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LiquidityLogic.spec.ts
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import { expect } from "chai";
import { ethers, network } from "hardhat";
import * as helpers from "@nomicfoundation/hardhat-network-helpers";
import { TestLiquidityLogic, LiquidityLogic } from "../typechain";
import { getContractFactoryWithLibraries } from "./helpers/Deploy";
import { extractEvent, expectEvent } from "./helpers/EventUtilities";
import { FixedPoint } from "./helpers/FixedPoint";
import { Tick } from "./helpers/Tick";
describe("LiquidityLogic", function () {
let snapshotId: string;
let liquidityLogic: TestLiquidityLogic;
before("deploy fixture", async () => {
const testLiquidityLogicFactory = await getContractFactoryWithLibraries("TestLiquidityLogic", ["LiquidityLogic"]);
liquidityLogic = await testLiquidityLogicFactory.deploy();
});
beforeEach("snapshot blockchain", async () => {
snapshotId = await network.provider.send("evm_snapshot", []);
});
afterEach("restore blockchain snapshot", async () => {
await network.provider.send("evm_revert", [snapshotId]);
});
/****************************************************************************/
/* Initial State */
/****************************************************************************/
const MaxUint128 = BigInt("0xffffffffffffffffffffffffffffffff");
describe("initial state", async function () {
it("matches expected initial state", async function () {
/* Validate nodes */
let nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(1);
expect(nodes[0].tick).to.equal(0);
expect(nodes[0].value).to.equal(0);
expect(nodes[0].shares).to.equal(0);
expect(nodes[0].available).to.equal(0);
expect(nodes[0].pending).to.equal(0);
expect(nodes[0].redemptions).to.equal(0);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(MaxUint128);
});
});
/****************************************************************************/
/* Primary API */
/****************************************************************************/
describe("#instantiate", async function () {
it("instantiates a new liquidity node with absolute limit first", async function () {
/* Instantiate one node */
await liquidityLogic.instantiate(Tick.encode(BigInt(4000)));
/* Validate nodes */
let nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(2);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode(BigInt(4000)));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(MaxUint128);
/* Instantiate three additional nodes */
await liquidityLogic.instantiate(Tick.encode(BigInt(4001), 0, 0, 18, 1));
await liquidityLogic.instantiate(Tick.encode("50"));
await liquidityLogic.instantiate(Tick.encode(BigInt(6000), 0, 0, 18, 1));
/* Validate nodes */
nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(5);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode(BigInt(4001), 0, 0, 18, 1));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(Tick.encode(BigInt(6000), 0, 0, 18, 1));
expect(nodes[2].prev).to.equal(Tick.encode(BigInt(4001), 0, 0, 18, 1));
expect(nodes[2].next).to.equal(Tick.encode(BigInt(4000)));
expect(nodes[3].prev).to.equal(Tick.encode(BigInt(6000), 0, 0, 18, 1));
expect(nodes[3].next).to.equal(Tick.encode("50"));
expect(nodes[4].prev).to.equal(Tick.encode(BigInt(4000)));
expect(nodes[4].next).to.equal(MaxUint128);
});
it("instantiates a new liquidity node with ratio limit first", async function () {
/* Instantiate one node */
await liquidityLogic.instantiate(Tick.encode(BigInt(5000), 0, 0, 18, 1));
/* Validate nodes */
let nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(2);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(MaxUint128);
/* Instantiate three additional nodes */
await liquidityLogic.instantiate(Tick.encode("50"));
await liquidityLogic.instantiate(Tick.encode(BigInt(4000)));
await liquidityLogic.instantiate(Tick.encode(BigInt(6000), 0, 0, 18, 1));
/* Validate nodes */
nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(5);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(Tick.encode(BigInt(6000), 0, 0, 18, 1));
expect(nodes[2].prev).to.equal(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(nodes[2].next).to.equal(Tick.encode(BigInt(4000)));
expect(nodes[3].prev).to.equal(Tick.encode(BigInt(6000), 0, 0, 18, 1));
expect(nodes[3].next).to.equal(Tick.encode("50"));
expect(nodes[4].prev).to.equal(Tick.encode(BigInt(4000)));
expect(nodes[4].next).to.equal(MaxUint128);
});
it("no-op on existing node", async function () {
/* Instantiate one node */
