Update APY calculations for SKY (#4030)

OasisDEX · Sep 23, 2024 · c718669 · c718669
1 parent 1ec5453
commit c718669
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Showing 6 changed files with 47 additions and 23 deletions.
diff --git a/blockchain/better-calls/sky.ts b/blockchain/better-calls/sky.ts
@@ -2,6 +2,7 @@ import BigNumber from 'bignumber.js'
 import { mainnetContracts } from 'blockchain/contracts/mainnet'
 import { getRpcProvider, NetworkIds } from 'blockchain/networks'
 import { amountToWad } from 'blockchain/utils'
+import { SECONDS_PER_YEAR } from 'components/constants'
 import { ethers } from 'ethers'
 import {
   SkyDaiUsds__factory,
@@ -10,6 +11,8 @@ import {
   SkySusds__factory,
 } from 'types/ethers-contracts'
 
+const mkrSkySwapValue = 24 * 1000 // 1 MKR = 24000 SKY
+
 export const skyDaiUsdsSwap = async ({
   token,
   amount,
@@ -133,23 +136,33 @@ export const skyUsdsWalletStakeDetails = async ({ ownerAddress }: { ownerAddress
   }
 }
 
-export const skyUsdsStakeDetails = async () => {
+export const skyUsdsStakeDetails = async ({ mkrPrice }: { mkrPrice?: BigNumber }) => {
+  if (!mkrPrice) {
+    return {
+      apy: new BigNumber(0),
+      totalUSDSLocked: new BigNumber(0),
+    }
+  }
   const rpcProvider = getRpcProvider(1)
   const skyStakingContract = new ethers.Contract(
     mainnetContracts.sky.staking.address,
     SkyStaking__factory.abi,
     rpcProvider,
   )
+  const skyPrice = mkrPrice.div(mkrSkySwapValue)
   const [rewardRate, totalUSDSLocked] = await Promise.all([
     skyStakingContract['rewardRate']().then((rewardPercentage: ethers.BigNumber) => {
       return new BigNumber(ethers.utils.formatUnits(rewardPercentage, 18))
     }),
-    skyStakingContract['totalSupply']().then((USDSLocked: ethers.BigNumber) => {
-      return new BigNumber(ethers.utils.formatUnits(USDSLocked, 18))
-    }),
+    skyStakingContract['totalSupply']().then(
+      (USDSLocked: ethers.BigNumber) => new BigNumber(ethers.utils.formatUnits(USDSLocked, 18)),
+    ),
   ])
-  return { rewardRate, totalUSDSLocked } as {
-    rewardRate: BigNumber
+  const rewardsPerYear = rewardRate.times(SECONDS_PER_YEAR)
+  const rewardsPerYearPrice = rewardsPerYear.times(skyPrice)
+  const apy = rewardsPerYearPrice.div(totalUSDSLocked)
+  return { apy, totalUSDSLocked } as {
+    apy: BigNumber
     totalUSDSLocked: BigNumber
   }
 }
diff --git a/features/sky/components/stake/SkyStakePositionView.tsx b/features/sky/components/stake/SkyStakePositionView.tsx
@@ -22,7 +22,7 @@ import { VaultActionInput } from 'components/vault/VaultActionInput'
 import type { ethers } from 'ethers'
 import { showAllowanceInfo } from 'features/sky/helpers'
 import { useSky } from 'features/sky/hooks/useSky'
-import { formatCryptoBalance } from 'helpers/formatters/format'
+import { formatCryptoBalance, formatDecimalAsPercent } from 'helpers/formatters/format'
 import { zero } from 'helpers/zero'
 import React, { useState } from 'react'
 import { useTranslation } from 'react-i18next'
@@ -39,7 +39,7 @@ type SkyStakeViewType = {
     earned: BigNumber
   }
   skyStakeData: {
-    rewardRate: BigNumber
+    apy: BigNumber
     totalUSDSLocked: BigNumber
   }
   isOwner: boolean
@@ -303,7 +303,7 @@ export const SkyStakePositionView = ({
                       />
                       <DetailsSectionContentCard
                         title="SKY Reward Rate"
-                        value={`${formatCryptoBalance(skyStakeData.rewardRate)}`}
+                        value={`${formatDecimalAsPercent(skyStakeData.apy, { noPercentSign: true })}`}
                         unit="%"
                       />
                       <DetailsSectionContentCard

