Archi distributions

[dmax10]

Archi Finance distribution calculations into a unified end-to-end script

Files:

• ARCHI_DISTRIBUTIONS.md - Distribution results and tables
• archiDistributions.ts - Unified calculation script
• archiUnaccountedFsGLP.ts - Investigation script for CreditAggregator balance

What archiDistributions.ts does:

Step 1: Verify fsGLP Holdings

Queries on-chain balances from 3 key contracts

• GMXExecutor: 1,606,694.32 fsGLP (active farmer positions)
• CreditUser#2: 8,478.67 fsGLP (liquidator fees)
• CreditAggregator: 99.81 fsGLP (unaccounted)
• Total: 1,615,272.79 fsGLP

Step 2: Extract Active Positions

• Queries CreateUserLendCredit and CreateUserBorrowed events from CreditUser#2
• Filters via isTerminated() on-chain calls
• Result: 47 active positions (65 terminated out of 112 total)
• Extracts complete position data: collateral, borrowed amounts, credit managers, fsGLP breakdown
• Queries historical GLP prices at position opening for IL adjustment calculations

Step 3: Calculate Farmer Distributions

• Aggregates 47 positions by farmer → 4 unique farmers
• Calculates: collateral fsGLP + proportional liquidator fee share
• Liquidator fees: 5% of collateral (8,478.67 fsGLP total in CreditUser#2)
• IL Adjustment Capping: Caps farmer distributions based on weighted average GLP price at position opening vs $1.45 incident price
  • Formula: capped_fsGLP = total_fsGLP × avg_price_at_open / 1.45
• Total farmer distributions (original): 169,573.39 fsGLP (10.50% of protocol)

Step 4: Calculate Vault Borrowing

• Maps credit manager addresses to vault tokens (WETH/WBTC/USDT/USDC)
• Aggregates borrowed fsGLP by vault
• Total borrowed: 1,445,599.59 fsGLP (89.50% of protocol)
• Breakdown:
  • WBTC: 848,962.09 (58.72%)
  • WETH: 248,165.92 (17.16%)
  • USDT: 190,986.02 (13.21%)
  • USDC: 157,485.56 (10.89%)

Step 5: Calculate LP Distributions

• Discovery method: Queries StakeFor events from BaseReward contracts
  • 100% accurate (vs 99.52% with AddLiquidity/RemoveLiquidity events)
  • Discovers all LPs who ever staked in each vault
• Balance queries: Gets current vsToken balances for each LP
• Calculation: LP_fsGLP = (LP_vsTokens / total_vsTokens) × vault_borrowed_fsGLP
• Result: 405 unique LPs with current balances (888 total discovered via StakeFor, 483 with zero balance)

Step 6: Apply Stablecoin Capping and Redistribute Excess

• USDC/USDT LP Capping: Caps stablecoin LP distributions so their fsGLP value at $1.45 doesn't exceed their original deposit value ($1 per USDC/USDT)
  • Formula: capped_fsGLP = min(original_fsGLP, deposit_usd / 1.45)
• Excess Redistribution: Total excess from farmer IL adjustment + stablecoin LP capping is redistributed proportionally to WBTC/WETH LPs based on their volatile asset holdings
• Final LP distributions: Same total fsGLP (1,445,599.59), but redistributed from stablecoin LPs to volatile asset LPs

Outputs

CSV Files

• out/archi-farmer-positions.csv - All 47 active positions with complete borrowing details, historical GLP prices, and opening dates
• out/archi-farmer-distributions.csv - Final distributions for 4 farmers (includes original, capped, and recovery % columns)
• out/archi-lp-distributions.csv - LP distributions with per-vault vsToken balances, original amounts, capped amounts, and final distributions (405 LPs)

Markdown

ARCHI_DISTRIBUTIONS.md - Auto-updated with distribution tables:

• Vault borrowing summary
• Farmers table (with capping details)
• All farmer positions (with historical prices)
• Top 20 LPs table (or all with PREVIEW_ALL_LPS=true)

Distribution Summary (Before Capping)

Category	Amount (fsGLP)	% of Total	Recipients
Farmers	169,573.39	10.50%	4 farmers (47 positions)
LPs	1,445,599.59	89.50%	405 unique LPs
TOTAL	1,615,172.98	100%	409 unique addresses

Not Distributed: CreditAggregator 99.81 fsGLP (1 tx initiated by archi deployer)

Distribution Summary (After Capping & Redistribution)

Category	Original	Capped/Final	Excess	Recipients
Farmers	169,573.39 fsGLP	[Calculated at runtime]	[Redistributed to LPs]	4 farmers
LPs - Stablecoins (USDC/USDT)	[Original amount]	[Capped at deposit value]	[Redistributed to volatile LPs]	Stablecoin LPs
LPs - Volatile (WBTC/WETH)	1,097,128.01 fsGLP	[Original + excess]	-	Volatile asset LPs
Total LPs	1,445,599.59 fsGLP	1,445,599.59 fsGLP + farmer excess	-	405 unique LPs
GRAND TOTAL	1,615,172.98 fsGLP	[Farmer capped + LP final]	0	409 unique addresses

Capping Methodology

1. Farmer IL Adjustment Capping:

   • Each farmer's distribution is capped based on the weighted average GLP price when they opened their positions vs the $1.45 price at the time of the incident
   • Formula: capped_total = total_fsGLP × (avg_GLP_price_at_open / 1.45)
   • Excess from farmers is added to the redistribution pool for volatile LPs

2. Stablecoin LP Capping:

   • USDC and USDT LP distributions are capped so that their fsGLP value at $1.45 does not exceed their original stablecoin deposit value
   • Formula: capped_fsGLP = min(original_fsGLP, (vsTokens / 1e6 × $1.00) / 1.45)
   • Assumes $1.00 per USDC/USDT at deposit time
   • Excess from stablecoin LPs is added to the redistribution pool

3. Excess Redistribution to Volatile LPs:

   • Total excess = Farmer excess + USDC excess + USDT excess
   • Redistributed proportionally to WBTC and WETH LPs based on their volatile asset value
   • Each LP's excess share is split between WBTC and WETH based on their individual holdings ratio
   • WBTC and WETH LPs receive their original distribution + their share of the excess

Result: Farmers and stablecoin LPs are protected from receiving more value than they deposited, while volatile asset LPs (WBTC/WETH) absorb the excess to maintain 100% distribution of available fsGLP.