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bigz/fix-amm-revenue-pool-transfer-last-settle-ts #447

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merged 8 commits into from
Apr 28, 2023
Merged

bigz/fix-amm-revenue-pool-transfer-last-settle-ts #447

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de82b75
bigz/fix-amm-revenue-pool-transfer-last-settle-ts
0xbigz Apr 27, 2023
81852e2
test pass
0xbigz Apr 27, 2023
2592771
add exhaustive tests
0xbigz Apr 27, 2023
8be9f0e
add test_update_last_revenue_withdraw_ts
0xbigz Apr 28, 2023
46c65c4
more test for withdraw and timestamp, more validates
0xbigz Apr 28, 2023
41946f3
rm dlog!
0xbigz Apr 28, 2023
da4dac7
add validates in settle pnl and description comments (feedback)
0xbigz Apr 28, 2023
96722ed
Merge branch 'master' into bigz/fix-amm-revenue-pool-transfer-last-se…
0xbigz Apr 28, 2023
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235 changes: 136 additions & 99 deletions programs/drift/src/controller/amm.rs
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Original file line number Diff line number Diff line change
@@ -1,4 +1,4 @@
use std::cmp::{max, min};
use std::cmp::{max, min, Ordering};

use anchor_lang::prelude::*;
use solana_program::msg;
Expand Down Expand Up @@ -382,6 +382,103 @@ pub fn get_fee_pool_tokens(
)?
.cast()
}
fn calculate_revenue_pool_transfer(
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market: &PerpMarket,
spot_market: &SpotMarket,
amm_fee_pool_token_amount_after: u128,
terminal_state_surplus: i128,
) -> DriftResult<i128> {
// Calculates the revenue pool transfer amount for a given market state (positive = send to revenue pool, negative = pull from revenue pool)
// If the AMM budget is above `FEE_POOL_TO_REVENUE_POOL_THRESHOLD` (in surplus), settle fees collected to the revenue pool depending on the health of the AMM state
// Otherwise, spull from the revenue pool (up to a constraint amount)

let amm_budget_surplus =
terminal_state_surplus.saturating_sub(FEE_POOL_TO_REVENUE_POOL_THRESHOLD.cast()?);

if amm_budget_surplus > 0 {
let fee_pool_threshold = amm_fee_pool_token_amount_after
.saturating_sub(
FEE_POOL_TO_REVENUE_POOL_THRESHOLD
.safe_add(market.amm.total_social_loss)?
.cast()?,
)
.cast()?;

let total_liq_fees_for_revenue_pool = market
.amm
.total_liquidation_fee
.min(
market
.insurance_claim
.quote_settled_insurance
.safe_add(market.insurance_claim.quote_max_insurance)?
.cast()?,
)
.cast::<i128>()?;

let max_revenue_to_settle = market
.insurance_claim
.revenue_withdraw_since_last_settle
.safe_add(
market
.insurance_claim
.max_revenue_withdraw_per_period
.cast()?,
)?
.min(market.amm.net_revenue_since_last_funding)
.max(0);

let total_fee_for_if = get_total_fee_lower_bound(market)?.cast::<i128>()?;

let revenue_pool_transfer = total_fee_for_if
.safe_add(total_liq_fees_for_revenue_pool)?
.saturating_sub(market.amm.total_fee_withdrawn.cast()?)
.max(0)
.min(fee_pool_threshold)
.min(max_revenue_to_settle.cast()?);

validate!(
revenue_pool_transfer >= 0,
ErrorCode::InsufficientPerpPnlPool,
"revenue_pool_transfer negative ({})",
revenue_pool_transfer
)?;

Ok(revenue_pool_transfer)
} else if amm_budget_surplus < 0 {
let max_revenue_withdraw_allowed = market
.insurance_claim
.max_revenue_withdraw_per_period
.cast::<i64>()?
.saturating_sub(market.insurance_claim.revenue_withdraw_since_last_settle)
.cast::<u128>()?
.min(
get_token_amount(
spot_market.revenue_pool.scaled_balance,
spot_market,
&SpotBalanceType::Deposit,
)?
.cast()?,
)
.min(
market
.insurance_claim
.max_revenue_withdraw_per_period
.cast()?,
);

if max_revenue_withdraw_allowed > 0 {
let revenue_pool_transfer = -(amm_budget_surplus
.abs()
.min(max_revenue_withdraw_allowed.cast()?));
Ok(revenue_pool_transfer)
} else {
Ok(0)
}
} else {
Ok(0)
}
}

pub fn update_pool_balances(
market: &mut PerpMarket,
Expand Down Expand Up @@ -466,121 +563,61 @@ pub fn update_pool_balances(
.total_fee_minus_distributions
.safe_sub(market.amm.total_fee_withdrawn.cast()?)?;

