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Removed rollover fee bounds #248

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Merged
aalavandhan merged 1 commit into from
Mar 31, 2025
Merged

Removed rollover fee bounds #248

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185 changes: 185 additions & 0 deletions spot-contracts/.openzeppelin/mainnet.json
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Original file line number Diff line number Diff line change
Expand Up @@ -2840,6 +2840,191 @@
},
"namespaces": {}
}
},
"a0651b4cbe00a1624a6fc2c5b84c09b23347cbff34f3e4103c29fce3da7b9030": {
"address": "0xFad454b578a54c0602FB6D711F26fd701235FaB6",
"txHash": "0x6b08759f0988cf344fc4394829e8035a3427d2d166f58dc75bb7cc65fbac8ba6",
"layout": {
"solcVersion": "0.8.20",
"storage": [
{
"label": "_initialized",
"offset": 0,
"slot": "0",
"type": "t_uint8",
"contract": "Initializable",
"src": "@openzeppelin/contracts-upgradeable/proxy/utils/Initializable.sol:63",
"retypedFrom": "bool"
},
{
"label": "_initializing",
"offset": 1,
"slot": "0",
"type": "t_bool",
"contract": "Initializable",
"src": "@openzeppelin/contracts-upgradeable/proxy/utils/Initializable.sol:68"
},
{
"label": "__gap",
"offset": 0,
"slot": "1",
"type": "t_array(t_uint256)50_storage",
"contract": "ContextUpgradeable",
"src": "@openzeppelin/contracts-upgradeable/utils/ContextUpgradeable.sol:40"
},
{
"label": "_owner",
"offset": 0,
"slot": "51",
"type": "t_address",
"contract": "OwnableUpgradeable",
"src": "@openzeppelin/contracts-upgradeable/access/OwnableUpgradeable.sol:22"
},
{
"label": "__gap",
"offset": 0,
"slot": "52",
"type": "t_array(t_uint256)49_storage",
"contract": "OwnableUpgradeable",
"src": "@openzeppelin/contracts-upgradeable/access/OwnableUpgradeable.sol:94"
},
{
"label": "targetSubscriptionRatio",
"offset": 0,
"slot": "101",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:80"
},
{
"label": "deviationRatioBoundLower",
"offset": 0,
"slot": "102",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:83"
},
{
"label": "deviationRatioBoundUpper",
"offset": 0,
"slot": "103",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:86"
},
{
"label": "perpMintFeePerc",
"offset": 0,
"slot": "104",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:94"
},
{
"label": "perpBurnFeePerc",
"offset": 0,
"slot": "105",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:97"
},
{
"label": "perpRolloverFee",
"offset": 0,
"slot": "106",
"type": "t_struct(RolloverFeeSigmoidParams)5758_storage",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:109"
},
{
"label": "vaultMintFeePerc",
"offset": 0,
"slot": "109",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:117"
},
{
"label": "vaultBurnFeePerc",
"offset": 0,
"slot": "110",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:120"
},
{
"label": "vaultUnderlyingToPerpSwapFeePerc",
"offset": 0,
"slot": "111",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:123"
},
{
"label": "vaultPerpToUnderlyingSwapFeePerc",
"offset": 0,
"slot": "112",
"type": "t_uint256",
"contract": "FeePolicy",
"src": "contracts/FeePolicy.sol:126"
}
],
"types": {
"t_address": {
"label": "address",
"numberOfBytes": "20"
},
"t_array(t_uint256)49_storage": {
"label": "uint256[49]",
"numberOfBytes": "1568"
},
"t_array(t_uint256)50_storage": {
"label": "uint256[50]",
"numberOfBytes": "1600"
},
"t_bool": {
"label": "bool",
"numberOfBytes": "1"
},
"t_int256": {
"label": "int256",
"numberOfBytes": "32"
},
"t_struct(RolloverFeeSigmoidParams)5758_storage": {
"label": "struct FeePolicy.RolloverFeeSigmoidParams",
"members": [
{
"label": "lower",
"type": "t_int256",
"offset": 0,
"slot": "0"
},
{
"label": "upper",
"type": "t_int256",
"offset": 0,
"slot": "1"
},
{
"label": "growth",
"type": "t_int256",
"offset": 0,
"slot": "2"
}
],
"numberOfBytes": "96"
},
"t_uint256": {
"label": "uint256",
"numberOfBytes": "32"
},
"t_uint8": {
"label": "uint8",
"numberOfBytes": "1"
}
},
"namespaces": {}
}
}
}
}
8 changes: 1 addition & 7 deletions spot-contracts/contracts/FeePolicy.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -67,10 +67,6 @@ contract FeePolicy is IFeePolicy, OwnableUpgradeable {
/// @notice Fixed point representation of 1.0 or 100%.
uint256 public constant ONE = (1 * 10 ** DECIMALS);

