useAvailable when setting throttles. (#872)

reserve-protocol · Aug 3, 2023 · 809a8d2 · 809a8d2
1 parent 12c81a0
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diff --git a/contracts/p0/RToken.sol b/contracts/p0/RToken.sol
@@ -337,6 +337,7 @@ contract RTokenP0 is ComponentP0, ERC20PermitUpgradeable, IRToken {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "issuance amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "issuance amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "issuance pctRate too big");
+        issuanceThrottle.useAvailable(totalSupply(), 0);
         emit IssuanceThrottleSet(issuanceThrottle.params, params);
         issuanceThrottle.params = params;
     }
@@ -346,6 +347,7 @@ contract RTokenP0 is ComponentP0, ERC20PermitUpgradeable, IRToken {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "redemption amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "redemption amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "redemption pctRate too big");
+        redemptionThrottle.useAvailable(totalSupply(), 0);
         emit RedemptionThrottleSet(redemptionThrottle.params, params);
         redemptionThrottle.params = params;
     }

diff --git a/contracts/p1/RToken.sol b/contracts/p1/RToken.sol
@@ -442,6 +442,7 @@ contract RTokenP1 is ComponentP1, ERC20PermitUpgradeable, IRToken {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "issuance amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "issuance amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "issuance pctRate too big");
+        issuanceThrottle.useAvailable(totalSupply(), 0);
         emit IssuanceThrottleSet(issuanceThrottle.params, params);
         issuanceThrottle.params = params;
     }
@@ -451,6 +452,7 @@ contract RTokenP1 is ComponentP1, ERC20PermitUpgradeable, IRToken {
         require(params.amtRate >= MIN_THROTTLE_RATE_AMT, "redemption amtRate too small");
         require(params.amtRate <= MAX_THROTTLE_RATE_AMT, "redemption amtRate too big");
         require(params.pctRate <= MAX_THROTTLE_PCT_AMT, "redemption pctRate too big");
+        redemptionThrottle.useAvailable(totalSupply(), 0);
         emit RedemptionThrottleSet(redemptionThrottle.params, params);
         redemptionThrottle.params = params;
     }

diff --git a/test/RToken.test.ts b/test/RToken.test.ts
@@ -224,6 +224,26 @@ describe(`RTokenP${IMPLEMENTATION} contract`, () => {
       ).to.be.revertedWith('issuance pctRate too big')
     })
 
+    it('Should account for accrued value when updating issuance throttle parameters', async () => {
+      await advanceTime(12 * 5 * 60) // 60 minutes, charge fully
+      const issuanceThrottleParams = { amtRate: fp('60'), pctRate: fp('0.1') }
+
+      await rToken.connect(owner).setIssuanceThrottleParams(issuanceThrottleParams)
+      const params = await rToken.issuanceThrottleParams()
+      expect(params[0]).to.equal(issuanceThrottleParams.amtRate)
+      expect(params[1]).to.equal(issuanceThrottleParams.pctRate)
+
+      await Promise.all(tokens.map((t) => t.connect(addr1).approve(rToken.address, initialBal)))
+      await rToken.connect(addr1).issue(fp('20'))
+      expect(await rToken.issuanceAvailable()).to.equal(fp('40'))
+
+      await setNextBlockTimestamp((await getLatestBlockTimestamp()) + 12 * 5 * 10) // 10 minutes
+
+      issuanceThrottleParams.amtRate = fp('100')
+      await rToken.connect(owner).setIssuanceThrottleParams(issuanceThrottleParams)
+      expect(await rToken.issuanceAvailable()).to.equal(fp('50'))
+    })
+
     it('Should allow to update redemption throttle if Owner and perform validations', async () => {
       const redemptionThrottleParams = { amtRate: fp('1'), pctRate: fp('0.1') }
       await expect(
@@ -262,6 +282,30 @@ describe(`RTokenP${IMPLEMENTATION} contract`, () => {
       ).to.be.revertedWith('redemption pctRate too big')
     })
 
