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fix scenario tests and test multiple rates in basket at once
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@tbrent
tbrent committed Oct 22, 2024
1 parent 3bc44a4 commit dd4dd1d
Showing 1 changed file with 53 additions and 26 deletions.
79 changes: 53 additions & 26 deletions test/scenario/DemurrageCollateral.test.ts
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Original file line number Diff line number Diff line change
@@ -1,10 +1,18 @@
import { loadFixture, setStorageAt } from '@nomicfoundation/hardhat-network-helpers'
import { SignerWithAddress } from '@nomiclabs/hardhat-ethers/signers'
import { getLatestBlockTimestamp } from '../utils/time'
import { expect } from 'chai'
import { ContractFactory } from 'ethers'
import { BigNumber, ContractFactory } from 'ethers'
import { makeDecayFn } from '../utils/rewards'
import { ethers, upgrades } from 'hardhat'
import { IConfig } from '../../common/configuration'
import { bn, fp } from '../../common/numbers'
import {
TEN_BPS_FEE,
ONE_PERCENT_FEE,
TWO_PERCENT_FEE,
FIFTY_BPS_FEE,
} from '../plugins/individual-collateral/dtf/constants'
import {
BasketLibP1,
ERC20Mock,
Expand All @@ -22,8 +30,6 @@ import { CollateralStatus, ZERO_ADDRESS } from '../../common/constants'

const describeP1 = IMPLEMENTATION == Implementation.P1 ? describe : describe.skip

const FIFTY_PERCENT_ANNUALLY = bn('21979552668') // 50% annually

describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
const amt = fp('1')

Expand All @@ -32,6 +38,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {

let tokens: ERC20Mock[]
let collateral: DemurrageCollateral[]
let initialWeights: BigNumber[]

let uoaPerTokFeed: MockV3Aggregator
let uoaPerTargetFeed: MockV3Aggregator
Expand All @@ -45,6 +52,15 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
let assetRegistry: IAssetRegistry
let bh: TestIBasketHandler

const calcBasketWeight = async (
coll: DemurrageCollateral,
decayedAmt: BigNumber
): Promise<BigNumber> => {
const elapsed = (await getLatestBlockTimestamp()) - (await coll.t0())
const decayFn = makeDecayFn(await coll.fee())
return fp('1e18').div(decayFn(decayedAmt, elapsed))
}

describe('Demurrage Collateral', () => {
beforeEach(async () => {
;[owner, addr1] = await ethers.getSigners()
Expand Down Expand Up @@ -110,7 +126,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
await DemurrageCollateralFactory.deploy(
{
erc20: tokens[0].address,
targetName: ethers.utils.formatBytes32String('DMR5000USD'),
targetName: ethers.utils.formatBytes32String('DMR10USD'),
priceTimeout: bn('604800'),
chainlinkFeed: uoaPerTokFeed.address, // {UoA/tok}
oracleError: fp('0.01').toString(), // 1%
Expand All @@ -122,7 +138,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
{
isFiat: false,
targetUnitFeed0: false,
fee: FIFTY_PERCENT_ANNUALLY,
fee: TEN_BPS_FEE,
feed1: ZERO_ADDRESS,
timeout1: bn('0'),
error1: bn('0'),
Expand All @@ -131,7 +147,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
await DemurrageCollateralFactory.deploy(
{
erc20: tokens[1].address,
targetName: ethers.utils.formatBytes32String('DMR5000EUR'),
targetName: ethers.utils.formatBytes32String('DMR50EUR'),
priceTimeout: bn('604800'),
chainlinkFeed: uoaPerTokFeed.address, // {UoA/tok}
oracleError: fp('0.01').toString(), // 1%
Expand All @@ -143,7 +159,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
{
isFiat: true,
targetUnitFeed0: false,
fee: FIFTY_PERCENT_ANNUALLY,
fee: FIFTY_BPS_FEE,
feed1: ZERO_ADDRESS,
timeout1: bn('0'),
error1: bn('0'),
Expand All @@ -152,7 +168,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
await DemurrageCollateralFactory.deploy(
{
erc20: tokens[2].address,
targetName: ethers.utils.formatBytes32String('DMR5000XAU'),
targetName: ethers.utils.formatBytes32String('DMR100XAU'),
priceTimeout: bn('604800'),
chainlinkFeed: uoaPerTokFeed.address, // {UoA/tok}
oracleError: fp('0.01').toString(), // 1%
Expand All @@ -164,7 +180,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
{
isFiat: false,
targetUnitFeed0: false,
fee: FIFTY_PERCENT_ANNUALLY,
fee: ONE_PERCENT_FEE,
feed1: uoaPerTargetFeed.address, // {UoA/target}
timeout1: bn('86400').toString(), // 24 hr
error1: fp('0.01').toString(), // 1%
Expand All @@ -173,7 +189,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
await DemurrageCollateralFactory.deploy(
{
erc20: tokens[3].address,
targetName: ethers.utils.formatBytes32String('DMR5000SPY'),
targetName: ethers.utils.formatBytes32String('DMR200SPY'),
priceTimeout: bn('604800'),
chainlinkFeed: targetPerTokFeed.address, // {target/tok}
oracleError: fp('0.01').toString(), // 1%
Expand All @@ -185,7 +201,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
{
isFiat: false,
targetUnitFeed0: true,
fee: FIFTY_PERCENT_ANNUALLY,
fee: TWO_PERCENT_FEE,
feed1: uoaPerTargetFeed.address, // {UoA/target}
timeout1: bn('86400').toString(), // 24 hr
error1: fp('0.01').toString(), // 1%
Expand All @@ -199,9 +215,11 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
await tokens[i].connect(addr1).approve(rToken.address, amt)
}

