feat(market): add liquidity to utilization getters

morpho-org · Aug 2, 2024 · bd4f046 · bd4f046
1 parent ca98ff8
commit bd4f046
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Showing 11 changed files with 198 additions and 25 deletions.
diff --git a/packages/blue-api-sdk/package.json b/packages/blue-api-sdk/package.json
@@ -30,6 +30,5 @@
   },
   "publishConfig": {
     "access": "public"
-  },
-  "gitHead": "17b1a46190f11620ae969927aec1c891f9752ca0"
+  }
 }
diff --git a/packages/blue-sdk-ethers/package.json b/packages/blue-sdk-ethers/package.json
@@ -44,7 +44,11 @@
   },
   "peerDependencies": {
     "@morpho-org/blue-sdk": "workspace:^",
-    "@morpho-org/morpho-ts": "workspace:^"
+    "@morpho-org/morpho-ts": "workspace:^",
+    "ethers": "^6.12.1",
+    "ethers-multicall-provider": "^6.3.0",
+    "ethers-types": "^3.17.1",
+    "rxjs": "^7.8.1"
   },
   "publishConfig": {
     "access": "public"
@@ -67,6 +71,5 @@
       "ts"
     ],
     "preset": "ts-jest"
-  },
-  "gitHead": "17b1a46190f11620ae969927aec1c891f9752ca0"
+  }
 }
diff --git a/packages/blue-sdk-viem/package.json b/packages/blue-sdk-viem/package.json
@@ -42,6 +42,5 @@
   },
   "publishConfig": {
     "access": "public"
-  },
-  "gitHead": "17b1a46190f11620ae969927aec1c891f9752ca0"
+  }
 }
diff --git a/packages/blue-sdk/package.json b/packages/blue-sdk/package.json
@@ -45,6 +45,5 @@
       "ts"
     ],
     "preset": "ts-jest"
-  },
-  "gitHead": "17b1a46190f11620ae969927aec1c891f9752ca0"
+  }
 }
diff --git a/packages/blue-sdk/src/market/Market.ts b/packages/blue-sdk/src/market/Market.ts
@@ -204,11 +204,11 @@ export class Market implements InputMarket {
 
     let borrowRate = 0n;
     let { rateAtTarget } = this;
-    if (this.rateAtTarget != null) {
+    if (rateAtTarget != null) {
       const { avgBorrowRate, endRateAtTarget } =
         AdaptiveCurveIrmLib.getBorrowRate(
           this.utilization,
-          this.rateAtTarget,
+          rateAtTarget,
           elapsed,
         );
 
@@ -351,19 +351,35 @@ export class Market implements InputMarket {
   }
 
   /**
-   * Returns the liquidity available to borrow until the market reach the given utilization rate.
+   * Returns the volume to supply until the market gets the closest to the given utilization rate.
    * @param utilization The target utilization rate (scaled by WAD).
    */
-  public getSupplyLiquidityToUtilization(utilization: bigint) {
-    return MarketUtils.getSupplyLiquidityToUtilization(this, utilization);
+  public getSupplyToUtilization(utilization: bigint) {
+    return MarketUtils.getSupplyToUtilization(this, utilization);
   }
 
   /**
-   * Returns the liquidity available to borrow until the market reach the given utilization rate.
+   * Returns the liquidity available to withdraw until the market gets the closest to the given utilization rate.
    * @param utilization The target utilization rate (scaled by WAD).
    */
-  public getBorrowLiquidityToUtilization(utilization: bigint) {
-    return MarketUtils.getBorrowLiquidityToUtilization(this, utilization);
+  public getWithdrawToUtilization(utilization: bigint) {
+    return MarketUtils.getWithdrawToUtilization(this, utilization);
+  }
+
+  /**
+   * Returns the liquidity available to borrow until the market gets the closest to the given utilization rate.
+   * @param utilization The target utilization rate (scaled by WAD).
+   */
+  public getBorrowToUtilization(utilization: bigint) {
+    return MarketUtils.getBorrowToUtilization(this, utilization);
+  }
+
+  /**
+   * Returns the volume to repay until the market gets the closest to the given utilization rate.
+   * @param utilization The target utilization rate (scaled by WAD).
+   */
+  public getRepayToUtilization(utilization: bigint) {
+    return MarketUtils.getRepayToUtilization(this, utilization);
   }
 
