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| // SPDX-License-Identifier: BUSL-1.1
pragma solidity 0.8.3;
import "@openzeppelin/contracts/token/ERC20/IERC20.sol";
import "@openzeppelin/contracts/token/ERC20/utils/SafeERC20.sol";
import "@openzeppelin/contracts/utils/math/Math.sol";
import "./interfaces/ITokenFactory.sol";
import "./interfaces/ISyntheticToken.sol";
import "./interfaces/IStaker.sol";
import "./interfaces/ILongShort.sol";
import "./interfaces/IYieldManager.sol";
import "./interfaces/IOracleManager.sol";
import "./abstract/AccessControlledAndUpgradeable.sol";
import "./GEMS.sol";
import "hardhat/console.sol";
/**
**** visit https://float.capital *****
*/
/// @title Core logic of Float Protocal markets
/// @author float.capital
/// @notice visit https://float.capital for more info
/// @dev All functions in this file are currently `virtual`. This is NOT to encourage inheritance.
/// It is merely for convenince when unit testing.
/// @custom:auditors This contract balances long and short sides.
contract LongShort is ILongShort, AccessControlledAndUpgradeable {
//Using Open Zeppelin safe transfer library for token transfers
using SafeERC20 for IERC20;
/*╔═════════════════════════════╗
║ VARIABLES ║
╚═════════════════════════════╝*/
/* ══════ Fixed-precision constants ══════ */
/// @notice this is the address that permanently locked initial liquidity for markets is held by.
/// These tokens will never move so market can never have zero liquidity on a side.
/// @dev f10a7 spells float in hex - for fun - important part is that the private key for this address in not known.
address public constant PERMANENT_INITIAL_LIQUIDITY_HOLDER =
0xf10A7_F10A7_f10A7_F10a7_F10A7_f10a7_F10A7_f10a7;
/// @dev an empty allocation of storage for use in future upgrades - inspiration from OZ:
/// https://github.com/OpenZeppelin/openzeppelin-contracts-upgradeable/blob/10f0f1a95b1b0fd5520351886bae7a03490f1056/contracts/token/ERC20/ERC20Upgradeable.sol#L361
uint256[45] private __constantsGap;
/* ══════ Global state ══════ */
uint32 public latestMarket;
address public staker;
address public tokenFactory;
address public gems;
uint256[45] private __globalStateGap;
/* ══════ Market specific ══════ */
mapping(uint32 => bool) public marketExists;
mapping(uint32 => int256) public assetPrice;
mapping(uint32 => uint256) public override marketUpdateIndex;
mapping(uint32 => uint256) public marketTreasurySplitGradient_e18;
mapping(uint32 => uint256) public marketLeverage_e18;
mapping(uint32 => address) public paymentTokens;
mapping(uint32 => address) public yieldManagers;
mapping(uint32 => address) public oracleManagers;
uint256[45] private __marketStateGap;
/* ══════ Market + position (long/short) specific ══════ */
mapping(uint32 => mapping(bool => address)) public override syntheticTokens;
mapping(uint32 => mapping(bool => uint256)) public override marketSideValueInPaymentToken;
/// @notice synthetic token prices of a given market of a (long/short) at every previous price update
mapping(uint32 => mapping(bool => mapping(uint256 => uint256)))
public
override syntheticToken_priceSnapshot;
mapping(uint32 => mapping(bool => uint256)) public batched_amountPaymentToken_deposit;
mapping(uint32 => mapping(bool => uint256)) public batched_amountSyntheticToken_redeem;
mapping(uint32 => mapping(bool => uint256))
public batched_amountSyntheticToken_toShiftAwayFrom_marketSide;
uint256[45] private __marketPositonStateGap;
/* ══════ User specific ══════ */
mapping(uint32 => mapping(address => uint256)) public userNextPrice_currentUpdateIndex;
mapping(uint32 => mapping(bool => mapping(address => uint256)))
public userNextPrice_paymentToken_depositAmount;
mapping(uint32 => mapping(bool => mapping(address => uint256)))
public userNextPrice_syntheticToken_redeemAmount;
mapping(uint32 => mapping(bool => mapping(address => uint256)))
public userNextPrice_syntheticToken_toShiftAwayFrom_marketSide;
/*╔═════════════════════════════╗
║ MODIFIERS ║
╚═════════════════════════════╝*/
function adminOnlyModifierLogic() internal virtual {
_checkRole(ADMIN_ROLE, msg.sender);
}
modifier adminOnly() {
adminOnlyModifierLogic();
_;
}
function requireMarketExistsModifierLogic(uint32 marketIndex) internal view virtual {
require(marketExists[marketIndex], "market doesn't exist");
}
modifier requireMarketExists(uint32 marketIndex) {
requireMarketExistsModifierLogic(marketIndex);
_;
}
modifier updateSystemStateMarketAndExecuteOutstandingNextPriceSettlements(
address user,
uint32 marketIndex
) {
_updateSystemStateInternal(marketIndex);
_executeOutstandingNextPriceSettlements(user, marketIndex);
_;
}
function gemCollectingModifierLogic() internal virtual {
Eif (msg.sender != staker) {
GEMS(gems).gm(msg.sender);
}
}
modifier gemCollecting() {
gemCollectingModifierLogic();
_;
}
/*╔═════════════════════════════╗
║ CONTRACT SET-UP ║
╚═════════════════════════════╝*/
/// @notice Initializes the contract.
/// @dev Calls OpenZeppelin's initializer modifier.
/// @param _admin Address of the admin role.
/// @param _tokenFactory Address of the contract which creates synthetic asset tokens.
/// @param _staker Address of the contract which handles synthetic asset stakes.
function initialize(
address _admin,
address _tokenFactory,
address _staker,
address _gems
) external virtual initializer {
Erequire(
_admin != address(0) &&
_tokenFactory != address(0) &&
_staker != address(0) &&
_gems != address(0)
);
_AccessControlledAndUpgradeable_init(_admin);
tokenFactory = _tokenFactory;
staker = _staker;
gems = _gems;
emit LongShortV1(_admin, _tokenFactory, _staker);
}
/*╔═══════════════════╗
║ ADMIN ║
╚═══════════════════╝*/
/// @notice Update oracle for a market
/// @dev Can only be called by the current admin.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param _newOracleManager Address of the replacement oracle manager.
function updateMarketOracle(uint32 marketIndex, address _newOracleManager) external adminOnly {
// If not a oracle contract this would break things.. Test's arn't validating this
// Ie require isOracle interface - ERC165
address previousOracleManager = oracleManagers[marketIndex];
oracleManagers[marketIndex] = _newOracleManager;
emit OracleUpdated(marketIndex, previousOracleManager, _newOracleManager);
}
/// @notice changes the gradient of the line for determining the yield split between market and treasury.
function changeMarketTreasurySplitGradient(
uint32 marketIndex,
uint256 _marketTreasurySplitGradient_e18
) external adminOnly {
marketTreasurySplitGradient_e18[marketIndex] = _marketTreasurySplitGradient_e18;
}
/*╔═════════════════════════════╗
║ MARKET CREATION ║
╚═════════════════════════════╝*/
/// @notice Creates an entirely new long/short market tracking an underlying oracle price.
