VAL-62 (cont.) Scenario 3

test/scenarios/business/3.test.ts

@@ -0,0 +1,262 @@
+import { time, loadFixture } from "@nomicfoundation/hardhat-network-helpers";
+import { expect } from "chai";
+import { ethers } from "hardhat";
+import { deployPool, activatePool } from "../../support/pool";
+import { collateralizeLoan, deployLoan, fundLoan } from "../../support/loan";
+import { deployMockERC20 } from "../../support/erc20";
+
+describe("Business Scenario 3", () => {
+  const INPUTS = {
+    lenderADepositAmount: 500_000_000_000, // $500k in USDC
+    lenderBDepositAmount: 500_000_000_000, // $500k in USDC
+    pool: {
+      maxCapacity: 20_000_000_000_000, // $20M in USDC
+      requestFeeBps: 500, // 5%
+      withdrawGateBps: 5_000, // 50%
+      requestCancellationFeeBps: 0,
+      firstLossInitialMinimum: 0,
+      withdrawRequestPeriodDuration: 7 * 24 * 60 * 60, // 7 days
+      fixedFee: 0,
+      fixedFeeInterval: 0,
+      poolFeePercentOfInterest: 2_000 // 20%
+    },
+    loan: {
+      duration: 14,
+      paymentPeriod: 7,
+      loanType: 0,
+      apr: 1000,
+      principal: 1_000_000_000_000,
+      dropDeadDateDuration: 0,
+      latePaymentFee: 0,
+      latePayment: 0,
+      originationBps: 0
+    },
+    loanPayment: 3888_890_000 // each loan payment, + rounding
+  };
+
+  async function advanceToDay(startTime: number, numberDays: number) {
+    await time.increaseTo(startTime + numberDays * 3600 * 24);
+  }
+
+  async function fixtures() {
+    const [operator, poolManager, lenderA, lenderB, borrower] =
+      await ethers.getSigners();
+    const endTime = (await time.latest()) + 5_184_000; // 60 days.
+    const poolSettings = {
+      endDate: endTime, // Jan 1, 2050
+      ...INPUTS.pool
+    };
+    const { mockERC20: mockUSDC } = await deployMockERC20(
+      "Mock USDC",
+      "MUSDC",
+      6
+    );
+    const { pool, serviceConfiguration } = await deployPool({
+      operator,
+      poolAdmin: poolManager,
+      settings: poolSettings,
+      liquidityAsset: mockUSDC
+    });
+
+    // Confirm FL fee is set to 5%
+    expect(await serviceConfiguration.firstLossFeeBps()).to.equal(500);
+
+    // activate pool
+    await activatePool(pool, poolManager, mockUSDC);
+    const startTime = (await pool.poolActivatedAt()).toNumber();
+
+    // Mint for lenders
+    await mockUSDC.mint(lenderA.address, INPUTS.lenderADepositAmount);
+    await mockUSDC.mint(lenderB.address, INPUTS.lenderBDepositAmount);
+
+    // Lender allowance for pool
+    await mockUSDC
+      .connect(lenderA)
+      .approve(pool.address, INPUTS.lenderADepositAmount);
+    await mockUSDC
+      .connect(lenderB)
+      .approve(pool.address, INPUTS.lenderBDepositAmount);
+
+    // Create loanOne
+    const { loan } = await deployLoan(
+      pool.address,
+      borrower.address,
+      mockUSDC.address,
+      serviceConfiguration,
+      INPUTS.loan
+    );
+    // mint USDC for borrower to pay down loanOne
+    await mockUSDC.mint(borrower.address, INPUTS.loanPayment);
+
+    // Collateralize loan
+    await collateralizeLoan(loan, borrower, mockUSDC, 0);
+
+    return {
+      startTime,
+      pool,
+      lenderA,
+      lenderB,
+      mockUSDC,
+      poolManager,
+      borrower,
+      loan
+    };
+  }
+
+  it("runs simulation", async () => {
+    const {
+      startTime,
+      pool,
+      lenderA,
+      lenderB,
+      mockUSDC,
+      poolManager,
+      borrower,
+      loan
+    } = await loadFixture(fixtures);
+
+    // Initialization checks
+    // check that FL is zero
+    expect(await pool.firstLoss()).to.equal(0);
+    // Check that PM has no USDC balance
+    expect(await mockUSDC.balanceOf(poolManager.address)).to.equal(0);
+
+    // +2 days, lenderA deposits
+    await advanceToDay(startTime, 2);
+    await pool
+      .connect(lenderA)
+      .deposit(INPUTS.lenderADepositAmount, lenderA.address);
+
+    // sanity-check lenderA is cleared out
+    expect(await mockUSDC.balanceOf(lenderA.address)).to.equal(0);
+    // check pool tokens minted
+    expect(await pool.balanceOf(lenderA.address)).to.equal(
+      INPUTS.lenderADepositAmount
+    );
+
+    // +3 days, LenderB deposits
+    await advanceToDay(startTime, 3);
+    await pool
+      .connect(lenderB)
+      .deposit(INPUTS.lenderBDepositAmount, lenderB.address);
+
+    // sanity-check lenderB is cleared out
+    expect(await mockUSDC.balanceOf(lenderB.address)).to.equal(0);
+    // check pool tokens minted
+    expect(await pool.balanceOf(lenderB.address)).to.equal(
+      INPUTS.lenderBDepositAmount
+    );
+
+    // +4  days, loan is funded
+    await advanceToDay(startTime, 4);
+    await fundLoan(loan, pool, poolManager);
