Bank: store interest curve scale and target util separately (#755)

Allows for better configurability independent of the previous MAX_RATE
concept

mango_v4.json

@@ -596,6 +596,14 @@
         {
           "name": "flashLoanSwapFeeRate",
           "type": "f32"
+        },
+        {
+          "name": "interestCurveScaling",
+          "type": "f32"
+        },
+        {
+          "name": "interestTargetUtilization",
+          "type": "f32"
         }
       ]
     },
@@ -930,6 +938,18 @@
           "type": {
             "option": "f32"
           }
+        },
+        {
+          "name": "interestCurveScalingOpt",
+          "type": {
+            "option": "f32"
+          }
+        },
+        {
+          "name": "interestTargetUtilizationOpt",
+          "type": {
+            "option": "f32"
+          }
         }
       ]
     },
@@ -7033,12 +7053,29 @@
             "name": "flashLoanSwapFeeRate",
             "type": "f32"
           },
+          {
+            "name": "interestTargetUtilization",
+            "docs": [
+              "Target utilization: If actual utilization is higher, scale up interest.",
+              "If it's lower, scale down interest (if possible)"
+            ],
+            "type": "f32"
+          },
+          {
+            "name": "interestCurveScaling",
+            "docs": [
+              "Current interest curve scaling, always >= 1.0",
+              "",
+              "Except when first migrating to having this field, then 0.0"
+            ],
+            "type": "f64"
+          },
           {
             "name": "reserved",
             "type": {
               "array": [
                 "u8",
-                2092
+                2080
               ]
             }
           }
@@ -11335,6 +11372,56 @@
         }
       ]
     },
+    {
+      "name": "UpdateRateLogV2",
+      "fields": [
+        {
+          "name": "mangoGroup",
+          "type": "publicKey",
+          "index": false
+        },
+        {
+          "name": "tokenIndex",
+          "type": "u16",
+          "index": false
+        },
+        {
+          "name": "rate0",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "util0",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "rate1",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "util1",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "maxRate",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "curveScaling",
+          "type": "f64",
+          "index": false
+        },
+        {
+          "name": "targetUtilization",
+          "type": "f32",
+          "index": false
+        }
+      ]
+    },
     {
       "name": "TokenLiqWithTokenLog",
       "fields": [

programs/mango-v4/src/instructions/token_edit.rs

@@ -42,6 +42,8 @@ pub fn token_edit(
     token_conditional_swap_taker_fee_rate_opt: Option<f32>,
     token_conditional_swap_maker_fee_rate_opt: Option<f32>,
     flash_loan_swap_fee_rate_opt: Option<f32>,
+    interest_curve_scaling_opt: Option<f32>,
+    interest_target_utilization_opt: Option<f32>,
 ) -> Result<()> {
     let group = ctx.accounts.group.load()?;
 
@@ -339,6 +341,27 @@ pub fn token_edit(
             bank.flash_loan_swap_fee_rate = fee_rate;
             require_group_admin = true;
         }
+
+        if let Some(interest_curve_scaling) = interest_curve_scaling_opt {
+            msg!(
+                "Interest curve scaling old {:?}, new {:?}",
+                bank.interest_curve_scaling,
+                interest_curve_scaling
+            );
+            require_gte!(interest_curve_scaling, 1.0);
+            bank.interest_curve_scaling = interest_curve_scaling.into();
+            require_group_admin = true;
+        }
+        if let Some(interest_target_utilization) = interest_target_utilization_opt {
+            msg!(
+                "Interest target utilization old {:?}, new {:?}",
+                bank.interest_target_utilization,
+                interest_target_utilization
+            );
+            require_gte!(interest_target_utilization, 0.0);
+            bank.interest_target_utilization = interest_target_utilization;
+            require_group_admin = true;
+        }
     }
 
