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Merged
merged 1 commit into from
Feb 16, 2023
Merged

Adds Destinations #69

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16 changes: 12 additions & 4 deletions contracts/BondWrapper.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -68,10 +68,12 @@ contract BondWrapper is ERC20Permit {
/// @param maturityTime The bond's expiry time
/// @param amount The amount of bonds to redeem
/// @param andBurn If true it will burn the number of erc20 minted by this deposited bond
/// @param destination The address which gets credited with this withdraw
function close(
uint256 maturityTime,
uint256 amount,
bool andBurn
bool andBurn,
address destination
) external {
// Encode the asset ID
uint256 assetId = AssetId.encodeAssetId(
Expand All @@ -89,7 +91,12 @@ contract BondWrapper is ERC20Permit {
uint256 receivedAmount;
if (forceClosed == 0) {
// Close the bond [selling if earlier than the expiration]
receivedAmount = hyperdrive.closeLong(maturityTime, amount, 0);
receivedAmount = hyperdrive.closeLong(
maturityTime,
amount,
0,
address(this)
);
// Update the user account data, note this sub is safe because the top bits are zero.
userAccounts[msg.sender][assetId] -= amount;
} else {
Expand Down Expand Up @@ -117,7 +124,7 @@ contract BondWrapper is ERC20Permit {
}

// Transfer the released funds to the user
bool success = token.transfer(msg.sender, userFunds);
bool success = token.transfer(destination, userFunds);
if (!success) revert Errors.TransferFailed();
}

Expand Down Expand Up @@ -150,7 +157,8 @@ contract BondWrapper is ERC20Permit {
uint256 receivedAmount = hyperdrive.closeLong(
maturityTime,
deposited,
0
0,
address(this)
);
// Store the user account update
userAccounts[user][assetId] = (receivedAmount << 128) + deposited;
Expand Down
94 changes: 56 additions & 38 deletions contracts/Hyperdrive.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -187,10 +187,12 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
/// @notice Allows LPs to supply liquidity for LP shares.
/// @param _contribution The amount of base to supply.
/// @param _minOutput The minimum number of LP tokens the user should receive
/// @param _destination The address which will hold the LP shares
/// @return lpShares The number of LP tokens created
function addLiquidity(
uint256 _contribution,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256 lpShares) {
if (_contribution == 0) {
revert Errors.ZeroAmount();
Expand Down Expand Up @@ -238,7 +240,7 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
);

// Mint LP shares to the supplier.
_mint(AssetId._LP_ASSET_ID, msg.sender, lpShares);
_mint(AssetId._LP_ASSET_ID, _destination, lpShares);
}

// TODO: Consider if some MEV protection is necessary for the LP.
Expand All @@ -249,11 +251,13 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
/// value is likely to be less than the amount LP shares are worth.
/// The remainder is in short and long withdraw shares which are hard
/// to game the value of.
/// @param _destination The address which will receive the withdraw proceeds
/// @return Returns the base out, the lond withdraw shares out and the short withdraw
/// shares out.
function removeLiquidity(
uint256 _shares,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256, uint256, uint256) {
if (_shares == 0) {
revert Errors.ZeroAmount();
Expand Down Expand Up @@ -309,7 +313,7 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
// Mint the long and short withdrawal tokens.
_mint(
AssetId.encodeAssetId(AssetId.AssetIdPrefix.LongWithdrawalShare, 0),
msg.sender,
_destination,
longWithdrawalShares
);
longWithdrawalSharesOutstanding += longWithdrawalShares;
Expand All @@ -318,14 +322,14 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
AssetId.AssetIdPrefix.ShortWithdrawalShare,
0
),
msg.sender,
_destination,
shortWithdrawalShares
);
shortWithdrawalSharesOutstanding += shortWithdrawalShares;