/// @notice Sigmoid asymptote bound.
/// @dev Set to 0.05 or 5%, i.e) the rollover fee can be at most 5% on either direction.
uint256 public constant SIGMOID_BOUND = ONE / 20;

/// @notice Target subscription ratio lower bound, 0.75 or 75%.
uint256 public constant TARGET_SR_LOWER_BOUND = (ONE * 75) / 100;

Expand Down Expand Up @@ -209,9 +205,7 @@ contract FeePolicy is IFeePolicy, OwnableUpgradeable {
/// @notice Update the parameters determining the slope and asymptotes of the sigmoid fee curve.
/// @param p Lower, Upper and Growth sigmoid paramters are fixed point numbers with {DECIMALS} places.
function updatePerpRolloverFees(RolloverFeeSigmoidParams calldata p) external onlyOwner {
// If the bond duration is 28 days and 13 rollovers happen per year,
// perp can be inflated or enriched up to ~65% annually.
if (p.lower < -int256(SIGMOID_BOUND) || p.upper > int256(SIGMOID_BOUND) || p.lower > p.upper) {
if (p.lower > p.upper) {
revert InvalidSigmoidAsymptotes();
}
perpRolloverFee.lower = p.lower;
Expand Down
3 changes: 2 additions & 1 deletion spot-contracts/tasks/scripts/mainnet.sh
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Original file line number Diff line number Diff line change
Expand Up @@ -115,4 +115,5 @@ yarn hardhat --network mainnet validate_upgrade PerpetualTranche 0xC1f33e0cf7e40
yarn hardhat --network mainnet validate_upgrade RolloverVault 0x82A91a0D599A45d8E9Af781D67f695d7C72869Bd

yarn hardhat --network mainnet prepare_upgrade PerpetualTranche 0xC1f33e0cf7e40a67375007104B929E49a581bafE
yarn hardhat --network mainnet prepare_upgrade RolloverVault 0x82A91a0D599A45d8E9Af781D67f695d7C72869Bd
yarn hardhat --network mainnet prepare_upgrade RolloverVault 0x82A91a0D599A45d8E9Af781D67f695d7C72869Bd
yarn hardhat --network mainnet prepare_upgrade FeePolicy 0xE22977381506bF094CB3ed50CB8834E358F7ef6c
19 changes: 0 additions & 19 deletions spot-contracts/test/FeePolicy.ts
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Original file line number Diff line number Diff line change
Expand Up @@ -174,25 +174,6 @@ describe("FeePolicy", function () {
});

describe("when parameters are invalid", function () {
it("should revert", async function () {
await expect(
feePolicy.connect(deployer).updatePerpRolloverFees({
lower: toPerc("-0.051"),
upper: toPerc("0.01"),
growth: toPerc("3"),
}),
).to.be.revertedWithCustomError(feePolicy, "InvalidSigmoidAsymptotes");
});
it("should revert", async function () {
await expect(
feePolicy.connect(deployer).updatePerpRolloverFees({
lower: toPerc("-0.01"),
upper: toPerc("0.051"),
growth: toPerc("3"),
}),
).to.be.revertedWithCustomError(feePolicy, "InvalidSigmoidAsymptotes");
});

it("should revert", async function () {
await expect(
feePolicy.connect(deployer).updatePerpRolloverFees({
Expand Down