SOV-3390: reimplement increasing debt without adding collateral (#703)

* feat: allow borrowing more money * fix: review comments * chore: add changeset --------- Co-authored-by: soulBit <[email protected]>
DistributedCollective · Dec 5, 2023 · cb660fb · cb660fb
1 parent f9c3795
commit cb660fb
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Showing 9 changed files with 182 additions and 38 deletions.
diff --git a/.changeset/gold-turkeys-behave.md b/.changeset/gold-turkeys-behave.md
@@ -0,0 +1,5 @@
+---
+"frontend": patch
+---
+
+SOV-3390: Fixed Rate Borrow - add ability to increase debt without adding collateral
diff --git a/apps/frontend/src/app/5_pages/BorrowPage/BorrowPage.utils.tsx b/apps/frontend/src/app/5_pages/BorrowPage/BorrowPage.utils.tsx
@@ -108,3 +108,11 @@ export const normalizeToken = (token: string): SupportedTokens => {
 
   return SupportedTokens[token] || token;
 };
+
+export const normalizeTokenWrapped = (token: string): SupportedTokens => {
+  if (isBtcBasedAsset(token)) {
+    return SupportedTokens.wrbtc;
+  }
+
+  return normalizeToken(token);
+};
diff --git a/...rontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.constants.tsx b/...rontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.constants.tsx
@@ -8,11 +8,11 @@ export const INTEREST_DURATION = 3600; // according to the PRD
 export const ACTIVE_CLASSNAME = 'bg-gray-70 text-primary-20';
 
 export const DEBT_TABS = [
-  // {
-  //   tabAction: DebtTabAction.Borrow,
-  //   label: t(translations.fixedInterestPage.adjustLoanDialog.actions.borrow),
-  //   activeClassName: ACTIVE_CLASSNAME,
-  // },
+  {
+    tabAction: DebtTabAction.Borrow,
+    label: t(translations.fixedInterestPage.adjustLoanDialog.actions.borrow),
+    activeClassName: ACTIVE_CLASSNAME,
+  },
   {
     tabAction: DebtTabAction.Repay,
     label: t(translations.fixedInterestPage.adjustLoanDialog.actions.repay),

diff --git a/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.tsx b/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.tsx
@@ -45,6 +45,7 @@ import { useGetBorrowingAPR } from '../../hooks/useGetBorrowingAPR';
 import { useGetMaintenanceStates } from '../../hooks/useGetMaintenanceStates';
 import { useGetOriginationFee } from '../../hooks/useGetOriginationFee';
 import { CurrentLoanData } from '../CurrentLoanData/CurrentLoanData';
+import { useBorrow } from '../NewLoanForm/hooks/useBorrow';
 import { useGetMaximumCollateralAmount } from '../NewLoanForm/hooks/useGetMaximumCollateralAmount';
 import {
   COLLATERAL_TABS,
@@ -59,6 +60,7 @@ import {
 import { Label } from './components/Label';
 import { useCloseWithDepositIsTinyPosition } from './hooks/useCloseWithDepositIsTinyPosition';
 import { useDepositCollateral } from './hooks/useDepositCollateral';
+import { useDrawdown } from './hooks/useDrawdown';
 import { useGetInterestRefund } from './hooks/useGetInterestRefund';
 import { useGetMaxCollateralWithdrawal } from './hooks/useGetMaxCollateralWithdrawal';
 import { useGetMaxRepayAmount } from './hooks/useGetMaxRepayAmount';
@@ -77,9 +79,9 @@ export const AdjustLoanForm: FC<AdjustLoanFormProps> = ({ loan }) => {
   const [collateralAmount, setCollateralAmount, collateralSize] =
     useDecimalAmountInput('');
 
-  const [debtTab, setDebtTab] = useState(DebtTabAction.Repay);
+  const [debtTab, setDebtTab] = useState(DebtTabAction.Borrow);
   const [collateralTab, setCollateralTab] = useState(
-    CollateralTabAction.WithdrawCollateral,
+    CollateralTabAction.AddCollateral,
   );
 
   const isCloseTab = useMemo(() => debtTab === DebtTabAction.Close, [debtTab]);
@@ -392,7 +394,7 @@ export const AdjustLoanForm: FC<AdjustLoanFormProps> = ({ loan }) => {
   }, [setCollateralAmount, setDebtAmount]);
 
   const handleRepay = useRepayLoan();
-  // const handleBorrow = useBorrow();
+  const handleBorrow = useBorrow();
   const handleWithdrawCollateral = useWithdrawCollateral();
   const handleDepositCollateral = useDepositCollateral();
 
@@ -416,53 +418,60 @@ export const AdjustLoanForm: FC<AdjustLoanFormProps> = ({ loan }) => {
       return;
     }
 