// Withdraw the shares from the yield source
// TODO - Good destination support.
(uint256 baseOutput, ) = withdraw(shareProceeds, msg.sender);
(uint256 baseOutput, ) = withdraw(shareProceeds, _destination);
// Enforce min user outputs
if (_minOutput > baseOutput) revert Errors.OutputLimit();
return (baseOutput, longWithdrawalShares, shortWithdrawalShares);
Expand All @@ -335,11 +339,13 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
/// @param _longWithdrawalShares The long withdrawal shares to redeem.
/// @param _shortWithdrawalShares The short withdrawal shares to redeem.
/// @param _minOutput The minimum amount of base the LP expects to receive.
/// @param _destination The address which receive the withdraw proceeds
/// @return _proceeds The amount of base the LP received.
function redeemWithdrawalShares(
uint256 _longWithdrawalShares,
uint256 _shortWithdrawalShares,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256 _proceeds) {
uint256 baseProceeds = 0;

Expand Down Expand Up @@ -369,7 +375,7 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
// Withdraw the funds released by redeeming the withdrawal shares.
// TODO: Better destination support.
uint256 shareProceeds = baseProceeds.divDown(sharePrice);
(_proceeds, ) = withdraw(shareProceeds, msg.sender);
(_proceeds, ) = withdraw(shareProceeds, _destination);

// Enforce min user outputs
if (_minOutput > _proceeds) revert Errors.OutputLimit();
Expand Down Expand Up @@ -418,10 +424,12 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
/// @notice Opens a long position.
/// @param _baseAmount The amount of base to use when trading.
/// @param _minOutput The minium number of bonds to receive.
/// @param _destination The address which will receive the bonds
/// @return The number of bonds the user received
function openLong(
uint256 _baseAmount,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256) {
if (_baseAmount == 0) {
revert Errors.ZeroAmount();
Expand Down Expand Up @@ -501,7 +509,7 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
// Mint the bonds to the trader with an ID of the maturity time.
_mint(
AssetId.encodeAssetId(AssetId.AssetIdPrefix.Long, maturityTime),
msg.sender,
_destination,
bondProceeds
);
return (bondProceeds);
Expand All @@ -511,11 +519,13 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
/// @param _maturityTime The maturity time of the short.
/// @param _bondAmount The amount of longs to close.
/// @param _minOutput The minimum base the user should receive from this trade
/// @param _destination The address which will receive the proceeds of this sale
/// @return The amount of underlying the user receives.
function closeLong(
uint256 _maturityTime,
uint256 _bondAmount,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256) {
if (_bondAmount == 0) {
revert Errors.ZeroAmount();
Expand Down Expand Up @@ -557,20 +567,22 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
FixedPointMath.ONE_18,
timeStretch
);
(uint256 _curveFee, uint256 _flatFee) = HyperdriveMath
.calculateFeesOutGivenIn(
_bondAmount, // amountIn
// normalizedTimeRemaining, when opening a position, the full time is remaining
FixedPointMath.ONE_18,
spotPrice,
sharePrice,
curveFee,
flatFee,
false // isBaseIn
);
// This is a bond in / base out where the bonds are fixed, so we subtract from the base
// out.
shareProceeds -= _curveFee + _flatFee;
{
(uint256 _curveFee, uint256 _flatFee) = HyperdriveMath
.calculateFeesOutGivenIn(
_bondAmount, // amountIn
// normalizedTimeRemaining, when opening a position, the full time is remaining
FixedPointMath.ONE_18,
spotPrice,
sharePrice,
curveFee,
flatFee,
false // isBaseIn
);
// This is a bond in / base out where the bonds are fixed, so we subtract from the base
// out.
shareProceeds -= _curveFee + _flatFee;
}

// If the position hasn't matured, apply the accounting updates that
// result from closing the long to the reserves and pay out the
Expand All @@ -591,8 +603,7 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
}

// Withdraw the profit to the trader.
// TODO: Better destination support.
(uint256 baseProceeds, ) = withdraw(shareProceeds, msg.sender);
(uint256 baseProceeds, ) = withdraw(shareProceeds, _destination);

