Skip to content

Refactor OETH Vault's _allocate() #2141

New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

Sign up for GitHub

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Merged
merged 3 commits into from
Jul 17, 2024
Merged

Refactor OETH Vault's _allocate() #2141

Show file tree
Hide file tree
Changes from all commits
Commits
Show all changes
3 commits
Select commit Hold shift + click to select a range
f5955e2
Refactor of OETH Vault's _allocate
naddison36 Jul 17, 2024
a55bec4
Updated allocate test
naddison36 Jul 17, 2024
7ccd46d
Merge remote-tracking branch 'origin/nicka/oeth-arm' into nicka/allocate
naddison36 Jul 17, 2024
File filter

Filter by extension

Filter by extension
Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
40 changes: 10 additions & 30 deletions contracts/contracts/vault/OETHVaultCore.sol
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -398,40 +398,20 @@ contract OETHVaultCore is VaultCore {
uint256 wethAvailableInVault = _wethAvailable();
// Nothing in vault to allocate
if (wethAvailableInVault == 0) return;
uint256 strategiesValue = _totalValueInStrategies();
// We have a method that does the same as this, gas optimisation
uint256 calculatedTotalValue = wethAvailableInVault + strategiesValue;

// We want to maintain a buffer on the Vault so calculate a percentage
// modifier to multiply each amount being allocated by to enforce the
// vault buffer
uint256 vaultBufferModifier;
if (strategiesValue == 0) {
// Nothing in Strategies, allocate 100% minus the vault buffer to
// strategies
vaultBufferModifier = uint256(1e18) - vaultBuffer;
} else {
vaultBufferModifier =
(vaultBuffer * calculatedTotalValue) /
wethAvailableInVault;
if (1e18 > vaultBufferModifier) {
// E.g. 1e18 - (1e17 * 10e18)/5e18 = 8e17
// (5e18 * 8e17) / 1e18 = 4e18 allocated from Vault
vaultBufferModifier = uint256(1e18) - vaultBufferModifier;
} else {
// We need to let the buffer fill
return;
}
}
if (vaultBufferModifier == 0) return;

uint256 allocateAmount = wethAvailableInVault.mulTruncate(
vaultBufferModifier
);
// Calculate the target buffer for the vault using the total supply
uint256 totalSupply = oUSD.totalSupply();
uint256 targetBuffer = totalSupply.mulTruncate(vaultBuffer);

// If available WETH in the Vault is below the target buffer then there's nothing to allocate
if (wethAvailableInVault <= targetBuffer) return;

// The amount of assets to allocate to the default strategy
uint256 allocateAmount = wethAvailableInVault - targetBuffer;

address depositStrategyAddr = assetDefaultStrategies[weth];

if (depositStrategyAddr != address(0) && allocateAmount > 0) {
if (depositStrategyAddr != address(0)) {
IStrategy strategy = IStrategy(depositStrategyAddr);
// Transfer asset to Strategy and call deposit method to
// mint or take required action
Expand Down
22 changes: 14 additions & 8 deletions contracts/test/vault/oeth-vault.js
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -1306,6 +1306,7 @@ describe("OETH Vault", function () {
await oethVault.connect(governor).setVaultBuffer(oethUnits("0.01"));

// Have 4 + 12 + 16 = 32 WETH outstanding requests
// So a total supply of 100 - 32 = 68 OETH
await oethVault.connect(daniel).requestWithdrawal(oethUnits("4"));
await oethVault.connect(josh).requestWithdrawal(oethUnits("12"));
await oethVault.connect(matt).requestWithdrawal(oethUnits("16"));
Expand Down Expand Up @@ -1498,7 +1499,7 @@ describe("OETH Vault", function () {
await expect(tx).to.not.emit(oethVault, "AssetAllocated");
});
});
describe("when mint more than covers outstanding requests and vault buffer (17 + 1 + 3 WETH)", () => {
describe("when mint more than covers outstanding requests and vault buffer (17 + 1 + 3 = 21 OETH)", () => {
beforeEach(async () => {
const { oethVault, daniel, weth } = fixture;
await oethVault
Expand Down Expand Up @@ -1545,15 +1546,20 @@ describe("OETH Vault", function () {

const tx = await oethVault.connect(domen).allocate();

await expect(tx).to.emit(oethVault, "AssetAllocated");
// total supply is 68 starting + 21 minted = 89 OETH
// Vault buffer is 1% of 89 = 0.89 WETH
// WETH transfer amount = 4 WETH available in vault - 0.89 WETH buffer = 3.11 WETH
await expect(tx)
.to.emit(oethVault, "AssetAllocated")
.withArgs(weth.address, mockStrategy.address, oethUnits("3.11"));

expect(
await weth.balanceOf(oethVault.address)
).to.approxEqualTolerance(vaultBalance.sub(oethUnits("3")), 5);
expect(await weth.balanceOf(oethVault.address)).to.eq(
vaultBalance.sub(oethUnits("3.11"))
);

expect(
await weth.balanceOf(mockStrategy.address)
).to.approxEqualTolerance(stratBalance.add(oethUnits("3")), 5);
expect(await weth.balanceOf(mockStrategy.address)).to.eq(
stratBalance.add(oethUnits("3.11"))
);
});
});
});
Expand Down