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2 | 2 |
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3 | 3 | All notable changes to this project will be documented in this file.
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4 | 4 |
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| 5 | +## v2.2.0 - Neutron Perps release |
| 6 | + |
| 7 | +### Perps Integration |
| 8 | +- Added new `perps` contract with perps functionality integrated into Credit Manager |
| 9 | + |
| 10 | +### Credit Manager Enhancements |
| 11 | +- Integrated perps positions as account collateral, with direct impact on account Health Factor |
| 12 | +- Implemented flexible loss settlement mechanism for perps: |
| 13 | + - First attempts to deduct from existing deposits |
| 14 | + - If deposits are insufficient, will unlock lending positions |
| 15 | + - As a last resort, will borrow the required USDC amount |
| 16 | + |
| 17 | +#### New Execute Messages |
| 18 | +- Added execute messages: |
| 19 | + - `UpdateBalanceAfterDeleverage` |
| 20 | + - `ExecuteTriggerOrder` |
| 21 | + |
| 22 | +#### New Actions |
| 23 | +- Introduced new actions: |
| 24 | + - `DepositToPerpVault` |
| 25 | + - `UnlockFromPerpVault` |
| 26 | + - `WithdrawFromPerpVault` |
| 27 | + - `CreateTriggerOrder` |
| 28 | + - `DeleteTriggerOrder` |
| 29 | + - `ExecutePerpOrder` |
| 30 | + |
| 31 | +#### New Queries |
| 32 | +- Added queries: |
| 33 | + - `AllAccountTriggerOrders` |
| 34 | + - `AllTriggerOrders` |
| 35 | +- Updated `Positions` query to include perps positions |
| 36 | + |
| 37 | +#### Positions Struct Update |
| 38 | +```diff |
| 39 | +pub struct Positions { |
| 40 | + pub account_id: String, |
| 41 | + pub account_kind: AccountKind, |
| 42 | + pub deposits: Vec<Coin>, |
| 43 | + pub debts: Vec<DebtAmount>, |
| 44 | + pub lends: Vec<Coin>, |
| 45 | + pub vaults: Vec<VaultPosition>, |
| 46 | + pub staked_astro_lps: Vec<Coin>, |
| 47 | ++ pub perps: Vec<PerpPosition>, // New field |
| 48 | +} |
| 49 | +``` |
| 50 | + |
| 51 | +### Liquidation Mechanism |
| 52 | +#### Perps Liquidation |
| 53 | +- Implemented comprehensive perps liquidation process: |
| 54 | + - When an account becomes liquidatable, perps positions are closed first |
| 55 | + - Normal liquidation executes after perps closure |
| 56 | + - If closing perps is sufficient to restore account health, liquidator receives a bonus |
| 57 | +- Liquidation bonus calculation: |
| 58 | + - Uses the same bonus mechanism as general liquidation (based on Health Factor) |
| 59 | + - Bonus specifically reduced to 60% to prevent over-rewarding |
| 60 | + - Added `perps_liquidation_bonus_ratio` to Credit Manager configuration |
| 61 | +- Special liquidation scenario: |
| 62 | + - Liquidation possible even when no spot debt exists |
| 63 | + - Triggered if perps positions could potentially bring account Health Factor below 1 |
| 64 | + - Allows liquidator to close perps at a loss without additional debt repayment |
| 65 | + |
| 66 | +#### Liquidation Changes |
| 67 | +- Simplified liquidation mechanism by changing to static close factor |
| 68 | +- Removed Max Debt Repayable (MDR) formula for dynamic bonus calculation in Credit Manager and Red Bank |
| 69 | + |
| 70 | +### Health Calculations |
| 71 | +- Health Contract now includes calculations based on perps positions |
| 72 | +- Returns additional perp loss and profit information |
| 73 | +- Removed `kind` from health-related queries |
| 74 | +- HealthComputer integrated into CreditManager to reduce gas consumption |
| 75 | + |
| 76 | +#### Health Struct Update |
| 77 | +```diff |
| 78 | +pub struct Health { |
| 79 | + pub total_debt_value: Uint128, |
| 80 | + pub total_collateral_value: Uint128, |
| 81 | + pub max_ltv_adjusted_collateral: Uint128, |
| 82 | + pub liquidation_threshold_adjusted_collateral: Uint128, |
| 83 | + pub max_ltv_health_factor: Option<Decimal>, |
| 84 | + pub liquidation_health_factor: Option<Decimal>, |
| 85 | ++ pub perps_pnl_profit: Uint128, // New field |
| 86 | ++ pub perps_pnl_loss: Uint128, // New field |
| 87 | ++ pub has_perps: bool, // New field |
| 88 | +} |
| 89 | +``` |
| 90 | + |
| 91 | +### Oracle and Pricing |
| 92 | +- Introduced Slinky oracle price support for perps |
| 93 | +- Added new Oracle contract query for prices by denoms |
| 94 | + |
| 95 | +### Incentives Contract |
| 96 | +- Added support for perpetual vault deposit incentives |
| 97 | +- New execute and query messages to handle perps-related incentives |
| 98 | + - `SetAssetIncentive` with support for different incentive kinds |
| 99 | + - Updated reward claiming and emission tracking |
