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feat: pass debt to asses unrealised loss #212

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Sep 12, 2024
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feat: pass debt to asses unrealised loss #212

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18 changes: 9 additions & 9 deletions contracts/VaultV3.vy
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Original file line number Diff line number Diff line change
Expand Up @@ -602,16 +602,17 @@ def _max_withdraw(
# Can't use an invalid strategy.
assert self.strategies[strategy].activation != 0, "inactive strategy"

current_debt: uint256 = self.strategies[strategy].current_debt
# Get the maximum amount the vault would withdraw from the strategy.
to_withdraw: uint256 = min(
# What we still need for the full withdraw.
max_assets - have,
# The current debt the strategy has.
self.strategies[strategy].current_debt
current_debt
)

# Get any unrealised loss for the strategy.
unrealised_loss: uint256 = self._assess_share_of_unrealised_losses(strategy, to_withdraw)
unrealised_loss: uint256 = self._assess_share_of_unrealised_losses(strategy, current_debt, to_withdraw)

# See if any limit is enforced by the strategy.
strategy_limit: uint256 = IStrategy(strategy).convertToAssets(
Expand Down Expand Up @@ -711,7 +712,7 @@ def _mint(sender: address, recipient: address, shares: uint256) -> uint256:

@view
@internal
def _assess_share_of_unrealised_losses(strategy: address, assets_needed: uint256) -> uint256:
def _assess_share_of_unrealised_losses(strategy: address, strategy_current_debt: uint256, assets_needed: uint256) -> uint256:
"""
Returns the share of losses that a user would take if withdrawing from this strategy
This accounts for losses that have been realized at the strategy level but not yet
Expand All @@ -720,8 +721,6 @@ def _assess_share_of_unrealised_losses(strategy: address, assets_needed: uint256
e.g. if the strategy has unrealised losses for 10% of its current debt and the user
wants to withdraw 1_000 tokens, the losses that they will take is 100 token
"""
# Minimum of how much debt the debt should be worth.
strategy_current_debt: uint256 = self.strategies[strategy].current_debt
# The actual amount that the debt is currently worth.
vault_shares: uint256 = IStrategy(strategy).balanceOf(self)
strategy_assets: uint256 = IStrategy(strategy).convertToAssets(vault_shares)
Expand Down Expand Up @@ -850,7 +849,7 @@ def _redeem(
# NOTE: strategies need to manage the fact that realising part of the loss can
# mean the realisation of 100% of the loss!! (i.e. if for withdrawing 10% of the
# strategy it needs to unwind the whole position, generated losses might be bigger)
unrealised_losses_share: uint256 = self._assess_share_of_unrealised_losses(strategy, assets_to_withdraw)
unrealised_losses_share: uint256 = self._assess_share_of_unrealised_losses(strategy, current_debt, assets_to_withdraw)
if unrealised_losses_share > 0:
# If max withdraw is limiting the amount to pull, we need to adjust the portion of
# the unrealized loss the user should take.
Expand Down Expand Up @@ -1061,7 +1060,7 @@ def _update_debt(strategy: address, target_debt: uint256, max_loss: uint256) ->
assets_to_withdraw = withdrawable

# If there are unrealised losses we don't let the vault reduce its debt until there is a new report
unrealised_losses_share: uint256 = self._assess_share_of_unrealised_losses(strategy, assets_to_withdraw)
unrealised_losses_share: uint256 = self._assess_share_of_unrealised_losses(strategy, current_debt, assets_to_withdraw)
assert unrealised_losses_share == 0, "strategy has unrealised losses"

# Cache for repeated use.
Expand Down Expand Up @@ -2114,9 +2113,10 @@ def assess_share_of_unrealised_losses(strategy: address, assets_needed: uint256)
@param assets_needed The amount of assets needed to be withdrawn.
@return The share of unrealised losses that the strategy has.
"""
assert self.strategies[strategy].current_debt >= assets_needed
current_debt: uint256 = self.strategies[strategy].current_debt
assert current_debt >= assets_needed

return self._assess_share_of_unrealised_losses(strategy, assets_needed)
return self._assess_share_of_unrealised_losses(strategy, current_debt, assets_needed)

## Profit locking getter functions ##

Expand Down
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