/// Make sure the synthetic names/symbols are unique.
/// @dev This does not make the market active.
/// The `initializeMarket` function was split out separately to this function to reduce costs.
/// @param syntheticName Name of the synthetic asset
/// @param syntheticSymbol Symbol for the synthetic asset
/// @param _paymentToken The address of the erc20 token used to buy this synthetic asset
/// this will likely always be DAI
/// @param _oracleManager The address of the oracle manager that provides the price feed for this market
/// @param _yieldManager The contract that manages depositing the paymentToken into a yield bearing protocol
function createNewSyntheticMarket(
string calldata syntheticName,
string calldata syntheticSymbol,
address _paymentToken,
address _oracleManager,
address _yieldManager
) external adminOnly {
Erequire(
_paymentToken != address(0) && _oracleManager != address(0) && _yieldManager != address(0)
);
uint32 marketIndex = ++latestMarket;
address _staker = staker;
// Ensure new markets don't use the same yield manager
IYieldManager(_yieldManager).initializeForMarket();
// Create new synthetic long token.
syntheticTokens[marketIndex][true] = ITokenFactory(tokenFactory).createSyntheticToken(
string(abi.encodePacked("Float Long ", syntheticName)),
string(abi.encodePacked("fl", syntheticSymbol)),
_staker,
marketIndex,
true
);
// Create new synthetic short token.
syntheticTokens[marketIndex][false] = ITokenFactory(tokenFactory).createSyntheticToken(
string(abi.encodePacked("Float Short ", syntheticName)),
string(abi.encodePacked("fs", syntheticSymbol)),
_staker,
marketIndex,
false
);
// Initial market state.
paymentTokens[marketIndex] = _paymentToken;
yieldManagers[marketIndex] = _yieldManager;
oracleManagers[marketIndex] = _oracleManager;
assetPrice[marketIndex] = IOracleManager(oracleManagers[marketIndex]).updatePrice();
emit SyntheticMarketCreated(
marketIndex,
syntheticTokens[marketIndex][true],
syntheticTokens[marketIndex][false],
_paymentToken,
assetPrice[marketIndex],
syntheticName,
syntheticSymbol,
_oracleManager,
_yieldManager
);
}
/// @notice Creates an entirely new long/short market tracking an underlying oracle price.
/// Uses already created synthetic tokens.
/// @dev This does not make the market active.
/// The `initializeMarket` function was split out separately to this function to reduce costs.
/// @param syntheticName Name of the synthetic asset
/// @param syntheticSymbol Symbol for the synthetic asset
/// @param _longToken Address for the long token.
/// @param _shortToken Address for the short token.
/// @param _paymentToken The address of the erc20 token used to buy this synthetic asset
/// this will likely always be DAI
/// @param _oracleManager The address of the oracle manager that provides the price feed for this market
/// @param _yieldManager The contract that manages depositing the paymentToken into a yield bearing protocol
function createNewSyntheticMarketExternalSyntheticTokens(
string calldata syntheticName,
string calldata syntheticSymbol,
address _longToken,
address _shortToken,
address _paymentToken,
address _oracleManager,
address _yieldManager
) external adminOnly {
uint32 marketIndex = ++latestMarket;
// Ensure new markets don't use the same yield manager
IYieldManager(_yieldManager).initializeForMarket();
// Assign new synthetic long token.
syntheticTokens[marketIndex][true] = _longToken;
// Assign new synthetic short token.
syntheticTokens[marketIndex][false] = _shortToken;
// Initial market state.
paymentTokens[marketIndex] = _paymentToken;
yieldManagers[marketIndex] = _yieldManager;
oracleManagers[marketIndex] = _oracleManager;
assetPrice[marketIndex] = IOracleManager(oracleManagers[marketIndex]).updatePrice();
emit SyntheticMarketCreated(
marketIndex,
_longToken,
_shortToken,
_paymentToken,
assetPrice[marketIndex],
syntheticName,
syntheticSymbol,
_oracleManager,
_yieldManager
);
}
/// @notice Seeds a new market with initial capital.
/// @dev Only called when initializing a market.
/// @param initialMarketSeedForEachMarketSide Amount in wei for which to seed both sides of the market.
/// @param marketIndex An uint32 which uniquely identifies a market.
function _seedMarketInitially(uint256 initialMarketSeedForEachMarketSide, uint32 marketIndex)
internal
virtual
{
require(
// You require at least 1e18 (1 payment token with 18 decimal places) of the underlying payment token to seed the market.
initialMarketSeedForEachMarketSide >= 1e18,
"Insufficient market seed"
);
uint256 amountToLockInYieldManager = initialMarketSeedForEachMarketSide * 2;
_transferPaymentTokensFromUserToYieldManager(marketIndex, amountToLockInYieldManager);
IYieldManager(yieldManagers[marketIndex]).depositPaymentToken(amountToLockInYieldManager);
ISyntheticToken(syntheticTokens[marketIndex][true]).mint(
PERMANENT_INITIAL_LIQUIDITY_HOLDER,
initialMarketSeedForEachMarketSide
);
ISyntheticToken(syntheticTokens[marketIndex][false]).mint(
PERMANENT_INITIAL_LIQUIDITY_HOLDER,
initialMarketSeedForEachMarketSide
);
marketSideValueInPaymentToken[marketIndex][true] = initialMarketSeedForEachMarketSide;
marketSideValueInPaymentToken[marketIndex][false] = initialMarketSeedForEachMarketSide;
}
/// @notice Sets a market as active once it has already been setup by createNewSyntheticMarket.
/// @dev Seperated from createNewSyntheticMarket due to gas considerations.
/// @param marketIndex An int32 which uniquely identifies the market.
/// @param kInitialMultiplier Linearly decreasing multiplier for Float token issuance for the market when staking synths.
/// @param kPeriod Time which kInitialMultiplier will last
/// @param unstakeFee_e18 Base 1e18 percentage fee levied when unstaking for the market.
