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| 1 | +// SPDX-License-Identifier: GPL-3.0-or-later |
| 2 | +pragma solidity ^0.8.4; |
| 3 | + |
| 4 | +import "./IOracle.sol"; |
| 5 | +import "./ICollateralizationOracle.sol"; |
| 6 | +import "../refs/CoreRef.sol"; |
| 7 | +import "../pcv/IPCVDepositV2.sol"; |
| 8 | +import "@openzeppelin/contracts/utils/structs/EnumerableSet.sol"; |
| 9 | + |
| 10 | +interface IPausable { |
| 11 | + function paused() external view returns (bool); |
| 12 | +} |
| 13 | + |
| 14 | +/// @title Fei Protocol's Collateralization Oracle |
| 15 | +/// @author eswak |
| 16 | +/// @notice Reads a list of PCVDeposit that report their amount of collateral |
| 17 | +/// and the amount of protocol-owned FEI they manage, to deduce the |
| 18 | +/// protocol-wide collateralization ratio. |
| 19 | +contract CollateralizationOracle is ICollateralizationOracle, CoreRef { |
| 20 | + using Decimal for Decimal.D256; |
| 21 | + using EnumerableSet for EnumerableSet.AddressSet; |
| 22 | + |
| 23 | + // ----------- Events ----------- |
| 24 | + |
| 25 | + event DepositAdd(address from, address indexed deposit, address indexed token); |
| 26 | + event DepositRemove(address from, address indexed deposit); |
| 27 | + event OracleUpdate(address from, address indexed token, address indexed oldOracle, address indexed newOracle); |
| 28 | + |
| 29 | + // ----------- Properties ----------- |
| 30 | + |
| 31 | + /// @notice List of PCVDeposits to exclude from calculations |
| 32 | + mapping(address => bool) public excludedDeposits; |
| 33 | + |
| 34 | + /// @notice Map of oracles to use to get USD values of assets held in |
| 35 | + /// PCV deposits. This map is used to get the oracle address from |
| 36 | + /// and ERC20 address. |
| 37 | + mapping(address => address) public tokenToOracle; |
| 38 | + /// @notice Map from token address to an array of deposit addresses. It is |
| 39 | + // used to iterate on all deposits while making oracle requests |
| 40 | + // only once. |
| 41 | + mapping(address => EnumerableSet.AddressSet) private tokenToDeposits; |
| 42 | + /// @notice Map from deposit address to token address. It is used like an |
| 43 | + /// indexed version of the pcvDeposits array, to check existence |
| 44 | + /// of a PCVdeposit in the current config. |
| 45 | + mapping(address => address) public depositToToken; |
| 46 | + /// @notice Array of all tokens held in the PCV. Used for iteration on tokens |
| 47 | + /// and oracles. |
| 48 | + EnumerableSet.AddressSet private tokensInPcv; |
| 49 | + |
| 50 | + // ----------- Constructor ----------- |
| 51 | + |
| 52 | + /// @notice CollateralizationOracle constructor |
| 53 | + /// @param _core Fei Core for reference |
| 54 | + constructor( |
| 55 | + address _core |
| 56 | + ) CoreRef(_core) {} |
| 57 | + |
| 58 | + // ----------- Convenience getters ----------- |
| 59 | + |
| 60 | + /// @notice returns true if a token is held in the pcv |
| 61 | + function isTokenInPcv(address token) external view returns(bool) { |
| 62 | + return tokensInPcv.contains(token); |
| 63 | + } |
| 64 | + |
| 65 | + /// @notice returns an array of the addresses of tokens held in the pcv. |
| 66 | + function getTokensInPcv() external view returns(address[] memory) { |
| 67 | + uint256 _length = tokensInPcv.length(); |
| 68 | + address[] memory tokens = new address[](_length); |
| 69 | + for (uint256 i = 0; i < _length; i++) { |
| 70 | + tokens[i] = tokensInPcv.at(i); |
| 71 | + } |
| 72 | + return tokens; |
| 73 | + } |
| 74 | + |
| 75 | + /// @notice returns token at index i of the array of PCV tokens |