await liquidityLogic.instantiate(Tick.encode("1"));
/* Validate nodes */
let nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(2);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode("1"));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(MaxUint128);
/* Instantiate same node again */
await liquidityLogic.instantiate(Tick.encode("1"));
/* Validate nodes */
nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(2);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode("1"));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(MaxUint128);
/* Instantiate another node */
await liquidityLogic.instantiate(Tick.encode(BigInt(5000), 0, 0, 18, 1));
/* Validate nodes */
nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(3);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(Tick.encode("1"));
expect(nodes[2].prev).to.equal(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(nodes[2].next).to.equal(MaxUint128);
/* Instantiate same node again */
await liquidityLogic.instantiate(Tick.encode(BigInt(5000), 0, 0, 18, 1));
/* Validate nodes */
nodes = await liquidityLogic.liquidityNodes(0n, MaxUint128);
expect(nodes.length).to.equal(3);
expect(nodes[0].prev).to.equal(0);
expect(nodes[0].next).to.equal(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(nodes[1].prev).to.equal(0);
expect(nodes[1].next).to.equal(Tick.encode("1"));
expect(nodes[2].prev).to.equal(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(nodes[2].next).to.equal(MaxUint128);
});
it("fails on insufficient tick spacing", async function () {
/* Instantiate one node with absolute limit */
await liquidityLogic.instantiate(Tick.encode("1"));
/* Try to instantiate another node with absolute limit that is 5% higher */
await expect(liquidityLogic.instantiate(Tick.encode("1.05"))).to.be.revertedWithCustomError(
liquidityLogic,
"InsufficientTickSpacing"
);
/* Try to instantiate another node with absolute limit that is 5% lower */
await expect(liquidityLogic.instantiate(Tick.encode("0.95"))).to.be.revertedWithCustomError(
liquidityLogic,
"InsufficientTickSpacing"
);
/* Instantiate another node with ltv limit */
await liquidityLogic.instantiate(Tick.encode(BigInt(1000), 0, 0, 18, 1));
/* Try to instantiate another node with ltv limit that is 2.5% higher */
await expect(liquidityLogic.instantiate(Tick.encode(BigInt(1025), 0, 0, 18, 1))).to.be.revertedWithCustomError(
liquidityLogic,
"InsufficientTickSpacing"
);
/* Try to instantiate another node with ltv limit that is 2.5% lower */
await expect(liquidityLogic.instantiate(Tick.encode(BigInt(975), 0, 0, 18, 1))).to.be.revertedWithCustomError(
liquidityLogic,
"InsufficientTickSpacing"
);
});
it("fails on invalid limit type", async function () {
/* Reverted with panic code 0x21 (Tried to convert a value into an enum */
/* but the value was too big or negative) */
await expect(liquidityLogic.instantiate(Tick.encode(BigInt(5000), 0, 0, 18, 2))).to.be.revertedWithPanic("0x21");
});
});
describe("#deposit", async function () {
it("deposits into active nodes", async function () {
/* Deposit absolute limit node */
const sharesMinted1 = await liquidityLogic.deposit.staticCall(Tick.encode("3"), FixedPoint.from("5"));
let depositTx = await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
/* Validate shares created */
await expectEvent(depositTx, liquidityLogic, "Deposited", {
shares: sharesMinted1,
});
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(FixedPoint.from("5"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
/* Deposit ltv limit node */
const sharesMinted2 = await liquidityLogic.deposit.staticCall(
Tick.encode(BigInt(5000), 0, 0, 18, 1),
FixedPoint.from("5")
);
depositTx = await liquidityLogic.deposit(Tick.encode(BigInt(5000), 0, 0, 18, 1), FixedPoint.from("5"));
/* Validate shares created */
await expectEvent(depositTx, liquidityLogic, "Deposited", {
shares: sharesMinted2,
});
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode(BigInt(5000), 0, 0, 18, 1));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(FixedPoint.from("5"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("deposits into active node that has appreciated", async function () {
/* Appreciate node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
FixedPoint.from("6"),
30 * 86400,
30 * 86400
);
/* New share price is 6/5 = 1.2 */
/* Deposit 2 */
const depositTx = await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("3"));
/* Validate shares created */
await expectEvent(depositTx, liquidityLogic, "Deposited", {
shares: FixedPoint.from("2.5"),