diff --git a/handlers/portfolio/positions/handlers/sky/index.ts b/handlers/portfolio/positions/handlers/sky/index.ts
@@ -1,16 +1,17 @@
+import BigNumber from 'bignumber.js'
 import { skyUsdsStakeDetails, skyUsdsWalletStakeDetails } from 'blockchain/better-calls/sky'
 import { NetworkNames } from 'blockchain/networks'
 import { OmniProductType } from 'features/omni-kit/types'
 import type { PortfolioPositionsHandler } from 'handlers/portfolio/types'
-import { formatCryptoBalance, formatPercent } from 'helpers/formatters/format'
+import { formatCryptoBalance, formatDecimalAsPercent } from 'helpers/formatters/format'
 import { LendingProtocol } from 'lendingProtocols'
 
-export const skyPositionsHandler: PortfolioPositionsHandler = async ({ address }) => {
+export const skyPositionsHandler: PortfolioPositionsHandler = async ({ address, prices }) => {
   return Promise.all([
     skyUsdsWalletStakeDetails({
       ownerAddress: address,
     }),
-    skyUsdsStakeDetails(),
+    skyUsdsStakeDetails({ mkrPrice: new BigNumber(prices.MKR) }),
   ]).then(([usdsWalletStakeDetails, usdsStakeDetails]) => {
     return {
       address,
@@ -31,7 +32,7 @@ export const skyPositionsHandler: PortfolioPositionsHandler = async ({ address }
                 },
                 {
                   type: 'apy',
-                  value: formatPercent(usdsStakeDetails.rewardRate).toString(),
+                  value: formatDecimalAsPercent(usdsStakeDetails.apy),
                 },
               ],
               lendingType: 'passive',

diff --git a/handlers/product-hub/update-handlers/sky/skyHandler.ts b/handlers/product-hub/update-handlers/sky/skyHandler.ts
@@ -1,15 +1,21 @@
 import { skyUsdsStakeDetails } from 'blockchain/better-calls/sky'
 import { getNetworkContracts } from 'blockchain/contracts'
 import { NetworkIds, networksById } from 'blockchain/networks'
+import type { Tickers } from 'blockchain/prices.types'
 import type { ProductHubItem, ProductHubSupportedNetworks } from 'features/productHub/types'
 import type {
   ProductHubHandlerResponse,
   ProductHubHandlerResponseData,
 } from 'handlers/product-hub/types'
 import { skyProductHubProducts } from 'handlers/product-hub/update-handlers/sky/skyProducts'
 
-async function getSkyData(networkId: NetworkIds.MAINNET): ProductHubHandlerResponse {
-  return Promise.all([skyUsdsStakeDetails()]).then(([srrData]) => {
+async function getSkyData(
+  networkId: NetworkIds.MAINNET,
+  tickers: Tickers,
+): ProductHubHandlerResponse {
+  return Promise.all([
+    skyUsdsStakeDetails({ mkrPrice: tickers['mkr-usd'] || tickers['mkr-maker'] }),
+  ]).then(([srrData]) => {
     return {
       table: skyProductHubProducts
         .map((product) => {
@@ -25,7 +31,7 @@ async function getSkyData(networkId: NetworkIds.MAINNET): ProductHubHandlerRespo
               secondaryTokenAddress,
               network: networksById[networkId].name as ProductHubSupportedNetworks,
               hasRewards: true,
-              fee: srrData.rewardRate.toString(),
+              weeklyNetApy: srrData.apy.toFixed(2),
               liquidity: srrData.totalUSDSLocked.toString(),
             }
           }
@@ -37,8 +43,8 @@ async function getSkyData(networkId: NetworkIds.MAINNET): ProductHubHandlerRespo
   })
 }
 
