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LIF and LTV restrictions #77

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merged 10 commits into from
Oct 7, 2024
Merged

LIF and LTV restrictions #77

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d3f61d6
feat: add LIF restriction
QGarchery Oct 4, 2024
7832bb6
chore: reformat comment.
QGarchery Oct 4, 2024
700d2fb
Merge remote-tracking branch 'origin/style/constructor-readability' i…
QGarchery Oct 4, 2024
8c07dde
test: add preLIFTooHigh test
QGarchery Oct 4, 2024
e257eed
feat: restrict ltv < LLTV
QGarchery Oct 4, 2024
bdcffe9
docs: requirement of pre-liqudiation incentive factors
QGarchery Oct 5, 2024
de168dd
feat: rearrange requires to ensure no division by zero
QGarchery Oct 5, 2024
1af02e4
chore: update README schema
QGarchery Oct 5, 2024
525cfdf
refactor: change order of require for clarity
QGarchery Oct 6, 2024
c972d1a
chore: update README to pre naming
QGarchery Oct 6, 2024
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7 changes: 4 additions & 3 deletions src/PreLiquidation.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -79,14 +79,15 @@ contract PreLiquidation is IPreLiquidation, IMorphoRepayCallback {
/// @dev The following requirements should be met:
/// - preLltv < LLTV;
/// - preLCF1 <= preLCF2;
/// - WAD <= preLIF1 <= preLIF2.
/// - WAD <= preLIF1 <= preLIF2 <= 1 / LLTV.
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constructor(address morpho, Id id, PreLiquidationParams memory _preLiquidationParams) {
require(IMorpho(morpho).market(id).lastUpdate != 0, ErrorsLib.NonexistentMarket());
MarketParams memory _marketParams = IMorpho(morpho).idToMarketParams(id);
require(_preLiquidationParams.preLltv < _marketParams.lltv, ErrorsLib.PreLltvTooHigh());
require(_preLiquidationParams.preLCF1 <= _preLiquidationParams.preLCF2, ErrorsLib.PreLCFDecreasing());
require(WAD <= _preLiquidationParams.preLIF1, ErrorsLib.PreLIFTooLow());
require(_preLiquidationParams.preLIF1 <= _preLiquidationParams.preLIF2, ErrorsLib.PreLIFDecreasing());
require(_preLiquidationParams.preLIF2 <= WAD.wDivDown(_marketParams.lltv), ErrorsLib.PreLIFTooHigh());

MORPHO = IMorpho(morpho);

Expand Down Expand Up @@ -160,8 +161,8 @@ contract PreLiquidation is IPreLiquidation, IMorphoRepayCallback {
).mulDivDown(ORACLE_PRICE_SCALE, collateralPrice);
}

// Note that the pre-liquidation close factor can be greater than WAD (100%). In this case the position can be
// fully pre-liquidated.
// Note that the pre-liquidation close factor can be greater than WAD (100%).
// In this case the position can be fully pre-liquidated.
uint256 preLCF = UtilsLib.min(
(ltv - PRE_LLTV).wDivDown(LLTV - PRE_LLTV).wMulDown(PRE_LCF_2 - PRE_LCF_1) + PRE_LCF_1, PRE_LCF_2
);
Expand Down
2 changes: 2 additions & 0 deletions src/libraries/ErrorsLib.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -16,6 +16,8 @@ library ErrorsLib {

error PreLIFDecreasing();

error PreLIFTooHigh();

error InconsistentInput();

error NotPreLiquidatablePosition();
Expand Down
20 changes: 19 additions & 1 deletion test/PreLiquidationErrorTest.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -73,7 +73,25 @@ contract PreLiquidationErrorTest is BaseTest {
factory.createPreLiquidation(id, preLiquidationParams);
}

function testpreLIFDecreasing(PreLiquidationParams memory preLiquidationParams) public virtual {
function testHighPreLIF(PreLiquidationParams memory preLiquidationParams) public virtual {
preLiquidationParams = boundPreLiquidationParameters({
preLiquidationParams: preLiquidationParams,
minPreLltv: WAD / 100,
maxPreLltv: marketParams.lltv - 1,
minPreLCF: WAD / 100,
maxPreLCF: WAD,
minPreLIF: WAD,
maxPreLIF: type(uint256).max,
preLiqOracle: marketParams.oracle
});
preLiquidationParams.preLIF2 =
bound(preLiquidationParams.preLIF2, WAD.wDivDown(marketParams.lltv) + 1, type(uint256).max);

vm.expectRevert(abi.encodeWithSelector(ErrorsLib.PreLIFTooHigh.selector));
factory.createPreLiquidation(id, preLiquidationParams);
}

function testPreLIFDecreasing(PreLiquidationParams memory preLiquidationParams) public virtual {
preLiquidationParams = boundPreLiquidationParameters({
preLiquidationParams: preLiquidationParams,
minPreLltv: WAD / 100,
Expand Down