});
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("9"));
expect(node.shares).to.equal(FixedPoint.from("7.5"));
expect(node.available).to.equal(FixedPoint.from("9"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("deposits into active node that has depreciated", async function () {
/* Depreciate node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
FixedPoint.from("4"),
30 * 86400,
30 * 86400
);
/* New share price is 4/5 = 0.8 */
/* Deposit 2 */
const depositTx = await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("2"));
/* Validate shares created */
await expectEvent(depositTx, liquidityLogic, "Deposited", {
shares: FixedPoint.from("2.5"),
});
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("6"));
expect(node.shares).to.equal(FixedPoint.from("7.5"));
expect(node.available).to.equal(FixedPoint.from("6"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("deposits into active node that has pending returns", async function () {
/* Create node with used liquidity */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
const useTx = await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("7"), 30 * 86400);
await helpers.time.setNextBlockTimestamp(
(await ethers.provider.getBlock(useTx.blockHash!)).timestamp + 15 * 86400
);
/* Deposit share price is (5 + (7-5)/2)/5 = 1.2 */
/* Deposit 2 */
const depositTx = await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("3"));
/* Validate shares created */
await expectEvent(depositTx, liquidityLogic, "Deposited", {
shares: "2500000000000326666",
});
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("8"));
expect(node.shares).to.closeTo(FixedPoint.from("7.5"), 1000000);
expect(node.available).to.equal(FixedPoint.from("3"));
expect(node.pending).to.equal(FixedPoint.from("7"));
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.closeTo(FixedPoint.from("1"), 1000000);
expect(accrual.rate).to.closeTo(FixedPoint.from("2") / (30n * 86000n), 4000000000);
});
it("deposits into active node that has high pending returns", async function () {
/* Create node with used liquidity */
await liquidityLogic.deposit(Tick.encode("100000"), FixedPoint.from("100000"));
const useTx = await liquidityLogic.use(
Tick.encode("100000"),
FixedPoint.from("100000"),
FixedPoint.from("100500"),
30 * 86400
);
await helpers.time.setNextBlockTimestamp(
(await ethers.provider.getBlock(useTx.blockHash!)).timestamp + 30 * 86400
);
/* Deposit 2 */
await liquidityLogic.deposit(Tick.encode("100000"), FixedPoint.from("100000"));
});
it("fails on reserved node", async function () {
await expect(liquidityLogic.deposit(0, FixedPoint.from("5"))).to.be.revertedWithCustomError(
liquidityLogic,
"InactiveLiquidity"
);
await expect(liquidityLogic.deposit(MaxUint128, FixedPoint.from("5"))).to.be.revertedWithCustomError(
liquidityLogic,
"InactiveLiquidity"
);
});
it("fails on impaired node", async function () {
/* Create impaired node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
FixedPoint.from("0.20"),
30 * 86400,
30 * 86400
);
/* Try to deposit into node */
await expect(liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("1"))).to.be.revertedWithCustomError(
liquidityLogic,
"InactiveLiquidity"
);
});
it("fails on insolvent node", async function () {
/* Create insolvent node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
0n,
30 * 86400,
30 * 86400
);
/* Try to deposit into node */
await expect(liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("1"))).to.be.revertedWithCustomError(
liquidityLogic,
"InactiveLiquidity"
);
});
});
describe("#use", async function () {
it("uses from active node", async function () {
/* Instantiate and deposit in node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
/* Use from node */
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("3"), FixedPoint.from("3.2"), 30 * 86400);
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(FixedPoint.from("2"));
expect(node.pending).to.equal(FixedPoint.from("3.2"));
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(FixedPoint.from("0.2") / (30n * 86400n));
});
});
describe("#restore", async function () {
beforeEach("setup liquidity", async function () {
/* Instantiate and deposit into node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
});
it("restores pending amount", async function () {
/* Use */
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("3"), FixedPoint.from("4"), 30 * 86400);
/* Restore */
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("3"),
FixedPoint.from("4"),
FixedPoint.from("4"),
