// This contract is part of Zellic’s smart contract dataset, which is a collection of publicly available contract code gathered as of March 2023. // SPDX-License-Identifier: GPL-3.0 pragma solidity ^0.8.10; // OpenZeppelin Contracts (last updated v4.5.0) (utils/math/Math.sol) /** * @dev Standard math utilities missing in the Solidity language. */ library Math { /** * @dev Returns the largest of two numbers. */ function max(uint256 a, uint256 b) internal pure returns (uint256) { return a >= b ? a : b; } /** * @dev Returns the smallest of two numbers. */ function min(uint256 a, uint256 b) internal pure returns (uint256) { return a < b ? a : b; } /** * @dev Returns the average of two numbers. The result is rounded towards * zero. */ function average(uint256 a, uint256 b) internal pure returns (uint256) { // (a + b) / 2 can overflow. return (a & b) + (a ^ b) / 2; } /** * @dev Returns the ceiling of the division of two numbers. * * This differs from standard division with `/` in that it rounds up instead * of rounding down. */ function ceilDiv(uint256 a, uint256 b) internal pure returns (uint256) { // (a + b - 1) / b can overflow on addition, so we distribute. return a / b + (a % b == 0 ? 0 : 1); } } // OpenZeppelin Contracts (last updated v4.5.0) (token/ERC20/IERC20.sol) /** * @dev Interface of the ERC20 standard as defined in the EIP. */ interface IERC20 { /** * @dev Returns the amount of tokens in existence. */ function totalSupply() external view returns (uint256); /** * @dev Returns the amount of tokens owned by `account`. */ function balanceOf(address account) external view returns (uint256); /** * @dev Moves `amount` tokens from the caller's account to `to`. * * Returns a boolean value indicating whether the operation succeeded. * * Emits a {Transfer} event. */ function transfer(address to, uint256 amount) external returns (bool); /** * @dev Returns the remaining number of tokens that `spender` will be * allowed to spend on behalf of `owner` through {transferFrom}. This is * zero by default. * * This value changes when {approve} or {transferFrom} are called. */ function allowance(address owner, address spender) external view returns (uint256); /** * @dev Sets `amount` as the allowance of `spender` over the caller's tokens. * * Returns a boolean value indicating whether the operation succeeded. * * IMPORTANT: Beware that changing an allowance with this method brings the risk * that someone may use both the old and the new allowance by unfortunate * transaction ordering. One possible solution to mitigate this race * condition is to first reduce the spender's allowance to 0 and set the * desired value afterwards: * https://github.com/ethereum/EIPs/issues/20#issuecomment-263524729 * * Emits an {Approval} event. */ function approve(address spender, uint256 amount) external returns (bool); /** * @dev Moves `amount` tokens from `from` to `to` using the * allowance mechanism. `amount` is then deducted from the caller's * allowance. * * Returns a boolean value indicating whether the operation succeeded. * * Emits a {Transfer} event. */ function transferFrom( address from, address to, uint256 amount ) external returns (bool); /** * @dev Emitted when `value` tokens are moved from one account (`from`) to * another (`to`). * * Note that `value` may be zero. */ event Transfer(address indexed from, address indexed to, uint256 value); /** * @dev Emitted when the allowance of a `spender` for an `owner` is set by * a call to {approve}. `value` is the new allowance. */ event Approval(address indexed owner, address indexed spender, uint256 value); } contract BaseMath { uint constant public DECIMAL_PRECISION = 1e18; } // taken from: https://github.com/liquity/dev/blob/8371355b2f11bee9fa599f9223f4c2f6f429351f/packages/contracts/contracts/Dependencies/LiquityMath.sol contract ChickenMath is BaseMath { /* * Multiply two decimal numbers and use normal rounding rules: * -round product up if 19'th mantissa digit >= 5 * -round product down if 19'th mantissa digit < 5 * * Used only inside the exponentiation, decPow(). */ function decMul(uint256 x, uint256 y) internal pure returns (uint256) { return (x * y + DECIMAL_PRECISION / 2) / DECIMAL_PRECISION; } /* * decPow: Exponentiation function for 18-digit decimal base, and integer exponent n. * * Uses the efficient "exponentiation by squaring" algorithm. O(log(n)) complexity. * * Called by ChickenBondManager.calcRedemptionFeePercentage, that represents time in units of minutes: * * The exponent is capped to avoid reverting due to overflow. The cap 525600000 equals * "minutes in 1000 years": 60 * 24 * 365 * 1000 * * If a period of > 1000 years is ever used as an exponent in either of the above functions, the result will be * negligibly different from just passing the cap, since: * the decayed base rate will be 0 for 1000 years or > 1000 years */ function decPow(uint256 _base, uint256 _exponent) internal pure returns (uint) { if (_exponent > 525600000) {_exponent = 525600000;} // cap to avoid overflow if (_exponent == 0) {return DECIMAL_PRECISION;} uint256 y = DECIMAL_PRECISION; uint256 x = _base; uint256 n = _exponent; // Exponentiation-by-squaring while (n > 1) { if (n % 2 != 0) { y = decMul(x, y); } x = decMul(x, x); n = n / 2; } return decMul(x, y); } } // OpenZeppelin Contracts (last updated v4.5.0) (token/ERC721/extensions/IERC721Enumerable.sol) // OpenZeppelin Contracts v4.4.1 (token/ERC721/IERC721.sol) // OpenZeppelin Contracts v4.4.1 (utils/introspection/IERC165.sol) /** * @dev Interface of the ERC165 standard, as defined in the * https://eips.ethereum.org/EIPS/eip-165[EIP]. * * Implementers can declare support of contract interfaces, which can then be * queried by others ({ERC165Checker}). * * For an implementation, see {ERC165}. */ interface IERC165 { /** * @dev Returns true if this contract implements the interface defined by * `interfaceId`. See the corresponding * https://eips.ethereum.org/EIPS/eip-165#how-interfaces-are-identified[EIP section] * to learn more about how these ids are created. * * This function call must use less than 30 000 gas. */ function supportsInterface(bytes4 interfaceId) external view returns (bool); } /** * @dev Required interface of an ERC721 compliant contract. */ interface IERC721 is IERC165 { /** * @dev Emitted when `tokenId` token is transferred from `from` to `to`. */ event Transfer(address indexed from, address indexed to, uint256 indexed tokenId); /** * @dev Emitted when `owner` enables `approved` to manage the `tokenId` token. */ event Approval(address indexed owner, address indexed approved, uint256 indexed tokenId); /** * @dev Emitted when `owner` enables or disables (`approved`) `operator` to manage all of its assets. */ event ApprovalForAll(address indexed owner, address indexed operator, bool approved); /** * @dev Returns the number of tokens in ``owner``'s account. */ function balanceOf(address owner) external view returns (uint256 balance); /** * @dev Returns the owner of the `tokenId` token. * * Requirements: * * - `tokenId` must exist. */ function ownerOf(uint256 tokenId) external view returns (address owner); /** * @dev Safely transfers `tokenId` token from `from` to `to`, checking first that contract recipients * are aware of the ERC721 protocol to prevent tokens from being forever locked. * * Requirements: * * - `from` cannot be the zero address. * - `to` cannot be the zero address. * - `tokenId` token must exist and be owned by `from`. * - If the caller is not `from`, it must be have been allowed to move this token by either {approve} or {setApprovalForAll}. * - If `to` refers to a smart contract, it must implement {IERC721Receiver-onERC721Received}, which is called upon a safe transfer. * * Emits a {Transfer} event. */ function safeTransferFrom( address from, address to, uint256 tokenId ) external; /** * @dev Transfers `tokenId` token from `from` to `to`. * * WARNING: Usage of this method is discouraged, use {safeTransferFrom} whenever possible. * * Requirements: * * - `from` cannot be the zero address. * - `to` cannot be the zero address. * - `tokenId` token must be owned by `from`. * - If the caller is not `from`, it must be approved to move this token by either {approve} or {setApprovalForAll}. * * Emits a {Transfer} event. */ function transferFrom( address from, address to, uint256 tokenId ) external; /** * @dev Gives permission to `to` to transfer `tokenId` token to another account. * The approval is cleared when the token is transferred. * * Only a single account can be approved at a time, so approving the zero address clears previous approvals. * * Requirements: * * - The caller must own the token or be