if terminal_state_surplus < FEE_POOL_TO_REVENUE_POOL_THRESHOLD.cast()? {
// market can perform withdraw from revenue pool
if spot_market.insurance_fund.last_revenue_settle_ts
> market.insurance_claim.last_revenue_withdraw_ts
{
validate!(now >= market.insurance_claim.last_revenue_withdraw_ts && now >= spot_market.insurance_fund.last_revenue_settle_ts,
ErrorCode::BlockchainClockInconsistency,
"issue with clock unix timestamp {} < market.insurance_claim.last_revenue_withdraw_ts={}/spot_market.last_revenue_settle_ts={}",
now,
market.insurance_claim.last_revenue_withdraw_ts,
spot_market.insurance_fund.last_revenue_settle_ts,
)?;
market.insurance_claim.revenue_withdraw_since_last_settle = 0;
}
// market can perform withdraw from revenue pool
if spot_market.insurance_fund.last_revenue_settle_ts
> market.insurance_claim.last_revenue_withdraw_ts
{
validate!(now >= market.insurance_claim.last_revenue_withdraw_ts && now >= spot_market.insurance_fund.last_revenue_settle_ts,
ErrorCode::BlockchainClockInconsistency,
"issue with clock unix timestamp {} < market.insurance_claim.last_revenue_withdraw_ts={}/spot_market.last_revenue_settle_ts={}",
now,
market.insurance_claim.last_revenue_withdraw_ts,
spot_market.insurance_fund.last_revenue_settle_ts,
)?;
market.insurance_claim.revenue_withdraw_since_last_settle = 0;
}

let max_revenue_withdraw_allowed = market
.insurance_claim
.max_revenue_withdraw_per_period
.cast::<i64>()?
.safe_sub(market.insurance_claim.revenue_withdraw_since_last_settle)?
.cast::<u128>()?;
let revenue_pool_transfer = calculate_revenue_pool_transfer(
&market,
&spot_market,
amm_fee_pool_token_amount_after,
terminal_state_surplus,
)?;

if max_revenue_withdraw_allowed > 0 {
let spot_market_revenue_pool_amount = get_token_amount(
spot_market.revenue_pool.scaled_balance,
match revenue_pool_transfer.cmp(&0) {
Ordering::Greater => {
transfer_spot_balance_to_revenue_pool(
revenue_pool_transfer.unsigned_abs(),
spot_market,
&SpotBalanceType::Deposit,
&mut market.amm.fee_pool,
)?;

let revenue_pool_transfer: u128 = terminal_state_surplus
.safe_sub(FEE_POOL_TO_REVENUE_POOL_THRESHOLD.cast()?)?
.unsigned_abs()
.min(spot_market_revenue_pool_amount)
.min(max_revenue_withdraw_allowed);

market.amm.total_fee_withdrawn = market
.amm
.total_fee_withdrawn
.safe_add(revenue_pool_transfer.unsigned_abs())?;
}
Ordering::Less => {
transfer_revenue_pool_to_spot_balance(
revenue_pool_transfer,
revenue_pool_transfer.unsigned_abs(),
spot_market,
&mut market.amm.fee_pool,
)?;

market.amm.total_fee_minus_distributions = market
.amm
.total_fee_minus_distributions
.safe_add(revenue_pool_transfer.cast::<i128>()?)?;

market.insurance_claim.revenue_withdraw_since_last_settle = market
.insurance_claim
.revenue_withdraw_since_last_settle
.safe_add(revenue_pool_transfer.cast()?)?;

market.insurance_claim.last_revenue_withdraw_ts = now;
}
} else {
let fee_pool_threshold = amm_fee_pool_token_amount_after
.saturating_sub(
FEE_POOL_TO_REVENUE_POOL_THRESHOLD.safe_add(market.amm.total_social_loss)?,
)
.cast()?;
Ordering::Equal => (),
}

let total_liq_fees_for_revenue_pool: i128 = market
if revenue_pool_transfer != 0 {
market.amm.total_fee_minus_distributions = market
.amm
.total_liquidation_fee
.min(
market
.insurance_claim
.quote_settled_insurance
.safe_add(market.insurance_claim.quote_max_insurance)?
.cast()?,
)
.cast()?;

let max_revenue_to_settle = market
.insurance_claim
.revenue_withdraw_since_last_settle
.safe_add(
market
.insurance_claim
.max_revenue_withdraw_per_period
.cast()?,
)?
.min(market.amm.net_revenue_since_last_funding)
.max(0);

let total_fee_for_if = get_total_fee_lower_bound(market)?.cast::<i128>()?;

let revenue_pool_transfer = total_fee_for_if
.safe_add(total_liq_fees_for_revenue_pool)?
.safe_sub(market.amm.total_fee_withdrawn.cast()?)?
.max(0)
.min(fee_pool_threshold)
.min(max_revenue_to_settle.cast()?);

validate!(
revenue_pool_transfer >= 0,
ErrorCode::InsufficientPerpPnlPool,
"revenue_pool_transfer negative ({})",
revenue_pool_transfer,
)?;

transfer_spot_balance_to_revenue_pool(
revenue_pool_transfer.unsigned_abs(),
spot_market,
&mut market.amm.fee_pool,
)?;
.total_fee_minus_distributions
.safe_sub(revenue_pool_transfer)?;

market.insurance_claim.revenue_withdraw_since_last_settle = market
.insurance_claim
.revenue_withdraw_since_last_settle
.safe_sub(revenue_pool_transfer.cast()?)?;

market.amm.total_fee_withdrawn = market
.amm
.total_fee_withdrawn
.safe_add(revenue_pool_transfer.unsigned_abs())?;
market.insurance_claim.last_revenue_withdraw_ts = now;
}
}

Expand Down
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