   /**

diff --git a/packages/blue-sdk/src/market/MarketUtils.test.ts b/packages/blue-sdk/src/market/MarketUtils.test.ts
@@ -1,3 +1,4 @@
+import { MathLib } from "../maths";
 import { MarketUtils } from "./MarketUtils";
 
 const market = {
@@ -20,4 +21,75 @@ describe("MarketUtils", () => {
       1043841336116910229n,
     );
   });
+
+  it("should calculate the supply volume to reach utilization", () => {
+    expect(
+      MarketUtils.getSupplyToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: MathLib.WAD },
+        90_0000000000000000n,
+      ),
+    ).toEqual(11_1111111111111112n);
+
+    expect(
+      MarketUtils.getSupplyToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: 0n },
+        90_0000000000000000n,
+      ),
+    ).toEqual(0n);
+  });
+
+  it("should calculate the withdraw volume to reach utilization", () => {
+    expect(
+      MarketUtils.getWithdrawToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: MathLib.WAD },
+        90_0000000000000000n,
+      ),
+    ).toEqual(0n);
+
+    expect(
+      MarketUtils.getWithdrawToUtilization(
+        { totalSupplyAssets: 2n * MathLib.WAD, totalBorrowAssets: MathLib.WAD },
+        90_0000000000000000n,
+      ),
+    ).toEqual(88_8888888888888888n);
+
+    expect(
+      MarketUtils.getWithdrawToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: 0n },
+        90_0000000000000000n,
+      ),
+    ).toEqual(MathLib.WAD);
+  });
+
+  it("should calculate the borrow volume to reach utilization", () => {
+    expect(
+      MarketUtils.getBorrowToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: MathLib.WAD },
+        90_0000000000000000n,
+      ),
+    ).toEqual(0n);
+
+    expect(
+      MarketUtils.getBorrowToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: 0n },
+        90_0000000000000000n,
+      ),
+    ).toEqual(90_0000000000000000n);
+  });
+
+  it("should calculate the repay volume to reach utilization", () => {
+    expect(
+      MarketUtils.getRepayToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: MathLib.WAD },
+        90_0000000000000000n,
+      ),
+    ).toEqual(10_0000000000000000n);
+
+    expect(
+      MarketUtils.getRepayToUtilization(
+        { totalSupplyAssets: MathLib.WAD, totalBorrowAssets: 0n },
+        90_0000000000000000n,
+      ),
+    ).toEqual(0n);
+  });
 });
diff --git a/packages/blue-sdk/src/market/MarketUtils.ts b/packages/blue-sdk/src/market/MarketUtils.ts
@@ -132,11 +132,40 @@ export namespace MarketUtils {
   }
 
   /**
-   * Returns the liquidity available to withdraw until the market reach the given utilization rate.
+   * Returns the volume to supply until the market gets the closest to the given utilization rate.
    * @param market The market state.
    * @param utilization The target utilization rate (scaled by WAD).
    */
-  export function getSupplyLiquidityToUtilization(
+  export function getSupplyToUtilization(
+    {
+      totalSupplyAssets,
+      totalBorrowAssets,
+    }: {
+      totalSupplyAssets: BigIntish;
+      totalBorrowAssets: BigIntish;
+    },
+    utilization: BigIntish,
+  ) {
+    utilization = BigInt(utilization);
+    totalBorrowAssets = BigInt(totalBorrowAssets);
+    if (utilization === 0n) {
+      if (totalBorrowAssets === 0n) return totalSupplyAssets;
+
+      return 0n;
+    }
+
+    return MathLib.zeroFloorSub(
+      MathLib.wDivUp(totalBorrowAssets, utilization),
+      totalSupplyAssets,
+    );
+  }
+
+  /**
+   * Returns the liquidity available to withdraw until the market gets the closest to the given utilization rate.
+   * @param market The market state.
+   * @param utilization The target utilization rate (scaled by WAD).
+   */
+  export function getWithdrawToUtilization(
     {
       totalSupplyAssets,
       totalBorrowAssets,
@@ -161,11 +190,11 @@ export namespace MarketUtils {
   }
 