an approved operator. * - `tokenId` must exist. * * Emits an {Approval} event. */ function approve(address to, uint256 tokenId) external; /** * @dev Returns the account approved for `tokenId` token. * * Requirements: * * - `tokenId` must exist. */ function getApproved(uint256 tokenId) external view returns (address operator); /** * @dev Approve or remove `operator` as an operator for the caller. * Operators can call {transferFrom} or {safeTransferFrom} for any token owned by the caller. * * Requirements: * * - The `operator` cannot be the caller. * * Emits an {ApprovalForAll} event. */ function setApprovalForAll(address operator, bool _approved) external; /** * @dev Returns if the `operator` is allowed to manage all of the assets of `owner`. * * See {setApprovalForAll} */ function isApprovedForAll(address owner, address operator) external view returns (bool); /** * @dev Safely transfers `tokenId` token from `from` to `to`. * * Requirements: * * - `from` cannot be the zero address. * - `to` cannot be the zero address. * - `tokenId` token must exist and be owned by `from`. * - If the caller is not `from`, it must be approved to move this token by either {approve} or {setApprovalForAll}. * - If `to` refers to a smart contract, it must implement {IERC721Receiver-onERC721Received}, which is called upon a safe transfer. * * Emits a {Transfer} event. */ function safeTransferFrom( address from, address to, uint256 tokenId, bytes calldata data ) external; } /** * @title ERC-721 Non-Fungible Token Standard, optional enumeration extension * @dev See https://eips.ethereum.org/EIPS/eip-721 */ interface IERC721Enumerable is IERC721 { /** * @dev Returns the total amount of tokens stored by the contract. */ function totalSupply() external view returns (uint256); /** * @dev Returns a token ID owned by `owner` at a given `index` of its token list. * Use along with {balanceOf} to enumerate all of ``owner``'s tokens. */ function tokenOfOwnerByIndex(address owner, uint256 index) external view returns (uint256); /** * @dev Returns a token ID at a given `index` of all the tokens stored by the contract. * Use along with {totalSupply} to enumerate all tokens. */ function tokenByIndex(uint256 index) external view returns (uint256); } interface ILUSDToken is IERC20 { // --- Events --- event TroveManagerAddressChanged(address _troveManagerAddress); event StabilityPoolAddressChanged(address _newStabilityPoolAddress); event BorrowerOperationsAddressChanged(address _newBorrowerOperationsAddress); event LUSDTokenBalanceUpdated(address _user, uint _amount); // --- Functions --- function mint(address _account, uint256 _amount) external; function burn(address _account, uint256 _amount) external; function sendToPool(address _sender, address poolAddress, uint256 _amount) external; function returnFromPool(address poolAddress, address user, uint256 _amount ) external; function permit( address owner, address spender, uint256 value, uint256 deadline, uint8 v, bytes32 r, bytes32 s ) external; } interface IBLUSDToken is IERC20 { function mint(address _to, uint256 _bLUSDAmount) external; function burn(address _from, uint256 _bLUSDAmount) external; } interface ICurvePool is IERC20 { function add_liquidity(uint256[2] memory _amounts, uint256 _min_mint_amount) external returns (uint256 mint_amount); function remove_liquidity(uint256 burn_amount, uint256[2] memory _min_amounts) external; function remove_liquidity_one_coin(uint256 _burn_amount, int128 i, uint256 _min_received) external; function exchange(int128 i, int128 j, uint256 dx, uint256 min_dy, address _receiver) external returns (uint256); function exchange_underlying(int128 i, int128 j, uint256 dx, uint256 min_dy, address _receiver) external returns (uint256); function calc_withdraw_one_coin(uint256 _burn_amount, int128 i) external view returns (uint256); function calc_token_amount(uint256[2] memory _amounts, bool _is_deposit) external view returns (uint256); function balances(uint256 arg0) external view returns (uint256); function token() external view returns (address); function totalSupply() external view returns (uint256); function get_dy(int128 i,int128 j, uint256 dx) external view returns (uint256); function get_dy_underlying(int128 i,int128 j, uint256 dx) external view returns (uint256); function get_virtual_price() external view returns (uint256); function fee() external view returns (uint256); function D() external returns (uint256); function future_A_gamma_time() external returns (uint256); } interface IYearnVault is IERC20 { function deposit(uint256 _tokenAmount) external returns (uint256); function withdraw(uint256 _tokenAmount) external returns (uint256); function lastReport() external view returns (uint256); function totalDebt() external view returns (uint256); function calcTokenToYToken(uint256 _tokenAmount) external pure returns (uint256); function token() external view returns (address); function availableDepositLimit() external view returns (uint256); function pricePerShare() external view returns (uint256); function name() external view returns (string memory); function setDepositLimit(uint256 limit) external; function withdrawalQueue(uint256) external returns (address); } interface IBAMM { function deposit(uint256 lusdAmount) external; function withdraw(uint256 lusdAmount, address to) external; function swap(uint lusdAmount, uint minEthReturn, address payable dest) external returns(uint); function getSwapEthAmount(uint lusdQty) external view returns(uint ethAmount, uint feeLusdAmount); function getLUSDValue() external view returns (uint256, uint256, uint256); function setChicken(address _chicken) external; } interface IChickenBondManager { // Valid values for `status` returned by `getBondData()` enum BondStatus { nonExistent, active, chickenedOut, chickenedIn } function lusdToken() external view returns (ILUSDToken); function bLUSDToken() external view returns (IBLUSDToken); function curvePool() external view returns (ICurvePool); function bammSPVault() external view returns (IBAMM); function yearnCurveVault() external view returns (IYearnVault); // constants function INDEX_OF_LUSD_TOKEN_IN_CURVE_POOL() external pure returns (int128); function createBond(uint256 _lusdAmount) external returns (uint256); function createBondWithPermit( address owner, uint256 amount, uint256 deadline, uint8 v, bytes32 r, bytes32 s ) external returns (uint256); function chickenOut(uint256 _bondID, uint256 _minLUSD) external; function chickenIn(uint256 _bondID) external; function redeem(uint256 _bLUSDToRedeem, uint256 _minLUSDFromBAMMSPVault) external returns (uint256, uint256); // getters function calcRedemptionFeePercentage(uint256 _fractionOfBLUSDToRedeem) external view returns (uint256); function getBondData(uint256 _bondID) external view returns (uint256 lusdAmount, uint64 claimedBLUSD, uint64 startTime, uint64 endTime, uint8 status); function getLUSDToAcquire(uint256 _bondID) external view returns (uint256); function calcAccruedBLUSD(uint256 _bondID) external view returns (uint256); function calcBondBLUSDCap(uint256 _bondID) external view returns (uint256); function getLUSDInBAMMSPVault() external view returns (uint256); function calcTotalYearnCurveVaultShareValue() external view returns (uint256); function calcTotalLUSDValue() external view returns (uint256); function getPendingLUSD() external view returns (uint256); function getAcquiredLUSDInSP() external view returns (uint256); function getAcquiredLUSDInCurve() external view returns (uint256); function getTotalAcquiredLUSD() external view returns (uint256); function getPermanentLUSD() external view returns (uint256); function getOwnedLUSDInSP() external view returns (uint256); function getOwnedLUSDInCurve() external view returns (uint256); function calcSystemBackingRatio() external view returns (uint256); function calcUpdatedAccrualParameter() external view returns (uint256); function getBAMMLUSDDebt() external view returns (uint256); } interface IBondNFT is IERC721Enumerable { struct BondExtraData { uint80 initialHalfDna; uint80 finalHalfDna; uint32 troveSize; // Debt in LUSD uint32 lqtyAmount; // Holding LQTY, staking or deposited into Pickle uint32 curveGaugeSlopes; // For 3CRV and Frax pools combined } function mint(address _bonder, uint256 _permanentSeed) external returns (uint256, uint80); function setFinalExtraData(address _bonder, uint256 _tokenID, uint256 _permanentSeed) external returns (uint80); function chickenBondManager() external view returns (IChickenBondManager); function getBondAmount(uint256 _tokenID) external view returns (uint256 amount); function getBondStartTime(uint256 _tokenID) external view returns (uint256 startTime); function getBondEndTime(uint256 _tokenID) external view returns (uint256 endTime); function getBondInitialHalfDna(uint256 _tokenID) external view returns (uint80 initialHalfDna); function getBondInitialDna(uint256 _tokenID) external view returns (uint256 initialDna); function getBondFinalHalfDna(uint256 _tokenID) external view returns (uint80 finalHalfDna); function getBondFinalDna(uint256 _tokenID) external view returns (uint256 finalDna); function getBondStatus(uint256 _tokenID) external view returns (uint8 status); function getBondExtraData(uint256 _tokenID) external view returns (uint80 initialHalfDna, uint80 finalHalfDna, uint32 troveSize, uint32 lqtyAmount, uint32 curveGaugeSlopes); } interface IYearnRegistry { function latestVault(address _tokenAddress) external returns (address); } interface ICurveLiquidityGaugeV5 is IERC20 { // Public state getters function reward_data(address _reward_token) external returns ( address token, address distributor, uint256 period_finish, uint256 rate, uint256 last_update, uint256 integral ); // User-facing functions function deposit(uint256 _value) external; function deposit(uint256 _value, address _addr) external; function deposit(uint256 _value, address _addr, bool _claim_rewards) external; function withdraw(uint256 _value) external; function withdraw(uint256 _value, bool _claim_rewards) external; function claim_rewards() external; function claim_rewards(address _addr) external; function claim_rewards(address _addr, address _receiver) external; function user_checkpoint(address addr) external returns (bool); function set_rewards_receiver(address _receiver) external; function kick(address addr) external; // Admin functions function deposit_reward_token(address _reward_token, uint256 _amount) external; function add_reward(address _reward_token, address _distributor) external; function set_reward_distributor(address _reward_token, address _distributor) external; function set_killed(bool _is_killed) external; // View methods function claimed_reward(address _addr, address _token) external view returns (uint256); function claimable_reward(address _user, address _reward_token) external view returns (uint256); function claimable_tokens(address addr) external view returns (uint256); function integrate_checkpoint() external view returns (uint256); function future_epoch_time() external view returns (uint256); function inflation_rate() external view returns (uint256); function version() external view returns (string memory); } // import "forge-std/console.sol"; contract ChickenBondManager is ChickenMath, IChickenBondManager { // ChickenBonds contracts and addresses IBondNFT immutable public bondNFT; IBLUSDToken immutable public bLUSDToken; ILUSDToken immutable public lusdToken; // External contracts and addresses ICurvePool immutable public curvePool; // LUSD meta-pool (i.e. coin 0 is LUSD, coin 1 is LP token from a base pool) ICurvePool immutable public curveBasePool; // base pool of curvePool IBAMM immutable public bammSPVault; // B.Protocol Stability Pool vault IYearnVault immutable public yearnCurveVault; IYearnRegistry immutable public yearnRegistry; ICurveLiquidityGaugeV5 immutable public curveLiquidityGauge; address immutable public yearnGovernanceAddress; uint256 immutable public CHICKEN_IN_AMM_FEE; uint256 private pendingLUSD; // Total pending LUSD. It will always be in SP (B.Protocol) uint256 private permanentLUSD; // Total permanent LUSD uint256 private bammLUSDDebt; // Amount “owed” by B.Protocol to ChickenBonds, equals deposits - withdrawals + rewards uint256 public yTokensHeldByCBM; // Computed balance of Y-tokens of LUSD-3CRV vault owned by this contract // (to prevent certain attacks where attacker increases the balance and thus the backing ratio) // --- Data structures --- struct ExternalAdresses { address bondNFTAddress; address lusdTokenAddress; address curvePoolAddress; address curveBasePoolAddress; address bammSPVaultAddress; address yearnCurveVaultAddress; address yearnRegistryAddress; address yearnGovernanceAddress; address bLUSDTokenAddress; address curveLiquidityGaugeAddress; } struct Params { uint256 targetAverageAgeSeconds; // Average outstanding bond age above which the controller will adjust `accrualParameter` in order to speed up accrual uint256 initialAccrualParameter; // Initial value for `accrualParameter` uint256 minimumAccrualParameter; // Stop adjusting `accrualParameter` when this value is reached uint256 accrualAdjustmentRate; // `accrualParameter` is multiplied `1 - accrualAdjustmentRate` every time there's an adjustment uint256 accrualAdjustmentPeriodSeconds; // The duration of an adjustment period in seconds uint256 chickenInAMMFee; // Fraction of bonded amount that is sent to Curve Liquidity Gauge to incentivize LUSD-bLUSD liquidity uint256 curveDepositDydxThreshold; // Threshold of SP => Curve shifting uint256 curveWithdrawalDxdyThreshold; // Threshold of Curve => SP shifting uint256 bootstrapPeriodChickenIn; // Min duration of first chicken-in uint256 bootstrapPeriodRedeem; // Redemption lock period after first chicken in uint256 bootstrapPeriodShift; // Period after launch during which shifter functions are disabled uint256 shifterDelay; // Duration of shifter countdown uint256 shifterWindow; // Interval in which shifting is possible after countdown finishes uint256 minBLUSDSupply; // Minimum amount of bLUSD supply that must remain after a redemption uint256 minBondAmount; // Minimum amount of LUSD that needs to be bonded uint256 nftRandomnessDivisor; // Divisor for permanent LUSD amount in NFT pseudo-randomness computation (see comment below) uint256 redemptionFeeBeta; // Parameter by which to divide the redeemed fraction, in order to calculate the new base rate from a redemption uint256 redemptionFeeMinuteDecayFactor; // Factor by which redemption fee decays (exponentially) every minute } struct BondData { uint256 lusdAmount; uint64 claimedBLUSD; // In BLUSD units without decimals uint64 startTime; uint64 endTime; // Timestamp of chicken in/out event BondStatus status; } uint256 public firstChickenInTime; // Timestamp of the first chicken in after bLUSD supply is zero uint256 public totalWeightedStartTimes; // Sum of `lusdAmount * startTime` for all outstanding bonds (used to tell weighted average bond age) uint256 public lastRedemptionTime; // The timestamp of the latest redemption uint256 public baseRedemptionRate; // The latest base redemption rate mapping (uint256 => BondData) private idToBondData; /* migration: flag which determines whether the system is in migration mode. When migration mode has been triggered: - No funds are held in the permanent bucket. Liquidity is either pending, or acquired - Bond creation and public shifter functions are disabled - Users with an existing bond may still chicken in or out - Chicken-ins will no longer send the LUSD surplus to the permanent bucket. Instead, they refund the surplus to the bonder - bLUSD holders may still redeem - Redemption fees are zero */ bool public migration; uint256 public countChickenIn; uint256 public countChickenOut; // --- Constants --- uint256 constant MAX_UINT256 = type(uint256).max; int128 public constant INDEX_OF_LUSD_TOKEN_IN_CURVE_POOL = 0; int128 constant INDEX_OF_3CRV_TOKEN_IN_CURVE_POOL = 1; uint256 constant public SECONDS_IN_ONE_MINUTE = 60; uint256 public immutable BOOTSTRAP_PERIOD_CHICKEN_IN; // Min duration of first chicken-in uint256 public immutable BOOTSTRAP_PERIOD_REDEEM; // Redemption lock period after first chicken in uint256 public immutable BOOTSTRAP_PERIOD_SHIFT; // Period after launch during which shifter functions are disabled uint256 public immutable SHIFTER_DELAY; // Duration of shifter countdown uint256 public immutable SHIFTER_WINDOW; // Interval in which shifting is possible after countdown finishes uint256 public immutable MIN_BLUSD_SUPPLY; // Minimum amount of bLUSD supply that must remain after a redemption uint256 public immutable MIN_BOND_AMOUNT; // Minimum amount of LUSD that needs to be bonded // This is the minimum amount the permanent bucket needs to be increased by an attacker (through previous chicken in or redemption fee), // in order to manipulate the obtained NFT. If the attacker finds the desired outcome at attempt N, // the permanent increase should be N * NFT_RANDOMNESS_DIVISOR. // It also means that as long as Permanent doesn’t change in that order of magnitude, attacker can try to manipulate // only changing the event date. uint256 public immutable NFT_RANDOMNESS_DIVISOR; /* * BETA: 18 digit decimal. Parameter by which to divide the redeemed fraction, in order to calc the new base