+    await loan.connect(borrower).drawdown(INPUTS.loan.principal);
+
+    // +7 days, lenderA requests 200k PT redemption
+    await advanceToDay(startTime, 7);
+    await pool.crank(); // crank runs, but is meaningless
+    await pool.connect(lenderA).requestRedeem(200_000_000_000);
+
+    // +8 days, lenderB requests 300k PT redeption
+    await advanceToDay(startTime, 8);
+    await pool.connect(lenderB).requestRedeem(300_000_000_000);
+
+    // +11 days, first loan payment made
+    await advanceToDay(startTime, 11);
+    await mockUSDC.connect(borrower).approve(loan.address, INPUTS.loanPayment);
+    await loan.connect(borrower).completeNextPayment();
+
+    // +14 days, run the crank
+    await advanceToDay(startTime, 14);
+    await pool.crank();
+
+    // +18 days, complete payment made
+    await advanceToDay(startTime, 18);
+    await mockUSDC
+      .connect(borrower)
+      .approve(loan.address, INPUTS.loanPayment + INPUTS.loan.principal);
+    await loan.connect(borrower).completeFullPayment();
+
+    // +21 days, run the crank
+    await advanceToDay(startTime, 21);
+    // check balances before
+    expect(await pool.maxRedeem(lenderA.address)).to.equal(283960890);
+    expect(await pool.maxRedeem(lenderB.address)).to.equal(425941335);
+    expect(await pool.maxWithdraw(lenderA.address)).to.equal(291666666);
+    expect(await pool.maxWithdraw(lenderB.address)).to.equal(437499999);
+
+    await pool.crank();
+
+    // check balances after
+    expect(await pool.maxRedeem(lenderA.address)).to.equal(195141980444);
+    expect(await pool.maxRedeem(lenderB.address)).to.equal(292712970667);
+    expect(await pool.maxWithdraw(lenderA.address)).to.equal(200729166665);
+    expect(await pool.maxWithdraw(lenderB.address)).to.equal(301093749999);
+
+    // +22 days, lender A requests remaining PT redemption
+    await advanceToDay(startTime, 22);
+    await pool
+      .connect(lenderA)
+      .requestRedeem(await pool.maxRedeemRequest(lenderA.address));
+
+    // +23 days, lender A redeems 190k Pool tokens
+    await advanceToDay(startTime, 23);
+    await pool
+      .connect(lenderA)
+      .redeem(190_000_000_000, lenderA.address, lenderA.address);
+
+    // +28 days, run the crank
+    await advanceToDay(startTime, 28);
+    // check balances before
+    expect(await pool.maxRedeem(lenderA.address)).to.equal(5141980444);
+    expect(await pool.maxRedeem(lenderB.address)).to.equal(292712970667);
+    expect(await pool.maxWithdraw(lenderA.address)).to.equal(5289202494);
+    expect(await pool.maxWithdraw(lenderB.address)).to.equal(301093749999);
+
+    await pool.crank();
+    // check balances after
+    expect(await pool.maxRedeem(lenderA.address)).to.equal(235828499681);
+    expect(await pool.maxRedeem(lenderB.address)).to.equal(298694213967);
+    expect(await pool.maxWithdraw(lenderA.address)).to.equal(249504070965);
+    expect(await pool.maxWithdraw(lenderB.address)).to.equal(307425756527);
+
+    // +29 days, lender B requests remaining PT redemption
+    await advanceToDay(startTime, 29);
+    await pool
+      .connect(lenderB)
+      .requestRedeem(await pool.maxRedeemRequest(lenderB.address));
+
+    // +30 days, lender B redeems 295k in pool tokens
+    await advanceToDay(startTime, 30);
+    await pool
+      .connect(lenderB)
+      .redeem(295_000_000_000, lenderB.address, lenderB.address);
+
+    // +35 days, run the crank
+    await advanceToDay(startTime, 35);
+    // check balances before
+    expect(await pool.maxRedeem(lenderA.address)).to.equal(235828499681);
+    expect(await pool.maxRedeem(lenderB.address)).to.equal(3694213967);
+    expect(await pool.maxWithdraw(lenderA.address)).to.equal(249504070965);
+    expect(await pool.maxWithdraw(lenderB.address)).to.equal(3802204631);
+
+    await pool.crank();
+    // check balances after
+    expect(await pool.maxRedeem(lenderA.address)).to.equal(261009487935);
+    expect(await pool.maxRedeem(lenderB.address)).to.equal(92442345077);
+    expect(await pool.maxWithdraw(lenderA.address)).to.equal(277192417683);
+    expect(await pool.maxWithdraw(lenderB.address)).to.equal(101387295413);
+
+    // +39 days, inspect results
+    await advanceToDay(startTime, 39);
+
+    // check balances
+    expect(await pool.maxRedeem(lenderA.address)).to.equal(261009487935);
+    expect(await pool.maxRedeem(lenderB.address)).to.equal(92442345077);
+    expect(await pool.maxWithdraw(lenderA.address)).to.equal(277192417683);
+    expect(await pool.maxWithdraw(lenderB.address)).to.equal(101387295413);
+
+    expect(await mockUSDC.balanceOf(lenderA.address)).to.equal(195439964171);
+    expect(await mockUSDC.balanceOf(lenderB.address)).to.equal(303623551896);
+  });
+});