MP-1705: Borrow limit (#48)
* update borrow funds hooks using credit manager client * update calculate max borrow and withdraw hooks to consider future debt
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@ -3,7 +3,6 @@ import { useMemo } from 'react'
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import { toast } from 'react-toastify'
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import useWalletStore from 'stores/useWalletStore'
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import { contractAddresses } from 'config/contracts'
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import { hardcodedFee } from 'utils/contants'
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import useCreditManagerStore from 'stores/useCreditManagerStore'
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import { queryKeys } from 'types/query-keys-factory'
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@ -14,61 +13,49 @@ const useBorrowFunds = (
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withdraw = false,
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options: Omit<UseMutationOptions, 'onError'>
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) => {
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const signingClient = useWalletStore((s) => s.signingClient)
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const selectedAccount = useCreditManagerStore((s) => s.selectedAccount)
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const creditManagerClient = useWalletStore((s) => s.clients.creditManager)
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const selectedAccount = useCreditManagerStore((s) => s.selectedAccount ?? '')
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const address = useWalletStore((s) => s.address)
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const queryClient = useQueryClient()
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const executeMsg = useMemo(() => {
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const actions = useMemo(() => {
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if (!withdraw) {
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return {
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update_credit_account: {
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account_id: selectedAccount,
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actions: [
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{
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borrow: {
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denom: denom,
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amount: String(amount),
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},
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},
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],
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return [
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{
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borrow: {
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denom: denom,
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amount: String(amount),
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},
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},
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}
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]
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}
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return {
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update_credit_account: {
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account_id: selectedAccount,
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actions: [
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{
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borrow: {
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denom: denom,
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amount: String(amount),
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},
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},
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{
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withdraw: {
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denom: denom,
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amount: String(amount),
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},
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},
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],
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return [
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{
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borrow: {
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denom: denom,
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amount: String(amount),
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},
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},
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}
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}, [withdraw, selectedAccount, denom, amount])
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{
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withdraw: {
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denom: denom,
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amount: String(amount),
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},
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},
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]
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}, [withdraw, denom, amount])
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return useMutation(
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async () =>
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await signingClient?.execute(
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address,
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contractAddresses.creditManager,
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executeMsg,
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await creditManagerClient?.updateCreditAccount(
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{ accountId: selectedAccount, actions },
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hardcodedFee
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),
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{
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onSettled: () => {
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queryClient.invalidateQueries(queryKeys.creditAccountsPositions(selectedAccount ?? ''))
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queryClient.invalidateQueries(queryKeys.creditAccountsPositions(selectedAccount))
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queryClient.invalidateQueries(queryKeys.redbankBalances())
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// if withdrawing to wallet, need to explicility invalidate balances queries
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@ -1,4 +1,4 @@
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import { useMemo } from 'react'
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import { useCallback, useMemo } from 'react'
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import BigNumber from 'bignumber.js'
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import useCreditManagerStore from 'stores/useCreditManagerStore'
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@ -8,6 +8,12 @@ import useMarkets from './useMarkets'
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import useTokenPrices from './useTokenPrices'
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import useRedbankBalances from './useRedbankBalances'
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const getApproximateHourlyInterest = (amount: string, borrowAPY: string) => {
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const hourlyAPY = BigNumber(borrowAPY).div(24 * 365)
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return hourlyAPY.times(amount).toNumber()
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}
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const useCalculateMaxBorrowAmount = (denom: string, isUnderCollateralized: boolean) => {
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const selectedAccount = useCreditManagerStore((s) => s.selectedAccount)
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@ -16,33 +22,40 @@ const useCalculateMaxBorrowAmount = (denom: string, isUnderCollateralized: boole
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const { data: tokenPrices } = useTokenPrices()
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const { data: redbankBalances } = useRedbankBalances()
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const getTokenValue = useCallback(
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(amount: string, denom: string) => {
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if (!tokenPrices) return 0
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return BigNumber(amount).times(tokenPrices[denom]).toNumber()
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},
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[tokenPrices]
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)
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return useMemo(() => {