/// @param balanceIncentiveCurve_exponent Sets the degree to which Float token issuance differs
/// for market sides in unbalanced markets. See Staker.sol
/// @param balanceIncentiveCurve_equilibriumOffset An offset to account for naturally imbalanced markets
/// when Float token issuance should differ for market sides. See Staker.sol
/// @param initialMarketSeedForEachMarketSide Amount of payment token that will be deposited in each market side to seed the market.
function initializeMarket(
uint32 marketIndex,
uint256 kInitialMultiplier,
uint256 kPeriod,
uint256 unstakeFee_e18,
uint256 initialMarketSeedForEachMarketSide,
uint256 balanceIncentiveCurve_exponent,
int256 balanceIncentiveCurve_equilibriumOffset,
uint256 _marketTreasurySplitGradient_e18,
uint256 marketLeverage
) external adminOnly {
Erequire(
kInitialMultiplier != 0 &&
unstakeFee_e18 != 0 &&
initialMarketSeedForEachMarketSide != 0 &&
balanceIncentiveCurve_exponent != 0 &&
_marketTreasurySplitGradient_e18 != 0
);
require(!marketExists[marketIndex], "already initialized");
require(marketIndex <= latestMarket, "index too high");
marketExists[marketIndex] = true;
marketTreasurySplitGradient_e18[marketIndex] = _marketTreasurySplitGradient_e18;
// Set this value to one initially - 0 is a null value and thus potentially bug prone.
marketUpdateIndex[marketIndex] = 1;
_seedMarketInitially(initialMarketSeedForEachMarketSide, marketIndex);
marketLeverage_e18[marketIndex] = marketLeverage;
// Add new staker funds with fresh synthetic tokens.
IStaker(staker).addNewStakingFund(
marketIndex,
syntheticTokens[marketIndex][true],
syntheticTokens[marketIndex][false],
kInitialMultiplier,
kPeriod,
unstakeFee_e18,
balanceIncentiveCurve_exponent,
balanceIncentiveCurve_equilibriumOffset
);
IStaker(staker).pushUpdatedMarketPricesToUpdateFloatIssuanceCalculations(
marketIndex,
1,
1e18,
1e18,
initialMarketSeedForEachMarketSide,
initialMarketSeedForEachMarketSide
);
emit NewMarketLaunchedAndSeeded(
marketIndex,
initialMarketSeedForEachMarketSide,
marketLeverage
);
}
/*╔══════════════════════════════╗
║ GETTER FUNCTIONS ║
╚══════════════════════════════╝*/
/// @notice Calculates the conversion rate from synthetic tokens to payment tokens.
/// @dev Synth tokens have a fixed 18 decimals.
/// @param amountPaymentTokenBackingSynth Amount of payment tokens in that token's lowest denomination.
/// @param amountSyntheticToken Amount of synth token in wei.
/// @return syntheticTokenPrice The calculated conversion rate in base 1e18.
function _getSyntheticTokenPrice(
uint256 amountPaymentTokenBackingSynth,
uint256 amountSyntheticToken
) internal pure virtual returns (uint256 syntheticTokenPrice) {
return (amountPaymentTokenBackingSynth * 1e18) / amountSyntheticToken;
}
/// @notice Converts synth token amounts to payment token amounts at a synth token price.
/// @dev Price assumed base 1e18.
/// @param amountSyntheticToken Amount of synth token in wei.
/// @param syntheticTokenPriceInPaymentTokens The conversion rate from synth to payment tokens in base 1e18.
/// @return amountPaymentToken The calculated amount of payment tokens in token's lowest denomination.
function _getAmountPaymentToken(
uint256 amountSyntheticToken,
uint256 syntheticTokenPriceInPaymentTokens
) internal pure virtual returns (uint256 amountPaymentToken) {
return (amountSyntheticToken * syntheticTokenPriceInPaymentTokens) / 1e18;
}
/// @notice Converts payment token amounts to synth token amounts at a synth token price.
/// @dev Price assumed base 1e18.
/// @param amountPaymentTokenBackingSynth Amount of payment tokens in that token's lowest denomination.
/// @param syntheticTokenPriceInPaymentTokens The conversion rate from synth to payment tokens in base 1e18.
/// @return amountSyntheticToken The calculated amount of synthetic token in wei.
function _getAmountSyntheticToken(
uint256 amountPaymentTokenBackingSynth,
uint256 syntheticTokenPriceInPaymentTokens
) internal pure virtual returns (uint256 amountSyntheticToken) {
return (amountPaymentTokenBackingSynth * 1e18) / syntheticTokenPriceInPaymentTokens;
}
/**
@notice Calculate the amount of target side synthetic tokens that are worth the same
amount of payment tokens as X many synthetic tokens on origin side.
The resulting equation comes from simplifying this function
_getAmountSyntheticToken(
_getAmountPaymentToken(
amountOriginSynth,
priceOriginSynth
),
priceTargetSynth)
Unpacking the function we get:
((amountOriginSynth * priceOriginSynth) / 1e18) * 1e18 / priceTargetSynth
And simplifying this we get:
(amountOriginSynth * priceOriginSynth) / priceTargetSynth
@param amountSyntheticTokens_originSide Amount of synthetic tokens on origin side
@param syntheticTokenPrice_originSide Price of origin side's synthetic token
@param syntheticTokenPrice_targetSide Price of target side's synthetic token
@return equivalentAmountSyntheticTokensOnTargetSide Amount of synthetic token on target side
*/
function _getEquivalentAmountSyntheticTokensOnTargetSide(
uint256 amountSyntheticTokens_originSide,
uint256 syntheticTokenPrice_originSide,
uint256 syntheticTokenPrice_targetSide
) internal pure virtual returns (uint256 equivalentAmountSyntheticTokensOnTargetSide) {
equivalentAmountSyntheticTokensOnTargetSide =
(amountSyntheticTokens_originSide * syntheticTokenPrice_originSide) /
syntheticTokenPrice_targetSide;
}
/// @notice Given an executed next price shift from tokens on one market side to the other,
/// determines how many other side tokens the shift was worth.
/// @dev Intended for use primarily by Staker.sol
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amountSyntheticToken_redeemOnOriginSide Amount of synth token in wei.
/// @param isShiftFromLong Whether the token shift is from long to short (true), or short to long (false).
/// @param priceSnapshotIndex Index which identifies which synth prices to use.
/// @return amountSyntheticTokensToMintOnTargetSide The amount in wei of tokens for the other side that the shift was worth.
function getAmountSyntheticTokenToMintOnTargetSide(
uint32 marketIndex,
uint256 amountSyntheticToken_redeemOnOriginSide,
bool isShiftFromLong,
uint256 priceSnapshotIndex
) public view virtual override returns (uint256 amountSyntheticTokensToMintOnTargetSide) {
uint256 syntheticTokenPriceOnOriginSide = syntheticToken_priceSnapshot[marketIndex][
isShiftFromLong
][priceSnapshotIndex];
uint256 syntheticTokenPriceOnTargetSide = syntheticToken_priceSnapshot[marketIndex][
!isShiftFromLong
][priceSnapshotIndex];
amountSyntheticTokensToMintOnTargetSide = _getEquivalentAmountSyntheticTokensOnTargetSide(
amountSyntheticToken_redeemOnOriginSide,
syntheticTokenPriceOnOriginSide,
syntheticTokenPriceOnTargetSide
);
}
/**
@notice The amount of a synth token a user is owed following a batch execution.
4 possible states for next price actions:
- "Pending" - means the next price update hasn't happened or been enacted on by the updateSystemState function.