rate from a redemption. * Corresponds to (1 / ALPHA) in the Liquity white paper. */ uint256 public immutable BETA; uint256 public immutable MINUTE_DECAY_FACTOR; uint256 constant CURVE_FEE_DENOMINATOR = 1e10; // Thresholds of SP <=> Curve shifting uint256 public immutable curveDepositLUSD3CRVExchangeRateThreshold; uint256 public immutable curveWithdrawal3CRVLUSDExchangeRateThreshold; // Timestamp at which the last shifter countdown started uint256 public lastShifterCountdownStartTime; // --- Accrual control variables --- // `block.timestamp` of the block in which this contract was deployed. uint256 public immutable deploymentTimestamp; // Average outstanding bond age above which the controller will adjust `accrualParameter` in order to speed up accrual. uint256 public immutable targetAverageAgeSeconds; // Stop adjusting `accrualParameter` when this value is reached. uint256 public immutable minimumAccrualParameter; // Number between 0 and 1. `accrualParameter` is multiplied by this every time there's an adjustment. uint256 public immutable accrualAdjustmentMultiplier; // The duration of an adjustment period in seconds. The controller performs at most one adjustment per every period. uint256 public immutable accrualAdjustmentPeriodSeconds; // The number of seconds it takes to accrue 50% of the cap, represented as an 18 digit fixed-point number. uint256 public accrualParameter; // Counts the number of adjustment periods since deployment. // Updated by operations that change the average outstanding bond age (createBond, chickenIn, chickenOut). // Used by `_calcUpdatedAccrualParameter` to tell whether it's time to perform adjustments, and if so, how many times // (in case the time elapsed since the last adjustment is more than one adjustment period). uint256 public accrualAdjustmentPeriodCount; // --- Events --- event BaseRedemptionRateUpdated(uint256 _baseRedemptionRate); event LastRedemptionTimeUpdated(uint256 _lastRedemptionFeeOpTime); event BondCreated(address indexed bonder, uint256 bondId, uint256 amount, uint80 bondInitialHalfDna); event BondClaimed( address indexed bonder, uint256 bondId, uint256 lusdAmount, uint256 bLusdAmount, uint256 lusdSurplus, uint256 chickenInFeeAmount, bool migration, uint80 bondFinalHalfDna ); event BondCancelled(address indexed bonder, uint256 bondId, uint256 principalLusdAmount, uint256 minLusdAmount, uint256 withdrawnLusdAmount, uint80 bondFinalHalfDna); event BLUSDRedeemed(address indexed redeemer, uint256 bLusdAmount, uint256 minLusdAmount, uint256 lusdAmount, uint256 yTokens, uint256 redemptionFee); event MigrationTriggered(uint256 previousPermanentLUSD); event AccrualParameterUpdated(uint256 accrualParameter); // --- Constructor --- constructor ( ExternalAdresses memory _externalContractAddresses, // to avoid stack too deep issues Params memory _params ) { bondNFT = IBondNFT(_externalContractAddresses.bondNFTAddress); lusdToken = ILUSDToken(_externalContractAddresses.lusdTokenAddress); bLUSDToken = IBLUSDToken(_externalContractAddresses.bLUSDTokenAddress); curvePool = ICurvePool(_externalContractAddresses.curvePoolAddress); curveBasePool = ICurvePool(_externalContractAddresses.curveBasePoolAddress); bammSPVault = IBAMM(_externalContractAddresses.bammSPVaultAddress); yearnCurveVault = IYearnVault(_externalContractAddresses.yearnCurveVaultAddress); yearnRegistry = IYearnRegistry(_externalContractAddresses.yearnRegistryAddress); yearnGovernanceAddress = _externalContractAddresses.yearnGovernanceAddress; deploymentTimestamp = block.timestamp; targetAverageAgeSeconds = _params.targetAverageAgeSeconds; accrualParameter = _params.initialAccrualParameter; minimumAccrualParameter = _params.minimumAccrualParameter; require(minimumAccrualParameter > 0, "CBM: Min accrual parameter cannot be zero"); accrualAdjustmentMultiplier = 1e18 - _params.accrualAdjustmentRate; accrualAdjustmentPeriodSeconds = _params.accrualAdjustmentPeriodSeconds; curveLiquidityGauge = ICurveLiquidityGaugeV5(_externalContractAddresses.curveLiquidityGaugeAddress); CHICKEN_IN_AMM_FEE = _params.chickenInAMMFee; uint256 fee = curvePool.fee(); // This is practically immutable (can only be set once, in `initialize()`) // By exchange rate, we mean the rate at which Curve exchanges LUSD <=> $ value of 3CRV (at the virtual price), // which is reduced by the fee. // For convenience, we want to parameterize our thresholds in terms of the spot prices -dy/dx & -dx/dy, // which are not exposed by Curve directly. Instead, we turn our thresholds into thresholds on the exchange rate // by taking into account the fee. curveDepositLUSD3CRVExchangeRateThreshold = _params.curveDepositDydxThreshold * (CURVE_FEE_DENOMINATOR - fee) / CURVE_FEE_DENOMINATOR; curveWithdrawal3CRVLUSDExchangeRateThreshold = _params.curveWithdrawalDxdyThreshold * (CURVE_FEE_DENOMINATOR - fee) / CURVE_FEE_DENOMINATOR; BOOTSTRAP_PERIOD_CHICKEN_IN = _params.bootstrapPeriodChickenIn; BOOTSTRAP_PERIOD_REDEEM = _params.bootstrapPeriodRedeem; BOOTSTRAP_PERIOD_SHIFT = _params.bootstrapPeriodShift; SHIFTER_DELAY = _params.shifterDelay; SHIFTER_WINDOW = _params.shifterWindow; MIN_BLUSD_SUPPLY = _params.minBLUSDSupply; require(_params.minBondAmount > 0, "CBM: MIN BOND AMOUNT parameter cannot be zero"); // We can still use 1e-18 MIN_BOND_AMOUNT = _params.minBondAmount; NFT_RANDOMNESS_DIVISOR = _params.nftRandomnessDivisor; BETA = _params.redemptionFeeBeta; MINUTE_DECAY_FACTOR = _params.redemptionFeeMinuteDecayFactor; // TODO: Decide between one-time infinite LUSD approval to Yearn and Curve (lower gas cost per user tx, less secure // or limited approval at each bonder action (higher gas cost per user tx, more secure) lusdToken.approve(address(bammSPVault), MAX_UINT256); lusdToken.approve(address(curvePool), MAX_UINT256); curvePool.approve(address(yearnCurveVault), MAX_UINT256); lusdToken.approve(address(curveLiquidityGauge), MAX_UINT256); // Check that the system is hooked up to the correct latest Yearn vault assert(address(yearnCurveVault) == yearnRegistry.latestVault(address(curvePool))); } // --- User-facing functions --- function createBond(uint256 _lusdAmount) public returns (uint256) { _requireMinBond(_lusdAmount); _requireMigrationNotActive(); _updateAccrualParameter(); // Mint the bond NFT to the caller and get the bond ID (uint256 bondID, uint80 initialHalfDna) = bondNFT.mint(msg.sender, permanentLUSD / NFT_RANDOMNESS_DIVISOR); //Record the user’s bond data: bond_amount and start_time BondData memory bondData; bondData.lusdAmount = _lusdAmount; bondData.startTime = uint64(block.timestamp); bondData.status = BondStatus.active; idToBondData[bondID] = bondData; pendingLUSD += _lusdAmount; totalWeightedStartTimes += _lusdAmount * block.timestamp; lusdToken.transferFrom(msg.sender, address(this), _lusdAmount); // Deposit the LUSD to the B.Protocol LUSD vault _depositToBAMM(_lusdAmount); emit BondCreated(msg.sender, bondID, _lusdAmount, initialHalfDna); return bondID; } function createBondWithPermit( address owner, uint256 amount, uint256 deadline, uint8 v, bytes32 r, bytes32 s ) external returns (uint256) { // LCB-10: don't call permit if the user already has the required amount permitted if (lusdToken.allowance(owner, address(this)) < amount) { lusdToken.permit(owner, address(this), amount, deadline, v, r, s); } return createBond(amount); } function chickenOut(uint256 _bondID, uint256 _minLUSD) external { BondData memory bond = idToBondData[_bondID]; _requireCallerOwnsBond(_bondID); _requireActiveStatus(bond.status); _updateAccrualParameter(); idToBondData[_bondID].status = BondStatus.chickenedOut; idToBondData[_bondID].endTime = uint64(block.timestamp); uint80 newDna = bondNFT.setFinalExtraData(msg.sender, _bondID, permanentLUSD / NFT_RANDOMNESS_DIVISOR); countChickenOut += 1; pendingLUSD -= bond.lusdAmount; totalWeightedStartTimes -= bond.lusdAmount * bond.startTime; /* In practice, there could be edge cases where the pendingLUSD is not fully backed: * - Heavy liquidations, and before yield has been converted * - Heavy loss-making liquidations, i.e. at <100% CR * - SP or B.Protocol vault hack that drains LUSD * * The user can decide how to handle chickenOuts if/when the recorded pendingLUSD is not fully backed by actual * LUSD in B.Protocol / the SP, by adjusting _minLUSD */ uint256 lusdToWithdraw = _requireEnoughLUSDInBAMM(bond.lusdAmount, _minLUSD); // Withdraw from B.Protocol LUSD vault _withdrawFromBAMM(lusdToWithdraw, msg.sender); emit BondCancelled(msg.sender, _bondID, bond.lusdAmount, _minLUSD, lusdToWithdraw, newDna); } // transfer _lusdToTransfer to the LUSD/bLUSD AMM LP Rewards staking contract function _transferToRewardsStakingContract(uint256 _lusdToTransfer) internal { uint256 lusdBalanceBefore = lusdToken.balanceOf(address(this)); curveLiquidityGauge.deposit_reward_token(address(lusdToken), _lusdToTransfer); assert(lusdBalanceBefore - lusdToken.balanceOf(address(this)) == _lusdToTransfer); } function _withdrawFromSPVaultAndTransferToRewardsStakingContract(uint256 _lusdAmount) internal { // Pull the LUSD amount from B.Protocol LUSD vault _withdrawFromBAMM(_lusdAmount, address(this)); // Deposit in rewards contract _transferToRewardsStakingContract(_lusdAmount); } /* Divert acquired yield to LUSD/bLUSD AMM LP rewards staking contract * It happens on the very first chicken in event of the system, or any time that redemptions deplete bLUSD total supply to zero * Assumption: When there have been no chicken ins since the bLUSD supply was set to 0 (either due to system deployment, or full bLUSD redemption), * all acquired LUSD must necessarily be pure yield. */ function _firstChickenIn(uint256 _bondStartTime, uint256 _bammLUSDValue, uint256 _lusdInBAMMSPVault) internal returns (uint256) { //assert(!migration); // we leave it as a comment so we can uncomment it for automated testing tools require(block.timestamp >= _bondStartTime + BOOTSTRAP_PERIOD_CHICKEN_IN, "CBM: First chicken in must wait until bootstrap period is over"); firstChickenInTime = block.timestamp; ( uint256 acquiredLUSDInSP, /* uint256 acquiredLUSDInCurve */, /* uint256 ownedLUSDInSP */, /* uint256 ownedLUSDInCurve */, /* uint256 permanentLUSDCached */ ) = _getLUSDSplit(_bammLUSDValue); // Make sure that LUSD available in B.Protocol is at least as much as acquired // If first chicken in happens after an scenario of heavy liquidations and before ETH has been sold by B.Protocol // so that there’s not enough LUSD available in B.Protocol to transfer all the acquired bucket to the staking contract, // the system would start with a backing ratio greater than 1 require(_lusdInBAMMSPVault >= acquiredLUSDInSP, "CBM: Not enough LUSD available in B.Protocol"); // From SP Vault if (acquiredLUSDInSP > 0) { _withdrawFromSPVaultAndTransferToRewardsStakingContract(acquiredLUSDInSP); } return _lusdInBAMMSPVault - acquiredLUSDInSP; } function chickenIn(uint256 _bondID) external { BondData memory bond = idToBondData[_bondID]; _requireCallerOwnsBond(_bondID); _requireActiveStatus(bond.status); uint256 updatedAccrualParameter = _updateAccrualParameter(); (uint256 bammLUSDValue, uint256 lusdInBAMMSPVault) = _updateBAMMDebt(); (uint256 chickenInFeeAmount, uint256 bondAmountMinusChickenInFee) = _getBondWithChickenInFeeApplied(bond.lusdAmount); /* Upon the first chicken-in after a) system deployment or b) redemption of the full bLUSD supply, divert * any earned yield to the bLUSD-LUSD AMM for fairness. * * This is not done in migration mode since there is no need to send rewards to the staking contract. */ if (bLUSDToken.totalSupply() == 0 && !migration) { lusdInBAMMSPVault = _firstChickenIn(bond.startTime, bammLUSDValue, lusdInBAMMSPVault); } // Get the LUSD amount to acquire from the bond in proportion to the system's current backing ratio, in order to maintain said ratio. uint256 lusdToAcquire = _calcAccruedAmount(bond.startTime, bondAmountMinusChickenInFee, updatedAccrualParameter); // Get backing ratio and accrued bLUSD uint256 backingRatio = _calcSystemBackingRatioFromBAMMValue(bammLUSDValue); uint256 accruedBLUSD = lusdToAcquire * 1e18 / backingRatio; idToBondData[_bondID].claimedBLUSD = uint64(Math.min(accruedBLUSD / 1e18, type(uint64).max)); // to units and uint64 idToBondData[_bondID].status = BondStatus.chickenedIn; idToBondData[_bondID].endTime = uint64(block.timestamp); uint80 newDna = bondNFT.setFinalExtraData(msg.sender, _bondID, permanentLUSD / NFT_RANDOMNESS_DIVISOR); countChickenIn += 1; // Subtract the bonded amount from the total pending LUSD (and implicitly increase the total acquired LUSD) pendingLUSD -= bond.lusdAmount; totalWeightedStartTimes -= bond.lusdAmount * bond.startTime; // Get the remaining surplus from the LUSD amount to acquire from the bond uint256 lusdSurplus = bondAmountMinusChickenInFee - lusdToAcquire; // Handle the surplus LUSD from the chicken-in: if (!migration) { // In normal mode, add the surplus to the permanent bucket by increasing the permament tracker. This implicitly decreases the acquired LUSD. permanentLUSD += lusdSurplus; } else { // In migration mode, withdraw surplus from B.Protocol and refund to bonder // TODO: should we allow to pass in a minimum value here too? (,lusdInBAMMSPVault,) = bammSPVault.getLUSDValue(); uint256 lusdToRefund = Math.min(lusdSurplus, lusdInBAMMSPVault); if (lusdToRefund > 0) { _withdrawFromBAMM(lusdToRefund, msg.sender); } } bLUSDToken.mint(msg.sender, accruedBLUSD); // Transfer the chicken in fee to the LUSD/bLUSD AMM LP Rewards staking contract during normal mode. if (!migration && lusdInBAMMSPVault >= chickenInFeeAmount) { _withdrawFromSPVaultAndTransferToRewardsStakingContract(chickenInFeeAmount); } emit BondClaimed(msg.sender, _bondID, bond.lusdAmount, accruedBLUSD, lusdSurplus, chickenInFeeAmount, migration, newDna); } function redeem(uint256 _bLUSDToRedeem, uint256 _minLUSDFromBAMMSPVault) external returns (uint256, uint256) { _requireNonZeroAmount(_bLUSDToRedeem); _requireRedemptionNotDepletingbLUSD(_bLUSDToRedeem); require(block.timestamp >= firstChickenInTime + BOOTSTRAP_PERIOD_REDEEM, "CBM: Redemption after first chicken in must wait until bootstrap period is over"); ( uint256 acquiredLUSDInSP, uint256 acquiredLUSDInCurve, /* uint256 ownedLUSDInSP */, uint256 ownedLUSDInCurve, uint256 permanentLUSDCached ) = _getLUSDSplitAfterUpdatingBAMMDebt(); uint256 fractionOfBLUSDToRedeem = _bLUSDToRedeem * 1e18 / bLUSDToken.totalSupply(); // Calculate redemption fee. No fee in migration mode. uint256 redemptionFeePercentage = migration ? 0 : _updateRedemptionFeePercentage(fractionOfBLUSDToRedeem); // Will collect redemption fees from both buckets (in LUSD). uint256 redemptionFeeLUSD; // TODO: Both _requireEnoughLUSDInBAMM and _updateBAMMDebt call B.Protocol getLUSDValue, so it may be optmized // Calculate the LUSD to withdraw from LUSD vault, withdraw and send to redeemer. Move the fee to the permanent bucket. uint256 lusdToWithdrawFromSP; { // Block scoping to avoid stack too deep issues uint256 acquiredLUSDInSPToRedeem = acquiredLUSDInSP * fractionOfBLUSDToRedeem / 1e18; uint256 acquiredLUSDInSPToWithdraw = acquiredLUSDInSPToRedeem * (1e18 - redemptionFeePercentage) / 1e18; redemptionFeeLUSD += acquiredLUSDInSPToRedeem - acquiredLUSDInSPToWithdraw; lusdToWithdrawFromSP = _requireEnoughLUSDInBAMM(acquiredLUSDInSPToWithdraw, _minLUSDFromBAMMSPVault); if (lusdToWithdrawFromSP > 0) { _withdrawFromBAMM(lusdToWithdrawFromSP, msg.sender); } } // Send yTokens to the redeemer according to the proportion of owned LUSD in Curve that's being redeemed uint256 yTokensFromCurveVault; if (ownedLUSDInCurve > 0) { uint256 acquiredLUSDInCurveToRedeem = acquiredLUSDInCurve * fractionOfBLUSDToRedeem / 1e18; uint256 lusdToWithdrawFromCurve = acquiredLUSDInCurveToRedeem * (1e18 - redemptionFeePercentage) / 1e18; redemptionFeeLUSD += acquiredLUSDInCurveToRedeem - lusdToWithdrawFromCurve; yTokensFromCurveVault = yTokensHeldByCBM * lusdToWithdrawFromCurve / ownedLUSDInCurve; if (yTokensFromCurveVault > 0) { _transferFromCurve(msg.sender, yTokensFromCurveVault); } } // Move the fee to permanent. This implicitly removes it from the acquired bucket permanentLUSD = permanentLUSDCached + redemptionFeeLUSD; _requireNonZeroAmount(lusdToWithdrawFromSP + yTokensFromCurveVault); // Burn the redeemed bLUSD bLUSDToken.burn(msg.sender, _bLUSDToRedeem); emit BLUSDRedeemed(msg.sender, _bLUSDToRedeem, _minLUSDFromBAMMSPVault, lusdToWithdrawFromSP, yTokensFromCurveVault, redemptionFeeLUSD); return (lusdToWithdrawFromSP, yTokensFromCurveVault); } function shiftLUSDFromSPToCurve(uint256 _maxLUSDToShift) external { _requireShiftBootstrapPeriodEnded(); _requireMigrationNotActive(); _requireNonZeroBLUSDSupply(); _requireShiftWindowIsOpen(); (uint256 bammLUSDValue, uint256 lusdInBAMMSPVault) = _updateBAMMDebt(); uint256 lusdOwnedInBAMMSPVault = bammLUSDValue - pendingLUSD; uint256 totalLUSDInCurve = getTotalLUSDInCurve(); // it can happen due to profits from shifts or rounding errors: _requirePermanentGreaterThanCurve(totalLUSDInCurve); // Make sure pending bucket is not moved to Curve, so it can be withdrawn on chicken out uint256 clampedLUSDToShift = Math.min(_maxLUSDToShift, lusdOwnedInBAMMSPVault); // Make sure there’s enough LUSD available in B.Protocol clampedLUSDToShift = Math.min(clampedLUSDToShift, lusdInBAMMSPVault); // Make sure we don’t