+    if (isBorrowTab) {
+      if (debtSize.isZero()) {
+        handleDepositCollateral(collateralAmount, collateralToken, loan.id);
+      } else {
+        handleBorrow(
+          debtToken,
+          debtAmount,
+          loan.rolloverDate,
+          collateralSize.toString(),
+          collateralToken,
+          loan.id,
+        );
+      }
+      return;
+    }
+
     if (isAddCollateralTab) {
       handleDepositCollateral(collateralAmount, collateralToken, loan.id);
       return;
     }
 
-    // if (isBorrowTab) {
-    //   if (debtSize.isZero()) {
-    //     handleDepositCollateral(collateralAmount, collateralToken, loan.id);
-    //   } else {
-    //     handleBorrow(
-    //       debtToken,
-    //       debtAmount,
-    //       loan.rolloverDate,
-    //       collateralSize.toString(),
-    //       collateralToken,
-    //       loan.id,
-    //     );
-    //   }
-    // }
-
     if (isCollateralWithdrawMode) {
       handleWithdrawCollateral(collateralAmount, loan.id);
     }
   }, [
     collateralAmount,
+    collateralSize,
     collateralToken,
+    debtAmount,
     debtSize,
+    debtToken,
+    handleBorrow,
     handleDepositCollateral,
     handleRepay,
     handleWithdrawCollateral,
     isAddCollateralTab,
+    isBorrowTab,
     isCloseTab,
     isCollateralWithdrawMode,
     isRepayTab,
     loan.debt,
     loan.debtAsset,
     loan.id,
+    loan.rolloverDate,
   ]);
 
   const onDebtTabChange = useCallback(
     (value: DebtTabAction) => {
       switch (value) {
-        // case DebtTabAction.Borrow:
-        //   setCollateralTab(CollateralTabAction.AddCollateral);
-        //   setDebtTab(value);
-        //   resetCloseDebtTabValues();
-        //   return;
+        case DebtTabAction.Borrow:
+          setCollateralTab(CollateralTabAction.AddCollateral);
+          setDebtTab(value);
+          resetCloseDebtTabValues();
+          return;
         case DebtTabAction.Repay:
           if (isCloseTab) {
             setIsTinyPosition(false);
@@ -487,11 +496,10 @@ export const AdjustLoanForm: FC<AdjustLoanFormProps> = ({ loan }) => {
     (value: CollateralTabAction) => {
       switch (value) {
         case CollateralTabAction.AddCollateral:
-          // if (!isBorrowTab) {
-          //   setDebtTab(DebtTabAction.Borrow);
-          // }
+          if (!isBorrowTab) {
+            setDebtTab(DebtTabAction.Borrow);
+          }
 
-          setDebtTab(DebtTabAction.None);
           setDebtAmount(loan.debt.toString());
 
           setCollateralTab(value);
@@ -674,6 +682,8 @@ export const AdjustLoanForm: FC<AdjustLoanFormProps> = ({ loan }) => {
     [isValidDebtAmount],
   );
 
+  const { maxBorrow } = useDrawdown(loan, collateralSize, isAddCollateralTab);
+
   return (
     <>
       <CurrentLoanData
@@ -712,10 +722,7 @@ export const AdjustLoanForm: FC<AdjustLoanFormProps> = ({ loan }) => {
             invalid={!isValidDebtAmount}
             placeholder="0"
             disabled={
-              isCloseTab ||
-              isCollateralWithdrawMode ||
-              isDebtAmountDisabled ||
-              isAddCollateralTab
+              isCloseTab || isCollateralWithdrawMode || isDebtAmountDisabled
             }
           />
           <AssetRenderer
@@ -921,7 +928,9 @@ export const AdjustLoanForm: FC<AdjustLoanFormProps> = ({ loan }) => {
           className="w-full"
           onClick={handleFormSubmit}
           dataAttribute="adjust-loan-confirm-button"
-          disabled={submitButtonDisabled}
+          disabled={
+            submitButtonDisabled || (isBorrowTab && debtSize.gt(maxBorrow))
+          }
         />
       </div>
     </>

diff --git a/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.types.ts b/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.types.ts
@@ -1,8 +1,8 @@
 export enum DebtTabAction {
   None = -1,
+  Borrow,
   Repay,
   Close,
-  Borrow,
 }
 
 export enum CollateralTabAction {

diff --git a/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.utils.tsx b/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/AdjustLoanForm.utils.tsx
@@ -1,5 +1,16 @@
+import {
+  SupportedTokens,
+  getLoanTokenContract,
+  getProtocolContract,
+  getTokenDetails,
+} from '@sovryn/contracts';
+import { getProvider } from '@sovryn/ethers-provider';
 import { Decimal } from '@sovryn/utils';
 
