTokenAmountInBaseAssetPrecision, | ||
| uint256 purchaseTokenPrecision, | ||
| uint256 redemptionTimestamp, | ||
| uint256 discountRate | ||
| ) internal view returns (uint256 presentValue) { | ||
| uint256 timeLeftToMaturityDayFraction = block.timestamp > redemptionTimestamp ? 0 : | ||
| ((redemptionTimestamp - block.timestamp) * purchaseTokenPrecision) / THREESIXTY_DAYCOUNT_SECONDS; | ||
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| // repoTokenAmountInBaseAssetPrecision / (1 + r * days / 360) | ||
| presentValue = | ||
| (repoTokenAmountInBaseAssetPrecision * purchaseTokenPrecision) / | ||
| (purchaseTokenPrecision + (discountRate * timeLeftToMaturityDayFraction / RATE_PRECISION)); | ||
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| return presentValue > repoTokenAmountInBaseAssetPrecision ? repoTokenAmountInBaseAssetPrecision : presentValue; | ||
| } | ||
|
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| /** | ||
| * @notice Get the normalized amount of a repoToken in base asset precision | ||
| * @param repoToken The address of the repoToken | ||
| * @param repoTokenAmount The amount of the repoToken | ||
| * @param purchaseTokenPrecision The precision of the purchase token | ||
| * @param repoRedemptionHaircut The haircut to be applied to the repoToken for bad debt | ||
| * @return repoTokenAmountInBaseAssetPrecision The normalized amount of the repoToken in base asset precision | ||
| */ | ||
| function getNormalizedRepoTokenAmount( | ||
| address repoToken, | ||
| uint256 repoTokenAmount, | ||
| uint256 purchaseTokenPrecision, | ||
| uint256 repoRedemptionHaircut | ||
| ) internal view returns (uint256 repoTokenAmountInBaseAssetPrecision) { | ||
| uint256 repoTokenPrecision = 10**ERC20(repoToken).decimals(); | ||
| uint256 redemptionValue = ITermRepoToken(repoToken).redemptionValue(); | ||
| repoTokenAmountInBaseAssetPrecision = | ||
| repoRedemptionHaircut != 0 ? | ||
| (redemptionValue * repoRedemptionHaircut * repoTokenAmount * purchaseTokenPrecision) / | ||
| (repoTokenPrecision * RATE_PRECISION * 1e18) | ||
| : (redemptionValue * repoTokenAmount * purchaseTokenPrecision) / (repoTokenPrecision * RATE_PRECISION); | ||
| } | ||
| } | ||
| // SPDX-License-Identifier: AGPL-3.0 | ||
| pragma solidity ^0.8.18; | ||
|
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| import {ERC20} from "@openzeppelin/contracts/token/ERC20/ERC20.sol"; | ||
| import {ITermRepoToken} from "./interfaces/term/ITermRepoToken.sol"; | ||
|
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| /*////////////////////////////////////////////////////////////// | ||
| LIBRARY: RepoTokenUtils | ||
| //////////////////////////////////////////////////////////////*/ | ||
|
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| library RepoTokenUtils { | ||
| uint256 internal constant THREESIXTY_DAYCOUNT_SECONDS = 360 days; | ||
| uint256 internal constant RATE_PRECISION = 1e18; | ||
|
|
||
| /*////////////////////////////////////////////////////////////// | ||
| VIEW FUNCTIONS | ||
| //////////////////////////////////////////////////////////////*/ | ||
|
|
||
| /** | ||
| * @notice Calculate the present value of a repoToken | ||
| * @param repoTokenAmountInBaseAssetPrecision The amount of repoToken in base asset precision | ||
| * @param purchaseTokenPrecision The precision of the purchase token | ||
| * @param redemptionTimestamp The redemption timestamp of the repoToken | ||
| * @param discountRate The auction rate | ||
| * @return presentValue The present value of the repoToken | ||
| */ | ||
| function calculatePresentValue( | ||
| uint256 repoTokenAmountInBaseAssetPrecision, | ||
| uint256 purchaseTokenPrecision, | ||
| uint256 redemptionTimestamp, | ||
| uint256 discountRate | ||
| ) internal view returns (uint256 presentValue) { | ||
| uint256 timeLeftToMaturityDayFraction = block.timestamp > | ||
| redemptionTimestamp | ||
| ? 0 | ||
| : ((redemptionTimestamp - block.timestamp) * | ||
| purchaseTokenPrecision) / THREESIXTY_DAYCOUNT_SECONDS; | ||
|
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| // repoTokenAmountInBaseAssetPrecision / (1 + r * days / 360) | ||
| presentValue = | ||
| (repoTokenAmountInBaseAssetPrecision * purchaseTokenPrecision) / | ||
| (purchaseTokenPrecision + | ||
| ((discountRate * timeLeftToMaturityDayFraction) / | ||
| RATE_PRECISION)); | ||
|
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||
| return | ||
| presentValue > repoTokenAmountInBaseAssetPrecision | ||
| ? repoTokenAmountInBaseAssetPrecision | ||
| : presentValue; | ||
| } | ||
|
|
||
| /** | ||
| * @notice Get the normalized amount of a repoToken in base asset precision | ||
| * @param repoToken The address of the repoToken | ||
| * @param repoTokenAmount The amount of the repoToken | ||
| * @param purchaseTokenPrecision The precision of the purchase token | ||
| * @param repoRedemptionHaircut The haircut to be applied to the repoToken for bad debt | ||
| * @return repoTokenAmountInBaseAssetPrecision The normalized amount of the repoToken in base asset precision | ||
| */ | ||
| function getNormalizedRepoTokenAmount( | ||
| address repoToken, | ||
| uint256 repoTokenAmount, | ||
| uint256 purchaseTokenPrecision, | ||
| uint256 repoRedemptionHaircut | ||
| ) internal view returns (uint256 repoTokenAmountInBaseAssetPrecision) { | ||
| uint256 repoTokenPrecision = 10 ** ERC20(repoToken).decimals(); | ||
| uint256 redemptionValue = ITermRepoToken(repoToken).redemptionValue(); | ||
| repoTokenAmountInBaseAssetPrecision = repoRedemptionHaircut != 0 | ||
| ? (redemptionValue * | ||
| repoRedemptionHaircut * | ||
| repoTokenAmount * | ||
| purchaseTokenPrecision) / | ||
| (repoTokenPrecision * RATE_PRECISION * 1e18) | ||
| : (redemptionValue * repoTokenAmount * purchaseTokenPrecision) / | ||
| (repoTokenPrecision * RATE_PRECISION); | ||
| } | ||
| } |
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