- "Confirmed" - means the next price has been updated by the updateSystemState function. There is still
- outstanding (lazy) computation that needs to be executed per user in the batch.
- "Settled" - there is no more computation left for the user.
- "Non-existent" - user has no next price actions.
This function returns a calculated value only in the case of 'confirmed' next price actions.
It should return zero for all other types of next price actions.
@dev Used in SyntheticToken.sol balanceOf to allow for automatic reflection of next price actions.
@param user The address of the user for whom to execute the function for.
@param marketIndex An uint32 which uniquely identifies a market.
@param isLong Whether it is for the long synthetic asset or the short synthetic asset.
@return confirmedButNotSettledBalance The amount in wei of tokens that the user is owed.
*/
function getUsersConfirmedButNotSettledSynthBalance(
address user,
uint32 marketIndex,
bool isLong
)
external
view
virtual
override
requireMarketExists(marketIndex)
returns (uint256 confirmedButNotSettledBalance)
{
uint256 currentMarketUpdateIndex = marketUpdateIndex[marketIndex];
uint256 userNextPrice_currentUpdateIndex_forMarket = userNextPrice_currentUpdateIndex[
marketIndex
][user];
if (
userNextPrice_currentUpdateIndex_forMarket != 0 &&
userNextPrice_currentUpdateIndex_forMarket <= currentMarketUpdateIndex
) {
uint256 amountPaymentTokenDeposited = userNextPrice_paymentToken_depositAmount[marketIndex][
isLong
][user];
if (amountPaymentTokenDeposited > 0) {
uint256 syntheticTokenPrice = syntheticToken_priceSnapshot[marketIndex][isLong][
userNextPrice_currentUpdateIndex_forMarket
];
confirmedButNotSettledBalance = _getAmountSyntheticToken(
amountPaymentTokenDeposited,
syntheticTokenPrice
);
}
uint256 amountSyntheticTokensToBeShiftedAwayFromOriginSide = userNextPrice_syntheticToken_toShiftAwayFrom_marketSide[
marketIndex
][!isLong][user];
if (amountSyntheticTokensToBeShiftedAwayFromOriginSide > 0) {
uint256 syntheticTokenPriceOnOriginSide = syntheticToken_priceSnapshot[marketIndex][
!isLong
][userNextPrice_currentUpdateIndex_forMarket];
uint256 syntheticTokenPriceOnTargetSide = syntheticToken_priceSnapshot[marketIndex][isLong][
userNextPrice_currentUpdateIndex_forMarket
];
confirmedButNotSettledBalance += _getEquivalentAmountSyntheticTokensOnTargetSide(
amountSyntheticTokensToBeShiftedAwayFromOriginSide,
syntheticTokenPriceOnOriginSide,
syntheticTokenPriceOnTargetSide
);
}
}
}
/**
@notice Calculates the percentage in base 1e18 of how much of the accrued yield
for a market should be allocated to treasury.
@dev For gas considerations also returns whether the long side is imbalanced.
@dev For gas considerations totalValueLockedInMarket is passed as a parameter as the function
calling this function has pre calculated the value
@param longValue The current total payment token value of the long side of the market.
@param shortValue The current total payment token value of the short side of the market.
@param totalValueLockedInMarket Total payment token value of both sides of the market.
@return isLongSideUnderbalanced Whether the long side initially had less value than the short side.
@return treasuryYieldPercent_e18 The percentage in base 1e18 of how much of the accrued yield
for a market should be allocated to treasury.
*/
function _getYieldSplit(
uint32 marketIndex,
uint256 longValue,
uint256 shortValue,
uint256 totalValueLockedInMarket
) internal view virtual returns (bool isLongSideUnderbalanced, uint256 treasuryYieldPercent_e18) {
isLongSideUnderbalanced = longValue < shortValue;
uint256 imbalance;
unchecked {
if (isLongSideUnderbalanced) {
imbalance = shortValue - longValue;
} else {
imbalance = longValue - shortValue;
}
}
// marketTreasurySplitGradient_e18 may be adjusted to ensure yield is given
// to the market at a desired rate e.g. if a market tends to become imbalanced
// frequently then the gradient can be increased to funnel yield to the market
// quicker.
// See this equation in latex: https://ipfs.io/ipfs/QmXsW4cHtxpJ5BFwRcMSUw7s5G11Qkte13NTEfPLTKEx4x
// Interact with this equation: https://www.desmos.com/calculator/pnl43tfv5b
uint256 marketPercentCalculated_e18 = (imbalance *
marketTreasurySplitGradient_e18[marketIndex]) / totalValueLockedInMarket;
uint256 marketPercent_e18 = Math.min(marketPercentCalculated_e18, 1e18);
unchecked {
treasuryYieldPercent_e18 = 1e18 - marketPercent_e18;
}
}
/*╔══════════════════════════════╗
║ HELPER FUNCTIONS ║
╚══════════════════════════════╝*/
/// @notice First gets yield from the yield manager and allocates it to market and treasury.
/// It then allocates the full market yield portion to the underbalanced side of the market.
/// NB this function also adjusts the value of the long and short side based on the latest
/// price of the underlying asset received from the oracle. This function should ideally be
/// called everytime there is an price update from the oracle. We have built a bot that does this.
/// The system is still perectly safe if not called every price update, the synthetic will just
/// less closely track the underlying asset.
/// @dev In one function as yield should be allocated before rebalancing.
/// This prevents an attack whereby the user imbalances a side to capture all accrued yield.
/// @param marketIndex The market for which to execute the function for.
/// @param newAssetPrice The new asset price.
/// @return longValue The value of the long side after rebalancing.
/// @return shortValue The value of the short side after rebalancing.
function _claimAndDistributeYieldThenRebalanceMarket(uint32 marketIndex, int256 newAssetPrice)
internal
virtual
returns (uint256 longValue, uint256 shortValue)
{
int256 oldAssetPrice = assetPrice[marketIndex];
// Claiming and distributing the yield
longValue = marketSideValueInPaymentToken[marketIndex][true];
shortValue = marketSideValueInPaymentToken[marketIndex][false];
uint256 totalValueLockedInMarket = longValue + shortValue;
(bool isLongSideUnderbalanced, uint256 treasuryYieldPercent_e18) = _getYieldSplit(
marketIndex,
longValue,
shortValue,
totalValueLockedInMarket
);
uint256 marketAmount = IYieldManager(yieldManagers[marketIndex])
.distributeYieldForTreasuryAndReturnMarketAllocation(
totalValueLockedInMarket,
treasuryYieldPercent_e18
);
if (marketAmount > 0) {
if (isLongSideUnderbalanced) {
longValue += marketAmount;
} else {
shortValue += marketAmount;
}
}
// Adjusting value of long and short pool based on price movement
// The side/position with less liquidity has 100% percent exposure to the price movement.
