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Revert "add simplified version of yield delegation"
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This reverts commit a6ebd61.
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@sparrowDom
sparrowDom committed Oct 30, 2024
1 parent a6ebd61 commit dc79701
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Showing 2 changed files with 5 additions and 143 deletions.
84 changes: 5 additions & 79 deletions contracts/contracts/token/OUSD.sol
View file
Original file line number Diff line number Diff line change
Expand Up @@ -14,8 +14,7 @@ import { Initializable } from "../utils/Initializable.sol";
import { InitializableERC20Detailed } from "../utils/InitializableERC20Detailed.sol";
import { StableMath } from "../utils/StableMath.sol";
import { Governable } from "../governance/Governable.sol";
// TODO DELETE
import "hardhat/console.sol";

/**
* NOTE that this is an ERC20 token but the invariant that the sum of
* balanceOf(x) for all x is not >= totalSupply(). This is a consequence of the
Expand All @@ -33,35 +32,17 @@ contract OUSD is Initializable, InitializableERC20Detailed, Governable {
);
event AccountRebasingEnabled(address account);
event AccountRebasingDisabled(address account);
event YieldDelegationStart(address fromAccount, address toAccount, uint256 rebasingCreditsPerToken);
event YieldDelegationStop(address fromAccount, address toAccount, uint256 rebasingCreditsPerToken);

enum RebaseOptions {
NotSet,
OptOut,
OptIn,
Delegator,
Delegatee
OptIn
}

uint256 private constant MAX_SUPPLY = ~uint128(0); // (2^128) - 1
uint256 public _totalSupply;
mapping(address => mapping(address => uint256)) private _allowances;
address public vaultAddress = address(0);
/**
* This used to represent rebasing credits where balance would be derived using
* global contract `rebasingCreditsPerToken`. Or non rebasing where balance is derived
* using the account specific `nonRebasingCreditsPerToken`.
*
* While the above functionality still stands the _creditBalances alone only partly represents
* the third type of accounts which are part of yield delegation (delegators and delegatees).
* In those cases the _creditBalances express the amount of balance that counts towards the
* yield of a specific account. The `_amountAdjustement` supplements the balances logic and
* subtracts token balances from yield delegatees and adds to yield delegators to make up the
* exact token balances. The `_amountAdjustement` retain their value between rebases.
* TODO (might need more in dept explanation of _amountAdjustement)
*
*/
mapping(address => uint256) private _creditBalances;
uint256 private _rebasingCredits;
uint256 private _rebasingCreditsPerToken;
Expand All @@ -71,10 +52,6 @@ contract OUSD is Initializable, InitializableERC20Detailed, Governable {
mapping(address => uint256) public nonRebasingCreditsPerToken;
mapping(address => RebaseOptions) public rebaseState;
mapping(address => uint256) public isUpgraded;
/**
* Facilitates the correct token balances in accounts affected by yield delegation
*/
mapping(address => uint256) private _amountAdjustement;

uint256 private constant RESOLUTION_INCREASE = 1e9;

Expand Down Expand Up @@ -144,26 +121,9 @@ contract OUSD is Initializable, InitializableERC20Detailed, Governable {
override
returns (uint256)
{
uint256 nonDelegatedBalance;
if (_creditBalances[_account] == 0) nonDelegatedBalance = 0;
else {
nonDelegatedBalance = _creditBalances[_account].divPrecisely(_creditsPerToken(_account));
}

return _adjustBalanceForYieldDelegation(_account, nonDelegatedBalance);
}

function _adjustBalanceForYieldDelegation(address _account, uint256 _nonDelegatedBalance)
internal
view
returns(uint256)
{
if (rebaseState[_account] == RebaseOptions.Delegator) {
return _nonDelegatedBalance + _amountAdjustement[_account];
} else if (rebaseState[_account] == RebaseOptions.Delegatee) {
return _nonDelegatedBalance - _amountAdjustement[_account];
}
return _nonDelegatedBalance;
if (_creditBalances[_account] == 0) return 0;
return
_creditBalances[_account].divPrecisely(_creditsPerToken(_account));
}

