feat: Add Pool Fees #1633

wischli · 2023-11-29T20:08:53Z

Description

Adds pool fees (spec)
Fixes Protocol fees #1208

Changes and Descriptions

NAV

This PR adds a "negative" NAV part to the existing "positive" part from Loans which is renamed to AssetsUnderManagement (AUM). The PoolFees NAV is the sum of pending pool fees. It does not include amounts which can be paid during epoch execution (calculated at epoch closing) because any disbursement of amount X reduces the reserve by X as well.

- NAV = NAV(Loans)
+ NAV = min(PoolReserve + NAV(Loans) - NAV(PoolFees), 0)

Therefore, the epoch NAV now includes the pool reserve. During tranche rebalancing, we need to subtract the reserve. Based on this DAO Slack discussion.

Changes calculation and definition of the NAV:

TODO

A few more rustdocs (e.g. PoolFeeAmount)
Apply a few nits for @lemunozm
Get review from @mustermeiszer

Checklist:

I have added Rust doc comments to structs, enums, traits and functions
I have made corresponding changes to the documentation
I have performed a self-review of my code
I have added tests that prove my fix is effective or that my feature works

runtime/common/src/lib.rs

…ol-fees

lemunozm

Question: Does this pallet overwrite pallet-fees?

I left some non-asked comments over a fast review to catch up last changes for myself 😄

pallets/pool-fees/src/lib.rs

pallets/pool-system/src/lib.rs

libs/types/src/fixed_point.rs

mustermeiszer

Need to go into more detail in the epoch closing part. Otherwise, nothing big from my side.

mustermeiszer · 2024-01-10T13:29:08Z

runtime/common/src/changes.rs

@@ -58,6 +66,9 @@ impl<T: Changeable, Options: Clone> RuntimeChange<T, Options> {
 			RuntimeChange::OracleCollection(change) => match change {
 				OracleCollectionChange::Feeders(_, _) => vec![],
 			},
+			RuntimeChange::PoolFee(pool_fees_change) => match pool_fees_change {
+				PoolFeesChange::AppendFee(_, _) => vec![week],


Where does the requirement for week come from?

It's arbitrarily taken and matching the other change guard timelines. What would be your proposal? I have an open TODO to decide on this.

pallets/pool-system/src/lib.rs

pallets/pool-fees/src/lib.rs

wischli · 2024-01-11T08:08:08Z

pallets/pool-system/src/lib.rs

@@ -1178,7 +1239,7 @@ pub mod pallet {
 			pool.tranches.rebalance_tranches(
 				T::Time::now(),
 				pool.reserve.total,
-				epoch.nav,
+				epoch.nav.ensure_sub(epoch.reserve)?,


NOTE: Before (red), now (green)

- epoch.nav = NAV(Loans) + epoch.nav = epoch.reserve + NAV(Loans) - NAV(PoolFees)

CR
epoch.nav.ensure_sub(pool.reserve.total)

wischli · 2024-01-11T08:14:45Z

pallets/pool-registry/src/benchmarking.rs

 		let tranches = build_update_tranches::<T>(n);
 		prepare_asset_registry::<T>();
-		create_pool::<T>(n, admin.clone())?;
+		create_pool::<T>(n, m, admin.clone())?;


NOTE: The number of pool fees impacts the POV size but not the weight of all pool-registry calls except for the pool registration.

mustermeiszer

I have 2 change requests. Otherwise, the code looks super good! Some nits, but overall ready from a logical perspective.

pallets/pool-system/src/lib.rs

pallets/pool-fees/src/lib.rs

libs/types/src/pools.rs

pallets/pool-system/src/lib.rs

mustermeiszer · 2024-01-11T11:29:33Z

pallets/pool-system/src/lib.rs

@@ -1178,7 +1239,7 @@ pub mod pallet {
 			pool.tranches.rebalance_tranches(
 				T::Time::now(),
 				pool.reserve.total,
-				epoch.nav,
+				epoch.nav.ensure_sub(epoch.reserve)?,


CR
epoch.nav.ensure_sub(pool.reserve.total)

pallets/pool-fees/src/lib.rs

mustermeiszer · 2024-01-23T09:10:49Z

We need to do a RU in dev/demp after merging this and inform apps beforehand, so that they can work on the UI for this.

* fix: correct epoch execution with fees * refactor: use new nav syntax * tests: fix auto epoch closing * feat: epoch execution migration * chore: add epoch migration to altair --------- Co-authored-by: William Freudenberger <[email protected]>

mustermeiszer

Good to go and to test in dev/demo.

@lemunozm

* chore: init blank pool fees pallet * chore: apply workspace #1609 to pool-fees dummy * fix: docker-compose * feat: add changeguard pool fees support * wip: prepare payment logic * refactor: use reserve instead of nav * chore: add extrinsics * feat: prep + pay disbursements * refactor: Apply fees ChangeGuard to #1637 * feat: add pool fees to all runtimes * feat: add fees pool registration * fix: existing pool unit tests * fix: existing integration tests * docs: add pool fee types * wip: init fees unit tests * tests: extrinsics wip * chore: add events * tests: add pool fees unit tests * fix: support retroactive disbursements * refactor: add epoch transition hook * refactor: add pool fee prefix to types * refactor: remove redundand trait bounds * wip: pool system integration tests * refactor: move portfolio valuation from loans to cfg-types * chore: add pool fee account id * wip: pool fee nav * wip: fix uts * wip: fix apply review by @lemunozm * fix: issues after rebase * tests: add saturated_proration * refactor: simplify pool fee amounts * chore: aum + fix fees UTs * chore: apply AUM to pool-system * fix: remove AUM coupling in PoolFees * fix: transfer on close, unit tests * fix: use total nav * fix: taplo * fix: fee calc on nav closing * feat: impl TimeAsSecs for timestamp mock * fix: test on_closing instead of update_active_fees * fix: clippy * tests: fix + add missing pool fees * refactor: make update fees result instead of void * tests: add insufficient resource in p-system * bench: add pool fees, apply to system + registry * fix: tests * refactor: explicitly use Seconds in FeeAmountProration impl * docs: add PoolFeeAmount and NAV update * refactor: update NAV, total assets after review from @mustermeiszer * fix: clippy * refactor: Add PoolFeePayable * fix: clippy * fix: correct epoch execution with fees (#1695) * fix: correct epoch execution with fees * refactor: use new nav syntax * tests: fix auto epoch closing * feat: epoch execution migration * chore: add epoch migration to altair --------- Co-authored-by: William Freudenberger <[email protected]> --------- Co-authored-by: Guillermo Perez <[email protected]> Co-authored-by: Frederik Gartenmeister <[email protected]>