     // account constraint #1

programs/mango-v4/src/instructions/token_register.rs

@@ -38,6 +38,8 @@ pub fn token_register(
     token_conditional_swap_taker_fee_rate: f32,
     token_conditional_swap_maker_fee_rate: f32,
     flash_loan_swap_fee_rate: f32,
+    interest_curve_scaling: f32,
+    interest_target_utilization: f32,
 ) -> Result<()> {
     // Require token 0 to be in the insurance token
     if token_index == INSURANCE_TOKEN_INDEX {
@@ -108,7 +110,9 @@ pub fn token_register(
         token_conditional_swap_taker_fee_rate,
         token_conditional_swap_maker_fee_rate,
         flash_loan_swap_fee_rate: flash_loan_swap_fee_rate,
-        reserved: [0; 2092],
+        interest_target_utilization,
+        interest_curve_scaling: interest_curve_scaling.into(),
+        reserved: [0; 2080],
     };
 
     if let Ok(oracle_price) =

programs/mango-v4/src/instructions/token_register_trustless.rs

@@ -46,10 +46,10 @@ pub fn token_register_trustless(
         // 10% daily adjustment at 0% or 100% utilization
         adjustment_factor: I80F48::from_num(0.004),
         util0: I80F48::from_num(0.5),
-        rate0: I80F48::from_num(0.072),
+        rate0: I80F48::from_num(0.018),
         util1: I80F48::from_num(0.8),
-        rate1: I80F48::from_num(0.2),
+        rate1: I80F48::from_num(0.05),
-        max_rate: I80F48::from_num(2.0),
+        max_rate: I80F48::from_num(0.5),
         collected_fees_native: I80F48::ZERO,
         loan_origination_fee_rate: I80F48::from_num(0.0005),
         loan_fee_rate: I80F48::from_num(0.005),
@@ -80,9 +80,10 @@ pub fn token_register_trustless(
         token_conditional_swap_taker_fee_rate: 0.0005,
         token_conditional_swap_maker_fee_rate: 0.0005,
         flash_loan_swap_fee_rate: 0.0005,
-        reserved: [0; 2092],
+        interest_target_utilization: 0.5,
+        interest_curve_scaling: 4.0,
+        reserved: [0; 2080],
     };
-    require_gt!(bank.max_rate, MINIMUM_MAX_RATE);
 
     if let Ok(oracle_price) =
         bank.oracle_price(&AccountInfoRef::borrow(ctx.accounts.oracle.as_ref())?, None)

programs/mango-v4/src/instructions/token_update_index_and_rate.rs

@@ -2,7 +2,7 @@ use anchor_lang::prelude::*;
 
 use crate::accounts_ix::*;
 use crate::error::MangoError;
-use crate::logs::{UpdateIndexLog, UpdateRateLog};
+use crate::logs::{UpdateIndexLog, UpdateRateLogV2};
 use crate::state::HOUR;
 use crate::{
     accounts_zerocopy::{AccountInfoRef, LoadMutZeroCopyRef, LoadZeroCopyRef},
@@ -140,32 +140,54 @@ pub fn token_update_index_and_rate(ctx: Context<TokenUpdateIndexAndRate>) -> Res
 
     // compute optimal rates, and max rate and set them on the bank
     {
-        let some_bank = ctx.remaining_accounts[0].load::<Bank>()?;
+        let mut some_bank = ctx.remaining_accounts[0].load_mut::<Bank>()?;
 
         let diff_ts = I80F48::from_num(now_ts - some_bank.bank_rate_last_updated);
 
         // update each hour
         if diff_ts > HOUR {
-            let (rate0, rate1, max_rate) = some_bank.compute_rates();
+            // First setup when new parameters are introduced
+            if some_bank.interest_curve_scaling == 0.0 {
+                let old_max_rate = 0.5;
+                some_bank.interest_curve_scaling =
+                    some_bank.max_rate.to_num::<f64>() / old_max_rate;
+                some_bank.interest_target_utilization = some_bank.util0.to_num();
 
-            emit!(UpdateRateLog {
+                let descale_factor = I80F48::from_num(1.0 / some_bank.interest_curve_scaling);
+                some_bank.rate0 *= descale_factor;
+                some_bank.rate1 *= descale_factor;
+                some_bank.max_rate *= descale_factor;
+            }
+
+            some_bank.update_interest_rate_scaling();
+
+            let rate0 = some_bank.rate0;
+            let rate1 = some_bank.rate1;
+            let max_rate = some_bank.max_rate;
+            let scaling = some_bank.interest_curve_scaling;
+            let target_util = some_bank.interest_target_utilization;
+
+            emit!(UpdateRateLogV2 {
                 mango_group: mint_info.group.key(),
                 token_index: mint_info.token_index,
                 rate0: rate0.to_bits(),
+                util0: some_bank.util0.to_bits(),
                 rate1: rate1.to_bits(),
+                util1: some_bank.util1.to_bits(),
                 max_rate: max_rate.to_bits(),
+                curve_scaling: some_bank.interest_curve_scaling,
+                target_utilization: some_bank.interest_target_utilization,
             });
 
             drop(some_bank);
 