| 76 | + function getTokenInPcv(uint256 i) external view returns(address) { |
| 77 | + return tokensInPcv.at(i); |
| 78 | + } |
| 79 | + |
| 80 | + /// @notice returns an array of the deposits holding a given token. |
| 81 | + function getDepositsForToken(address _token) external view returns(address[] memory) { |
| 82 | + uint256 _length = tokenToDeposits[_token].length(); |
| 83 | + address[] memory deposits = new address[](_length); |
| 84 | + for (uint256 i = 0; i < _length; i++) { |
| 85 | + deposits[i] = tokenToDeposits[_token].at(i); |
| 86 | + } |
| 87 | + return deposits; |
| 88 | + } |
| 89 | + |
| 90 | + /// @notice returns the address of deposit at index i of token _token |
| 91 | + function getDepositForToken(address token, uint256 i) external view returns(address) { |
| 92 | + return tokenToDeposits[token].at(i); |
| 93 | + } |
| 94 | + |
| 95 | + // ----------- State-changing methods ----------- |
| 96 | + |
| 97 | + /// @notice Guardians can exclude & re-include some PCVDeposits from the list, |
| 98 | + /// because a faulty deposit or a paused oracle that prevents reading |
| 99 | + /// from certain deposits could be problematic. |
| 100 | + /// @param _deposit : the deposit to exclude or re-enable. |
| 101 | + /// @param _excluded : the new exclusion flag for this deposit. |
| 102 | + function setDepositExclusion(address _deposit, bool _excluded) external onlyGuardianOrGovernor { |
| 103 | + excludedDeposits[_deposit] = _excluded; |
| 104 | + } |
| 105 | + |
| 106 | + /// @notice Add a PCVDeposit to the list of deposits inspected by the |
| 107 | + /// collateralization ratio oracle. |
| 108 | + /// note : this function reverts if the deposit is already in the list. |
| 109 | + /// note : this function reverts if the deposit's token has no oracle. |
| 110 | + /// @param _deposit : the PCVDeposit to add to the list. |
| 111 | + function addDeposit(address _deposit) public onlyGovernor { |
| 112 | + // if the PCVDeposit is already listed, revert. |
| 113 | + require(depositToToken[_deposit] == address(0), "CollateralizationOracle: deposit duplicate"); |
| 114 | + |
| 115 | + // get the token in which the deposit reports its token |
| 116 | + address _token = IPCVDepositV2(_deposit).balanceReportedIn(); |
| 117 | + |
| 118 | + // revert if there is no oracle of this deposit's token |
| 119 | + require(tokenToOracle[_token] != address(0), "CollateralizationOracle: no oracle"); |
| 120 | + |
| 121 | + // update maps & arrays for faster access |
| 122 | + depositToToken[_deposit] = _token; |
| 123 | + tokenToDeposits[_token].add(_deposit); |
| 124 | + tokensInPcv.add(_token); |
| 125 | + |
| 126 | + // emit event |
| 127 | + emit DepositAdd(msg.sender, _deposit, _token); |
| 128 | + } |
| 129 | + |
| 130 | + /// @notice Remove a PCVDeposit from the list of deposits inspected by |
| 131 | + /// the collateralization ratio oracle. |
| 132 | + /// note : this function reverts if the input deposit is not found. |
| 133 | + /// @param _deposit : the PCVDeposit address to remove from the list. |
| 134 | + function removeDeposit(address _deposit) public onlyGovernor { |
| 135 | + // get the token in which the deposit reports its token |
| 136 | + address _token = depositToToken[_deposit]; |
| 137 | + |
| 138 | + // revert if the deposit is not found |
| 139 | + require(_token != address(0), "CollateralizationOracle: deposit not found"); |
| 140 | + |
| 141 | + // update maps & arrays for faster access |
| 142 | + // deposits array for the deposit's token |
| 143 | + depositToToken[_deposit] = address(0); |
| 144 | + tokenToDeposits[_token].remove(_deposit); |