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if (!marketsData || !tokenPrices || !positionsData || !redbankBalances) return 0
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const getTokenTotalUSDValue = (amount: string, denom: string) => {
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// early return if prices are not fetched yet
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if (!tokenPrices) return 0
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return BigNumber(amount)
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.div(10 ** getTokenDecimals(denom))
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.times(tokenPrices[denom])
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.toNumber()
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}
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// max ltv adjusted collateral
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const totalWeightedPositions = positionsData?.coins.reduce((acc, coin) => {
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const tokenWeightedValue = BigNumber(getTokenTotalUSDValue(coin.amount, coin.denom)).times(
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const tokenWeightedValue = BigNumber(getTokenValue(coin.amount, coin.denom)).times(
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Number(marketsData[coin.denom].max_loan_to_value)
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)
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return tokenWeightedValue.plus(acc).toNumber()
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}, 0)
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// total debt value
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// approximate debt value in an hour timespan to avoid throwing on smart contract level
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// due to debt interest being applied
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const totalLiabilitiesValue = positionsData?.debts.reduce((acc, coin) => {
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const tokenUSDValue = BigNumber(getTokenTotalUSDValue(coin.amount, coin.denom))
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const estimatedInterestAmount = getApproximateHourlyInterest(
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coin.amount,
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marketsData[coin.denom].borrow_rate
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)
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return tokenUSDValue.plus(acc).toNumber()
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const tokenDebtValue = BigNumber(getTokenValue(coin.amount, coin.denom)).plus(
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estimatedInterestAmount
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)
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return tokenDebtValue.plus(acc).toNumber()
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}, 0)
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const borrowTokenPrice = tokenPrices[denom]
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@ -54,6 +67,7 @@ const useCalculateMaxBorrowAmount = (denom: string, isUnderCollateralized: boole
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maxValue = BigNumber(totalLiabilitiesValue)
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.minus(totalWeightedPositions)
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.div(borrowTokenPrice * Number(marketsData[denom].max_loan_to_value) - borrowTokenPrice)
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.div(10 ** tokenDecimals)
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.decimalPlaces(tokenDecimals)
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.toNumber()
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} else {
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@ -61,6 +75,7 @@ const useCalculateMaxBorrowAmount = (denom: string, isUnderCollateralized: boole
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maxValue = BigNumber(totalWeightedPositions)
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.minus(totalLiabilitiesValue)
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.div(borrowTokenPrice)
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.div(10 ** tokenDecimals)
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.decimalPlaces(tokenDecimals)
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.toNumber()
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}
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@ -72,7 +87,15 @@ const useCalculateMaxBorrowAmount = (denom: string, isUnderCollateralized: boole
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if (marketLiquidity < maxValue) return marketLiquidity
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return maxValue > 0 ? maxValue : 0
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}, [denom, isUnderCollateralized, marketsData, positionsData, redbankBalances, tokenPrices])
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}, [
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denom,
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getTokenValue,
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isUnderCollateralized,
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marketsData,
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positionsData,
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redbankBalances,
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tokenPrices,
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])
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}
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export default useCalculateMaxBorrowAmount
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@ -7,6 +7,12 @@ import useCreditManagerStore from 'stores/useCreditManagerStore'
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import useTokenPrices from './useTokenPrices'
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import useMarkets from './useMarkets'
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const getApproximateHourlyInterest = (amount: string, borrowAPY: string) => {
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const hourlyAPY = BigNumber(borrowAPY).div(24 * 365)
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return hourlyAPY.times(amount).toNumber()
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}
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const useCalculateMaxWithdrawAmount = (denom: string, borrow: boolean) => {
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const selectedAccount = useCreditManagerStore((s) => s.selectedAccount)
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@ -37,10 +43,18 @@ const useCalculateMaxWithdrawAmount = (denom: string, borrow: boolean) => {
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const borrowTokenPrice = tokenPrices[denom]
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const borrowTokenMaxLTV = Number(marketsData[denom].max_loan_to_value)
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// approximate debt value in an hour timespan to avoid throwing on smart contract level
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// due to debt interest being applied
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const totalLiabilitiesValue = positionsData?.debts.reduce((acc, coin) => {
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const tokenUSDValue = BigNumber(getTokenValue(coin.amount, coin.denom))
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const estimatedInterestAmount = getApproximateHourlyInterest(
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coin.amount,
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marketsData[coin.denom].borrow_rate
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)
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const tokenDebtValue = BigNumber(getTokenValue(coin.amount, coin.denom)).plus(
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estimatedInterestAmount
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)
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return tokenUSDValue.plus(acc).toNumber()
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return tokenDebtValue.plus(acc).toNumber()
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}, 0)
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const positionsWeightedAverageWithoutAsset = positionsData?.coins.reduce((acc, coin) => {
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@ -77,6 +91,10 @@ const useCalculateMaxWithdrawAmount = (denom: string, borrow: boolean) => {
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.minus(requiredCollateral)
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.decimalPlaces(tokenDecimals)
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.toNumber()
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// required collateral might be greater than the amount in the credit account which will result
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// in a negative max amount capacity
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maxAmountCapacity = maxAmountCapacity < 0 ? 0 : maxAmountCapacity
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}
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const isCapacityHigherThanBalance = BigNumber(maxAmountCapacity).gt(tokenAmountInCreditAccount)
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