-            msg!("rate0 {}", rate0);
+            // Apply the new parameters to all banks
-            msg!("rate1 {}", rate1);
-            msg!("max_rate {}", max_rate);
-
             for ai in ctx.remaining_accounts.iter() {
                 let mut bank = ai.load_mut::<Bank>()?;
 
                 bank.bank_rate_last_updated = now_ts;
+                bank.interest_curve_scaling = scaling;
+                bank.interest_target_utilization = target_util;
                 bank.rate0 = rate0;
                 bank.rate1 = rate1;
                 bank.max_rate = max_rate;

programs/mango-v4/src/lib.rs

@@ -148,6 +148,8 @@ pub mod mango_v4 {
         token_conditional_swap_taker_fee_rate: f32,
         token_conditional_swap_maker_fee_rate: f32,
         flash_loan_swap_fee_rate: f32,
+        interest_curve_scaling: f32,
+        interest_target_utilization: f32,
     ) -> Result<()> {
         #[cfg(feature = "enable-gpl")]
         instructions::token_register(
@@ -175,6 +177,8 @@ pub mod mango_v4 {
             token_conditional_swap_taker_fee_rate,
             token_conditional_swap_maker_fee_rate,
             flash_loan_swap_fee_rate,
+            interest_curve_scaling,
+            interest_target_utilization,
         )?;
         Ok(())
     }
@@ -219,6 +223,8 @@ pub mod mango_v4 {
         token_conditional_swap_taker_fee_rate_opt: Option<f32>,
         token_conditional_swap_maker_fee_rate_opt: Option<f32>,
         flash_loan_swap_fee_rate_opt: Option<f32>,
+        interest_curve_scaling_opt: Option<f32>,
+        interest_target_utilization_opt: Option<f32>,
     ) -> Result<()> {
         #[cfg(feature = "enable-gpl")]
         instructions::token_edit(
@@ -250,6 +256,8 @@ pub mod mango_v4 {
             token_conditional_swap_taker_fee_rate_opt,
             token_conditional_swap_maker_fee_rate_opt,
             flash_loan_swap_fee_rate_opt,
+            interest_curve_scaling_opt,
+            interest_target_utilization_opt,
         )?;
         Ok(())
     }

programs/mango-v4/src/logs.rs

@@ -300,6 +300,20 @@ pub struct UpdateRateLog {
     pub max_rate: i128, // I80F48
 }
 
+#[event]
+pub struct UpdateRateLogV2 {
+    pub mango_group: Pubkey,
+    pub token_index: u16,
+    // contrary to v1 these do not have curve_scaling factored in!
+    pub rate0: i128,    // I80F48
+    pub util0: i128,    // I80F48
+    pub rate1: i128,    // I80F48
+    pub util1: i128,    // I80F48
+    pub max_rate: i128, // I80F48
+    pub curve_scaling: f64,
+    pub target_utilization: f32,
+}
+
 #[event]
 pub struct TokenLiqWithTokenLog {
     pub mango_group: Pubkey,

programs/mango-v4/src/state/bank.rs

@@ -18,7 +18,6 @@ pub const DAY: i64 = 86400;
 pub const DAY_I80F48: I80F48 = I80F48::from_bits(86_400 * I80F48::ONE.to_bits());
 pub const ONE_BPS: I80F48 = I80F48::from_bits(28147497671);
 pub const YEAR_I80F48: I80F48 = I80F48::from_bits(31_536_000 * I80F48::ONE.to_bits());
-pub const MINIMUM_MAX_RATE: I80F48 = I80F48::from_bits(I80F48::ONE.to_bits() / 2);
 
