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Feature/swap percent limit #23

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Feature/swap percent limit #23

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b847b96
loose impl
mejango Oct 14, 2023
cba370e
bitshifts
mejango Oct 14, 2023
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62 changes: 55 additions & 7 deletions contracts/JBBuybackDelegate.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -49,9 +49,16 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
// --------------------- public constant properties ------------------ //
//*********************************************************************//

/// @notice The unit of the swap amount limit percentage.
uint256 public constant SWAP_PERCENT_LIMIT_DENOMINATOR = 10_000;

/// @notice The unit of the max slippage.
uint256 public constant SLIPPAGE_DENOMINATOR = 10_000;

/// @notice The minimum possible percent limit of swapping.
/// @dev This serves to avoid being able to bypass swapping with more than 10% of a payment.
uint256 public constant MIN_SWAP_PERCENT_LIMIT = 9_000;

/// @notice The minimum twap deviation allowed, out of MAX_SLIPPAGE.
/// @dev This serves to avoid operators settings values that force the bypassing the swap when a quote is not provided in payment metadata.
uint256 public constant MIN_TWAP_SLIPPAGE_TOLERANCE = 100;
Expand Down Expand Up @@ -166,8 +173,11 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
if (_quoteExists) (_amountToSwapWith, _minimumSwapAmountOut) = abi.decode(_metadata, (uint256, uint256));
}

// Make sure the amount to swap with is at most the swap percent limit.
if (_amountToSwapWith != 0 && _amountToSwapWith > mulDiv(_totalPaid, _swapPercentLimit, SWAP_PERCENT_LIMIT_DENOMINATOR)) revert JuiceBuyback_SwapAmountOutOfBounds();

// If no amount was specified to swap with, default to the full amount of the payment.
if (_amountToSwapWith == 0) _amountToSwapWith = _totalPaid;
if (_amountToSwapWith == 0) _amountToSwapWith = mulDiv(_totalPaid, _swapPercentLimit, SWAP_PERCENT_LIMIT_DENOMINATOR);

// Find the default total number of tokens to mint as if no Buyback Delegate were installed, as a fixed point number with 18 decimals

Expand Down Expand Up @@ -216,14 +226,21 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
/// @param _projectId The ID of the project for which the value applies.
/// @return _secondsAgo The period over which the TWAP is computed.
function twapWindowOf(uint256 _projectId) external view returns (uint32) {
return uint32(_twapParamsOf[_projectId]);
return uint256(uint32(_twapParamsOf[_projectId] << 96 >> 128));
}

/// @notice The TWAP max deviation acepted, out of SLIPPAGE_DENOMINATOR.
/// @param _projectId The ID of the project for which the value applies.
/// @return _delta the maximum deviation allowed between the token amount received and the TWAP quote.
function twapSlippageToleranceOf(uint256 _projectId) external view returns (uint256) {
return _twapParamsOf[_projectId] >> 128;
return uint256(uint32(_twapParamsOf[_projectId] >> 96));
}

/// @notice The limit of paid funds that can be allocated towards a swap, as a percent out of SWAP_PERCENT_LIMIT_DENOMINATOR.
/// @param _projectId The ID of the project for which the value applies.
/// @return The limit percentage of payments that can be used for swapping.
function swapPercentLimit(uint256 _projectId) external view returns (uint256) {
return uint256(uint96(_twapParamsOf[_projectId]));
}

/// @notice Generic redeem params, for interface completion.
Expand Down Expand Up @@ -350,9 +367,10 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
/// @param _fee The fee that is used in the pool being set.
/// @param _twapWindow The period over which the TWAP is computed.
/// @param _twapSlippageTolerance The maximum deviation allowed between amount received and TWAP.
/// @param _swapPercentLimit The limit of paid funds that can be allocated towards a swap.
/// @param _terminalToken The terminal token that payments are made in.
/// @return newPool The pool that was created.
function setPoolFor(uint256 _projectId, uint24 _fee, uint32 _twapWindow, uint256 _twapSlippageTolerance, address _terminalToken)
function setPoolFor(uint256 _projectId, uint24 _fee, uint256 _twapWindow, uint256 _twapSlippageTolerance, uint256 _swapPercentLimit, address _terminalToken)
external
requirePermission(PROJECTS.ownerOf(_projectId), _projectId, JBBuybackDelegateOperations.CHANGE_POOL)
returns (IUniswapV3Pool newPool)
Expand All @@ -363,6 +381,9 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
// Make sure the provided period is within sane bounds.
if (_twapWindow < MIN_TWAP_WINDOW || _twapWindow > MAX_TWAP_WINDOW) revert JuiceBuyback_InvalidTwapWindow();

// Make sure the provided delta is within sane bounds.
if (_swapPercentLimit < MIN_SWAP_PERCENT_LIMIT || _swapPercentLimit > SWAP_PERCENT_LIMIT_DENOMINATOR) revert JuiceBuyback_InvalidSwapPercentLimit();

// Keep a reference to the project's token.
address _projectToken = address(CONTROLLER.tokenStore().tokenOf(_projectId));

Expand Down Expand Up @@ -407,7 +428,11 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
poolOf[_projectId][_terminalToken] = newPool;