30 * 86400,
30 * 86400
);
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("6"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(FixedPoint.from("6"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("restores less than pending", async function () {
/* Use */
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("3"), FixedPoint.from("4"), 30 * 86400);
/* Restore */
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("3"),
FixedPoint.from("4"),
FixedPoint.from("2"),
30 * 86400,
30 * 86400
);
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("4"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(FixedPoint.from("4"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("restores less than pending and becomes impaired", async function () {
/* Use */
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
/* Restore */
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
FixedPoint.from("0.20"),
30 * 86400,
30 * 86400
);
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("0.20"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(FixedPoint.from("0.20"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(node.prev).to.equal(0n);
expect(node.next).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
/* Validate head node linkage */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(0n);
expect(node.prev).to.equal(0n);
expect(node.next).to.equal(MaxUint128);
});
it("restores less than pending and becomes insolvent", async function () {
/* Use */
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
/* Restore 4 wei */
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
4,
30 * 86400,
30 * 86400
);
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(4);
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(4);
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(node.prev).to.equal(0n);
expect(node.next).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
/* Validate head node linkage */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(0n);
expect(node.prev).to.equal(0n);
expect(node.next).to.equal(MaxUint128);
});
});
describe("#redeem", async function () {
beforeEach("setup liquidity", async function () {
/* Instantiate and deposit into node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
});
it("redeems from current index", async function () {
/* Use liquidity */
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("5"), 30 * 86400);
/* Redeem */
const redeemTx1 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("1"));
/* Validate return value */
await expectEvent(redeemTx1, liquidityLogic, "RedemptionTarget", {
index: 0n,
target: 0n,
});
/* Redeem */
const redeemTx2 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("1"));
/* Validate return value */
await expectEvent(redeemTx2, liquidityLogic, "RedemptionTarget", {
index: 0n,
target: FixedPoint.from("1"),
});
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(0n);
expect(node.pending).to.equal(FixedPoint.from("5"));
expect(node.redemptions).to.equal(FixedPoint.from("2"));
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("redeems from subsequent index", async function () {
/* Redeem */
const redeemTx1 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("1"));
/* Validate return value */
await expectEvent(redeemTx1, liquidityLogic, "RedemptionTarget", {
index: 0n,
target: 0n,
});
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("4"));
expect(node.shares).to.equal(FixedPoint.from("4"));
expect(node.available).to.equal(FixedPoint.from("4"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
/* Redeem */
const redeemTx2 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("1"));
/* Validate return value */
await expectEvent(redeemTx2, liquidityLogic, "RedemptionTarget", {
index: 1,
target: 0n,
});
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("3"));
expect(node.shares).to.equal(FixedPoint.from("3"));
expect(node.available).to.equal(FixedPoint.from("3"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
});
describe("#processRedemptions", async function () {
beforeEach("setup liquidity", async function () {
/* Instantiate and deposit into node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("5"));
});
it("processes redemption from available liquidity", async function () {
/* Redeem twice */
const redeemTx1 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("2"));
const redeemTx2 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("1"));
const [redemptionIndex1, redemptionTarget1] = (await extractEvent(redeemTx1, liquidityLogic, "RedemptionTarget"))