make Curve bucket greater than Permanent one with the shift // subtraction is safe per _requirePermanentGreaterThanCurve above clampedLUSDToShift = Math.min(clampedLUSDToShift, permanentLUSD - totalLUSDInCurve); _requireNonZeroAmount(clampedLUSDToShift); // Get the 3CRV virtual price only once, and use it for both initial and final check. // Adding LUSD liquidity to the meta-pool does not change 3CRV virtual price. uint256 _3crvVirtualPrice = curveBasePool.get_virtual_price(); uint256 initialExchangeRate = _getLUSD3CRVExchangeRate(_3crvVirtualPrice); require( initialExchangeRate > curveDepositLUSD3CRVExchangeRateThreshold, "CBM: LUSD:3CRV exchange rate must be over the deposit threshold before SP->Curve shift" ); // Withdram LUSD from B.Protocol _withdrawFromBAMM(clampedLUSDToShift, address(this)); // Deposit the received LUSD to Curve in return for LUSD3CRV-f tokens uint256 lusd3CRVBalanceBefore = curvePool.balanceOf(address(this)); /* TODO: Determine if we should pass a minimum amount of LP tokens to receive here. Seems infeasible to determinine the mininum on-chain from * Curve spot price / quantities, which are manipulable. */ curvePool.add_liquidity([clampedLUSDToShift, 0], 0); uint256 lusd3CRVBalanceDelta = curvePool.balanceOf(address(this)) - lusd3CRVBalanceBefore; // Deposit the received LUSD3CRV-f to Yearn Curve vault _depositToCurve(lusd3CRVBalanceDelta); // Do price check: ensure the SP->Curve shift has decreased the LUSD:3CRV exchange rate, but not into unprofitable territory uint256 finalExchangeRate = _getLUSD3CRVExchangeRate(_3crvVirtualPrice); require( finalExchangeRate < initialExchangeRate && finalExchangeRate >= curveDepositLUSD3CRVExchangeRateThreshold, "CBM: SP->Curve shift must decrease LUSD:3CRV exchange rate to a value above the deposit threshold" ); } function shiftLUSDFromCurveToSP(uint256 _maxLUSDToShift) external { _requireShiftBootstrapPeriodEnded(); _requireMigrationNotActive(); _requireNonZeroBLUSDSupply(); _requireShiftWindowIsOpen(); // We can’t shift more than what’s in Curve uint256 ownedLUSDInCurve = getTotalLUSDInCurve(); uint256 clampedLUSDToShift = Math.min(_maxLUSDToShift, ownedLUSDInCurve); _requireNonZeroAmount(clampedLUSDToShift); // Get the 3CRV virtual price only once, and use it for both initial and final check. // Removing LUSD liquidity from the meta-pool does not change 3CRV virtual price. uint256 _3crvVirtualPrice = curveBasePool.get_virtual_price(); uint256 initialExchangeRate = _get3CRVLUSDExchangeRate(_3crvVirtualPrice); // Here we're using the 3CRV:LUSD exchange rate (with 3CRV being valued at its virtual price), // which increases as LUSD price decreases, hence the direction of the inequality. require( initialExchangeRate > curveWithdrawal3CRVLUSDExchangeRateThreshold, "CBM: 3CRV:LUSD exchange rate must be above the withdrawal threshold before Curve->SP shift" ); // Convert yTokens to LUSD3CRV-f uint256 lusd3CRVBalanceBefore = curvePool.balanceOf(address(this)); // ownedLUSDInCurve > 0 implied by _requireNonZeroAmount(clampedLUSDToShift) uint256 yTokensToBurnFromCurveVault = yTokensHeldByCBM * clampedLUSDToShift / ownedLUSDInCurve; _withdrawFromCurve(yTokensToBurnFromCurveVault); uint256 lusd3CRVBalanceDelta = curvePool.balanceOf(address(this)) - lusd3CRVBalanceBefore; // Withdraw LUSD from Curve uint256 lusdBalanceBefore = lusdToken.balanceOf(address(this)); /* TODO: Determine if we should pass a minimum amount of LUSD to receive here. Seems infeasible to determinine the mininum on-chain from * Curve spot price / quantities, which are manipulable. */ curvePool.remove_liquidity_one_coin(lusd3CRVBalanceDelta, INDEX_OF_LUSD_TOKEN_IN_CURVE_POOL, 0); uint256 lusdBalanceDelta = lusdToken.balanceOf(address(this)) - lusdBalanceBefore; // Assertion should hold in principle. In practice, there is usually minor rounding error // assert(lusdBalanceDelta == _lusdToShift); // Deposit the received LUSD to B.Protocol LUSD vault _depositToBAMM(lusdBalanceDelta); // Ensure the Curve->SP shift has decreased the 3CRV:LUSD exchange rate, but not into unprofitable territory uint256 finalExchangeRate = _get3CRVLUSDExchangeRate(_3crvVirtualPrice); require( finalExchangeRate < initialExchangeRate && finalExchangeRate >= curveWithdrawal3CRVLUSDExchangeRateThreshold, "CBM: Curve->SP shift must increase 3CRV:LUSD exchange rate to a value above the withdrawal threshold" ); } // --- B.Protocol debt functions --- // If the actual balance of B.Protocol is higher than our internal accounting, // it means that B.Protocol has had gains (through sell of ETH or LQTY). // We account for those gains // If the balance was lower (which would mean losses), we expect them to be eventually recovered function _getInternalBAMMLUSDValue() internal view returns (uint256) { (, uint256 lusdInBAMMSPVault,) = bammSPVault.getLUSDValue(); return Math.max(bammLUSDDebt, lusdInBAMMSPVault); } // TODO: Should we make this one publicly callable, so that external getters can be up to date (by previously calling this)? // Returns the value updated function _updateBAMMDebt() internal returns (uint256, uint256) { (, uint256 lusdInBAMMSPVault,) = bammSPVault.getLUSDValue(); uint256 bammLUSDDebtCached = bammLUSDDebt; // If the actual balance of B.Protocol is higher than our internal accounting, // it means that B.Protocol has had gains (through sell of ETH or LQTY). // We account for those gains // If the balance was lower (which would mean losses), we expect them to be eventually recovered if (lusdInBAMMSPVault > bammLUSDDebtCached) { bammLUSDDebt = lusdInBAMMSPVault; return (lusdInBAMMSPVault, lusdInBAMMSPVault); } return (bammLUSDDebtCached, lusdInBAMMSPVault); } function _depositToBAMM(uint256 _lusdAmount) internal { bammSPVault.deposit(_lusdAmount); bammLUSDDebt += _lusdAmount; } function _withdrawFromBAMM(uint256 _lusdAmount, address _to) internal { bammSPVault.withdraw(_lusdAmount, _to); bammLUSDDebt -= _lusdAmount; } // @dev make sure this wrappers are always used instead of calling yearnCurveVault functions directyl, // otherwise the internal accounting would fail function _depositToCurve(uint256 _lusd3CRV) internal { uint256 yTokensBalanceBefore = yearnCurveVault.balanceOf(address(this)); yearnCurveVault.deposit(_lusd3CRV); uint256 yTokensBalanceDelta = yearnCurveVault.balanceOf(address(this)) - yTokensBalanceBefore; yTokensHeldByCBM += yTokensBalanceDelta; } function _withdrawFromCurve(uint256 _yTokensToSwap) internal { yearnCurveVault.withdraw(_yTokensToSwap); yTokensHeldByCBM -= _yTokensToSwap; } function _transferFromCurve(address _to, uint256 _yTokensToTransfer) internal { yearnCurveVault.transfer(_to, _yTokensToTransfer); yTokensHeldByCBM -= _yTokensToTransfer; } // --- Migration functionality --- /* Migration function callable one-time and only by Yearn governance. * Moves all permanent LUSD in Curve to the Curve acquired bucket. */ function activateMigration() external { _requireCallerIsYearnGovernance(); _requireMigrationNotActive(); migration = true; emit MigrationTriggered(permanentLUSD); // Zero the permament LUSD tracker. This implicitly makes all permament liquidity acquired (and redeemable) permanentLUSD = 0; } // --- Shifter countdown starter --- function startShifterCountdown() public { // First check that the previous delay and shifting window have passed require(block.timestamp >= lastShifterCountdownStartTime + SHIFTER_DELAY + SHIFTER_WINDOW, "CBM: Previous shift delay and window must have passed"); // Begin the new countdown from now lastShifterCountdownStartTime = block.timestamp; } // --- Fee share --- function sendFeeShare(uint256 _lusdAmount) external { _requireCallerIsYearnGovernance(); require(!migration, "CBM: Receive fee share only in normal mode"); // Move LUSD from caller to CBM and deposit to B.Protocol LUSD Vault lusdToken.transferFrom(yearnGovernanceAddress, address(this), _lusdAmount); _depositToBAMM(_lusdAmount); } // --- Helper functions --- function _getLUSD3CRVExchangeRate(uint256 _3crvVirtualPrice) internal view returns (uint256) { // Get the amount of 3CRV that would be received by swapping 1 LUSD (after deduction of fees) // If p_{LUSD:3CRV} is the price of LUSD quoted in 3CRV, then this returns p_{LUSD:3CRV} * (1 - fee) // as long as the pool is large enough so that 1 LUSD doesn't introduce significant slippage. uint256 dy = curvePool.get_dy(INDEX_OF_LUSD_TOKEN_IN_CURVE_POOL, INDEX_OF_3CRV_TOKEN_IN_CURVE_POOL, 1e18); return dy * _3crvVirtualPrice / 1e18; } function _get3CRVLUSDExchangeRate(uint256 _3crvVirtualPrice) internal view returns (uint256) { // Get the amount of LUSD that would be received by swapping 1 3CRV (after deduction of fees) // If