// The side/position with more liquidity will have exposure < 100% to the price movement.
// I.e. Imagine $100 in longValue and $50 shortValue
// long side would have $50/$100 = 50% exposure to price movements based on the liquidity imbalance.
// min(longValue, shortValue) = $50 , therefore if the price change was -10% then
// $50 * 10% = $5 gained for short side and conversely $5 lost for long side.
int256 underbalancedSideValue = int256(Math.min(longValue, shortValue));
// See this equation in latex: https://ipfs.io/ipfs/QmPeJ3SZdn1GfxqCD4GDYyWTJGPMSHkjPJaxrzk2qTTPSE
// Interact with this equation: https://www.desmos.com/calculator/t8gr6j5vsq
int256 valueChange = ((newAssetPrice - oldAssetPrice) *
underbalancedSideValue *
int256(marketLeverage_e18[marketIndex])) / (oldAssetPrice * 1e18);
if (valueChange < 0) {
valueChange = -valueChange; // make value change positive
// handle 'impossible' edge case where underlying price feed changes more than 100% downwards gracefully.
Iif (uint256(valueChange) > longValue) {
valueChange = (int256(longValue) * 99999) / 100000;
}
longValue -= uint256(valueChange);
shortValue += uint256(valueChange);
} else {
// handle 'impossible' edge case where underlying price feed changes more than 100% upwards gracefully.
Iif (uint256(valueChange) > shortValue) {
valueChange = (int256(shortValue) * 99999) / 100000;
}
longValue += uint256(valueChange);
shortValue -= uint256(valueChange);
}
}
/*╔═══════════════════════════════╗
║ UPDATING SYSTEM STATE ║
╚═══════════════════════════════╝*/
/// @notice Updates the value of the long and short sides to account for latest oracle price updates
/// and batches all next price actions.
/// @dev To prevent front-running only executes on price change from an oracle.
/// We assume the function will be called for each market at least once per price update.
/// Note Even if not called on every price update, this won't affect security, it will only affect how closely
/// the synthetic asset actually tracks the underlying asset.
/// @param marketIndex The market index for which to update.
function _updateSystemStateInternal(uint32 marketIndex)
internal
virtual
requireMarketExists(marketIndex)
{
// If a negative int is return this should fail.
int256 newAssetPrice = IOracleManager(oracleManagers[marketIndex]).updatePrice();
uint256 currentMarketIndex = marketUpdateIndex[marketIndex];
bool assetPriceHasChanged = assetPrice[marketIndex] != newAssetPrice;
if (assetPriceHasChanged) {
uint256 syntheticTokenPrice_inPaymentTokens_long = syntheticToken_priceSnapshot[marketIndex][
true
][currentMarketIndex];
uint256 syntheticTokenPrice_inPaymentTokens_short = syntheticToken_priceSnapshot[marketIndex][
false
][currentMarketIndex];
// if there is a price change and the 'staker' contract has pending updates, push the stakers price snapshot index to the staker
// (so the staker can handle its internal accounting)
(
uint256 newLongPoolValue,
uint256 newShortPoolValue
) = _claimAndDistributeYieldThenRebalanceMarket(marketIndex, newAssetPrice);
syntheticTokenPrice_inPaymentTokens_long = _getSyntheticTokenPrice(
newLongPoolValue,
ISyntheticToken(syntheticTokens[marketIndex][true]).totalSupply()
);
syntheticTokenPrice_inPaymentTokens_short = _getSyntheticTokenPrice(
newShortPoolValue,
ISyntheticToken(syntheticTokens[marketIndex][false]).totalSupply()
);
assetPrice[marketIndex] = newAssetPrice;
currentMarketIndex++;
marketUpdateIndex[marketIndex] = currentMarketIndex;
syntheticToken_priceSnapshot[marketIndex][true][
currentMarketIndex
] = syntheticTokenPrice_inPaymentTokens_long;
syntheticToken_priceSnapshot[marketIndex][false][
currentMarketIndex
] = syntheticTokenPrice_inPaymentTokens_short;
(
int256 long_changeInMarketValue_inPaymentToken,
int256 short_changeInMarketValue_inPaymentToken
) = _batchConfirmOutstandingPendingActions(
marketIndex,
syntheticTokenPrice_inPaymentTokens_long,
syntheticTokenPrice_inPaymentTokens_short
);
newLongPoolValue = uint256(
int256(newLongPoolValue) + long_changeInMarketValue_inPaymentToken
);
newShortPoolValue = uint256(
int256(newShortPoolValue) + short_changeInMarketValue_inPaymentToken
);
marketSideValueInPaymentToken[marketIndex][true] = newLongPoolValue;
marketSideValueInPaymentToken[marketIndex][false] = newShortPoolValue;
IStaker(staker).pushUpdatedMarketPricesToUpdateFloatIssuanceCalculations(
marketIndex,
currentMarketIndex,
syntheticTokenPrice_inPaymentTokens_long,
syntheticTokenPrice_inPaymentTokens_short,
newLongPoolValue,
newShortPoolValue
);
emit SystemStateUpdated(
marketIndex,
currentMarketIndex,
newAssetPrice,
newLongPoolValue,
newShortPoolValue,
syntheticTokenPrice_inPaymentTokens_long,
syntheticTokenPrice_inPaymentTokens_short
);
}
}
/// @notice Updates the state of a market to account for the latest oracle price update.
/// @param marketIndex An uint32 which uniquely identifies a market.
function updateSystemState(uint32 marketIndex) external override {
_updateSystemStateInternal(marketIndex);
}
/// @notice Updates the state of multiples markets to account for their latest oracle price updates.
/// @param marketIndexes An array of int32s which uniquely identify markets.
function updateSystemStateMulti(uint32[] calldata marketIndexes) external override {
uint256 length = marketIndexes.length;
for (uint256 i = 0; i < length; i++) {
_updateSystemStateInternal(marketIndexes[i]);
}
}
/*╔═══════════════════════════╗
║ DEPOSIT ║
╚═══════════════════════════╝*/
/// @notice Transfers payment tokens for a market from msg.sender to this contract.
/// @dev Tokens are transferred directly to this contract to be deposited by the yield manager in the batch to earn yield.
/// Since we check the return value of the transferFrom method, all payment tokens we use must conform to the ERC20 standard.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amount Amount of payment tokens in that token's lowest denominationto deposit.
function _transferPaymentTokensFromUserToYieldManager(uint32 marketIndex, uint256 amount)
internal
virtual
{
IERC20(paymentTokens[marketIndex]).safeTransferFrom(
msg.sender,
yieldManagers[marketIndex],
amount
);
}
/*╔═══════════════════════════╗
║ MINT POSITION ║
╚═══════════════════════════╝*/
/// @notice Allows users to mint synthetic assets for a market. To prevent front-running these mints are executed on the next price update from the oracle.