// Enforce min user outputs
if (_minOutput > baseProceeds) revert Errors.OutputLimit();
Expand All @@ -605,10 +616,12 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
/// @notice Opens a short position.
/// @param _bondAmount The amount of bonds to short.
/// @param _maxDeposit The most the user expects to deposit for this trade
/// @param _destination The address which gets credited with share tokens
/// @return The amount the user deposited for this trade
function openShort(
uint256 _bondAmount,
uint256 _maxDeposit
uint256 _maxDeposit,
address _destination
) external returns (uint256) {
if (_bondAmount == 0) {
revert Errors.ZeroAmount();
Expand Down Expand Up @@ -646,13 +659,16 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
//
// interest = (c_1 - c_0) * (dy / c_0)
// = (c_1 / c_0 - 1) * dy
uint256 owedInterest = (sharePrice.divDown(openSharePrice) -
FixedPointMath.ONE_18).mulDown(_bondAmount);
uint256 baseProceeds = shareProceeds.mulDown(sharePrice);
uint256 userDeposit = (_bondAmount - baseProceeds) + owedInterest;
// Enforce min user outputs
if (_maxDeposit < userDeposit) revert Errors.OutputLimit();
deposit(userDeposit); // max_loss + interest
uint256 userDeposit;
{
uint256 owedInterest = (sharePrice.divDown(openSharePrice) -
FixedPointMath.ONE_18).mulDown(_bondAmount);
uint256 baseProceeds = shareProceeds.mulDown(sharePrice);
userDeposit = (_bondAmount - baseProceeds) + owedInterest;
// Enforce min user outputs
if (_maxDeposit < userDeposit) revert Errors.OutputLimit();
deposit(userDeposit); // max_loss + interest
}

// Apply the trading deltas to the reserves and increase the bond buffer
// by the amount of bonds that were shorted. We don't need to add the
Expand All @@ -672,7 +688,7 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
// current share price and the maturity time of the shorts.
_mint(
AssetId.encodeAssetId(AssetId.AssetIdPrefix.Short, maturityTime),
msg.sender,
_destination,
_bondAmount
);

Expand All @@ -683,11 +699,13 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
/// @param _maturityTime The maturity time of the short.
/// @param _bondAmount The amount of shorts to close.
/// @param _minOutput The minimum output of this trade.
/// @param _destination The address which gets the proceeds from closing this short
/// @return The amount of base tokens produced by closing this short
function closeShort(
uint256 _maturityTime,
uint256 _bondAmount,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256) {
if (_bondAmount == 0) {
revert Errors.ZeroAmount();
Expand Down Expand Up @@ -759,7 +777,7 @@ abstract contract Hyperdrive is MultiToken, IHyperdrive {
sharePrice
);
// TODO - Better destination support
(uint256 baseProceeds, ) = withdraw(shortProceeds, msg.sender);
(uint256 baseProceeds, ) = withdraw(shortProceeds, _destination);

// Enforce min user outputs
if (baseProceeds < _minOutput) revert Errors.OutputLimit();
Expand Down
18 changes: 12 additions & 6 deletions contracts/interfaces/IHyperdrive.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -8,33 +8,39 @@ interface IHyperdrive is IMultiToken {

function addLiquidity(
uint256 _contribution,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256);

function removeLiquidity(
uint256 _shares,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256, uint256, uint256);

function openLong(
uint256 _baseAmount,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256);

function closeLong(
uint256 _maturityTime,
uint256 _bondAmount,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256);

function openShort(
uint256 _bondAmount,
uint256 _maxDeposit
uint256 _maxDeposit,
address _destination
) external returns (uint256);

function closeShort(
uint256 _maturityTime,
uint256 _bondAmount,
uint256 _minOutput
uint256 _minOutput,
address _destination
) external returns (uint256);
}
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