Merge pull request #97 from laina-defi/feat/change-health-factor-thre…

…shold-and-add-interest-multiplier feat: interest_rate_multiplier and new hf treshold
laina-defi · Feb 11, 2025 · 58e90d1 · 58e90d1
2 parents 5c16840 + 3a8cfac
commit 58e90d1
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Showing 8 changed files with 98 additions and 34 deletions.
diff --git a/contracts/loan_manager/src/contract.rs b/contracts/loan_manager/src/contract.rs
@@ -160,11 +160,12 @@ impl LoanManager {
             borrowed,
             collateral_currency.ticker,
             collateral,
+            collateral_from.clone(),
         )?;
 
         // Health factor has to be over 1.2 for the loan to be initialized.
         // Health factor is defined as so: 1.0 = 10000000_i128
-        const HEALTH_FACTOR_THRESHOLD: i128 = 12000000;
+        const HEALTH_FACTOR_THRESHOLD: i128 = 10000000;
         assert!(
             health_factor > HEALTH_FACTOR_THRESHOLD,
             "Health factor must be over {HEALTH_FACTOR_THRESHOLD} to create a new loan!"
@@ -240,6 +241,7 @@ impl LoanManager {
             new_borrowed_amount,
             token_collateral_ticker,
             collateral_amount,
+            collateral_from.clone(),
         )?;
 
         let borrow_change = new_borrowed_amount
@@ -280,19 +282,28 @@ impl LoanManager {
         token_amount: i128,
         token_collateral_ticker: Symbol,
         token_collateral_amount: i128,
+        token_collateral_address: Address,
     ) -> Result<i128, Error> {
+        const DECIMAL_TO_INT_MULTIPLIER: i128 = 10000000;
         let reflector_address = Address::from_string(&String::from_str(e, REFLECTOR_ADDRESS));
         let reflector_contract = oracle::Client::new(e, &reflector_address);
 
         // get the price and calculate the value of the collateral
         let collateral_asset = Asset::Other(token_collateral_ticker);
 
+        let collateral_pool_client = loan_pool::Client::new(e, &token_collateral_address);
+        let collateral_factor = collateral_pool_client.get_collateral_factor();
+
         let collateral_asset_price = reflector_contract
             .lastprice(&collateral_asset)
             .ok_or(Error::NoLastPrice)?;
         let collateral_value = collateral_asset_price
             .price
             .checked_mul(token_collateral_amount)
+            .ok_or(Error::OverOrUnderFlow)?
+            .checked_mul(collateral_factor)
+            .ok_or(Error::OverOrUnderFlow)?
+            .checked_div(DECIMAL_TO_INT_MULTIPLIER)
             .ok_or(Error::OverOrUnderFlow)?;
 
         // get the price and calculate the value of the borrowed asset
@@ -305,7 +316,6 @@ impl LoanManager {
             .checked_mul(token_amount)
             .ok_or(Error::OverOrUnderFlow)?;
 
-        const DECIMAL_TO_INT_MULTIPLIER: i128 = 10000000;
         let health_factor = collateral_value
             .checked_mul(DECIMAL_TO_INT_MULTIPLIER)
             .ok_or(Error::OverOrUnderFlow)?
@@ -378,6 +388,7 @@ impl LoanManager {
             new_borrowed_amount,
             collateral_pool_client.get_currency().ticker,
             collateral_amount,
+            collateral_from.clone(),
         )?;
 
         let loan = Loan {
@@ -475,7 +486,8 @@ impl LoanManager {
                 borrowed_amount,
                 collateral_ticker.clone(),
                 collateral_amount,
-            )? < 12000000
+                collateral_from.clone(),
+            )? < 10000000
         ); // Temp high value for testing
         assert!(
             amount
@@ -521,6 +533,7 @@ impl LoanManager {
             new_borrowed_amount,
             collateral_ticker,
             new_collateral_amount,
+            collateral_from.clone(),
         )?;
 
         let new_loan = Loan {
@@ -598,7 +611,7 @@ mod tests {
         // ACT
         // Deploy contract using loan_manager as factory
         let loan_pool_addr =
-            deployer_client.deploy_pool(&wasm_hash, &salt, &token.address(), &ticker, &800_000);
+            deployer_client.deploy_pool(&wasm_hash, &salt, &token.address(), &ticker, &8_000_000);
 
         // ASSERT
         // No authorizations needed - the contract acts as a factory.
@@ -630,7 +643,13 @@ mod tests {
         let salt = BytesN::from_array(&e, &[0; 32]);
 
         // ACT
-        deployer_client.deploy_pool(&pool_wasm_hash, &salt, &token.address(), &ticker, &800_000);
+        deployer_client.deploy_pool(
+            &pool_wasm_hash,
+            &salt,
+            &token.address(),
+            &ticker,
+            &8_000_000,
+        );
         deployer_client.upgrade(&manager_wasm_hash, &pool_wasm_hash);
     }
 