+import { defaultChainId } from '../../../../../config/chains';
+
+import { normalizeTokenWrapped } from '../../BorrowPage.utils';
+
 export const calculateDebtRepaidPercentage = (
   totalDebt: string,
   debtRepaid: Decimal,
@@ -13,3 +24,57 @@ export const calculateRepayCollateralWithdrawn = (
   Decimal.from(totalCollateral).mul(
     calculateDebtRepaidPercentage(totalDebt, debtRepaid),
   );
+
+export const getMaxDrawdown = async (
+  loanToken: SupportedTokens,
+  collateralToken: SupportedTokens,
+  loanAmount: Decimal,
+  collateralAmount: Decimal,
+  margin: Decimal,
+): Promise<Decimal> => {
+  const [contract, loanAddress, collateralAddress] = await Promise.all([
+    getProtocolContract('priceFeed', defaultChainId).then(({ contract }) =>
+      contract(getProvider(defaultChainId)),
+    ),
+    getTokenDetails(normalizeTokenWrapped(loanToken), defaultChainId).then(
+      ({ address }) => address,
+    ),
+    getTokenDetails(
+      normalizeTokenWrapped(collateralToken),
+      defaultChainId,
+    ).then(({ address }) => address),
+  ]);
+
+  const amount = await contract.getMaxDrawdown(
+    loanAddress,
+    collateralAddress,
+    loanAmount.toHexString(),
+    collateralAmount.toHexString(),
+    margin.toHexString(),
+  );
+  return Decimal.fromBigNumberString(amount);
+};
+
+export const getBorrowAmount = async (
+  loanToken: SupportedTokens,
+  collateralAmount: Decimal,
+  collateralToken: SupportedTokens,
+  durationInSeconds: number,
+): Promise<Decimal> => {
+  const [contract, collateralTokenAddress] = await Promise.all([
+    getLoanTokenContract(loanToken, defaultChainId).then(({ contract }) =>
+      contract(getProvider(defaultChainId)),
+    ),
+    getTokenDetails(collateralToken, defaultChainId).then(
+      ({ address }) => address,
+    ),
+  ]);
+
+  const amount = await contract.getBorrowAmountForDeposit(
+    collateralAmount.toHexString(),
+    durationInSeconds,
+    collateralTokenAddress,
+  );
+
+  return Decimal.fromBigNumberString(amount);
+};
diff --git a/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/hooks/useDrawdown.ts b/apps/frontend/src/app/5_pages/BorrowPage/components/AdjustLoanForm/hooks/useDrawdown.ts
@@ -0,0 +1,51 @@
+import { useEffect, useState } from 'react';
+
+import { Decimal } from '@sovryn/utils';
+
+import { decimalic } from '../../../../../../utils/math';
+import { LoanItem } from '../../OpenLoansTable/OpenLoansTable.types';
+import { getBorrowAmount, getMaxDrawdown } from '../AdjustLoanForm.utils';
+
+export const useDrawdown = (
+  loan: LoanItem,
+  collateralSize: Decimal,
+  isAddCollateralTab: boolean,
+) => {
+  const [drawDown, setDrawDown] = useState(Decimal.ZERO);
+  const [maxBorrow, setMaxBorrow] = useState(Decimal.ZERO);
+
+  useEffect(() => {
+    getMaxDrawdown(
+      loan.debtAsset,
+      loan.collateralAsset,
+      decimalic(loan.debt),
+      decimalic(loan.collateral),
+      loan.startMargin,
+    ).then(setDrawDown);
+  }, [
+    loan.collateral,
+    loan.collateralAsset,
+    loan.debt,
+    loan.debtAsset,
+    loan.startMargin,
+  ]);
+
+  useEffect(() => {
+    getBorrowAmount(
+      loan.debtAsset,
+      drawDown.add(collateralSize.mul(isAddCollateralTab ? 1 : -1)),
+      loan.collateralAsset,
+      Math.max(Math.floor(loan.rolloverDate - Date.now() / 1000), 0),
+      // 28 * 86400,
+    ).then(setMaxBorrow);
+  }, [
+    collateralSize,
+    drawDown,
+    isAddCollateralTab,
+    loan.collateralAsset,
+    loan.debtAsset,
+    loan.rolloverDate,
+  ]);
+
+  return { drawDown, maxBorrow };
+};
diff --git a/apps/frontend/src/app/5_pages/BorrowPage/components/OpenLoansTable/OpenLoansTable.types.ts b/apps/frontend/src/app/5_pages/BorrowPage/components/OpenLoansTable/OpenLoansTable.types.ts
@@ -13,4 +13,6 @@ export type LoanItem = {
   rolloverDate: number;
   interestOwedPerDay: number;
   startMargin: Decimal;
+  currentMargin: Decimal;
+  maintenanceMargin: Decimal;
 };
diff --git a/apps/frontend/src/app/5_pages/BorrowPage/components/OpenLoansTable/hooks/useGetOpenLoans.ts b/apps/frontend/src/app/5_pages/BorrowPage/components/OpenLoansTable/hooks/useGetOpenLoans.ts
@@ -114,6 +114,10 @@ export const useGetOpenLoans = () => {
               item.interestOwedPerDay,
             ),
             startMargin: Decimal.fromBigNumberString(item.startMargin),
+            currentMargin: Decimal.fromBigNumberString(item.currentMargin),
+            maintenanceMargin: Decimal.fromBigNumberString(
+              item.maintenanceMargin,
+            ),
           };
         })
         .filter(Boolean)