+    it('Should account for accrued value when updating redemption throttle parameters', async () => {
+      await advanceTime(12 * 5 * 60) // 60 minutes, charge fully
+      const issuanceThrottleParams = { amtRate: fp('100'), pctRate: fp('0.1') }
+      const redemptionThrottleParams = { amtRate: fp('60'), pctRate: fp('0.1') }
+
+      await rToken.connect(owner).setIssuanceThrottleParams(issuanceThrottleParams)
+      await rToken.connect(owner).setRedemptionThrottleParams(redemptionThrottleParams)
+      const params = await rToken.redemptionThrottleParams()
+      expect(params[0]).to.equal(redemptionThrottleParams.amtRate)
+      expect(params[1]).to.equal(redemptionThrottleParams.pctRate)
+
+      await Promise.all(tokens.map((t) => t.connect(addr1).approve(rToken.address, initialBal)))
+      await rToken.connect(addr1).issue(fp('100'))
+      expect(await rToken.redemptionAvailable()).to.equal(fp('60'))
+      await rToken.connect(addr1).redeem(fp('30'))
+      expect(await rToken.redemptionAvailable()).to.equal(fp('30'))
+
+      await setNextBlockTimestamp((await getLatestBlockTimestamp()) + 12 * 5 * 10) // 10 minutes
+
+      redemptionThrottleParams.amtRate = fp('100')
+      await rToken.connect(owner).setRedemptionThrottleParams(redemptionThrottleParams)
+      expect(await rToken.redemptionAvailable()).to.equal(fp('40'))
+    })
+
     it('Should return a price of 0 if the assets become unregistered', async () => {
       const startPrice = await basketHandler.price()
 
@@ -367,6 +411,8 @@ describe(`RTokenP${IMPLEMENTATION} contract`, () => {
       await Promise.all(
         tokens.map((t) => t.connect(addr1).approve(rToken.address, MAX_THROTTLE_AMT_RATE))
       )
+      // advance time
+      await advanceTime(12 * 5 * 60) // 60 minutes, charge fully
       await rToken.connect(addr1).issue(MAX_THROTTLE_AMT_RATE)
       expect(await rToken.totalSupply()).to.equal(MAX_THROTTLE_AMT_RATE)
       expect(await rToken.basketsNeeded()).to.equal(MAX_THROTTLE_AMT_RATE)
@@ -1370,6 +1416,9 @@ describe(`RTokenP${IMPLEMENTATION} contract`, () => {
           redemptionThrottleParams.pctRate = bn(0)
           await rToken.connect(owner).setRedemptionThrottleParams(redemptionThrottleParams)
 
+          // advance time
+          await advanceTime(12 * 5 * 60) // 60 minutes, charge fully
+
           // Check redemption throttle
           expect(await rToken.redemptionAvailable()).to.equal(redemptionThrottleParams.amtRate)
 
@@ -2183,6 +2232,9 @@ describe(`RTokenP${IMPLEMENTATION} contract`, () => {
           redemptionThrottleParams.pctRate = bn(0)
           await rToken.connect(owner).setRedemptionThrottleParams(redemptionThrottleParams)
 
+          // advance time
+          await advanceTime(12 * 5 * 60) // 60 minutes, charge fully
+
           // Check redemption throttle
           expect(await rToken.redemptionAvailable()).to.equal(redemptionThrottleParams.amtRate)
 

diff --git a/test/ZTradingExtremes.test.ts b/test/ZTradingExtremes.test.ts
@@ -480,6 +480,9 @@ describeExtreme(`Trading Extreme Values (${SLOW ? 'slow mode' : 'fast mode'})`,
       const noThrottle = { amtRate: MAX_THROTTLE_AMT_RATE, pctRate: 0 }
       await rToken.setIssuanceThrottleParams(noThrottle)
       await rToken.setRedemptionThrottleParams(noThrottle)
+
+      await advanceTime(12 * 5 * 60) // 60 minutes, charge fully
+
       await rToken.connect(addr1).issue(rTokenSupply)
       expect(await rToken.balanceOf(addr1.address)).to.equal(rTokenSupply)
 
@@ -651,6 +654,9 @@ describeExtreme(`Trading Extreme Values (${SLOW ? 'slow mode' : 'fast mode'})`,
       const noThrottle = { amtRate: MAX_THROTTLE_AMT_RATE, pctRate: 0 }
       await rToken.setIssuanceThrottleParams(noThrottle)
       await rToken.setRedemptionThrottleParams(noThrottle)
+
+      await advanceTime(12 * 5 * 60) // 60 minutes, charge fully
+
       await rToken.connect(addr1).issue(rTokenSupply)
       expect(await rToken.balanceOf(addr1.address)).to.equal(rTokenSupply)