 #[derive(Derivative)]
 #[derivative(Debug)]
@@ -148,8 +147,17 @@ pub struct Bank {
 
     pub flash_loan_swap_fee_rate: f32,
 
+    /// Target utilization: If actual utilization is higher, scale up interest.
+    /// If it's lower, scale down interest (if possible)
+    pub interest_target_utilization: f32,
+
+    /// Current interest curve scaling, always >= 1.0
+    ///
+    /// Except when first migrating to having this field, then 0.0
+    pub interest_curve_scaling: f64,
+
     #[derivative(Debug = "ignore")]
-    pub reserved: [u8; 2092],
+    pub reserved: [u8; 2080],
 }
 const_assert_eq!(
     size_of::<Bank>(),
@@ -180,8 +188,9 @@ const_assert_eq!(
         + 1
         + 6
         + 8
-        + 3 * 4
+        + 4 * 4
-        + 2092
+        + 8
+        + 2080
 );
 const_assert_eq!(size_of::<Bank>(), 3064);
 const_assert_eq!(size_of::<Bank>() % 8, 0);
@@ -211,9 +220,11 @@ impl Bank {
             indexed_deposits: I80F48::ZERO,
             indexed_borrows: I80F48::ZERO,
             collected_fees_native: I80F48::ZERO,
+            fees_withdrawn: 0,
             dust: I80F48::ZERO,
             flash_loan_approved_amount: 0,
             flash_loan_token_account_initial: u64::MAX,
+            net_borrows_in_window: 0,
             bump,
             bank_num,
 
@@ -245,22 +256,24 @@ impl Bank {
             token_index: existing_bank.token_index,
             mint_decimals: existing_bank.mint_decimals,
             oracle_config: existing_bank.oracle_config,
-            stable_price_model: StablePriceModel::default(),
+            stable_price_model: existing_bank.stable_price_model,
             min_vault_to_deposits_ratio: existing_bank.min_vault_to_deposits_ratio,
             net_borrow_limit_per_window_quote: existing_bank.net_borrow_limit_per_window_quote,
             net_borrow_limit_window_size_ts: existing_bank.net_borrow_limit_window_size_ts,
             last_net_borrows_window_start_ts: existing_bank.last_net_borrows_window_start_ts,
-            net_borrows_in_window: 0,
+            borrow_weight_scale_start_quote: existing_bank.borrow_weight_scale_start_quote,
-            borrow_weight_scale_start_quote: f64::MAX,
+            deposit_weight_scale_start_quote: existing_bank.deposit_weight_scale_start_quote,
-            deposit_weight_scale_start_quote: f64::MAX,
+            reduce_only: existing_bank.reduce_only,
-            reduce_only: 0,
+            force_close: existing_bank.force_close,
-            force_close: 0,
             padding: [0; 6],
-            fees_withdrawn: 0,
+            token_conditional_swap_taker_fee_rate: existing_bank
-            token_conditional_swap_taker_fee_rate: 0.0,
+                .token_conditional_swap_taker_fee_rate,
-            token_conditional_swap_maker_fee_rate: 0.0,
+            token_conditional_swap_maker_fee_rate: existing_bank
-            flash_loan_swap_fee_rate: 0.0,
+                .token_conditional_swap_maker_fee_rate,
-            reserved: [0; 2092],
+            flash_loan_swap_fee_rate: existing_bank.flash_loan_swap_fee_rate,
+            interest_target_utilization: existing_bank.interest_target_utilization,
+            interest_curve_scaling: existing_bank.interest_curve_scaling,
+            reserved: [0; 2080],
         }
     }
 
@@ -270,7 +283,7 @@ impl Bank {
         require_gte!(self.rate0, I80F48::ZERO);
         require_gte!(self.util1, I80F48::ZERO);
         require_gte!(self.rate1, I80F48::ZERO);
-        require_gte!(self.max_rate, MINIMUM_MAX_RATE);
+        require_gte!(self.max_rate, I80F48::ZERO);
         require_gte!(self.loan_fee_rate, 0.0);
         require_gte!(self.loan_origination_fee_rate, 0.0);
         require_gte!(self.maint_asset_weight, 0.0);
@@ -286,6 +299,8 @@ impl Bank {
         require_gte!(self.token_conditional_swap_taker_fee_rate, 0.0);
         require_gte!(self.token_conditional_swap_maker_fee_rate, 0.0);
         require_gte!(self.flash_loan_swap_fee_rate, 0.0);
+        require_gte!(self.interest_curve_scaling, 1.0);
+        require_gte!(self.interest_target_utilization, 0.0);
         Ok(())
     }
 