-export default async function (): ProductHubHandlerResponse {
-  return Promise.all([getSkyData(NetworkIds.MAINNET)]).then((responses) => {
+export default async function (tickers: Tickers): ProductHubHandlerResponse {
+  return Promise.all([getSkyData(NetworkIds.MAINNET, tickers)]).then((responses) => {
     return responses.reduce<ProductHubHandlerResponseData>(
       (v, response) => {
         return {

diff --git a/helpers/context/ProductContext.ts b/helpers/context/ProductContext.ts
@@ -689,7 +689,8 @@ export function setupProductContext(
   const skyUsdsWalletStakeDetails$ = (ownerAddress?: string) =>
     onEveryBlock$.pipe(() => fromPromise(skyUsdsWalletStakeDetails({ ownerAddress })))
 
-  const skyUsdsStakeDetails$ = () => onEveryBlock$.pipe(() => fromPromise(skyUsdsStakeDetails()))
+  const skyUsdsStakeDetails$ = (mkrPrice?: BigNumber) =>
+    onEveryBlock$.pipe(() => fromPromise(skyUsdsStakeDetails({ mkrPrice })))
 
   return {
     aaveLikeAvailableLiquidityInUSDC$: aaveV2Services.aaveLikeAvailableLiquidityInUSDC$,

diff --git a/pages/earn/srr/[wallet].tsx b/pages/earn/srr/[wallet].tsx
@@ -30,7 +30,7 @@ const SkyStakeUsdsView = ({ walletAddress }: { walletAddress?: string }) => {
     earned: BigNumber
   }>()
   const [tempSkyStakeData, setTempSkyStakeData] = useState<{
-    rewardRate: BigNumber
+    apy: BigNumber
     totalUSDSLocked: BigNumber
   }>()
   const [tempBalancesData, setTempBalancesData] = useState<BigNumber[]>()
@@ -40,7 +40,10 @@ const SkyStakeUsdsView = ({ walletAddress }: { walletAddress?: string }) => {
     allowanceForAccountEthers$,
     skyUsdsWalletStakeDetails$,
     skyUsdsStakeDetails$,
+    tokenPriceUSD$,
   } = useProductContext()
+  const _tokenPriceUSD$ = useMemo(() => tokenPriceUSD$(['MKR']), [tokenPriceUSD$])
+  const [tokenPrices] = useObservable(_tokenPriceUSD$)
   const [skyStakeWalletData, skyStakeWalletError] = useObservable(
     useMemo(
       () => (reloadingTokenInfo ? of(undefined) : skyUsdsWalletStakeDetails$(walletAddress)),
@@ -49,8 +52,8 @@ const SkyStakeUsdsView = ({ walletAddress }: { walletAddress?: string }) => {
   )
   const [skyStakeData, skyStakeError] = useObservable(
     useMemo(
-      () => (reloadingTokenInfo ? of(undefined) : skyUsdsStakeDetails$()),
-      [skyUsdsStakeDetails$, reloadingTokenInfo],
+      () => (reloadingTokenInfo ? of(undefined) : skyUsdsStakeDetails$(tokenPrices?.MKR)),
+      [reloadingTokenInfo, skyUsdsStakeDetails$, tokenPrices?.MKR],
     ),
   )
   useEffect(() => {
@@ -62,7 +65,7 @@ const SkyStakeUsdsView = ({ walletAddress }: { walletAddress?: string }) => {
     }
   }, [skyStakeWalletData, tempSkyStakeWalletData])
   useEffect(() => {
-    if (skyStakeData && !tempSkyStakeData?.rewardRate.isEqualTo(skyStakeData.rewardRate)) {
+    if (skyStakeData && !tempSkyStakeData?.apy.isEqualTo(skyStakeData.apy)) {
       setTempSkyStakeData(skyStakeData)
     }
   }, [skyStakeData, tempSkyStakeData])