.args;
const [redemptionIndex2, redemptionTarget2] = (await extractEvent(redeemTx2, liquidityLogic, "RedemptionTarget"))
.args;
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("2"),
redemptionIndex1,
redemptionTarget1
)
).to.deep.equal([FixedPoint.from("2"), FixedPoint.from("2")]);
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("1"),
redemptionIndex2,
redemptionTarget2
)
).to.deep.equal([FixedPoint.from("1"), FixedPoint.from("1")]);
/* Validate node */
const [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("2"));
expect(node.shares).to.equal(FixedPoint.from("2"));
expect(node.available).to.equal(FixedPoint.from("2"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("processes redemption from restored liquidity", async function () {
/* Use */
await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
/* Redeem */
const redeemTx = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("2"));
const [redemptionIndex, redemptionTarget] = (await extractEvent(redeemTx, liquidityLogic, "RedemptionTarget"))
.args;
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("2"),
redemptionIndex,
redemptionTarget
)
).to.deep.equal([0n, 0n]);
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(0n);
expect(node.pending).to.equal(FixedPoint.from("6"));
expect(node.redemptions).to.equal(FixedPoint.from("2"));
/* Restore */
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 30 * 86400);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
FixedPoint.from("6"),
30 * 86400,
30 * 86400
);
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("2"),
redemptionIndex,
redemptionTarget
)
).to.deep.equal([FixedPoint.from("2"), FixedPoint.from("2.4")]);
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("3.6"));
expect(node.shares).to.equal(FixedPoint.from("3"));
expect(node.available).to.equal(FixedPoint.from("3.6"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal("385802469135");
expect(accrual.rate).to.equal(0n);
});
it("processes redemption from restored liquidity at multiple prices", async function () {
/* Use */
const useTx1 = await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("2"), FixedPoint.from("3"), 30 * 86400);
await helpers.time.setNextBlockTimestamp((await ethers.provider.getBlock("latest")).timestamp + 15 * 86400);
const useTx2 = await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("3"), FixedPoint.from("4"), 30 * 86400);
/* Redeem */
const redeemTx = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("3"));
const [redemptionIndex, redemptionTarget] = (await extractEvent(redeemTx, liquidityLogic, "RedemptionTarget"))
.args;
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("3"),
redemptionIndex,
redemptionTarget
)
).to.deep.equal([0n, 0n]);
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(0n);
expect(node.pending).to.equal(FixedPoint.from("7"));
expect(node.redemptions).to.equal(FixedPoint.from("3"));
/* Current share price is 1.0 */
/* Restore first */
await helpers.time.setNextBlockTimestamp(
(await ethers.provider.getBlock(useTx1.blockHash!)).timestamp + 30 * 86400
);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("2"),
FixedPoint.from("3"),
FixedPoint.from("3"),
30 * 86400,
30 * 86400
);
/* New share price is 6/5 = 1.2 */
/* Amount 3 got restored, so 2.5 shares available for redemption at value of 3.0 */
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("3"),
redemptionIndex,
redemptionTarget
)
).to.deep.equal([FixedPoint.from("2.5"), FixedPoint.from("3")]);
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("3"));
expect(node.shares).to.equal(FixedPoint.from("2.5"));
expect(node.available).to.equal(0n);
expect(node.pending).to.equal(FixedPoint.from("4"));
expect(node.redemptions).to.equal(FixedPoint.from("0.5"));
/* Restore second */
await helpers.time.setNextBlockTimestamp(
(await ethers.provider.getBlock(useTx2.blockHash!)).timestamp + 30 * 86400
);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("3"),
FixedPoint.from("4"),
FixedPoint.from("4"),
30 * 86400,
30 * 86400
);
/* New share price is 4 / 2.5 = 1.6 */
/* Amount 4 got restored, so remaining 0.5 shares available for redemption at value of 0.8 */
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("3"),
redemptionIndex,
redemptionTarget
)
).to.deep.equal([FixedPoint.from("3"), FixedPoint.from("3.8")]);
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("3.2"));
expect(node.shares).to.equal(FixedPoint.from("2"));