   /**
-   * Returns the liquidity available to borrow until the market reach the given utilization rate.
+   * Returns the liquidity available to borrow until the market gets the closest to the given utilization rate.
    * @param market The market state.
    * @param utilization The target utilization rate (scaled by WAD).
    */
-  export function getBorrowLiquidityToUtilization(
+  export function getBorrowToUtilization(
     {
       totalSupplyAssets,
       totalBorrowAssets,
@@ -181,6 +210,27 @@ export namespace MarketUtils {
     );
   }
 
+  /**
+   * Returns the volume to repay until the market gets the closest to the given utilization rate.
+   * @param market The market state.
+   * @param utilization The target utilization rate (scaled by WAD).
+   */
+  export function getRepayToUtilization(
+    {
+      totalSupplyAssets,
+      totalBorrowAssets,
+    }: {
+      totalSupplyAssets: BigIntish;
+      totalBorrowAssets: BigIntish;
+    },
+    utilization: BigIntish,
+  ) {
+    return MathLib.zeroFloorSub(
+      totalBorrowAssets,
+      MathLib.wMulDown(totalSupplyAssets, utilization),
+    );
+  }
+
   export function getCollateralPower(
     collateral: BigIntish,
     { lltv }: { lltv: BigIntish },

diff --git a/packages/blue-sdk/src/maths/AdaptiveCurveIrmLib.ts b/packages/blue-sdk/src/maths/AdaptiveCurveIrmLib.ts
@@ -145,4 +145,37 @@ export namespace AdaptiveCurveIrmLib {
       endRateAtTarget,
     };
   }
+
+  export function getUtilizationAtBorrowRate(
+    borrowRate: BigIntish,
+    rateAtTarget: BigIntish,
+  ) {
+    borrowRate = BigInt(borrowRate);
+    rateAtTarget = BigInt(rateAtTarget);
+
+    if (borrowRate >= rateAtTarget) {
+      const maxBorrowRate = MathLib.wMulDown(rateAtTarget, CURVE_STEEPNESS);
+
+      return MathLib.min(
+        MathLib.WAD,
+        TARGET_UTILIZATION +
+          MathLib.mulDivDown(
+            MathLib.WAD - TARGET_UTILIZATION,
+            borrowRate - rateAtTarget,
+            maxBorrowRate - rateAtTarget,
+          ),
+      );
+    }
+
+    const minBorrowRate = MathLib.wDivDown(rateAtTarget, CURVE_STEEPNESS);
+
+    return MathLib.max(
+      0n,
+      MathLib.mulDivDown(
+        TARGET_UTILIZATION,
+        borrowRate - minBorrowRate,
+        rateAtTarget - minBorrowRate,
+      ),
+    );
+  }
 }
diff --git a/packages/morpho-test/package.json b/packages/morpho-test/package.json
@@ -38,6 +38,5 @@
   },
   "publishConfig": {
     "access": "public"
-  },
-  "gitHead": "17b1a46190f11620ae969927aec1c891f9752ca0"
+  }
 }
diff --git a/packages/morpho-ts/package.json b/packages/morpho-ts/package.json
@@ -41,6 +41,5 @@
       "ts"
     ],
     "preset": "ts-jest"
-  },
-  "gitHead": "17b1a46190f11620ae969927aec1c891f9752ca0"
+  }
 }
diff --git a/yarn.lock b/yarn.lock
@@ -2703,6 +2703,10 @@ __metadata:
   peerDependencies:
     "@morpho-org/blue-sdk": "workspace:^"
     "@morpho-org/morpho-ts": "workspace:^"
+    ethers: ^6.12.1
+    ethers-multicall-provider: ^6.3.0
+    ethers-types: ^3.17.1
+    rxjs: ^7.8.1
   languageName: unknown
   linkType: soft
-Original file line number
+Diff line change
@@ Expand Up / @@ -45,6 +45,5 @@ @@
           "ts"
         ],
         "preset": "ts-jest"
-      },
-      "gitHead": "17b1a46190f11620ae969927aec1c891f9752ca0"
+      }
     }