| 145 | + |
| 146 | + // if it was the last deposit to have this token, remove this token from |
| 147 | + // the arrays also |
| 148 | + if (tokenToDeposits[_token].length() == 0) { |
| 149 | + tokensInPcv.remove(_token); |
| 150 | + } |
| 151 | + |
| 152 | + // emit event |
| 153 | + emit DepositRemove(msg.sender, _deposit); |
| 154 | + } |
| 155 | + |
| 156 | + /// @notice Swap a PCVDeposit with a new one, for instance when a new version |
| 157 | + /// of a deposit (holding the same token) is deployed. |
| 158 | + /// @param _oldDeposit : the PCVDeposit to remove from the list. |
| 159 | + /// @param _newDeposit : the PCVDeposit to add to the list. |
| 160 | + function swapDeposit(address _oldDeposit, address _newDeposit) external onlyGovernor { |
| 161 | + removeDeposit(_oldDeposit); |
| 162 | + addDeposit(_newDeposit); |
| 163 | + } |
| 164 | + |
| 165 | + /// @notice Set the price feed oracle (in USD) for a given asset. |
| 166 | + /// @param _token : the asset to add price oracle for |
| 167 | + /// @param _newOracle : price feed oracle for the given asset |
| 168 | + function setOracle(address _token, address _newOracle) external onlyGovernor { |
| 169 | + require(_token != address(0), "CollateralizationOracle: token must be != 0x0"); |
| 170 | + require(_newOracle != address(0), "CollateralizationOracle: oracle must be != 0x0"); |
| 171 | + |
| 172 | + // add oracle to the map(ERC20Address) => OracleAddress |
| 173 | + address _oldOracle = tokenToOracle[_token]; |
| 174 | + tokenToOracle[_token] = _newOracle; |
| 175 | + |
| 176 | + // emit event |
| 177 | + emit OracleUpdate(msg.sender, _token, _oldOracle, _newOracle); |
| 178 | + } |
| 179 | + |
| 180 | + // ----------- IOracle override methods ----------- |
| 181 | + /// @notice update all oracles required for this oracle to work that are not |
| 182 | + /// paused themselves. |
| 183 | + function update() external override whenNotPaused { |
| 184 | + for (uint256 i = 0; i < tokensInPcv.length(); i++) { |
| 185 | + address _oracle = tokenToOracle[tokensInPcv.at(i)]; |
| 186 | + if (!IPausable(_oracle).paused()) { |
| 187 | + IOracle(_oracle).update(); |
| 188 | + } |
| 189 | + } |
| 190 | + } |
| 191 | + |
| 192 | + // @notice returns true if any of the oracles required for this oracle to |
| 193 | + // work are outdated. |
| 194 | + function isOutdated() external override view returns (bool) { |
| 195 | + bool _outdated = false; |
| 196 | + for (uint256 i = 0; i < tokensInPcv.length() && !_outdated; i++) { |
| 197 | + address _oracle = tokenToOracle[tokensInPcv.at(i)]; |
| 198 | + if (!IPausable(_oracle).paused()) { |
| 199 | + _outdated = _outdated || IOracle(_oracle).isOutdated(); |
| 200 | + } |
| 201 | + } |
| 202 | + return _outdated; |
| 203 | + } |
| 204 | + |
| 205 | + /// @notice Get the current collateralization ratio of the protocol. |
| 206 | + /// @return collateralRatio the current collateral ratio of the protocol. |
| 207 | + /// @return validityStatus the current oracle validity status (false if any |
| 208 | + /// of the oracles for tokens held in the PCV are invalid, or if |
| 209 | + /// this contract is paused). |
| 210 | + function read() public override view returns (Decimal.D256 memory collateralRatio, bool validityStatus) { |
| 211 | + // fetch PCV stats |
| 212 | + ( |
| 213 | + uint256 _protocolControlledValue, |
| 214 | + uint256 _userCirculatingFei, |
| 215 | + , // we don't need protocol equity |
| 216 | + bool _valid |
| 217 | + ) = pcvStats(); |
| 218 | + |
| 219 | + // The protocol collateralization ratio is defined as the total USD |