@@ -683,10 +702,10 @@ mod tests {
 
         // ACT
         // Initialize the loan pool and deposit some of the admin's funds.
-        loan_pool_client.initialize(&contract_id, &loan_currency, &800_000);
+        loan_pool_client.initialize(&contract_id, &loan_currency, &8_000_000);
         loan_pool_client.deposit(&admin, &1000);
 
-        collateral_pool_client.initialize(&contract_id, &collateral_currency, &800_000);
+        collateral_pool_client.initialize(&contract_id, &collateral_currency, &8_000_000);
 
         contract_client.create_loan(&user, &10, &loan_pool_id, &100, &collateral_pool_id);
 
@@ -750,10 +769,10 @@ mod tests {
 
         // ACT
         // Initialize the loan pool and deposit some of the admin's funds.
-        loan_pool_client.initialize(&contract_id, &loan_currency, &800_000);
+        loan_pool_client.initialize(&contract_id, &loan_currency, &8_000_000);
         loan_pool_client.deposit(&admin, &10_001);
 
-        collateral_pool_client.initialize(&contract_id, &collateral_currency, &800_000);
+        collateral_pool_client.initialize(&contract_id, &collateral_currency, &8_000_000);
 
         // Create a loan.
         contract_client.create_loan(&user, &10_000, &loan_pool_id, &100_000, &collateral_pool_id);
@@ -765,7 +784,7 @@ mod tests {
 
         // Here borrowed amount should be the same as time has not moved. add_interest() is only called to store the LastUpdate sequence number.
         assert_eq!(user_loan.borrowed_amount, 10_000);
-        assert_eq!(user_loan.health_factor, 100_000_000);
+        assert_eq!(user_loan.health_factor, 80_000_000);
         assert_eq!(collateral_token_client.balance(&user), 900_000);
 
         // Move time
@@ -783,7 +802,7 @@ mod tests {
         let user_loan = contract_client.get_loan(&user);
 
         assert_eq!(user_loan.borrowed_amount, 12_998);
-        assert_eq!(user_loan.health_factor, 76_934_913);
+        assert_eq!(user_loan.health_factor, 61_547_930);
         assert_eq!(user_loan.collateral_amount, 100_000);
     }
 
@@ -843,10 +862,10 @@ mod tests {
 
         // ACT
         // Initialize the loan pool and deposit some of the admin's funds.
-        loan_pool_client.initialize(&contract_id, &loan_currency, &800_000);
+        loan_pool_client.initialize(&contract_id, &loan_currency, &8_000_000);
         loan_pool_client.deposit(&admin, &1_000_000);
 
-        collateral_pool_client.initialize(&contract_id, &collateral_currency, &800_000);
+        collateral_pool_client.initialize(&contract_id, &collateral_currency, &8_000_000);
 
         // Create a loan.
         contract_client.create_loan(&user, &1_000, &loan_pool_id, &100_000, &collateral_pool_id);
@@ -936,10 +955,10 @@ mod tests {
 
         // ACT
         // Initialize the loan pool and deposit some of the admin's funds.
-        loan_pool_client.initialize(&contract_id, &loan_currency, &800_000);
+        loan_pool_client.initialize(&contract_id, &loan_currency, &8_000_000);
         loan_pool_client.deposit(&admin, &1_000_000);
 
-        collateral_pool_client.initialize(&contract_id, &collateral_currency, &800_000);
+        collateral_pool_client.initialize(&contract_id, &collateral_currency, &8_000_000);
 
         // Create a loan.
         contract_client.create_loan(&user, &1_000, &loan_pool_id, &100_000, &collateral_pool_id);
@@ -1022,10 +1041,10 @@ mod tests {
 
         // ACT
         // Initialize the loan pool and deposit some of the admin's funds.
-        loan_pool_client.initialize(&contract_id, &loan_currency, &800_000);
+        loan_pool_client.initialize(&contract_id, &loan_currency, &8_000_000);
         loan_pool_client.deposit(&admin, &1_000_000);
 
-        collateral_pool_client.initialize(&contract_id, &collateral_currency, &800_000);
+        collateral_pool_client.initialize(&contract_id, &collateral_currency, &8_000_000);
 
         // Create a loan.
         contract_client.create_loan(&user, &1_000, &loan_pool_id, &100_000, &collateral_pool_id);
@@ -1087,13 +1106,13 @@ mod tests {
 
         // ACT
         // Initialize the loan pool and deposit some of the admin's funds.
-        loan_pool_client.initialize(&contract_id, &loan_currency, &800_000);
+        loan_pool_client.initialize(&contract_id, &loan_currency, &8_000_000);
         loan_pool_client.deposit(&admin, &10_001);
 
