handle case

SetProtocol · May 18, 2020 · 30c8297 · 30c8297
1 parent 5b76ab8
commit 30c8297
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Showing 2 changed files with 55 additions and 17 deletions.
diff --git a/contracts/core/fee-calculators/PerformanceFeeCalculator.sol b/contracts/core/fee-calculators/PerformanceFeeCalculator.sol
@@ -267,9 +267,13 @@ contract PerformanceFeeCalculator is IFeeCalculator {
             // Thus, we need to reset the high water mark here so that users do not pay for profit fees
             // since inception.
             uint256 rebalancingSetValue = SetUSDValuation.calculateRebalancingSetValue(msg.sender, oracleWhiteList);
+            uint256 existingHighwatermark = feeState[msg.sender].highWatermark;
+
+            if (rebalancingSetValue > existingHighwatermark) {
+                feeState[msg.sender].lastProfitFeeTimestamp = block.timestamp;
+                feeState[msg.sender].highWatermark = rebalancingSetValue;
+            }
 
-            feeState[msg.sender].lastProfitFeeTimestamp = block.timestamp;
-            feeState[msg.sender].highWatermark = rebalancingSetValue;
             feeState[msg.sender].profitFeePercentage = feePercentage;
         }
 

diff --git a/test/contracts/core/fee-calculators/performanceFeeCalculator.spec.ts b/test/contracts/core/fee-calculators/performanceFeeCalculator.spec.ts
@@ -569,8 +569,8 @@ contract('PerformanceFeeCalculator', accounts => {
       });
 
       describe('when the profit fee is initially 0 and a profit is marked', async () => {
-        const updatedBTCPrice = ether(8000);
-        const updatedETHPrice = ether(140);
+        let updatedBTCPrice: BigNumber;
+        let updatedETHPrice: BigNumber;
 
         before(async () => {
           customInitialFeePercentage = ether(0);
@@ -595,26 +595,60 @@ contract('PerformanceFeeCalculator', accounts => {
           await blockchain.mineBlockAsync();
         });
 
-        it('properly resets the watermark', async () => {
-          await subject();
+        describe('and there is a profit', async () => {
+          before(async () => {
+            updatedBTCPrice = ether(8000);
+            updatedETHPrice = ether(140);
+          });
 
-          const rebalancingSetValue = await valuationHelper.calculateRebalancingSetTokenValueAsync(
-            rebalancingSetToken,
-            usdOracleWhiteList,
-          );
+          after(async () => {
+            updatedBTCPrice = undefined;
+            updatedETHPrice = undefined;
+          });
+
+          it('properly resets the watermark', async () => {
+            await subject();
+
+            const rebalancingSetValue = await valuationHelper.calculateRebalancingSetTokenValueAsync(
+              rebalancingSetToken,
+              usdOracleWhiteList,
+            );
+
+            const postFeeState: any = await feeCalculator.feeState.callAsync(rebalancingSetToken.address);
+
+            expect(postFeeState.highWatermark).to.bignumber.equal(rebalancingSetValue);
+          });
 
-          const postFeeState: any = await feeCalculator.feeState.callAsync(rebalancingSetToken.address);
+          it('sets the last profit fee timestamp correctly', async () => {
+            await subject();
 
-          expect(postFeeState.highWatermark).to.bignumber.equal(rebalancingSetValue);
+            const lastBlock = await web3.eth.getBlock('latest');
+
+            const feeState: any = await feeCalculator.feeState.callAsync(rebalancingSetToken.address);
+            expect(feeState.lastProfitFeeTimestamp).to.be.bignumber.equal(lastBlock.timestamp);
+          });
         });
 
-        it('sets the last profit fee timestamp correctly', async () => {
-          await subject();
+        describe('when there is no profit', async () => {
+          before(async () => {
+            updatedBTCPrice = ether(7000);
+            updatedETHPrice = ether(100);
+          });
+
+          after(async () => {
+            updatedBTCPrice = undefined;
+            updatedETHPrice = undefined;
+          });
+
+          it('does not reset the watermark', async () => {
+            const preFeeState: any = await feeCalculator.feeState.callAsync(rebalancingSetToken.address);
+
+            await subject();
 
-          const lastBlock = await web3.eth.getBlock('latest');
+            const postFeeState: any = await feeCalculator.feeState.callAsync(rebalancingSetToken.address);
 
-          const feeState: any = await feeCalculator.feeState.callAsync(rebalancingSetToken.address);
-          expect(feeState.lastProfitFeeTimestamp).to.be.bignumber.equal(lastBlock.timestamp);
+            expect(postFeeState.highWatermark).to.bignumber.equal(preFeeState.highWatermark);
+          });
         });
       });