// SPDX-License-Identifier: MIT pragma solidity ^0.8.0; import {WadRayMath} from '../protocol/libraries/math/WadRayMath.sol'; import {PercentageMath} from '../protocol/libraries/math/PercentageMath.sol'; import {DataTypes} from '../protocol/libraries/types/DataTypes.sol'; import {Errors} from '../protocol/libraries/helpers/Errors.sol'; import {IDefaultInterestRateStrategyV2} from '../interfaces/IDefaultInterestRateStrategyV2.sol'; import {IReserveInterestRateStrategy} from '../interfaces/IReserveInterestRateStrategy.sol'; import {IPoolAddressesProvider} from '../interfaces/IPoolAddressesProvider.sol'; /** * @title DefaultReserveInterestRateStrategyV2 contract * @author BGD Labs * @notice Default interest rate strategy used by the Aave protocol * @dev Strategies are pool-specific: each contract CAN'T be used across different Aave pools * due to the caching of the PoolAddressesProvider and the usage of underlying addresses as * index of the _interestRateData */ contract DefaultReserveInterestRateStrategyV2 is IDefaultInterestRateStrategyV2 { using WadRayMath for uint256; using PercentageMath for uint256; struct CalcInterestRatesLocalVars { uint256 availableLiquidity; uint256 currentVariableBorrowRate; uint256 currentLiquidityRate; uint256 borrowUsageRatio; uint256 supplyUsageRatio; uint256 availableLiquidityPlusDebt; } /// @inheritdoc IDefaultInterestRateStrategyV2 IPoolAddressesProvider public immutable ADDRESSES_PROVIDER; /// @inheritdoc IDefaultInterestRateStrategyV2 uint256 public constant MAX_BORROW_RATE = 1000_00; /// @inheritdoc IDefaultInterestRateStrategyV2 uint256 public constant MIN_OPTIMAL_POINT = 1_00; /// @inheritdoc IDefaultInterestRateStrategyV2 uint256 public constant MAX_OPTIMAL_POINT = 99_00; /// @dev Map of reserves address and their interest rate data (reserveAddress => interestRateData) mapping(address => InterestRateData) internal _interestRateData; modifier onlyPoolConfigurator() { require( msg.sender == ADDRESSES_PROVIDER.getPoolConfigurator(), Errors.CallerNotPoolConfigurator() ); _; } /** * @dev Constructor. * @param provider The address of the PoolAddressesProvider of the associated Aave pool */ constructor(address provider) { require(provider != address(0), Errors.InvalidAddressesProvider()); ADDRESSES_PROVIDER = IPoolAddressesProvider(provider); } /// @inheritdoc IReserveInterestRateStrategy function setInterestRateParams( address reserve, bytes calldata rateData ) external onlyPoolConfigurator { _setInterestRateParams(reserve, abi.decode(rateData, (InterestRateData))); } /// @inheritdoc IDefaultInterestRateStrategyV2 function setInterestRateParams( address reserve, InterestRateData calldata rateData ) external onlyPoolConfigurator { _setInterestRateParams(reserve, rateData); } /// @inheritdoc IDefaultInterestRateStrategyV2 function getInterestRateData(address reserve) external view returns (InterestRateDataRay memory) { return _rayifyRateData(_interestRateData[reserve]); } /// @inheritdoc IDefaultInterestRateStrategyV2 function getInterestRateDataBps(address reserve) external view returns (InterestRateData memory) { return _interestRateData[reserve]; } /// @inheritdoc IDefaultInterestRateStrategyV2 function getOptimalUsageRatio(address reserve) external view returns (uint256) { return _bpsToRay(uint256(_interestRateData[reserve].optimalUsageRatio)); } /// @inheritdoc IDefaultInterestRateStrategyV2 function getVariableRateSlope1(address reserve) external view returns (uint256) { return _bpsToRay(uint256(_interestRateData[reserve].variableRateSlope1)); } /// @inheritdoc IDefaultInterestRateStrategyV2 function getVariableRateSlope2(address reserve) external view returns (uint256) { return _bpsToRay(uint256(_interestRateData[reserve].variableRateSlope2)); } /// @inheritdoc IDefaultInterestRateStrategyV2 function getBaseVariableBorrowRate(address reserve) external