@@ -795,6 +810,7 @@ impl Bank {
             self.util1,
             self.rate1,
             self.max_rate,
+            self.interest_curve_scaling,
         )
     }
 
@@ -808,8 +824,9 @@ impl Bank {
         util1: I80F48,
         rate1: I80F48,
         max_rate: I80F48,
+        scaling: f64,
     ) -> I80F48 {
-        if utilization <= util0 {
+        let v = if utilization <= util0 {
             let slope = rate0 / util0;
             slope * utilization
         } else if utilization <= util1 {
@@ -820,6 +837,13 @@ impl Bank {
             let extra_util = utilization - util1;
             let slope = (max_rate - rate1) / (I80F48::ONE - util1);
             rate1 + slope * extra_util
+        };
+
+        // scaling will be 0 when it's introduced
+        if scaling == 0.0 {
+            v
+        } else {
+            v * I80F48::from_num(scaling)
         }
     }
 
@@ -855,34 +879,23 @@ impl Bank {
     }
 
     // computes new optimal rates and max rate
-    pub fn compute_rates(&self) -> (I80F48, I80F48, I80F48) {
+    pub fn update_interest_rate_scaling(&mut self) {
-        // interest rate legs 2 and 3 are seen as punitive legs, encouraging utilization to move towards optimal utilization
+        // Interest increases above target_util, decreases below
-        // lets choose util0 as optimal utilization and 0 to utli0 as the leg where we want the utlization to preferably be
+        let target_util = self.interest_target_utilization as f64;
-        let optimal_util = self.util0;
+
         // use avg_utilization and not instantaneous_utilization so that rates cannot be manipulated easily
-        let avg_util = self.avg_utilization;
+        let avg_util = self.avg_utilization.to_num::<f64>();
+
         // move rates up when utilization is above optimal utilization, and vice versa
         // util factor is between -1 (avg util = 0) and +1 (avg util = 100%)
-        let util_factor = if avg_util > optimal_util {
+        let util_factor = if avg_util > target_util {
-            (avg_util - optimal_util) / (I80F48::ONE - optimal_util)
+            (avg_util - target_util) / (1.0 - target_util)
         } else {
-            (avg_util - optimal_util) / optimal_util
+            (avg_util - target_util) / target_util
         };
-        let adjustment = I80F48::ONE + self.adjustment_factor * util_factor;
+        let adjustment = 1.0 + self.adjustment_factor.to_num::<f64>() * util_factor;
 
-        // 1. irrespective of which leg current utilization is in, update all rates
+        self.interest_curve_scaling = (self.interest_curve_scaling * adjustment).max(1.0)
-        // 2. only update rates as long as new adjusted rates are above MINIMUM_MAX_RATE,
-        //  since we don't want to fall to such low rates that it would take a long time to
-        //  recover to high rates if utilization suddently increases to a high value
-        if (self.max_rate * adjustment) > MINIMUM_MAX_RATE {
-            (
-                (self.rate0 * adjustment),
-                (self.rate1 * adjustment),
-                (self.max_rate * adjustment),
-            )
-        } else {
-            (self.rate0, self.rate1, self.max_rate)
-        }
     }
 
     pub fn oracle_price(

programs/mango-v4/tests/program_test/mango_client.rs

@@ -997,6 +997,8 @@ impl ClientInstruction for TokenRegisterInstruction {
             token_conditional_swap_taker_fee_rate: 0.0,
             token_conditional_swap_maker_fee_rate: 0.0,
             flash_loan_swap_fee_rate: 0.0,
+            interest_curve_scaling: 1.0,
+            interest_target_utilization: 0.5,
         };
 