p_{3CRV:LUSD} is the price of 3CRV quoted in LUSD, then this returns p_{3CRV:LUSD} * (1 - fee) // as long as the pool is large enough so that 1 3CRV doesn't introduce significant slippage. uint256 dy = curvePool.get_dy(INDEX_OF_3CRV_TOKEN_IN_CURVE_POOL, INDEX_OF_LUSD_TOKEN_IN_CURVE_POOL, 1e18); return dy * 1e18 / _3crvVirtualPrice; } // Calc decayed redemption rate function calcRedemptionFeePercentage(uint256 _fractionOfBLUSDToRedeem) public view returns (uint256) { uint256 minutesPassed = _minutesPassedSinceLastRedemption(); uint256 decayFactor = decPow(MINUTE_DECAY_FACTOR, minutesPassed); uint256 decayedBaseRedemptionRate = baseRedemptionRate * decayFactor / DECIMAL_PRECISION; // Increase redemption base rate with the new redeemed amount uint256 newBaseRedemptionRate = decayedBaseRedemptionRate + _fractionOfBLUSDToRedeem / BETA; newBaseRedemptionRate = Math.min(newBaseRedemptionRate, DECIMAL_PRECISION); // cap baseRate at a maximum of 100% //assert(newBaseRedemptionRate <= DECIMAL_PRECISION); // This is already enforced in the line above return newBaseRedemptionRate; } // Update the base redemption rate and the last redemption time (only if time passed >= decay interval. This prevents base rate griefing) function _updateRedemptionFeePercentage(uint256 _fractionOfBLUSDToRedeem) internal returns (uint256) { uint256 newBaseRedemptionRate = calcRedemptionFeePercentage(_fractionOfBLUSDToRedeem); baseRedemptionRate = newBaseRedemptionRate; emit BaseRedemptionRateUpdated(newBaseRedemptionRate); uint256 timePassed = block.timestamp - lastRedemptionTime; if (timePassed >= SECONDS_IN_ONE_MINUTE) { lastRedemptionTime = block.timestamp; emit LastRedemptionTimeUpdated(block.timestamp); } return newBaseRedemptionRate; } function _minutesPassedSinceLastRedemption() internal view returns (uint256) { return (block.timestamp - lastRedemptionTime) / SECONDS_IN_ONE_MINUTE; } function _getBondWithChickenInFeeApplied(uint256 _bondLUSDAmount) internal view returns (uint256, uint256) { // Apply zero fee in migration mode if (migration) {return (0, _bondLUSDAmount);} // Otherwise, apply the constant fee rate uint256 chickenInFeeAmount = _bondLUSDAmount * CHICKEN_IN_AMM_FEE / 1e18; uint256 bondAmountMinusChickenInFee = _bondLUSDAmount - chickenInFeeAmount; return (chickenInFeeAmount, bondAmountMinusChickenInFee); } function _getBondAmountMinusChickenInFee(uint256 _bondLUSDAmount) internal view returns (uint256) { (, uint256 bondAmountMinusChickenInFee) = _getBondWithChickenInFeeApplied(_bondLUSDAmount); return bondAmountMinusChickenInFee; } /* _calcAccruedAmount: internal getter for calculating accrued token amount for a given bond. * * This function is unit-agnostic. It can be used to calculate a bonder's accrrued bLUSD, or the LUSD that that the * CB system would acquire (i.e. receive to the acquired bucket) if the bond were Chickened In now. * * For the bonder, _capAmount is their bLUSD cap. * For the CB system, _capAmount is the LUSD bond amount (less the Chicken In fee). */ function _calcAccruedAmount(uint256 _startTime, uint256 _capAmount, uint256 _accrualParameter) internal view returns (uint256) { // All bonds have a non-zero creation timestamp, so return accrued sLQTY 0 if the startTime is 0 if (_startTime == 0) {return 0;} // Scale `bondDuration` up to an 18 digit fixed-point number. // This lets us add it to `accrualParameter`, which is also an 18-digit FP. uint256 bondDuration = 1e18 * (block.timestamp - _startTime); uint256 accruedAmount = _capAmount * bondDuration / (bondDuration + _accrualParameter); //assert(accruedAmount < _capAmount); // we leave it as a comment so we can uncomment it for automated testing tools return accruedAmount; } // Gauge the average (size-weighted) outstanding bond age and adjust accrual parameter if it's higher than our target. // If there's been more than one adjustment period since the last adjustment, perform multiple adjustments retroactively. function _calcUpdatedAccrualParameter( uint256 _storedAccrualParameter, uint256 _storedAccrualAdjustmentCount ) internal view returns ( uint256 updatedAccrualParameter, uint256 updatedAccrualAdjustmentPeriodCount ) { updatedAccrualAdjustmentPeriodCount = (block.timestamp - deploymentTimestamp) / accrualAdjustmentPeriodSeconds; if ( // There hasn't been enough time since the last update to warrant another update updatedAccrualAdjustmentPeriodCount == _storedAccrualAdjustmentCount || // or `accrualParameter` is already bottomed-out _storedAccrualParameter == minimumAccrualParameter || // or there are no outstanding bonds (avoid division by zero) pendingLUSD == 0 ) { return (_storedAccrualParameter, updatedAccrualAdjustmentPeriodCount); } uint256 averageStartTime = totalWeightedStartTimes / pendingLUSD; // We want to calculate the period when the average age will have reached or exceeded the // target average age, to be used later in a check against the actual current period. // // At any given timestamp `t`, the average age can be calculated as: // averageAge(t) = t - averageStartTime // // For any period `n`, the average age is evaluated at the following timestamp: // tSample(n) = deploymentTimestamp + n * accrualAdjustmentPeriodSeconds // // Hence we're looking for the smallest integer `n` such that: // averageAge(tSample(n)) >= targetAverageAgeSeconds // // If `n` is the smallest integer for which the above inequality stands, then: // averageAge(tSample(n - 1)) < targetAverageAgeSeconds // // Combining the two inequalities: // averageAge(tSample(n - 1)) < targetAverageAgeSeconds <= averageAge(tSample(n)) // // Substituting and rearranging: // 1. deploymentTimestamp + (n - 1) * accrualAdjustmentPeriodSeconds - averageStartTime // < targetAverageAgeSeconds // <= deploymentTimestamp + n * accrualAdjustmentPeriodSeconds - averageStartTime // // 2. (n - 1) * accrualAdjustmentPeriodSeconds // < averageStartTime + targetAverageAgeSeconds - deploymentTimestamp // <= n * accrualAdjustmentPeriodSeconds // // 3. n - 1 < (averageStartTime + targetAverageAgeSeconds - deploymentTimestamp) / accrualAdjustmentPeriodSeconds <= n // // Using equivalence `n = ceil(x) <=> n - 1 < x <= n` we arrive at: // n = ceil((averageStartTime + targetAverageAgeSeconds - deploymentTimestamp) / accrualAdjustmentPeriodSeconds) // // We can calculate `ceil(a / b)` using `Math.ceilDiv(a, b)`. uint256 adjustmentPeriodCountWhenTargetIsExceeded = Math.ceilDiv( averageStartTime + targetAverageAgeSeconds - deploymentTimestamp, accrualAdjustmentPeriodSeconds ); if (updatedAccrualAdjustmentPeriodCount < adjustmentPeriodCountWhenTargetIsExceeded) { // No adjustment needed; target average age hasn't been exceeded yet return (_storedAccrualParameter, updatedAccrualAdjustmentPeriodCount); } uint256 numberOfAdjustments = updatedAccrualAdjustmentPeriodCount - Math.max( _storedAccrualAdjustmentCount, adjustmentPeriodCountWhenTargetIsExceeded - 1 ); updatedAccrualParameter = Math.max( _storedAccrualParameter * decPow(accrualAdjustmentMultiplier, numberOfAdjustments) / 1e18, minimumAccrualParameter ); } function _updateAccrualParameter() internal returns (uint256) { uint256 storedAccrualParameter = accrualParameter; uint256 storedAccrualAdjustmentPeriodCount = accrualAdjustmentPeriodCount; (uint256 updatedAccrualParameter, uint256 updatedAccrualAdjustmentPeriodCount) = _calcUpdatedAccrualParameter(storedAccrualParameter, storedAccrualAdjustmentPeriodCount); if (updatedAccrualAdjustmentPeriodCount != storedAccrualAdjustmentPeriodCount) { accrualAdjustmentPeriodCount = updatedAccrualAdjustmentPeriodCount; if (updatedAccrualParameter != storedAccrualParameter) { accrualParameter = updatedAccrualParameter; emit AccrualParameterUpdated(updatedAccrualParameter); } } return updatedAccrualParameter; } // Internal getter for calculating the bond bLUSD cap based on bonded amount and backing ratio function _calcBondBLUSDCap(uint256 _bondedAmount, uint256 _backingRatio) internal pure returns (uint256) { // TODO: potentially refactor this - i.e. have a (1 / backingRatio) function for more precision return _bondedAmount * 1e18 / _backingRatio; } // --- 'require' functions function _requireCallerOwnsBond(uint256 _bondID) internal view { require(msg.sender == bondNFT.ownerOf(_bondID), "CBM: Caller must own the bond"); } function _requireActiveStatus(BondStatus status) internal pure { require(status == BondStatus.active, "CBM: Bond must be active"); } function _requireNonZeroAmount(uint256 _amount) internal pure { require(_amount > 0, "CBM: Amount must be > 0"); } function _requireNonZeroBLUSDSupply() internal view { require(bLUSDToken.totalSupply() > 0, "CBM: bLUSD Supply must be > 0 upon