view override returns (uint256) { return _bpsToRay(uint256(_interestRateData[reserve].baseVariableBorrowRate)); } /// @inheritdoc IDefaultInterestRateStrategyV2 function getMaxVariableBorrowRate(address reserve) external view override returns (uint256) { return _bpsToRay( uint256( _interestRateData[reserve].baseVariableBorrowRate + _interestRateData[reserve].variableRateSlope1 + _interestRateData[reserve].variableRateSlope2 ) ); } /// @inheritdoc IReserveInterestRateStrategy function calculateInterestRates( DataTypes.CalculateInterestRatesParams calldata params ) external view virtual override returns (uint256, uint256) { InterestRateDataRay memory rateData = _rayifyRateData(_interestRateData[params.reserve]); CalcInterestRatesLocalVars memory vars; vars.currentLiquidityRate = 0; vars.currentVariableBorrowRate = rateData.baseVariableBorrowRate; if (params.totalDebt != 0) { vars.availableLiquidity = params.virtualUnderlyingBalance + params.liquidityAdded - params.liquidityTaken; vars.availableLiquidityPlusDebt = vars.availableLiquidity + params.totalDebt; vars.borrowUsageRatio = params.totalDebt.rayDiv(vars.availableLiquidityPlusDebt); vars.supplyUsageRatio = params.totalDebt.rayDiv( vars.availableLiquidityPlusDebt + params.unbacked ); } else { return (0, vars.currentVariableBorrowRate); } if (vars.borrowUsageRatio > rateData.optimalUsageRatio) { uint256 excessBorrowUsageRatio = (vars.borrowUsageRatio - rateData.optimalUsageRatio).rayDiv( WadRayMath.RAY - rateData.optimalUsageRatio ); vars.currentVariableBorrowRate += rateData.variableRateSlope1 + rateData.variableRateSlope2.rayMul(excessBorrowUsageRatio); } else { vars.currentVariableBorrowRate += rateData .variableRateSlope1 .rayMul(vars.borrowUsageRatio) .rayDiv(rateData.optimalUsageRatio); } vars.currentLiquidityRate = vars .currentVariableBorrowRate .rayMul(vars.supplyUsageRatio) .percentMul(PercentageMath.PERCENTAGE_FACTOR - params.reserveFactor); return (vars.currentLiquidityRate, vars.currentVariableBorrowRate); } /** * @dev Doing validations and data update for an asset * @param reserve address of the underlying asset of the reserve * @param rateData Encoded reserve interest rate data to apply */ function _setInterestRateParams(address reserve, InterestRateData memory rateData) internal { require(reserve != address(0), Errors.ZeroAddressNotValid()); require( rateData.optimalUsageRatio <= MAX_OPTIMAL_POINT && rateData.optimalUsageRatio >= MIN_OPTIMAL_POINT, Errors.InvalidOptimalUsageRatio() ); require( rateData.variableRateSlope1 <= rateData.variableRateSlope2, Errors.Slope2MustBeGteSlope1() ); // The maximum rate should not be above certain threshold require( uint256(rateData.baseVariableBorrowRate) + uint256(rateData.variableRateSlope1) + uint256(rateData.variableRateSlope2) <= MAX_BORROW_RATE, Errors.InvalidMaxRate() ); _interestRateData[reserve] = rateData; emit RateDataUpdate( reserve, rateData.optimalUsageRatio, rateData.baseVariableBorrowRate, rateData.variableRateSlope1, rateData.variableRateSlope2 ); } /** * @dev Transforms an InterestRateData struct to an InterestRateDataRay struct by multiplying all values * by 1e23, turning them into ray values * * @param data The InterestRateData struct to transform * * @return The resulting InterestRateDataRay struct */ function _rayifyRateData( InterestRateData memory data ) internal pure returns (InterestRateDataRay memory) { return InterestRateDataRay({ optimalUsageRatio: _bpsToRay(uint256(data.optimalUsageRatio)), baseVariableBorrowRate: _bpsToRay(uint256(data.baseVariableBorrowRate)), variableRateSlope1: _bpsToRay(uint256(data.variableRateSlope1)), variableRateSlope2: _bpsToRay(uint256(data.variableRateSlope2)) }); } // @dev helper function added here, as generally the protocol doesn't use bps function _bpsToRay(uint256 n) internal pure returns (uint256) { return n * 1e23; } }