/// @dev Called by external functions to mint either long or short. If a user mints multiple times before a price update, these are treated as a single mint.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amount Amount of payment tokens in that token's lowest denominationfor which to mint synthetic assets at next price.
/// @param isLong Whether the mint is for a long or short synth.
function _mintNextPrice(
uint32 marketIndex,
uint256 amount,
bool isLong
)
internal
virtual
updateSystemStateMarketAndExecuteOutstandingNextPriceSettlements(msg.sender, marketIndex)
gemCollecting
{
_transferPaymentTokensFromUserToYieldManager(marketIndex, amount);
batched_amountPaymentToken_deposit[marketIndex][isLong] += amount;
userNextPrice_paymentToken_depositAmount[marketIndex][isLong][msg.sender] += amount;
uint256 nextUpdateIndex = marketUpdateIndex[marketIndex] + 1;
userNextPrice_currentUpdateIndex[marketIndex][msg.sender] = nextUpdateIndex;
emit NextPriceDeposit(marketIndex, isLong, amount, msg.sender, nextUpdateIndex);
}
/// @notice Allows users to mint long synthetic assets for a market. To prevent front-running these mints are executed on the next price update from the oracle.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amount Amount of payment tokens in that token's lowest denominationfor which to mint synthetic assets at next price.
function mintLongNextPrice(uint32 marketIndex, uint256 amount) external override {
_mintNextPrice(marketIndex, amount, true);
}
/// @notice Allows users to mint short synthetic assets for a market. To prevent front-running these mints are executed on the next price update from the oracle.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amount Amount of payment tokens in that token's lowest denominationfor which to mint synthetic assets at next price.
function mintShortNextPrice(uint32 marketIndex, uint256 amount) external override {
_mintNextPrice(marketIndex, amount, false);
}
/*╔═══════════════════════════╗
║ REDEEM POSITION ║
╚═══════════════════════════╝*/
/// @notice Allows users to redeem their synthetic tokens for payment tokens. To prevent front-running these redeems are executed on the next price update from the oracle.
/// @dev Called by external functions to redeem either long or short. Payment tokens are actually transferred to the user when executeOutstandingNextPriceSettlements is called from a function call by the user.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param tokens_redeem Amount in wei of synth tokens to redeem.
/// @param isLong Whether this redeem is for a long or short synth.
function _redeemNextPrice(
uint32 marketIndex,
uint256 tokens_redeem,
bool isLong
)
internal
virtual
updateSystemStateMarketAndExecuteOutstandingNextPriceSettlements(msg.sender, marketIndex)
gemCollecting
{
ISyntheticToken(syntheticTokens[marketIndex][isLong]).transferFrom(
msg.sender,
address(this),
tokens_redeem
);
userNextPrice_syntheticToken_redeemAmount[marketIndex][isLong][msg.sender] += tokens_redeem;
uint256 nextUpdateIndex = marketUpdateIndex[marketIndex] + 1;
userNextPrice_currentUpdateIndex[marketIndex][msg.sender] = nextUpdateIndex;
batched_amountSyntheticToken_redeem[marketIndex][isLong] += tokens_redeem;
emit NextPriceRedeem(marketIndex, isLong, tokens_redeem, msg.sender, nextUpdateIndex);
}
/// @notice Allows users to redeem long synthetic assets for a market. To prevent front-running these redeems are executed on the next price update from the oracle.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param tokens_redeem Amount in wei of synth tokens to redeem at the next oracle price.
function redeemLongNextPrice(uint32 marketIndex, uint256 tokens_redeem) external override {
_redeemNextPrice(marketIndex, tokens_redeem, true);
}
/// @notice Allows users to redeem short synthetic assets for a market. To prevent front-running these redeems are executed on the next price update from the oracle.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param tokens_redeem Amount in wei of synth tokens to redeem at the next oracle price.
function redeemShortNextPrice(uint32 marketIndex, uint256 tokens_redeem) external override {
_redeemNextPrice(marketIndex, tokens_redeem, false);
}
/*╔═══════════════════════════╗
║ SHIFT POSITION ║
╚═══════════════════════════╝*/
/// @notice Allows users to shift their position from one side of the market to the other in a single transaction. To prevent front-running these shifts are executed on the next price update from the oracle.
/// @dev Called by external functions to shift either way. Intended for primary use by Staker.sol
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amountSyntheticTokensToShift Amount in wei of synthetic tokens to shift from the one side to the other at the next oracle price update.
/// @param isShiftFromLong Whether the token shift is from long to short (true), or short to long (false).
function shiftPositionNextPrice(
uint32 marketIndex,
uint256 amountSyntheticTokensToShift,
bool isShiftFromLong
)
public
virtual
override
updateSystemStateMarketAndExecuteOutstandingNextPriceSettlements(msg.sender, marketIndex)
gemCollecting
{
Erequire(
ISyntheticToken(syntheticTokens[marketIndex][isShiftFromLong]).transferFrom(
msg.sender,
address(this),
amountSyntheticTokensToShift
)
);
userNextPrice_syntheticToken_toShiftAwayFrom_marketSide[marketIndex][isShiftFromLong][
msg.sender
] += amountSyntheticTokensToShift;
uint256 nextUpdateIndex = marketUpdateIndex[marketIndex] + 1;
userNextPrice_currentUpdateIndex[marketIndex][msg.sender] = nextUpdateIndex;
batched_amountSyntheticToken_toShiftAwayFrom_marketSide[marketIndex][
isShiftFromLong
] += amountSyntheticTokensToShift;
emit NextPriceSyntheticPositionShift(
marketIndex,
isShiftFromLong,
amountSyntheticTokensToShift,
msg.sender,
nextUpdateIndex
);
}
/// @notice Allows users to shift their position from long to short in a single transaction. To prevent front-running these shifts are executed on the next price update from the oracle.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amountSyntheticTokensToShift Amount in wei of synthetic tokens to shift from long to short the next oracle price update.
function shiftPositionFromLongNextPrice(uint32 marketIndex, uint256 amountSyntheticTokensToShift)
external
override
{
shiftPositionNextPrice(marketIndex, amountSyntheticTokensToShift, true);
}
/// @notice Allows users to shift their position from short to long in a single transaction. To prevent front-running these shifts are executed on the next price update from the oracle.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param amountSyntheticTokensToShift Amount in wei of synthetic tokens to shift from the short to long at the next oracle price update.
function shiftPositionFromShortNextPrice(uint32 marketIndex, uint256 amountSyntheticTokensToShift)
external
override
{
shiftPositionNextPrice(marketIndex, amountSyntheticTokensToShift, false);
}
/*╔════════════════════════════════╗
║ NEXT PRICE SETTLEMENTS ║
╚════════════════════════════════╝*/
/// @notice Transfers outstanding synth tokens from a next price mint to the user.
/// @dev The outstanding synths should already be reflected for the user due to balanceOf in SyntheticToken.sol, this just does the accounting.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param user The address of the user for whom to execute the function for.