shifting"); } function _requireMinBond(uint256 _lusdAmount) internal view { require(_lusdAmount >= MIN_BOND_AMOUNT, "CBM: Bond minimum amount not reached"); } function _requireRedemptionNotDepletingbLUSD(uint256 _bLUSDToRedeem) internal view { if (!migration) { //require(_bLUSDToRedeem < bLUSDTotalSupply, "CBM: Cannot redeem total supply"); require(_bLUSDToRedeem + MIN_BLUSD_SUPPLY <= bLUSDToken.totalSupply(), "CBM: Cannot redeem below min supply"); } } function _requireMigrationNotActive() internal view { require(!migration, "CBM: Migration must be not be active"); } function _requireCallerIsYearnGovernance() internal view { require(msg.sender == yearnGovernanceAddress, "CBM: Only Yearn Governance can call"); } function _requireEnoughLUSDInBAMM(uint256 _requestedLUSD, uint256 _minLUSD) internal view returns (uint256) { require(_requestedLUSD >= _minLUSD, "CBM: Min value cannot be greater than nominal amount"); (, uint256 lusdInBAMMSPVault,) = bammSPVault.getLUSDValue(); require(lusdInBAMMSPVault >= _minLUSD, "CBM: Not enough LUSD available in B.Protocol"); uint256 lusdToWithdraw = Math.min(_requestedLUSD, lusdInBAMMSPVault); return lusdToWithdraw; } function _requireShiftBootstrapPeriodEnded() internal view { require(block.timestamp - deploymentTimestamp >= BOOTSTRAP_PERIOD_SHIFT, "CBM: Shifter only callable after shift bootstrap period ends"); } function _requireShiftWindowIsOpen() internal view { uint256 shiftWindowStartTime = lastShifterCountdownStartTime + SHIFTER_DELAY; uint256 shiftWindowFinishTime = shiftWindowStartTime + SHIFTER_WINDOW; require(block.timestamp >= shiftWindowStartTime && block.timestamp < shiftWindowFinishTime, "CBM: Shift only possible inside shifting window"); } function _requirePermanentGreaterThanCurve(uint256 _totalLUSDInCurve) internal view { require(permanentLUSD >= _totalLUSDInCurve, "CBM: The amount in Curve cannot be greater than the Permanent bucket"); } // --- Getter convenience functions --- // Bond getters function getBondData(uint256 _bondID) external view returns ( uint256 lusdAmount, uint64 claimedBLUSD, uint64 startTime, uint64 endTime, uint8 status ) { BondData memory bond = idToBondData[_bondID]; return (bond.lusdAmount, bond.claimedBLUSD, bond.startTime, bond.endTime, uint8(bond.status)); } function getLUSDToAcquire(uint256 _bondID) external view returns (uint256) { BondData memory bond = idToBondData[_bondID]; (uint256 updatedAccrualParameter, ) = _calcUpdatedAccrualParameter(accrualParameter, accrualAdjustmentPeriodCount); return _calcAccruedAmount(bond.startTime, _getBondAmountMinusChickenInFee(bond.lusdAmount), updatedAccrualParameter); } function calcAccruedBLUSD(uint256 _bondID) external view returns (uint256) { BondData memory bond = idToBondData[_bondID]; if (bond.status != BondStatus.active) { return 0; } uint256 bondBLUSDCap = _calcBondBLUSDCap(_getBondAmountMinusChickenInFee(bond.lusdAmount), calcSystemBackingRatio()); (uint256 updatedAccrualParameter, ) = _calcUpdatedAccrualParameter(accrualParameter, accrualAdjustmentPeriodCount); return _calcAccruedAmount(bond.startTime, bondBLUSDCap, updatedAccrualParameter); } function calcBondBLUSDCap(uint256 _bondID) external view returns (uint256) { uint256 backingRatio = calcSystemBackingRatio(); BondData memory bond = idToBondData[_bondID]; return _calcBondBLUSDCap(_getBondAmountMinusChickenInFee(bond.lusdAmount), backingRatio); } function getLUSDInBAMMSPVault() external view returns (uint256) { (, uint256 lusdInBAMMSPVault,) = bammSPVault.getLUSDValue(); return lusdInBAMMSPVault; } // Native vault token value getters // Calculates the LUSD3CRV value of LUSD Curve Vault yTokens held by the ChickenBondManager function calcTotalYearnCurveVaultShareValue() public view returns (uint256) { return yTokensHeldByCBM * yearnCurveVault.pricePerShare() / 1e18; } // Calculates the LUSD value of this contract, including B.Protocol LUSD Vault and Curve Vault function calcTotalLUSDValue() external view returns (uint256) { uint256 totalLUSDInCurve = getTotalLUSDInCurve(); uint256 bammLUSDValue = _getInternalBAMMLUSDValue(); return bammLUSDValue + totalLUSDInCurve; } function getTotalLUSDInCurve() public view returns (uint256) { uint256 LUSD3CRVInCurve = calcTotalYearnCurveVaultShareValue(); uint256 totalLUSDInCurve; if (LUSD3CRVInCurve > 0) { uint256 LUSD3CRVVirtualPrice = curvePool.get_virtual_price(); totalLUSDInCurve = LUSD3CRVInCurve * LUSD3CRVVirtualPrice / 1e18; } return totalLUSDInCurve; } // Pending getter function getPendingLUSD() external view returns (uint256) { return pendingLUSD; } // Acquired getters function _getLUSDSplit(uint256 _bammLUSDValue) internal view returns ( uint256 acquiredLUSDInSP, uint256 acquiredLUSDInCurve, uint256 ownedLUSDInSP, uint256 ownedLUSDInCurve, uint256 permanentLUSDCached ) { // _bammLUSDValue is guaranteed to be at least pendingLUSD due to the way we track BAMM debt ownedLUSDInSP = _bammLUSDValue - pendingLUSD; ownedLUSDInCurve = getTotalLUSDInCurve(); // All LUSD in Curve is owned permanentLUSDCached = permanentLUSD; uint256 ownedLUSD = ownedLUSDInSP + ownedLUSDInCurve; if (ownedLUSD > permanentLUSDCached) { // ownedLUSD > 0 implied uint256 acquiredLUSD = ownedLUSD - permanentLUSDCached; acquiredLUSDInSP = acquiredLUSD * ownedLUSDInSP / ownedLUSD; acquiredLUSDInCurve = acquiredLUSD - acquiredLUSDInSP; } } // Helper to avoid stack too deep in redeem() (we save one local variable) function _getLUSDSplitAfterUpdatingBAMMDebt() internal returns ( uint256 acquiredLUSDInSP, uint256 acquiredLUSDInCurve, uint256 ownedLUSDInSP, uint256 ownedLUSDInCurve, uint256 permanentLUSDCached ) { (uint256 bammLUSDValue,) = _updateBAMMDebt(); return _getLUSDSplit(bammLUSDValue); } function getTotalAcquiredLUSD() public view returns (uint256) { uint256 bammLUSDValue = _getInternalBAMMLUSDValue(); (uint256 acquiredLUSDInSP, uint256 acquiredLUSDInCurve,,,) = _getLUSDSplit(bammLUSDValue); return acquiredLUSDInSP + acquiredLUSDInCurve; } function getAcquiredLUSDInSP() external view returns (uint256) { uint256 bammLUSDValue = _getInternalBAMMLUSDValue(); (uint256 acquiredLUSDInSP,,,,) = _getLUSDSplit(bammLUSDValue); return acquiredLUSDInSP; } function getAcquiredLUSDInCurve() external view returns (uint256) { uint256 bammLUSDValue = _getInternalBAMMLUSDValue(); (, uint256 acquiredLUSDInCurve,,,) = _getLUSDSplit(bammLUSDValue); return acquiredLUSDInCurve; } // Permanent getter function getPermanentLUSD() external view returns (uint256) { return permanentLUSD; } // Owned getters function getOwnedLUSDInSP() external view returns (uint256) { uint256 bammLUSDValue = _getInternalBAMMLUSDValue(); (,, uint256 ownedLUSDInSP,,) = _getLUSDSplit(bammLUSDValue); return ownedLUSDInSP; } function getOwnedLUSDInCurve() external view returns (uint256) { uint256 bammLUSDValue = _getInternalBAMMLUSDValue(); (,,, uint256 ownedLUSDInCurve,) = _getLUSDSplit(bammLUSDValue); return ownedLUSDInCurve; } // Other getters function calcSystemBackingRatio() public view returns (uint256) { uint256 bammLUSDValue = _getInternalBAMMLUSDValue(); return _calcSystemBackingRatioFromBAMMValue(bammLUSDValue); } function _calcSystemBackingRatioFromBAMMValue(uint256 _bammLUSDValue) public view returns (uint256) { uint256 totalBLUSDSupply = bLUSDToken.totalSupply(); (uint256 acquiredLUSDInSP, uint256 acquiredLUSDInCurve,,,) = _getLUSDSplit(_bammLUSDValue); /* TODO: Determine how to define the backing ratio when there is 0 bLUSD and 0 totalAcquiredLUSD, * i.e. before the first chickenIn. For now, return a backing ratio of 1. Note: Both quantities would be 0 * also when the bLUSD supply is fully redeemed. */ //if (totalBLUSDSupply == 0 && totalAcquiredLUSD == 0) {return 1e18;} //if (totalBLUSDSupply == 0) {return MAX_UINT256;} if (totalBLUSDSupply == 0) {return 1e18;} return (acquiredLUSDInSP + acquiredLUSDInCurve) * 1e18 / totalBLUSDSupply; } function calcUpdatedAccrualParameter() external view returns (uint256) { (uint256 updatedAccrualParameter, ) = _calcUpdatedAccrualParameter(accrualParameter, accrualAdjustmentPeriodCount); return updatedAccrualParameter; } function getBAMMLUSDDebt() external view returns (uint256) { return bammLUSDDebt; } function getTreasury() external view returns ( // We don't normally use leading underscores for return values, // but we do so here in order to avoid shadowing state variables uint256 _pendingLUSD, uint256 _totalAcquiredLUSD, uint256 _permanentLUSD ) { _pendingLUSD = pendingLUSD; _totalAcquiredLUSD = getTotalAcquiredLUSD(); _permanentLUSD = permanentLUSD; } function getOpenBondCount() external view returns (uint256 openBondCount) { return bondNFT.totalSupply() - countChickenIn - countChickenOut; } }