package keeper import ( "strings" sdk "github.com/cosmos/cosmos-sdk/types" sdkerrors "github.com/cosmos/cosmos-sdk/types/errors" "github.com/kava-labs/kava/x/harvest/types" ) // Borrow funds func (k Keeper) Borrow(ctx sdk.Context, borrower sdk.AccAddress, coins sdk.Coins) error { // Set any new denoms' global borrow index to 1.0 for _, coin := range coins { _, foundBorrowIndex := k.GetBorrowIndex(ctx, coin.Denom) if !foundBorrowIndex { k.SetBorrowIndex(ctx, coin.Denom, sdk.OneDec()) } } // Sync user's borrow balance (only for coins user is requesting to borrow) k.SyncBorrowInterest(ctx, borrower, coins) // Validate borrow amount within user and protocol limits err := k.ValidateBorrow(ctx, borrower, coins) if err != nil { return err } // Sends coins from Harvest module account to user err = k.supplyKeeper.SendCoinsFromModuleToAccount(ctx, types.ModuleAccountName, borrower, coins) if err != nil { if strings.Contains(err.Error(), "insufficient account funds") { modAccCoins := k.supplyKeeper.GetModuleAccount(ctx, types.ModuleAccountName).GetCoins() for _, coin := range coins { _, isNegative := modAccCoins.SafeSub(sdk.NewCoins(coin)) if isNegative { return sdkerrors.Wrapf(types.ErrBorrowExceedsAvailableBalance, "the requested borrow amount of %s exceeds the total amount of %s%s available to borrow", coin, modAccCoins.AmountOf(coin.Denom), coin.Denom, ) } } } } borrow, found := k.GetBorrow(ctx, borrower) if !found { return types.ErrBorrowNotFound // This should never happen } // Add the newly borrowed coins to the user's borrow object borrow.Amount = borrow.Amount.Add(coins...) k.SetBorrow(ctx, borrow) // Update total borrowed amount by newly borrowed coins. Don't add user's pending interest as // it has already been included in the total borrowed coins by the BeginBlocker. k.IncrementBorrowedCoins(ctx, coins) ctx.EventManager().EmitEvent( sdk.NewEvent( types.EventTypeHarvestBorrow, sdk.NewAttribute(types.AttributeKeyBorrower, borrower.String()), sdk.NewAttribute(types.AttributeKeyBorrowCoins, coins.String()), ), ) return nil } // SyncBorrowInterest updates the user's owed interest on newly borrowed coins to the latest global state, // returning an sdk.Coins object containing the amount of newly accumulated interest. func (k Keeper) SyncBorrowInterest(ctx sdk.Context, borrower sdk.AccAddress, coins sdk.Coins) sdk.Coins { totalNewInterest := sdk.Coins{} // Update user's borrow index list for each asset in the 'coins' array. // We use a list of BorrowIndexItem here because Amino doesn't support marshaling maps. borrow, found := k.GetBorrow(ctx, borrower) if !found { // User's first borrow // Build borrow index list containing (denoms, borrow index value at borrow time) var borrowIndexes types.BorrowIndexes for _, coin := range coins { borrowIndexValue, _ := k.GetBorrowIndex(ctx, coin.Denom) borrowIndex := types.NewBorrowIndexItem(coin.Denom, borrowIndexValue) borrowIndexes = append(borrowIndexes, borrowIndex) } borrow = types.NewBorrow(borrower, sdk.Coins{}, borrowIndexes) } else { // User has existing borrow for _, coin := range coins { // Locate the borrow index item by coin denom in the user's list of borrow indexes foundAtIndex := -1 for i := range borrow.Index { if borrow.Index[i].Denom == coin.Denom { foundAtIndex = i break } } borrowIndexValue, _ := k.GetBorrowIndex(ctx, coin.Denom) if foundAtIndex == -1 { // First time user has borrowed this denom borrow.Index = append(borrow.Index, types.NewBorrowIndexItem(coin.Denom, borrowIndexValue)) } else { // User has an existing borrow index for this denom // Calculate interest owed by user since asset's last borrow index update storedAmount := sdk.NewDecFromInt(borrow.Amount.AmountOf(coin.Denom)) userLastBorrowIndex := borrow.Index[foundAtIndex].Value interest := (storedAmount.Quo(userLastBorrowIndex).Mul(borrowIndexValue)).Sub(storedAmount) totalNewInterest = totalNewInterest.Add(sdk.NewCoin(coin.Denom, interest.TruncateInt())) // We're synced up, so update user's borrow index value to match the current global borrow index value borrow.Index[foundAtIndex].Value = borrowIndexValue } } // Add all pending interest to user's borrow borrow.Amount = borrow.Amount.Add(totalNewInterest...) } // Update user's borrow in the store k.SetBorrow(ctx, borrow) return totalNewInterest } // ValidateBorrow validates a borrow request against borrower and protocol requirements func (k Keeper) ValidateBorrow(ctx sdk.Context, borrower sdk.AccAddress, amount sdk.Coins) error { if amount.IsZero() { return types.ErrBorrowEmptyCoins } // Get the proposed borrow USD value moneyMarketCache := map[string]types.MoneyMarket{} proprosedBorrowUSDValue := sdk.ZeroDec() for _, coin := range amount { moneyMarket, ok := moneyMarketCache[coin.Denom] // Fetch money market and store in local cache if !ok { newMoneyMarket, found := k.GetMoneyMarketParam(ctx, coin.Denom) if !found { return sdkerrors.Wrapf(types.ErrMarketNotFound, "no market found for denom %s", coin.Denom) } moneyMarketCache[coin.Denom] = newMoneyMarket moneyMarket = newMoneyMarket } // Calculate this coin's USD value and add it borrow's total USD value assetPriceInfo, err := k.pricefeedKeeper.GetCurrentPrice(ctx, moneyMarket.SpotMarketID) if err != nil { return sdkerrors.Wrapf(types.ErrPriceNotFound, "no price found for market %s", moneyMarket.SpotMarketID) } coinUSDValue := sdk.NewDecFromInt(coin.Amount).Quo(sdk.NewDecFromInt(moneyMarket.ConversionFactor)).Mul(assetPriceInfo.Price) // Validate the requested borrow value for the asset against the money market's global borrow limit if moneyMarket.BorrowLimit.HasMaxLimit { var assetTotalBorrowedAmount sdk.Int totalBorrowedCoins, found := k.GetBorrowedCoins(ctx) if !found { assetTotalBorrowedAmount = sdk.ZeroInt() } else { assetTotalBorrowedAmount = totalBorrowedCoins.AmountOf(coin.Denom) } newProposedAssetTotalBorrowedAmount := sdk.NewDecFromInt(assetTotalBorrowedAmount.Add(coin.Amount)) if newProposedAssetTotalBorrowedAmount.GT(moneyMarket.BorrowLimit.MaximumLimit) { return sdkerrors.Wrapf(types.ErrGreaterThanAssetBorrowLimit, "proposed borrow would result in %s borrowed, but the maximum global asset borrow limit is %s", newProposedAssetTotalBorrowedAmount, moneyMarket.BorrowLimit.MaximumLimit) } } proprosedBorrowUSDValue = proprosedBorrowUSDValue.Add(coinUSDValue) } // Get the total borrowable USD amount at user's existing deposits deposits := k.GetDepositsByUser(ctx, borrower) if len(deposits) == 0 { return sdkerrors.Wrapf(types.ErrDepositsNotFound, "no deposits found for %s", borrower) } totalBorrowableAmount := sdk.ZeroDec() for _, deposit := range deposits { moneyMarket, ok := moneyMarketCache[deposit.Amount.Denom] // Fetch money market and store in local cache if !ok { newMoneyMarket, found := k.GetMoneyMarketParam(ctx, deposit.Amount.Denom) if !found { return sdkerrors.Wrapf(types.ErrMarketNotFound, "no market found for denom %s", deposit.Amount.Denom) } moneyMarketCache[deposit.Amount.Denom] = newMoneyMarket moneyMarket = newMoneyMarket } // Calculate the borrowable amount and add it to the user's total borrowable amount assetPriceInfo, err := k.pricefeedKeeper.GetCurrentPrice(ctx, moneyMarket.SpotMarketID) if err != nil { sdkerrors.Wrapf(types.ErrPriceNotFound, "no price found for market %s", moneyMarket.SpotMarketID) } depositUSDValue := sdk.NewDecFromInt(deposit.Amount.Amount).Quo(sdk.NewDecFromInt(moneyMarket.ConversionFactor)).Mul(assetPriceInfo.Price) borrowableAmountForDeposit := depositUSDValue.Mul(moneyMarket.BorrowLimit.LoanToValue) totalBorrowableAmount = totalBorrowableAmount.Add(borrowableAmountForDeposit) } // Get the total USD value of user's existing borrows existingBorrowUSDValue := sdk.ZeroDec() existingBorrow, found := k.GetBorrow(ctx, borrower) if found { for _, borrowedCoin := range existingBorrow.Amount { moneyMarket, ok := moneyMarketCache[borrowedCoin.Denom] // Fetch money market and store in local cache if !ok { newMoneyMarket, found := k.GetMoneyMarketParam(ctx, borrowedCoin.Denom) if !found { return sdkerrors.Wrapf(types.ErrMarketNotFound, "no market found for denom %s", borrowedCoin.Denom) } moneyMarketCache[borrowedCoin.Denom] = newMoneyMarket moneyMarket = newMoneyMarket } // Calculate this borrow coin's USD value and add it to the total previous borrowed USD value assetPriceInfo, err := k.pricefeedKeeper.GetCurrentPrice(ctx, moneyMarket.SpotMarketID) if err != nil { return sdkerrors.Wrapf(types.ErrPriceNotFound, "no price found for market %s", moneyMarket.SpotMarketID) } coinUSDValue := sdk.NewDecFromInt(borrowedCoin.Amount).Quo(sdk.NewDecFromInt(moneyMarket.ConversionFactor)).Mul(assetPriceInfo.Price) existingBorrowUSDValue = existingBorrowUSDValue.Add(coinUSDValue) } } // Validate that the proposed borrow's USD value is within user's borrowable limit if proprosedBorrowUSDValue.GT(totalBorrowableAmount.Sub(existingBorrowUSDValue)) { return sdkerrors.Wrapf(types.ErrInsufficientLoanToValue, "requested borrow %s exceeds the allowable amount as determined by the collateralization ratio", amount) } return nil } // IncrementBorrowedCoins increments the amount of borrowed coins by the newCoins parameter func (k Keeper) IncrementBorrowedCoins(ctx sdk.Context, newCoins sdk.Coins) { borrowedCoins, found := k.GetBorrowedCoins(ctx) if !found { if !newCoins.Empty() { k.SetBorrowedCoins(ctx, newCoins) } } else { k.SetBorrowedCoins(ctx, borrowedCoins.Add(newCoins...)) } } // DecrementBorrowedCoins decrements the amount of borrowed coins by the coins parameter func (k Keeper) DecrementBorrowedCoins(ctx sdk.Context, coins sdk.Coins) error { borrowedCoins, found := k.GetBorrowedCoins(ctx) if !found { return sdkerrors.Wrapf(types.ErrBorrowedCoinsNotFound, "cannot repay coins if no coins are currently borrowed") } updatedBorrowedCoins, isAnyNegative := borrowedCoins.SafeSub(coins) if isAnyNegative { return types.ErrNegativeBorrowedCoins } k.SetBorrowedCoins(ctx, updatedBorrowedCoins) return nil } // GetBorrowBalance gets the user's total borrow balance (borrow balance + pending interest) func (k Keeper) GetBorrowBalance(ctx sdk.Context, borrower sdk.AccAddress) sdk.Coins { borrowBalance := sdk.Coins{} borrow, found := k.GetBorrow(ctx, borrower) if found { totalNewInterest := sdk.Coins{} for _, coin := range borrow.Amount { borrowIndexValue, foundBorrowIndexValue := k.GetBorrowIndex(ctx, coin.Denom) if foundBorrowIndexValue { // Locate the borrow index item by coin denom in the user's list of borrow indexes foundAtIndex := -1 for i := range borrow.Index { if borrow.Index[i].Denom == coin.Denom { foundAtIndex = i break } } // Calculate interest owed by user for this asset if foundAtIndex != -1 { storedAmount := sdk.NewDecFromInt(borrow.Amount.AmountOf(coin.Denom)) userLastBorrowIndex := borrow.Index[foundAtIndex].Value coinInterest := (storedAmount.Quo(userLastBorrowIndex).Mul(borrowIndexValue)).Sub(storedAmount) totalNewInterest = totalNewInterest.Add(sdk.NewCoin(coin.Denom, coinInterest.TruncateInt())) } } } borrowBalance = borrow.Amount.Add(totalNewInterest...) } return borrowBalance }