// Store the twap period and max slipage.
_twapParamsOf[_projectId] = _twapSlippageTolerance << 128 | _twapWindow;
// _twapSlippageTolerance - occupies the topmost bits
// _twapWindow - occupies the next 32 bits
// _swapPercentLimit - occupies the remaining 32 bits
_twapParamsOf[_projectId] = _twapSlippageTolerance << 96 | _twapWindow << 64 | _swapPercentLimit;

projectTokenOf[_projectId] = address(_projectToken);

emit BuybackDelegate_TwapWindowChanged(_projectId, 0, _twapWindow, msg.sender);
Expand Down Expand Up @@ -435,7 +460,7 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
uint256 _oldWindow = uint128(_twapParams);

// Store the new packed value of the TWAP params.
_twapParamsOf[_projectId] = uint256(_newWindow) | ((_twapParams >> 128) << 128);
_twapParamsOf[_projectId] = _twapParams >> 96 << 64 | _twapParams << 128 >> 128 | _newWindow << 64;

emit BuybackDelegate_TwapWindowChanged(_projectId, _oldWindow, _newWindow, msg.sender);
}
Expand All @@ -458,11 +483,34 @@ contract JBBuybackDelegate is ERC165, JBOperatable, IJBBuybackDelegate {
uint256 _oldSlippageTolerance = _twapParams >> 128;

// Store the new packed value of the TWAP params.
_twapParamsOf[_projectId] = _newSlippageTolerance << 128 | ((_twapParams << 128) >> 128);
_twapParamsOf[_projectId] = newTwapSlippageTolerance << 96 | _twapParams >> 96 << 96;

emit BuybackDelegate_TwapSlippageToleranceChanged(_projectId, _oldSlippageTolerance, _newSlippageTolerance, msg.sender);
}

/// @notice Set the limit of paid funds that can be allocated towards a swap, as a percent out of SWAP_PERCENT_LIMIT_DENOMINATOR.
/// @dev This can be called by the project owner or an address having the SET_POOL permission in JBOperatorStore.
/// @param _projectId The ID for which the new value applies.
/// @param _newSwapPercentLimit the new limit, out of SWAP_PERCENT_LIMIT_DENOMINATOR.
function setSwapPercentLimitOf(uint256 _projectId, uint256 _newSwapPercentLimit)
external
requirePermission(PROJECTS.ownerOf(_projectId), _projectId, JBBuybackDelegateOperations.SET_POOL_PARAMS)
{
// Make sure the provided delta is within sane bounds.
if (_newSwapPercentLimit < MIN_SWAP_PERCENT_LIMIT) revert JuiceBuyback_InvalidSwapPercentLimit();

// Keep a reference to the currently stored TWAP params.
uint256 _twapParams = _twapParamsOf[_projectId];

// Keep a reference to the old swap percent limit.
uint256 _oldSwapPercentLimit = _twapParams >> 128;

// Store the new packed value of the TWAP params.
_twapParamsOf[_projectId] = _twapParams << 96 >> 96 | newSwapPercentLimit;

emit BuybackDelegate_TwapPercentLimitChanged(_projectId, _oldSwapPercentLimit, _newSwapPercentLimit, msg.sender);
}

//*********************************************************************//
// ---------------------- internal functions ------------------------- //
//*********************************************************************//
Expand Down
5 changes: 5 additions & 0 deletions contracts/interfaces/IJBBuybackDelegate.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -23,7 +23,9 @@ interface IJBBuybackDelegate is IJBPayDelegate3_1_1, IJBFundingCycleDataSource3_
error JuiceBuyback_NewSecondsAgoTooLow();
error JuiceBuyback_NoProjectToken();
error JuiceBuyback_PoolAlreadySet();
error JuiceBuyback_SwapAmountOutOfBounds();
error JuiceBuyback_TransferFailed();
error JuiceBuyback_InvalidSwapPercentLimit();
error JuiceBuyback_InvalidTwapSlippageTolerance();
error JuiceBuyback_InvalidTwapWindow();
error JuiceBuyback_Unauthorized();
Expand All @@ -36,6 +38,7 @@ interface IJBBuybackDelegate is IJBPayDelegate3_1_1, IJBFundingCycleDataSource3_
event BuybackDelegate_Mint(uint256 indexed projectId, uint256 amountIn, uint256 tokenCount, address caller);
event BuybackDelegate_TwapWindowChanged(uint256 indexed projectId, uint256 oldSecondsAgo, uint256 newSecondsAgo, address caller);
event BuybackDelegate_TwapSlippageToleranceChanged(uint256 indexed projectId, uint256 oldTwapDelta, uint256 newTwapDelta, address caller);
event BuybackDelegate_TwapPercentLimitChanged(uint256 indexed projectId, uint256 oldSwapPercentLimit, newSwapPercentLimit, address caller);
event BuybackDelegate_PoolAdded(uint256 indexed projectId, address indexed terminalToken, address newPool, address caller);

/////////////////////////////////////////////////////////////////////
Expand Down Expand Up @@ -69,4 +72,6 @@ interface IJBBuybackDelegate is IJBPayDelegate3_1_1, IJBFundingCycleDataSource3_
function setTwapWindowOf(uint256 projectId, uint32 newWindow) external;

function setTwapSlippageToleranceOf(uint256 projectId, uint256 newSlippageTolerance) external;

function setSwapPercentLimitOf(uint256 _projectId, uint256 _newSwapPercentLimit) external;
}