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feat: 98% safety rate multiplier in Earner rate model #195

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Merged
toninorair merged 6 commits into from
Jun 4, 2025
Merged

feat: 98% safety rate multiplier in Earner rate model #195

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6777ffe
Change rate multiplier to 98%
toninorair Nov 5, 2024
062e902
change return type to uint32
toninorair Nov 5, 2024
29dda15
One more change to simplify rate function
toninorair Nov 5, 2024
33f02b8
Update foundry file
toninorair Jun 4, 2025
2c98e7c
Fix test with deployerNonce
toninorair Jun 4, 2025
1b218f1
Update README.md
toninorair Jun 4, 2025
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30 changes: 22 additions & 8 deletions src/rateModels/EarnerRateModel.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -25,7 +25,7 @@ contract EarnerRateModel is IEarnerRateModel {
uint32 public constant RATE_CONFIDENCE_INTERVAL = 30 days;

/// @inheritdoc IEarnerRateModel
uint32 public constant RATE_MULTIPLIER = 9_000; // 90% in basis points.
uint32 public constant RATE_MULTIPLIER = 9_800; // 98% in basis points.

/// @inheritdoc IEarnerRateModel
uint32 public constant ONE = 10_000; // 100% in basis points.
Expand Down Expand Up @@ -64,20 +64,34 @@ contract EarnerRateModel is IEarnerRateModel {

/// @inheritdoc IRateModel
function rate() external view returns (uint256) {
uint256 safeEarnerRate_ = getSafeEarnerRate(
IMinterGateway(minterGateway).totalActiveOwedM(),
IMToken(mToken).totalEarningSupply(),
IMinterGateway(minterGateway).minterRate()
);

return UIntMath.min256(maxRate(), (RATE_MULTIPLIER * safeEarnerRate_) / ONE);
return
UIntMath.min256(
maxRate(),
getExtraSafeEarnerRate(
IMinterGateway(minterGateway).totalActiveOwedM(),
IMToken(mToken).totalEarningSupply(),
IMinterGateway(minterGateway).minterRate()
)
);
}

/// @inheritdoc IEarnerRateModel
function maxRate() public view returns (uint256) {
return uint256(ITTGRegistrar(ttgRegistrar).get(_MAX_EARNER_RATE));
}

/// @inheritdoc IEarnerRateModel
function getExtraSafeEarnerRate(
uint240 totalActiveOwedM_,
uint240 totalEarningSupply_,
uint32 minterRate_
) public pure returns (uint32) {
uint256 safeEarnerRate_ = getSafeEarnerRate(totalActiveOwedM_, totalEarningSupply_, minterRate_);
uint256 extraSafeEarnerRate_ = (safeEarnerRate_ * RATE_MULTIPLIER) / ONE;

return (extraSafeEarnerRate_ > type(uint32).max) ? type(uint32).max : uint32(extraSafeEarnerRate_);
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@PierrickGT PierrickGT Nov 6, 2024

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We could use bound32() from UIntMath:

Suggested change
return (extraSafeEarnerRate_ > type(uint32).max) ? type(uint32).max : uint32(extraSafeEarnerRate_);
return UIntMath.bound32(extraSafeEarnerRate_);

}

/// @inheritdoc IEarnerRateModel
function getSafeEarnerRate(
uint240 totalActiveOwedM_,
Expand Down
14 changes: 14 additions & 0 deletions src/rateModels/interfaces/IEarnerRateModel.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -55,4 +55,18 @@ interface IEarnerRateModel is IRateModel {
uint240 totalEarningSupply,
uint32 minterRate
) external pure returns (uint32);

/**
* @notice Returns the extra safe earner rate - safe earner rate adjusted by `RATE_MULTIPLIER`.
* @dev `extraSafeEarnerRate = safeEarnerRate * RATE_MULTIPLIER`
* @param totalActiveOwedM The total active owed M.
* @param totalEarningSupply The total earning supply of M Token.
* @param minterRate The minter rate.
* @return The extra safe earner rate.
*/
function getExtraSafeEarnerRate(
uint240 totalActiveOwedM,
uint240 totalEarningSupply,
uint32 minterRate
) external pure returns (uint32);
}
8 changes: 4 additions & 4 deletions test/integration/minter-gateway/Integration.t.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -59,7 +59,7 @@ contract IntegrationTests is IntegrationBaseSetup {
_minterGateway.burnM(_minters[0], aliceBalance);

assertEq(_minterGateway.activeOwedMOf(_minters[0]), 0);
assertEq(_mToken.balanceOf(_alice), aliceBalance - minterOwedM - 1);
assertEq(_mToken.balanceOf(_alice), aliceBalance - minterOwedM);

// Minter can mint again without imposing any penalties for missed collateral updates
vm.warp(vm.getBlockTimestamp() + 60 days);
Expand Down Expand Up @@ -311,7 +311,7 @@ contract IntegrationTests is IntegrationBaseSetup {
assertEq(_minterGateway.totalActiveOwedM(), 500_457040);
assertEq(_mToken.totalEarningSupply(), 249_999999);
assertEq(_minterGateway.minterRate(), 40_000);
assertEq(_mToken.earnerRate(), 63_090);
assertEq(_mToken.earnerRate(), 68_698);

uint256 timestamp_ = vm.getBlockTimestamp();

Expand Down Expand Up @@ -387,9 +387,9 @@ contract IntegrationTests is IntegrationBaseSetup {
assertGe(_minterGateway.totalOwedM(), _mToken.totalSupply());

assertEq(_minterGateway.totalActiveOwedM(), 500_000001);
assertEq(_mToken.totalEarningSupply(), 1301_316149);
assertEq(_mToken.totalEarningSupply(), 1301_433245);
assertEq(_minterGateway.minterRate(), 40_000);
assertEq(_mToken.earnerRate(), 13_832);
assertEq(_mToken.earnerRate(), 15_059);

uint256 timestamp_ = vm.getBlockTimestamp();

Expand Down