expect(node.available).to.equal(FixedPoint.from("3.2"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("processes redemption from impaired liquidity", async function () {
/* Use 5 amount */
const useTx = await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
/* Redeem 3 shares */
const redeemTx1 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("3"));
const [redemptionIndex1, redemptionTarget1] = (await extractEvent(redeemTx1, liquidityLogic, "RedemptionTarget"))
.args;
/* Validate redemption target */
expect(redemptionIndex1).to.equal(0);
expect(redemptionTarget1).to.equal(0n);
/* Validate redemption available is zero */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("3"),
redemptionIndex1,
redemptionTarget1
)
).to.deep.equal([0n, 0n]);
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(0n);
expect(node.pending).to.equal(FixedPoint.from("6"));
expect(node.redemptions).to.equal(FixedPoint.from("3"));
/* Restore node to 0.20 */
await helpers.time.setNextBlockTimestamp(
(await ethers.provider.getBlock(useTx.blockHash!)).timestamp + 30 * 86400
);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
FixedPoint.from("0.20"),
30 * 86400,
30 * 86400
);
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("3"),
redemptionIndex1,
redemptionTarget1
)
).to.deep.equal([FixedPoint.from("3"), FixedPoint.from("0.12")]);
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("0.08"));
expect(node.shares).to.equal(FixedPoint.from("2"));
expect(node.available).to.equal(FixedPoint.from("0.08"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
/* Validate node is inactive */
expect(node.prev).to.equal(0n);
expect(node.next).to.equal(0n);
/* Redeem remaining 2 shares */
const redeemTx2 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("2"));
const [redemptionIndex2, redemptionTarget2] = (await extractEvent(redeemTx2, liquidityLogic, "RedemptionTarget"))
.args;
/* Validate redemption target */
expect(redemptionIndex2).to.equal(1);
expect(redemptionTarget2).to.equal(0n);
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("2"),
redemptionIndex2,
redemptionTarget2
)
).to.deep.equal([FixedPoint.from("2"), FixedPoint.from("0.08")]);
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(0n);
expect(node.shares).to.equal(0n);
expect(node.available).to.equal(0n);
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(node.prev).to.equal(0n);
expect(node.next).to.equal(0n);
/* Instantiate and deposit into node */
await liquidityLogic.deposit(Tick.encode("3"), FixedPoint.from("4"));
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("4"));
expect(node.shares).to.equal(FixedPoint.from("4"));
expect(node.available).to.equal(FixedPoint.from("4"));
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);
});
it("processes redemption from insolvent liquidity", async function () {
/* Use 5 amount */
const useTx = await liquidityLogic.use(Tick.encode("3"), FixedPoint.from("5"), FixedPoint.from("6"), 30 * 86400);
/* Redeem 3 shares */
const redeemTx1 = await liquidityLogic.redeem(Tick.encode("3"), FixedPoint.from("2.5"));
const [redemptionIndex1, redemptionTarget1] = (await extractEvent(redeemTx1, liquidityLogic, "RedemptionTarget"))
.args;
/* Validate redemption target */
expect(redemptionIndex1).to.equal(0);
expect(redemptionTarget1).to.equal(0n);
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("2.5"),
redemptionIndex1,
redemptionTarget1
)
).to.deep.equal([0n, 0n]);
/* Validate node */
let [node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(FixedPoint.from("5"));
expect(node.shares).to.equal(FixedPoint.from("5"));
expect(node.available).to.equal(0n);
expect(node.pending).to.equal(FixedPoint.from("6"));
expect(node.redemptions).to.equal(FixedPoint.from("2.5"));
/* Restore to 2 wei */
await helpers.time.setNextBlockTimestamp(
(await ethers.provider.getBlock(useTx.blockHash!)).timestamp + 30 * 86400
);
await liquidityLogic.restore(
Tick.encode("3"),
FixedPoint.from("5"),
FixedPoint.from("6"),
2,
30 * 86400,
30 * 86400
);
/* Validate redemption available */
expect(
await liquidityLogic.redemptionAvailable(
Tick.encode("3"),
FixedPoint.from("2.5"),
redemptionIndex1,
redemptionTarget1
)
).to.deep.equal([FixedPoint.from("2.5"), 0n]);
/* Validate node */
[node, accrual] = await liquidityLogic.liquidityNodeWithAccrual(Tick.encode("3"));
expect(node.value).to.equal(0);
expect(node.shares).to.equal(FixedPoint.from("2.5"));
expect(node.available).to.equal(0);
expect(node.pending).to.equal(0n);
expect(node.redemptions).to.equal(0n);
expect(accrual.accrued).to.equal(0n);
expect(accrual.rate).to.equal(0n);