-        collateral_pool_client.initialize(&contract_id, &collateral_currency, &800_000);
+        collateral_pool_client.initialize(&contract_id, &collateral_currency, &8_000_000);
 
         // Create a loan.
-        contract_client.create_loan(&user, &10_000, &loan_pool_id, &12_001, &collateral_pool_id);
+        contract_client.create_loan(&user, &10_000, &loan_pool_id, &12_505, &collateral_pool_id);
 
         let user_loan = contract_client.get_loan(&user);
 
@@ -1103,7 +1122,7 @@ mod tests {
 
         // Here borrowed amount should be the same as time has not moved. add_interest() is only called to store the LastUpdate sequence number.
         assert_eq!(user_loan.borrowed_amount, 10_000);
-        assert_eq!(user_loan.health_factor, 12_001_000);
+        assert_eq!(user_loan.health_factor, 10_004_000);
 
         // Move time
         e.ledger().with_mut(|li| {
@@ -1120,8 +1139,8 @@ mod tests {
         let user_loan = contract_client.get_loan(&user);
 
         assert_eq!(user_loan.borrowed_amount, 12_998);
-        assert_eq!(user_loan.health_factor, 9_232_958);
-        assert_eq!(user_loan.collateral_amount, 12_001);
+        assert_eq!(user_loan.health_factor, 7_696_568);
+        assert_eq!(user_loan.collateral_amount, 12_505);
 
         e.ledger().with_mut(|li| {
             li.sequence_number = 100_000 + 1_000;
@@ -1135,7 +1154,7 @@ mod tests {
         let user_loan = contract_client.get_loan(&user);
 
         assert_eq!(user_loan.borrowed_amount, 7_998);
-        assert_eq!(user_loan.health_factor, 8_440_860);
-        assert_eq!(user_loan.collateral_amount, 6_751);
+        assert_eq!(user_loan.health_factor, 7_256_814);
+        assert_eq!(user_loan.collateral_amount, 7_255);
     }
 }
diff --git a/contracts/loan_manager/src/positions.rs b/contracts/loan_manager/src/positions.rs
@@ -15,6 +15,8 @@ fn write_positions(e: &Env, addr: Address, loan: Loan) {
     e.storage()
         .persistent()
         .extend_ttl(&key, POSITIONS_LIFETIME_THRESHOLD, POSITIONS_BUMP_AMOUNT);
+
+    e.events().publish(("Loan", "created"), key);
 }
 
 pub fn read_positions(e: &Env, addr: Address) -> Option<Loan> {

diff --git a/contracts/loan_pool/src/contract.rs b/contracts/loan_pool/src/contract.rs
@@ -36,6 +36,7 @@ impl LoanPoolContract {
         pool::write_available_balance(&e, 0);
         pool::write_accrual(&e, 10_000_000); // Default initial accrual value.
         pool::write_accrual_last_updated(&e, e.ledger().timestamp());
+        pool::change_interest_rate_multiplier(&e, 1); // Temporary parameter
     }
 
     pub fn upgrade(e: Env, new_wasm_hash: BytesN<32>) -> Result<(), Error> {
@@ -46,6 +47,14 @@ impl LoanPoolContract {
         Ok(())
     }
 
+    pub fn change_interest_rate_multiplier(e: Env, multiplier: i128) -> Result<(), Error> {
+        let loan_manager_addr = pool::read_loan_manager_addr(&e)?;
+        loan_manager_addr.require_auth();
+
+        pool::change_interest_rate_multiplier(&e, multiplier);
+        Ok(())
+    }
+
     /// Deposits token. Also, mints pool shares for the "user" Identifier.
     pub fn deposit(e: Env, user: Address, amount: i128) -> Result<i128, Error> {
         user.require_auth();
@@ -258,8 +267,12 @@ impl LoanPoolContract {
         Ok(())
     }
 
-    pub fn get_accrual(e: Env) -> Result<i128, Error> {
-        pool::read_accrual(&e)
+    pub fn get_accrual(e: &Env) -> Result<i128, Error> {
+        pool::read_accrual(e)
+    }
+
+    pub fn get_collateral_factor(e: &Env) -> Result<i128, Error> {
+        pool::read_collateral_factor(e)
     }
 
     /// Get user's positions in the pool
@@ -435,7 +448,7 @@ mod test {
         Env, Symbol,
     };
 
-    const TEST_LIQUIDATION_THRESHOLD: i128 = 800_000;
+    const TEST_LIQUIDATION_THRESHOLD: i128 = 8_000_000;
 