/// @param isLong Whether this is for the long or short synth for the market.
function _executeOutstandingNextPriceMints(
uint32 marketIndex,
address user,
bool isLong
) internal virtual {
uint256 currentPaymentTokenDepositAmount = userNextPrice_paymentToken_depositAmount[
marketIndex
][isLong][user];
if (currentPaymentTokenDepositAmount > 0) {
userNextPrice_paymentToken_depositAmount[marketIndex][isLong][user] = 0;
uint256 amountSyntheticTokensToTransferToUser = _getAmountSyntheticToken(
currentPaymentTokenDepositAmount,
syntheticToken_priceSnapshot[marketIndex][isLong][
userNextPrice_currentUpdateIndex[marketIndex][user]
]
);
ISyntheticToken(syntheticTokens[marketIndex][isLong]).transfer(
user,
amountSyntheticTokensToTransferToUser
);
}
}
/// @notice Transfers outstanding payment tokens from a next price redemption to the user.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param user The address of the user for whom to execute the function for.
/// @param isLong Whether this is for the long or short synth for the market.
function _executeOutstandingNextPriceRedeems(
uint32 marketIndex,
address user,
bool isLong
) internal virtual {
uint256 currentSyntheticTokenRedemptions = userNextPrice_syntheticToken_redeemAmount[
marketIndex
][isLong][user];
if (currentSyntheticTokenRedemptions > 0) {
userNextPrice_syntheticToken_redeemAmount[marketIndex][isLong][user] = 0;
uint256 amountPaymentToken_toRedeem = _getAmountPaymentToken(
currentSyntheticTokenRedemptions,
syntheticToken_priceSnapshot[marketIndex][isLong][
userNextPrice_currentUpdateIndex[marketIndex][user]
]
);
IYieldManager(yieldManagers[marketIndex]).transferPaymentTokensToUser(
user,
amountPaymentToken_toRedeem
);
}
}
/// @notice Transfers outstanding synth tokens from a next price position shift to the user.
/// @dev The outstanding synths should already be reflected for the user due to balanceOf in SyntheticToken.sol, this just does the accounting.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param user The address of the user for whom to execute the function for.
/// @param isShiftFromLong Whether the token shift was from long to short (true), or short to long (false).
function _executeOutstandingNextPriceTokenShifts(
uint32 marketIndex,
address user,
bool isShiftFromLong
) internal virtual {
uint256 syntheticToken_toShiftAwayFrom_marketSide = userNextPrice_syntheticToken_toShiftAwayFrom_marketSide[
marketIndex
][isShiftFromLong][user];
if (syntheticToken_toShiftAwayFrom_marketSide > 0) {
uint256 syntheticToken_toShiftTowardsTargetSide = getAmountSyntheticTokenToMintOnTargetSide(
marketIndex,
syntheticToken_toShiftAwayFrom_marketSide,
isShiftFromLong,
userNextPrice_currentUpdateIndex[marketIndex][user]
);
userNextPrice_syntheticToken_toShiftAwayFrom_marketSide[marketIndex][isShiftFromLong][
user
] = 0;
Erequire(
ISyntheticToken(syntheticTokens[marketIndex][!isShiftFromLong]).transfer(
user,
syntheticToken_toShiftTowardsTargetSide
)
);
}
}
/// @notice After markets have been batched updated on a new oracle price, transfers any owed tokens to a user from their next price actions for that update to that user.
/// @dev Once the market has updated for the next price, should be guaranteed (through modifiers) to execute for a user before user initiation of new next price actions.
/// @param user The address of the user for whom to execute the function.
/// @param marketIndex An uint32 which uniquely identifies a market.
function _executeOutstandingNextPriceSettlements(address user, uint32 marketIndex)
internal
virtual
{
uint256 userCurrentUpdateIndex = userNextPrice_currentUpdateIndex[marketIndex][user];
if (userCurrentUpdateIndex != 0 && userCurrentUpdateIndex <= marketUpdateIndex[marketIndex]) {
_executeOutstandingNextPriceMints(marketIndex, user, true);
_executeOutstandingNextPriceMints(marketIndex, user, false);
_executeOutstandingNextPriceRedeems(marketIndex, user, true);
_executeOutstandingNextPriceRedeems(marketIndex, user, false);
_executeOutstandingNextPriceTokenShifts(marketIndex, user, true);
_executeOutstandingNextPriceTokenShifts(marketIndex, user, false);
userNextPrice_currentUpdateIndex[marketIndex][user] = 0;
emit ExecuteNextPriceSettlementsUser(user, marketIndex);
}
}
/// @notice After markets have been batched updated on a new oracle price, transfers any owed tokens to a user from their next price actions for that update to that user.
/// @param user The address of the user for whom to execute the function.
/// @param marketIndex An uint32 which uniquely identifies a market.
function executeOutstandingNextPriceSettlementsUser(address user, uint32 marketIndex)
external
override
{
_executeOutstandingNextPriceSettlements(user, marketIndex);
}
/// @notice Executes outstanding next price settlements for a user for multiple markets.
/// @param user The address of the user for whom to execute the function.
/// @param marketIndexes An array of int32s which each uniquely identify a market.
function executeOutstandingNextPriceSettlementsUserMulti(
address user,
uint32[] memory marketIndexes
) external {
uint256 length = marketIndexes.length;
for (uint256 i = 0; i < length; i++) {
_executeOutstandingNextPriceSettlements(user, marketIndexes[i]);
}
}
/*╔═══════════════════════════════════════════╗
║ BATCHED NEXT PRICE SETTLEMENT ACTIONS ║
╚═══════════════════════════════════════════╝*/
/// @notice Either transfers funds from the yield manager to this contract if redeems > deposits,
/// and vice versa. The yield manager handles depositing and withdrawing the funds from a yield market.
/// @dev When all batched next price actions are handled the total value in the market can either increase or decrease based on the value of mints and redeems.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param totalPaymentTokenValueChangeForMarket An int256 which indicates the magnitude and direction of the change in market value.
function _handleTotalPaymentTokenValueChangeForMarketWithYieldManager(
uint32 marketIndex,
int256 totalPaymentTokenValueChangeForMarket
) internal virtual {
if (totalPaymentTokenValueChangeForMarket > 0) {
IYieldManager(yieldManagers[marketIndex]).depositPaymentToken(
uint256(totalPaymentTokenValueChangeForMarket)
);
} else if (totalPaymentTokenValueChangeForMarket < 0) {
// NB there will be issues here if not enough liquidity exists to withdraw
// Boolean should be returned from yield manager and think how to appropriately handle this
IYieldManager(yieldManagers[marketIndex]).removePaymentTokenFromMarket(
uint256(-totalPaymentTokenValueChangeForMarket)
);
}
}
/// @notice Given a desired change in synth token supply, either mints or burns tokens to achieve that desired change.
/// @dev When all batched next price actions are executed total supply for a synth can either increase or decrease.
