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Adjust EarnerRateModel to be less conservative #201

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Merged
toninorair merged 4 commits into from
Jun 5, 2025
Merged

Adjust EarnerRateModel to be less conservative #201

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79efc53
Adjust earner rate model
toninorair Jun 4, 2025
1537172
Adjust earner rate model
toninorair Jun 4, 2025
d3e1521
Make model better
toninorair Jun 5, 2025
fa60bcc
Add script
toninorair Jun 5, 2025
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21 changes: 14 additions & 7 deletions src/rateModels/EarnerRateModel.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -16,7 +16,7 @@ import { IEarnerRateModel } from "./interfaces/IEarnerRateModel.sol";

/**
* @title Earner Rate Model contract set in TTG (Two Token Governance) Registrar and accessed by MToken.
* @author M^0 Labs
* @author M0 Labs
*/
contract EarnerRateModel is IEarnerRateModel {
/* ============ Variables ============ */
Expand Down Expand Up @@ -64,14 +64,21 @@ contract EarnerRateModel is IEarnerRateModel {

/// @inheritdoc IRateModel
function rate() external view returns (uint256) {
uint256 earnerRate_ = maxRate();
uint32 minterRate_ = IMinterGateway(minterGateway).minterRate();
uint240 totalActiveOwedM_ = IMinterGateway(minterGateway).totalActiveOwedM();

// If there are no active minters or minter rate is zero, do not accrue yield to earners.
if (totalActiveOwedM_ == 0 || minterRate_ == 0) return 0;

// NOTE: if `earnerRate` <= `minterRate` and there are no deactivated minters with outstanding balance,
// it is safe to return `earnerRate` as the effective rate.
if (earnerRate_ <= minterRate_ && IMinterGateway(minterGateway).totalInactiveOwedM() == 0) return earnerRate_;

return
UIntMath.min256(
maxRate(),
getExtraSafeEarnerRate(
IMinterGateway(minterGateway).totalActiveOwedM(),
IMToken(mToken).totalEarningSupply(),
IMinterGateway(minterGateway).minterRate()
)
earnerRate_,
getExtraSafeEarnerRate(totalActiveOwedM_, IMToken(mToken).totalEarningSupply(), minterRate_)
);
}

Expand Down