/**
Expand All @@ -178,7 +138,6 @@ contract OUSD is Initializable, InitializableERC20Detailed, Governable {
view
returns (uint256, uint256)
{
// TODO add yield delegation
uint256 cpt = _creditsPerToken(_account);
if (cpt == 1e27) {
// For a period before the resolution upgrade, we created all new
Expand Down Expand Up @@ -208,7 +167,6 @@ contract OUSD is Initializable, InitializableERC20Detailed, Governable {
bool
)
{
// TODO add yield delegation
return (
_creditBalances[_account],
_creditsPerToken(_account),
Expand Down Expand Up @@ -502,7 +460,6 @@ contract OUSD is Initializable, InitializableERC20Detailed, Governable {
function _isNonRebasingAccount(address _account) internal returns (bool) {
bool isContract = Address.isContract(_account);
if (isContract && rebaseState[_account] == RebaseOptions.NotSet) {
// TODO: make sure this never executes with yield delegators or delegatees
_ensureRebasingMigration(_account);
}
return nonRebasingCreditsPerToken[_account] > 0;
Expand Down Expand Up @@ -602,37 +559,6 @@ contract OUSD is Initializable, InitializableERC20Detailed, Governable {
emit AccountRebasingDisabled(msg.sender);
}

function governanceDelegateYield(address _accountSource, address _accountReceiver)
public
onlyGovernor
{
if (rebaseState[_accountSource] == RebaseOptions.OptOut) {
_rebaseOptIn(_accountSource);
}
if (rebaseState[_accountReceiver] == RebaseOptions.OptOut) {
_rebaseOptIn(_accountSource);
}
uint256 accountSourceBalance = balanceOf(_accountSource);

rebaseState[_accountSource] = RebaseOptions.Delegator;
rebaseState[_accountReceiver] = RebaseOptions.Delegatee;

// delegate all yield and adjust for balances
_creditBalances[_accountReceiver] += _creditBalances[_accountSource];
_creditBalances[_accountSource] = 0;
_amountAdjustement[_accountSource] = accountSourceBalance;
_amountAdjustement[_accountReceiver] = accountSourceBalance;

emit YieldDelegationStart(_accountSource, _accountReceiver, _rebasingCreditsPerToken);
}

function governanceStopYieldDelegation(address _accountSource)
public
onlyGovernor
{
require(false, "Needs implementation");
}

/**
* @dev Modify the supply without minting new tokens. This uses a change in
* the exchange rate between "credits" and OUSD tokens to change balances.
Expand Down
64 changes: 0 additions & 64 deletions contracts/test/token/ousd.js
View file
Original file line number Diff line number Diff line change
Expand Up @@ -849,68 +849,4 @@ describe("Token", function () {
await checkTransferOut(5);
await checkTransferOut(9);
});

describe.only("Delegating yield", function () {
it("Should delegate rebase to another account", async () => {
let { ousd, vault, matt, josh, anna, usdc, governor } = fixture;

await ousd.connect(matt).transfer(anna.address, ousdUnits("10"));
await ousd.connect(matt).transfer(josh.address, ousdUnits("10"));

await expect(josh).has.an.approxBalanceOf("110.00", ousd);
await expect(matt).has.an.approxBalanceOf("80.00", ousd);
await expect(anna).has.an.approxBalanceOf("10", ousd);

await ousd
.connect(governor)
// matt delegates yield to anna
.governanceDelegateYield(matt.address, anna.address);

// Transfer USDC into the Vault to simulate yield
await usdc.connect(matt).transfer(vault.address, usdcUnits("200"));
await vault.rebase();

await expect(josh).has.an.approxBalanceOf("220.00", ousd);
await expect(matt).has.an.approxBalanceOf("80.00", ousd);
// 10 of own rebase + 80 from matt + 10 existing balance
await expect(anna).has.an.balanceOf("100", ousd);

await ousd.connect(anna).transfer(josh.address, ousdUnits("10"));

await expect(josh).has.an.approxBalanceOf("230.00", ousd);
await expect(matt).has.an.approxBalanceOf("80.00", ousd);
await expect(anna).has.an.balanceOf("90", ousd);
});

it("Should delegate rebase to another account initially having 0 balance", async () => {
let { ousd, vault, matt, josh, anna, usdc, governor } = fixture;

await expect(josh).has.an.approxBalanceOf("100.00", ousd);
await expect(matt).has.an.approxBalanceOf("100.00", ousd);
await expect(anna).has.an.balanceOf("0", ousd);

await ousd
.connect(governor)
// matt delegates yield to anna
.governanceDelegateYield(matt.address, anna.address);

// Transfer USDC into the Vault to simulate yield
await usdc.connect(matt).transfer(vault.address, usdcUnits("200"));
await vault.rebase();

await expect(josh).has.an.approxBalanceOf("200.00", ousd);
await expect(matt).has.an.approxBalanceOf("100.00", ousd);
await expect(anna).has.an.balanceOf("100", ousd);

await ousd.connect(anna).transfer(josh.address, ousdUnits("10"));

await expect(josh).has.an.approxBalanceOf("210.00", ousd);
await expect(matt).has.an.approxBalanceOf("100.00", ousd);
await expect(anna).has.an.balanceOf("90", ousd);
});

it("should be able to chenge yield delegation", async () => {
//A Should delegate to account B, rebase with profit, delegate to account C and all have correct balances
});
});
});

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