/// @param marketIndex An uint32 which uniquely identifies a market.
/// @param isLong Whether this function should execute for the long or short synth for the market.
/// @param changeInSyntheticTokensTotalSupply The amount in wei by which synth token supply should change.
function _handleChangeInSyntheticTokensTotalSupply(
uint32 marketIndex,
bool isLong,
int256 changeInSyntheticTokensTotalSupply
) internal virtual {
if (changeInSyntheticTokensTotalSupply > 0) {
ISyntheticToken(syntheticTokens[marketIndex][isLong]).mint(
address(this),
uint256(changeInSyntheticTokensTotalSupply)
);
} else if (changeInSyntheticTokensTotalSupply < 0) {
ISyntheticToken(syntheticTokens[marketIndex][isLong]).burn(
uint256(-changeInSyntheticTokensTotalSupply)
);
}
}
/**
@notice Performs all batched next price actions on an oracle price update.
@dev Mints or burns all synthetic tokens for this contract.
After this function is executed all user actions in that batch are confirmed and can be settled individually by
calling _executeOutstandingNexPriceSettlements for a given user.
The maths here is safe from rounding errors since it always over estimates on the batch with division.
(as an example (5/3) + (5/3) = 2 but (5+5)/3 = 10/3 = 3, so the batched action would mint one more)
@param marketIndex An uint32 which uniquely identifies a market.
@param syntheticTokenPrice_inPaymentTokens_long The long synthetic token price for this oracle price update.
@param syntheticTokenPrice_inPaymentTokens_short The short synthetic token price for this oracle price update.
@return long_changeInMarketValue_inPaymentToken The total value change for the long side after all batched actions are executed.
@return short_changeInMarketValue_inPaymentToken The total value change for the short side after all batched actions are executed.
*/
function _batchConfirmOutstandingPendingActions(
uint32 marketIndex,
uint256 syntheticTokenPrice_inPaymentTokens_long,
uint256 syntheticTokenPrice_inPaymentTokens_short
)
internal
virtual
returns (
int256 long_changeInMarketValue_inPaymentToken,
int256 short_changeInMarketValue_inPaymentToken
)
{
int256 changeInSupply_syntheticToken_long;
int256 changeInSupply_syntheticToken_short;
// NOTE: the only reason we are reusing amountForCurrentAction_workingVariable for all actions (redeemLong, redeemShort, mintLong, mintShort, shiftFromLong, shiftFromShort) is to reduce stack usage
uint256 amountForCurrentAction_workingVariable = batched_amountPaymentToken_deposit[
marketIndex
][true];
// Handle batched deposits LONG
if (amountForCurrentAction_workingVariable > 0) {
long_changeInMarketValue_inPaymentToken = int256(amountForCurrentAction_workingVariable);
batched_amountPaymentToken_deposit[marketIndex][true] = 0;
changeInSupply_syntheticToken_long = int256(
_getAmountSyntheticToken(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_long
)
);
}
// Handle batched deposits SHORT
amountForCurrentAction_workingVariable = batched_amountPaymentToken_deposit[marketIndex][false];
if (amountForCurrentAction_workingVariable > 0) {
short_changeInMarketValue_inPaymentToken = int256(amountForCurrentAction_workingVariable);
batched_amountPaymentToken_deposit[marketIndex][false] = 0;
changeInSupply_syntheticToken_short = int256(
_getAmountSyntheticToken(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_short
)
);
}
// Handle shift tokens from LONG to SHORT
amountForCurrentAction_workingVariable = batched_amountSyntheticToken_toShiftAwayFrom_marketSide[
marketIndex
][true];
if (amountForCurrentAction_workingVariable > 0) {
int256 paymentTokenValueChangeForShiftToShort = int256(
_getAmountPaymentToken(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_long
)
);
long_changeInMarketValue_inPaymentToken -= paymentTokenValueChangeForShiftToShort;
short_changeInMarketValue_inPaymentToken += paymentTokenValueChangeForShiftToShort;
changeInSupply_syntheticToken_long -= int256(amountForCurrentAction_workingVariable);
changeInSupply_syntheticToken_short += int256(
_getEquivalentAmountSyntheticTokensOnTargetSide(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_long,
syntheticTokenPrice_inPaymentTokens_short
)
);
batched_amountSyntheticToken_toShiftAwayFrom_marketSide[marketIndex][true] = 0;
}
// Handle shift tokens from SHORT to LONG
amountForCurrentAction_workingVariable = batched_amountSyntheticToken_toShiftAwayFrom_marketSide[
marketIndex
][false];
if (amountForCurrentAction_workingVariable > 0) {
int256 paymentTokenValueChangeForShiftToLong = int256(
_getAmountPaymentToken(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_short
)
);
short_changeInMarketValue_inPaymentToken -= paymentTokenValueChangeForShiftToLong;
long_changeInMarketValue_inPaymentToken += paymentTokenValueChangeForShiftToLong;
changeInSupply_syntheticToken_short -= int256(amountForCurrentAction_workingVariable);
changeInSupply_syntheticToken_long += int256(
_getEquivalentAmountSyntheticTokensOnTargetSide(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_short,
syntheticTokenPrice_inPaymentTokens_long
)
);
batched_amountSyntheticToken_toShiftAwayFrom_marketSide[marketIndex][false] = 0;
}
// Handle batched redeems LONG
amountForCurrentAction_workingVariable = batched_amountSyntheticToken_redeem[marketIndex][true];
if (amountForCurrentAction_workingVariable > 0) {
long_changeInMarketValue_inPaymentToken -= int256(
_getAmountPaymentToken(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_long
)
);
changeInSupply_syntheticToken_long -= int256(amountForCurrentAction_workingVariable);
batched_amountSyntheticToken_redeem[marketIndex][true] = 0;
}
// Handle batched redeems SHORT
amountForCurrentAction_workingVariable = batched_amountSyntheticToken_redeem[marketIndex][
false
];
if (amountForCurrentAction_workingVariable > 0) {
short_changeInMarketValue_inPaymentToken -= int256(
_getAmountPaymentToken(
amountForCurrentAction_workingVariable,
syntheticTokenPrice_inPaymentTokens_short
)
);
changeInSupply_syntheticToken_short -= int256(amountForCurrentAction_workingVariable);
batched_amountSyntheticToken_redeem[marketIndex][false] = 0;
}
// Batch settle payment tokens
_handleTotalPaymentTokenValueChangeForMarketWithYieldManager(
marketIndex,
long_changeInMarketValue_inPaymentToken + short_changeInMarketValue_inPaymentToken
);
// Batch settle synthetic tokens
_handleChangeInSyntheticTokensTotalSupply(
marketIndex,
true,
changeInSupply_syntheticToken_long
);
_handleChangeInSyntheticTokensTotalSupply(
marketIndex,
false,
changeInSupply_syntheticToken_short
);
}
}
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