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chore: improve logs (#59)
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* chore: improve event logging
* chore: log amounts in `Rebalance()` and `Defund()`
* style: improve comments
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@0xrusowsky
0xrusowsky authored Sep 14, 2023
1 parent 008697f commit 3f4380a
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93 changes: 55 additions & 38 deletions src/Clearinghouse.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -36,13 +36,19 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {

// --- EVENTS ----------------------------------------------------

event Deactivated();
event Reactivated();
/// @notice Logs whenever the Clearinghouse is deactivated.
event Deactivate();
/// @notice Logs whenever the Clearinghouse is reactivated.
event Reactivate();
/// @notice Logs whenever the treasury is defunded.
event Defund(address token, uint256 amount);
/// @notice Logs the balance change (in DAI terms) whenever a rebalance occurs.
event Rebalance(bool defund, uint256 daiAmount);

// --- RELEVANT CONTRACTS ----------------------------------------

ERC20 public immutable dai; // Debt token
ERC4626 public immutable sdai; // Idle DAI will wrapped into sDAI
ERC4626 public immutable sdai; // Idle DAI will be wrapped into sDAI
ERC20 public immutable gohm; // Collateral token
ERC20 public immutable ohm; // Unwrapped gOHM
IStaking public immutable staking; // Necessary to unstake (and burn) OHM from defaults
Expand Down Expand Up @@ -73,7 +79,7 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
/// Incremented when a loan is taken or rolled.
/// Decremented when a loan is repaid or collateral is burned.
uint256 public interestReceivables;
uint256 public principleReceivables;
uint256 public principalReceivables;

// --- INITIALIZATION --------------------------------------------

Expand Down Expand Up @@ -152,7 +158,7 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
// Increment interest to be expected
(, uint256 interest) = getLoanForCollateral(collateral);
interestReceivables += interest;
principleReceivables += amount_;
principalReceivables += amount_;

// Create a new loan request.
gohm.approve(address(cooler_), collateral);
Expand All @@ -166,7 +172,10 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
return loanID;
}

// Repay current loan interest due then extend loan duration and interest to original terms
/// @notice Extend the loan expiry by repaying the extension interest in advance.
/// @param cooler_ holding the loan to be extended.
/// @param loanID_ index of loan in loans[].
/// @param times_ Amount of times that the fixed-term loan duration is extended.
function extendLoan(Cooler cooler_, uint256 loanID_, uint8 times_) external {
// Attempt a clearinghouse <> treasury rebalance.
rebalance();
Expand All @@ -179,12 +188,12 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
uint256 interestNew;
if (loan.interestDue == 0) {
// If interest has manually been repaid, user only pays for the subsequent extensions.
interestNew = interestForLoan(loan.principle, loan.request.duration * (times_ - 1));
interestNew = interestForLoan(loan.principal, loan.request.duration * (times_ - 1));
// Receivables need to be updated.
interestReceivables += interestForLoan(loan.principle, loan.request.duration);
interestReceivables += interestForLoan(loan.principal, loan.request.duration);
} else {
// Otherwise, user pays for all the extensions.
interestNew = interestForLoan(loan.principle, loan.request.duration * times_);
interestNew = interestForLoan(loan.principal, loan.request.duration * times_);
}
// Transfer in extension interest from the caller.
dai.transferFrom(msg.sender, loan.recipient, interestNew);
Expand All @@ -202,7 +211,7 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
uint256 loans = loans_.length;
if (loans != coolers_.length) revert LengthDiscrepancy();

uint256 totalPrinciple;
uint256 totalPrincipal;
uint256 totalInterest;
uint256 totalCollateral;
uint256 keeperRewards;
Expand All @@ -214,12 +223,12 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
if (Cooler(coolers_[i]).getLoan(loans_[i]).lender != address(this)) revert NotLender();

// Claim defaults and update cached metrics.
(uint256 principle, uint256 interest ,uint256 collateral, uint256 elapsed) = Cooler(coolers_[i]).claimDefaulted(loans_[i]);
(uint256 principal, uint256 interest ,uint256 collateral, uint256 elapsed) = Cooler(coolers_[i]).claimDefaulted(loans_[i]);

// TODO make sure recievables is updated properly with interest split
unchecked {
// Cannot overflow due to max supply limits for both tokens
totalPrinciple += principle;
totalPrincipal += principal;
totalInterest += interest;
totalCollateral += collateral;
// There will not exist more than 2**256 loans
Expand All @@ -242,7 +251,7 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {

// Decrement loan receivables.
interestReceivables = (interestReceivables > totalInterest) ? interestReceivables - totalInterest : 0;
principleReceivables = (principleReceivables > totalPrinciple) ? principleReceivables - totalPrinciple : 0;
principalReceivables = (principalReceivables > totalPrincipal) ? principalReceivables - totalPrincipal : 0;

// Update outstanding debt owed to the Treasury upon default.
uint256 outstandingDebt = TRSRY.reserveDebt(dai, address(this));
Expand All @@ -251,8 +260,8 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
TRSRY.setDebt({
debtor_: address(this),
token_: dai,
amount_: (outstandingDebt > totalPrinciple)
? outstandingDebt - totalPrinciple
amount_: (outstandingDebt > totalPrincipal)
? outstandingDebt - totalPrincipal
: 0
});