initialWeights = await Promise.all(collateral.map((coll) => calcBasketWeight(coll, fp('1'))))

await bh.connect(owner).setPrimeBasket(
tokens.map((t) => t.address),
[fp('1'), fp('1'), fp('1'), fp('1')]
initialWeights
)
await bh.connect(owner).refreshBasket()
await advanceTime(Number(config.warmupPeriod) + 1)
Expand All @@ -222,7 +240,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
expect(pegPrice).to.equal(fp('1'))
})

it('quantities should be correct', async () => {
it('quantities in basket should start out near fp(1)', async () => {
const [erc20s, quantities] = await bh.quote(fp('1'), false, 2)
for (let i = 0; i < collateral.length; i++) {
expect(erc20s[i]).to.equal(tokens[i].address)
Expand All @@ -232,7 +250,7 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {

context('after 1 year', () => {
beforeEach(async () => {
await advanceTime(Number(bn('31535955'))) // 1 year - 45s
await advanceTime(Number(bn('31535940'))) // 1 year - 60s
await uoaPerTokFeed.updateAnswer(bn('1e8'))
await uoaPerTargetFeed.updateAnswer(bn('1e8'))
await targetPerTokFeed.updateAnswer(bn('1e8'))
Expand All @@ -253,20 +271,16 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
expect(pegPrice).to.equal(fp('1'))
})

it('RToken quantities should have decreased ~50%', async () => {
it('RToken quantities should decrease correctly per fee tier: [0.1%, 0.50%, 1%, 2%]', async () => {
const expected = [fp('0.999'), fp('0.995'), fp('0.99'), fp('0.98')]

const [erc20s, quantities] = await bh.quote(fp('1'), false, 2)
for (let i = 0; i < collateral.length; i++) {
expect(erc20s[i]).to.equal(tokens[i].address)
const expected = fp('1').div(2)
expect(quantities[i]).to.be.closeTo(expected, expected.div(bn('1e6')))
expect(quantities[i]).to.be.closeTo(expected[i], expected[i].div(bn('1e6')))
}
})

it('Excess should accrue as revenue', async () => {
const [bottom] = await bh.basketsHeldBy(backingManager.address)
expect(bottom).to.be.closeTo(amt.mul(2), amt.div(bn('1e3')))
})

it('refreshBasket() should not restore the RToken back genesis peg', async () => {
const [erc20s, quantities] = await bh.quote(fp('1'), false, 2)
await expect(bh.connect(owner).refreshBasket()).to.emit(bh, 'BasketSet')
Expand All @@ -282,11 +296,8 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
})

it('setPrimeBasket() should not restore the RToken to genesis peg', async () => {
// First try refreshBasket() in isolation
const [erc20s, quantities] = await bh.quote(fp('1'), false, 2)
await bh.connect(owner).setPrimeBasket(
tokens.map((t) => t.address),
[fp('1'), fp('1'), fp('1'), fp('1')]
)
await bh.connect(owner).refreshBasket()
const [newERC20s, newQuantities] = await bh.quote(fp('1'), false, 2)

Expand All @@ -297,6 +308,22 @@ describeP1(`Demurrage Collateral - P${IMPLEMENTATION}`, () => {
expect(quantities[i]).to.be.gt(newQuantities[i])
expect(quantities[i]).to.be.lt(newQuantities[i].add(fp('1e-6')))
}

// Then try refreshBasket() after setPrimeBasket()
await bh.connect(owner).setPrimeBasket(
tokens.map((t) => t.address),
initialWeights
)
await bh.connect(owner).refreshBasket()
const [newerERC20s, newerQuantities] = await bh.quote(fp('1'), false, 2)

expect(await bh.status()).to.equal(CollateralStatus.SOUND)
expect(await bh.fullyCollateralized()).to.equal(true)
for (let i = 0; i < collateral.length; i++) {
expect(erc20s[i]).to.equal(newerERC20s[i])
expect(quantities[i]).to.be.gt(newerQuantities[i])
expect(quantities[i]).to.be.lt(newerQuantities[i].add(fp('1e-6')))
}
})

it('should detect default and propagate through to prices/pegPrices correctly', async () => {
Expand Down

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