     #[test]
     fn initialize() {

diff --git a/contracts/loan_pool/src/interest.rs b/contracts/loan_pool/src/interest.rs
@@ -12,6 +12,7 @@ pub const PANIC_BASE_RATE: i128 = -17_000_000;
 #[allow(dead_code, unused_variables)]
 
 pub fn get_interest(e: Env) -> Result<i128, Error> {
+    let interest_rate_multiplier = pool::read_interest_rate_multiplier(&e)?;
     const PANIC_RATES_THRESHOLD: i128 = 90_000_000;
     let available = pool::read_available_balance(&e)?;
     let total = pool::read_total_balance(&e)?;
@@ -50,6 +51,8 @@ pub fn get_interest(e: Env) -> Result<i128, Error> {
             .checked_div(10_000_000)
             .ok_or(Error::OverOrUnderFlow)?
             .checked_add(BASE_INTEREST_RATE)
+            .ok_or(Error::OverOrUnderFlow)?
+            .checked_mul(interest_rate_multiplier)
             .ok_or(Error::OverOrUnderFlow)?)
         } else {
             Ok((slope_after_panic
@@ -58,9 +61,13 @@ pub fn get_interest(e: Env) -> Result<i128, Error> {
             .checked_div(10_000_000)
             .ok_or(Error::OverOrUnderFlow)?
             .checked_add(PANIC_BASE_RATE)
+            .ok_or(Error::OverOrUnderFlow)?
+            .checked_mul(interest_rate_multiplier)
             .ok_or(Error::OverOrUnderFlow)?)
         }
     } else {
-        Ok(BASE_INTEREST_RATE)
+        Ok(BASE_INTEREST_RATE
+            .checked_mul(interest_rate_multiplier)
+            .ok_or(Error::OverOrUnderFlow)?)
     }
 }
diff --git a/contracts/loan_pool/src/pool.rs b/contracts/loan_pool/src/pool.rs
@@ -23,6 +23,7 @@ pub enum Error {
     NegativeDeposit = 10,
     WithdrawOverBalance = 11,
     WithdrawIsNegative = 12,
+    InterestRateMultiplier = 13,
 }
 
 pub fn write_loan_manager_addr(e: &Env, loan_manager_addr: Address) {
@@ -182,3 +183,23 @@ pub fn read_accrual_last_updated(e: &Env) -> Result<u64, Error> {
         Err(Error::AccrualLastUpdated)
     }
 }
+
+pub fn change_interest_rate_multiplier(e: &Env, multiplier: i128) {
+    e.storage()
+        .persistent()
+        .set(&PoolDataKey::InterestRateMultiplier, &multiplier);
+}
+
+pub fn read_interest_rate_multiplier(e: &Env) -> Result<i128, Error> {
+    e.storage()
+        .persistent()
+        .get(&PoolDataKey::InterestRateMultiplier)
+        .ok_or(Error::InterestRateMultiplier)
+}
+
+pub fn read_collateral_factor(e: &Env) -> Result<i128, Error> {
+    e.storage()
+        .persistent()
+        .get(&PoolDataKey::LiquidationThreshold)
+        .ok_or(Error::LiquidationThreshold)
+}
diff --git a/contracts/loan_pool/src/storage_types.rs b/contracts/loan_pool/src/storage_types.rs
@@ -47,6 +47,8 @@ pub enum PoolDataKey {
     Accrual,
     // Last update ledger of accrual
     AccrualLastUpdate,
+    // Interest rate multiplier
+    InterestRateMultiplier,
 }
 
 /* Persistent ttl bumper */

diff --git a/scripts/initialize.ts b/scripts/initialize.ts
@@ -57,7 +57,7 @@ const deployLoanPools = () => {
 --salt ${salt} \
 --token_address ${tokenContractAddress} \
 --ticker ${ticker} \
---liquidation_threshold 800000 \
+--liquidation_threshold 8000000 \
 | tr -d '"' > ./.stellar/contract-ids/${loanPoolName}.txt`,
     );
   });

diff --git a/src/components/HealthFactor.tsx b/src/components/HealthFactor.tsx
@@ -1,7 +1,7 @@
-export const HEALTH_FACTOR_AUTO_THRESHOLD = 1.65;
-export const HEALTH_FACTOR_MIN_THRESHOLD = 1.2;
-export const HEALTH_FACTOR_GOOD_THRESHOLD = 1.6;
-export const HEALTH_FACTOR_EXCELLENT_THRESHOLD = 2.0;
+export const HEALTH_FACTOR_AUTO_THRESHOLD = 1.4;
+export const HEALTH_FACTOR_MIN_THRESHOLD = 1.25;
+export const HEALTH_FACTOR_GOOD_THRESHOLD = 1.35;
+export const HEALTH_FACTOR_EXCELLENT_THRESHOLD = 1.45;
 
 export const HealthFactor = ({ value }: { value: number }) => {
   if (value < HEALTH_FACTOR_MIN_THRESHOLD) {