Expand All @@ -268,26 +277,26 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {

/// @notice Overridden callback to decrement loan receivables.
/// @param *unused loadID_ of the load.
/// @param principlePaid_ in DAI.
/// @param interestPaid_ in DAI.
function _onRepay(uint256, uint256 principlePaid_, uint256 interestPaid_) internal override {
/// @param principalPaid_ in DAI.
/// @param interestPaid_ in DAI.
function _onRepay(uint256, uint256 principalPaid_, uint256 interestPaid_) internal override {
if (active) {
_sweepIntoDSR(principlePaid_ + interestPaid_);
_sweepIntoDSR(principalPaid_ + interestPaid_);
} else {
_defund(dai, principlePaid_ + interestPaid_);
_defund(dai, principalPaid_ + interestPaid_);
}

// Decrement loan receivables.
interestReceivables = (interestReceivables > interestPaid_)
? interestReceivables - interestPaid_
: 0;
principleReceivables = (principleReceivables > principlePaid_)
? principleReceivables - principlePaid_
principalReceivables = (principalReceivables > principalPaid_)
? principalReceivables - principalPaid_
: 0;
}

/// @notice Unused callback since defaults are handled by the clearinghouse.
/// @dev Overriden and left empty to save gas.
/// @dev Overriden and left empty to save gas.
function _onDefault(uint256, uint256, uint256, uint256) internal override {}

// --- FUNDING ---------------------------------------------------
Expand Down Expand Up @@ -328,6 +337,10 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
// Sweep DAI into DSR if necessary.
uint256 idle = dai.balanceOf(address(this));
if (idle != 0) _sweepIntoDSR(idle);

// Log the event.
emit Rebalance(false, fundAmount);

} else if (daiBalance > maxFundAmount) {
// Since users loans are denominated in DAI, the clearinghouse
// debt is set in DAI terms. It must be adjusted when defunding.
Expand All @@ -343,7 +356,11 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
uint256 sdaiAmount = sdai.previewWithdraw(defundAmount);
sdai.approve(address(TRSRY), sdaiAmount);
sdai.transfer(address(TRSRY), sdaiAmount);

// Log the event.
emit Rebalance(true, defundAmount);
}

return true;
}

Expand Down Expand Up @@ -386,7 +403,9 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
});
}

// Defund and log the event
token_.transfer(address(TRSRY), amount_);
emit Defund(address(token_), amount_);
}

/// @notice Burn any gOHM defaulted using the Cooler instead of the Clearinghouse.
Expand All @@ -410,45 +429,43 @@ contract Clearinghouse is Policy, RolesConsumer, CoolerCallback {
uint256 daiBalance = dai.balanceOf(address(this));
if (daiBalance != 0) _defund(dai, daiBalance);

emit Deactivated();
emit Deactivate();
}

/// @notice Reactivate the contract.
function reactivate() external onlyRole("cooler_overseer") {
active = true;

emit Reactivated();
emit Reactivate();
}

// --- AUX FUNCTIONS ---------------------------------------------

// TODO Can make test to verify getLoanForCollateral == getCollateralForLoan

/// @notice view function computing collateral for a loan amount.
function getCollateralForLoan(uint256 principle_) external pure returns (uint256) {
return principle_ * 1e18 / LOAN_TO_COLLATERAL;
function getCollateralForLoan(uint256 principal_) external pure returns (uint256) {
return principal_ * 1e18 / LOAN_TO_COLLATERAL;
}

/// @notice view function computing loan for a collateral amount.
/// @param collateral_ amount of gOHM.
/// @return debt (amount to be lent + interest) for a given collateral amount.
function getLoanForCollateral(uint256 collateral_) public pure returns (uint256, uint256) {
uint256 principle = collateral_ * LOAN_TO_COLLATERAL / 1e18;
uint256 interest = interestForLoan(principle, DURATION);
return (principle, interest);
uint256 principal = collateral_ * LOAN_TO_COLLATERAL / 1e18;
uint256 interest = interestForLoan(principal, DURATION);
return (principal, interest);
}

/// @notice view function to compute the interest for given principle amount.
/// @param principle_ amount of DAI being lent.
/// @notice view function to compute the interest for given principal amount.
/// @param principal_ amount of DAI being lent.
/// @param duration_ elapsed time in seconds.
function interestForLoan(uint256 principle_, uint256 duration_) public pure returns (uint256) {
function interestForLoan(uint256 principal_, uint256 duration_) public pure returns (uint256) {
uint256 interestPercent = (INTEREST_RATE * duration_) / 365 days;
return principle_ * interestPercent / 1e18;
return principal_ * interestPercent / 1e18;
}

/// @notice Get total receivable DAI for the treasury.
/// Includes both principle and interest.
/// Includes both principal and interest.
function getTotalReceivables() external view returns (uint256) {
return principleReceivables + interestReceivables;
return principalReceivables + interestReceivables;
}
}
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