wischli and others added 8 commits November 24, 2023 10:28

chore: init blank pool fees pallet

2f6911e

chore: apply workspace #1609 to pool-fees dummy

f7af9c2

fix: docker-compose

6e05fa9

Merge branch 'main' into fix/docker-compose

e9b7654

Merge branch 'main' into fix/docker-compose

8e88abe

feat: add changeguard pool fees support

37ce18d

Merge branch 'main' into fix/docker-compose

6bc2f11

wip: prepare payment logic

dbda29b

wischli added D2-notify Pull request can be merged and notification about changes should be documented. I8-enhancement An additional feature. labels Nov 29, 2023

wischli self-assigned this Nov 29, 2023

lemunozm reviewed Nov 30, 2023

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runtime/common/src/lib.rs Outdated Show resolved Hide resolved

runtime/common/src/lib.rs Outdated Show resolved Hide resolved

lemunozm mentioned this pull request Nov 30, 2023

Fast runtime change handle by pool #1634

Closed

wischli added 2 commits November 30, 2023 09:23

refactor: use reserve instead of nav

8be9ee3

chore: add extrinsics

374b0db

lemunozm mentioned this pull request Dec 1, 2023

Modify RuntimeChange to support easily new additions #1637

Merged

wischli added 9 commits December 1, 2023 10:05

Merge branch 'main' into fix/docker-compose

1d3880d

Merge branch 'main' into fix/docker-compose

31fe9e3

feat: prep + pay disbursements

33cc5bf

Merge remote-tracking branch 'origin/main' into feat/pool-fees

2047e98

Merge remote-tracking branch 'origin/fix/docker-compose' into feat/po…

ef2e49c

…ol-fees

refactor: Apply fees ChangeGuard to #1637

ea50f30

feat: add pool fees to all runtimes

9452066

feat: add fees pool registration

045af7b

fix: existing pool unit tests

c4f05ca

lemunozm reviewed Dec 5, 2023

View reviewed changes

pallets/pool-fees/src/lib.rs Outdated Show resolved Hide resolved

pallets/pool-fees/src/lib.rs Outdated Show resolved Hide resolved

pallets/pool-system/src/lib.rs Outdated Show resolved Hide resolved

libs/types/src/fixed_point.rs Outdated Show resolved Hide resolved

wischli added 4 commits December 6, 2023 10:32

fix: existing integration tests

039a64d

docs: add pool fee types

e636043

wip: init fees unit tests

6958b95

tests: extrinsics wip

dbdd861

wischli added 4 commits January 9, 2024 12:22

tests: fix + add missing pool fees

6053d78

refactor: make update fees result instead of void

4357819

Merge remote-tracking branch 'origin/main' into feat/pool-fees

37e668e

tests: add insufficient resource in p-system

3284923

wischli mentioned this pull request Jan 10, 2024

FI: Support for order book with market prices #1687

Merged

mustermeiszer reviewed Jan 10, 2024

View reviewed changes

bench: add pool fees, apply to system + registry

c51f96b

wischli commented Jan 11, 2024

View reviewed changes

wischli added 4 commits January 11, 2024 11:32

fix: tests

ec20ff1

refactor: explicitly use Seconds in FeeAmountProration impl

7923f3c

Merge remote-tracking branch 'origin/main' into feat/pool-fees

507b1a5

docs: add PoolFeeAmount and NAV update

b35a8cf

wischli marked this pull request as ready for review January 11, 2024 11:17

wischli requested a review from hieronx as a code owner January 11, 2024 11:17

mustermeiszer reviewed Jan 11, 2024

View reviewed changes

wischli added 5 commits January 11, 2024 16:10

refactor: update NAV, total assets after review from @mustermeiszer

426f452

fix: clippy

0b325bb

refactor: Add PoolFeePayable

99e4467

Merge remote-tracking branch 'origin/main' into feat/pool-fees

a94379b

fix: clippy

28dfe6c

mustermeiszer and others added 2 commits January 23, 2024 10:59

Merge branch 'main' into feat/pool-fees

d487e93

wischli requested a review from mustermeiszer January 23, 2024 10:00

mustermeiszer approved these changes Jan 23, 2024

View reviewed changes

wischli merged commit 0426f76 into main Jan 23, 2024
9 checks passed

wischli deleted the feat/pool-fees branch January 23, 2024 14:35

wischli mentioned this pull request Jan 26, 2024

feat: add NAV runtime API #1703

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feat: Add Pool Fees #1633

feat: Add Pool Fees #1633

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feat: Add Pool Fees #1633

feat: Add Pool Fees #1633

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wischli commented Nov 29, 2023 • edited Loading

Description

Changes and Descriptions

NAV

TODO

Checklist:

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