| 100 | + |
| 101 | +#### Incentives Contract Struct Updates |
| 102 | +```diff |
| 103 | +// Execute Message |
| 104 | +pub enum ExecuteMsg { |
| 105 | + SetAssetIncentive { |
| 106 | ++ kind: IncentiveKind, // New field |
| 107 | ++ denom: String, // New field |
| 108 | + incentive_denom: String, |
| 109 | + emission_per_second: Uint128, |
| 110 | + start_time: u64, |
| 111 | + duration: u64, |
| 112 | + }, |
| 113 | + |
| 114 | + BalanceChange { |
| 115 | + user_addr: Addr, |
| 116 | + account_id: Option<String>, |
| 117 | ++ kind: IncentiveKind, // New field |
| 118 | + denom: String, |
| 119 | +- user_amount_scaled_before: Uint128, |
| 120 | ++ user_amount: Uint128, // Updated field |
| 121 | +- total_amount_scaled_before: Uint128, |
| 122 | ++ total_amount: Uint128, // Updated field |
| 123 | + }, |
| 124 | + |
| 125 | + ClaimRewards { |
| 126 | + account_id: Option<String>, |
| 127 | ++ start_after_kind: Option<IncentiveKind>, // New field |
| 128 | +- start_after_collateral_denom: Option<String>, |
| 129 | ++ start_after_denom: Option<String>, // Updated field |
| 130 | + start_after_incentive_denom: Option<String>, |
| 131 | + limit: Option<u32>, |
| 132 | + } |
| 133 | +} |
| 134 | + |
| 135 | +// Query Messages |
| 136 | +pub enum QueryMsg { |
| 137 | + ActiveEmissions { |
| 138 | ++ kind: IncentiveKind, // New field |
| 139 | +- collateral_denom: String, |
| 140 | ++ denom: String, // Updated field |
| 141 | + }, |
| 142 | + |
| 143 | + IncentiveState { |
| 144 | ++ kind: IncentiveKind, // New field |
| 145 | +- collateral_denom: String, |
| 146 | ++ denom: String, // Updated field |
| 147 | + incentive_denom: String, |
| 148 | + }, |
| 149 | + |
| 150 | + IncentiveStates { |
| 151 | ++ start_after_kind: Option<IncentiveKind>, // New field |
| 152 | +- start_after_collateral_denom: Option<String>, |
| 153 | ++ start_after_denom: Option<String>, // Updated field |
| 154 | + start_after_incentive_denom: Option<String>, |
| 155 | + limit: Option<u32>, |
| 156 | + }, |
| 157 | + |
| 158 | + Emission { |
| 159 | ++ kind: IncentiveKind, // New field |
| 160 | +- collateral_denom: String, |
| 161 | ++ denom: String, // Updated field |
| 162 | + incentive_denom: String, |
| 163 | + timestamp: u64, |
| 164 | + }, |
| 165 | + |
| 166 | + UserUnclaimedRewards { |
| 167 | + user: String, |
| 168 | + account_id: Option<String>, |
| 169 | ++ start_after_kind: Option<IncentiveKind>, // New field |
| 170 | +- start_after_collateral_denom: Option<String>, |
| 171 | ++ start_after_denom: Option<String>, // Updated field |
| 172 | + start_after_incentive_denom: Option<String>, |
| 173 | + limit: Option<u32>, |
| 174 | + } |
| 175 | +} |
| 176 | +``` |
| 177 | + |
| 178 | +### Params Contract |
| 179 | +- Added Perps params setup and queries |
| 180 | +- New configurations: |
| 181 | + - Maximum number of perps |
| 182 | + - Risk Owner role to modify market parameters |
| 183 | + - `withdraw_enabled` for Credit Manager and Red Bank settings for Assets |
| 184 | +- Introduced paginated queries for asset parameters |
| 185 | + |
| 186 | +#### Params Contract Struct Updates |
| 187 | +```diff |
| 188 | +pub enum ExecuteMsg { |
| 189 | ++ UpdatePerpParams(PerpParamsUpdate), // New execute message |
| 190 | + |
| 191 | + // Existing messages... |
| 192 | +} |
| 193 | + |
| 194 | +pub enum QueryMsg { |
| 195 | ++ PerpParams { // New query |
| 196 | + denom: String, |
| 197 | + }, |
| 198 | + |
| 199 | ++ AllPerpParams { // New query |
| 200 | + start_after: Option<String>, |
| 201 | + limit: Option<u32>, |
| 202 | + }, |
| 203 | + |
| 204 | ++ AllPerpParamsV2 { // New paginated query |
| 205 | + start_after: Option<String>, |
| 206 | + limit: Option<u32>, |
| 207 | + }, |
| 208 | + |
| 209 | ++ AllAssetParamsV2 { // New paginated query for assets |
| 210 | + start_after: Option<String>, |
| 211 | + limit: Option<u32>, |
| 212 | + } |
| 213 | +} |
| 214 | +``` |
| 215 | + |
| 216 | +### Miscellaneous |
| 217 | +- Enhanced HealthComputer with Perps-aligned functions and added max_perp_size parameter to support frontend requirements |
| 218 | +- Removed `QueryMsg::AccountKind` call in account-nft contract |
| 219 | + |
5 | 220 | ## v1.2.0
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6 | 221 |
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7 | 222 | - Allow Credit account to lend/reclaim to the Red Bank (calls Deposit/Withdraw in Red Bank), claim incentive rewards from lending to the Red Bank (pass account_id to track Credit Manager users in `red-bank` and `incentives` contract).
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