| 220 | + // value of assets held in the PCV, minus the circulating FEI. |
| 221 | + collateralRatio = Decimal.ratio(_protocolControlledValue, _userCirculatingFei); |
| 222 | + validityStatus = _valid; |
| 223 | + } |
| 224 | + |
| 225 | + // ----------- ICollateralizationOracle override methods ----------- |
| 226 | + |
| 227 | + /// @notice returns the Protocol-Controlled Value, User-circulating FEI, and |
| 228 | + /// Protocol Equity. |
| 229 | + /// @return protocolControlledValue : the total USD value of all assets held |
| 230 | + /// by the protocol. |
| 231 | + /// @return userCirculatingFei : the number of FEI not owned by the protocol. |
| 232 | + /// @return protocolEquity : the difference between PCV and user circulating FEI. |
| 233 | + /// If there are more circulating FEI than $ in the PCV, equity is 0. |
| 234 | + /// @return validityStatus : the current oracle validity status (false if any |
| 235 | + /// of the oracles for tokens held in the PCV are invalid, or if |
| 236 | + /// this contract is paused). |
| 237 | + function pcvStats() public override view returns ( |
| 238 | + uint256 protocolControlledValue, |
| 239 | + uint256 userCirculatingFei, |
| 240 | + int256 protocolEquity, |
| 241 | + bool validityStatus |
| 242 | + ) { |
| 243 | + uint256 _protocolControlledFei = 0; |
| 244 | + validityStatus = !paused(); |
| 245 | + |
| 246 | + // For each token... |
| 247 | + for (uint256 i = 0; i < tokensInPcv.length(); i++) { |
| 248 | + address _token = tokensInPcv.at(i); |
| 249 | + uint256 _totalTokenBalance = 0; |
| 250 | + |
| 251 | + // For each deposit... |
| 252 | + for (uint256 j = 0; j < tokenToDeposits[_token].length(); j++) { |
| 253 | + address _deposit = tokenToDeposits[_token].at(j); |
| 254 | + |
| 255 | + // ignore deposits that are excluded by the Guardian |
| 256 | + if (!excludedDeposits[_deposit]) { |
| 257 | + // read the deposit, and increment token balance/protocol fei |
| 258 | + (uint256 _depositBalance, uint256 _depositFei) = IPCVDepositV2(_deposit).resistantBalanceAndFei(); |
| 259 | + _totalTokenBalance += _depositBalance; |
| 260 | + _protocolControlledFei += _depositFei; |
| 261 | + } |
| 262 | + } |
| 263 | + |
| 264 | + // If the protocol holds non-zero balance of tokens, fetch the oracle price to |
| 265 | + // increment PCV by _totalTokenBalance * oracle price USD. |
| 266 | + if (_totalTokenBalance != 0) { |
| 267 | + (Decimal.D256 memory _oraclePrice, bool _oracleValid) = IOracle(tokenToOracle[_token]).read(); |
| 268 | + if (!_oracleValid) { |
| 269 | + validityStatus = false; |
| 270 | + } |
| 271 | + protocolControlledValue += _oraclePrice.mul(_totalTokenBalance).asUint256(); |
| 272 | + } |
| 273 | + } |
| 274 | + |
| 275 | + userCirculatingFei = fei().totalSupply() - _protocolControlledFei; |
| 276 | + protocolEquity = int256(protocolControlledValue) - int256(userCirculatingFei); |
| 277 | + } |
| 278 | + |
| 279 | + /// @notice returns true if the protocol is overcollateralized. Overcollateralization |
| 280 | + /// is defined as the protocol having more assets in its PCV (Protocol |
| 281 | + /// Controlled Value) than the circulating (user-owned) FEI, i.e. |
| 282 | + /// a positive Protocol Equity. |
| 283 | + /// Note: the validity status is ignored in this function. |
| 284 | + function isOvercollateralized() external override view whenNotPaused returns (bool) { |
| 285 | + (,, int256 _protocolEquity, bool _valid) = pcvStats(); |
| 286 | + require(_valid, "CollateralizationOracle: reading is invalid"); |
| 287 | + return _protocolEquity > 0; |
| 288 | + } |
| 289 | +} |
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