         let bank = Pubkey::find_program_address(
@@ -1241,6 +1243,8 @@ pub fn token_edit_instruction_default() -> mango_v4::instruction::TokenEdit {
         token_conditional_swap_taker_fee_rate_opt: None,
         token_conditional_swap_maker_fee_rate_opt: None,
         flash_loan_swap_fee_rate_opt: None,
+        interest_curve_scaling_opt: None,
+        interest_target_utilization_opt: None,
     }
 }
 

ts/client/src/client.ts

@@ -410,6 +410,8 @@ export class MangoClient {
         params.tokenConditionalSwapTakerFeeRate,
         params.tokenConditionalSwapMakerFeeRate,
         params.flashLoanSwapFeeRate,
+        params.interestCurveScaling,
+        params.interestTargetUtilization,
       )
       .accounts({
         group: group.publicKey,
@@ -485,6 +487,8 @@ export class MangoClient {
         params.tokenConditionalSwapTakerFeeRate,
         params.tokenConditionalSwapMakerFeeRate,
         params.flashLoanSwapFeeRate,
+        params.interestCurveScaling,
+        params.interestTargetUtilization,
       )
       .accounts({
         group: group.publicKey,

ts/client/src/clientIxParamBuilder.ts

@@ -25,6 +25,8 @@ export interface TokenRegisterParams {
   tokenConditionalSwapTakerFeeRate: number;
   tokenConditionalSwapMakerFeeRate: number;
   flashLoanSwapFeeRate: number;
+  interestCurveScaling: number;
+  interestTargetUtilization: number;
 }
 
 export const DefaultTokenRegisterParams: TokenRegisterParams = {
@@ -35,10 +37,10 @@ export const DefaultTokenRegisterParams: TokenRegisterParams = {
   groupInsuranceFund: false,
   interestRateParams: {
     util0: 0.5,
-    rate0: 0.072,
+    rate0: 0.018,
     util1: 0.8,
-    rate1: 0.2,
+    rate1: 0.05,
-    maxRate: 2,
+    maxRate: 0.5,
     adjustmentFactor: 0.004,
   },
   loanFeeRate: 0.0005,
@@ -60,6 +62,8 @@ export const DefaultTokenRegisterParams: TokenRegisterParams = {
   tokenConditionalSwapTakerFeeRate: 0.0005,
   tokenConditionalSwapMakerFeeRate: 0.0005,
   flashLoanSwapFeeRate: 0.0005,
+  interestCurveScaling: 4.0,
+  interestTargetUtilization: 0.5,
 };
 
 export interface TokenEditParams {
@@ -90,6 +94,8 @@ export interface TokenEditParams {
   tokenConditionalSwapTakerFeeRate: number | null;
   tokenConditionalSwapMakerFeeRate: number | null;
   flashLoanSwapFeeRate: number | null;
+  interestCurveScaling: number | null;
+  interestTargetUtilization: number | null;
 }
 
 export const NullTokenEditParams: TokenEditParams = {
@@ -120,6 +126,8 @@ export const NullTokenEditParams: TokenEditParams = {
   tokenConditionalSwapTakerFeeRate: null,
   tokenConditionalSwapMakerFeeRate: null,
   flashLoanSwapFeeRate: null,
+  interestCurveScaling: null,
+  interestTargetUtilization: null,
 };
 
 export interface PerpEditParams {

ts/client/src/mango_v4.ts

@@ -596,6 +596,14 @@ export type MangoV4 = {
         {
           "name": "flashLoanSwapFeeRate",
           "type": "f32"
+        },
+        {
+          "name": "interestCurveScaling",
+          "type": "f32"
+        },
+        {
+          "name": "interestTargetUtilization",
+          "type": "f32"
         }
       ]
     },
@@ -930,6 +938,18 @@ export type MangoV4 = {
           "type": {
             "option": "f32"
           }
+        },
+        {
+          "name": "interestCurveScalingOpt",
+          "type": {
+            "option": "f32"
+          }
+        },
+        {
+          "name": "interestTargetUtilizationOpt",
+          "type": {
+            "option": "f32"
+          }
         }
       ]
     },
@@ -7033,12 +7053,29 @@ export type MangoV4 = {
             "name": "flashLoanSwapFeeRate",
             "type": "f32"
           },
+          {
+            "name": "interestTargetUtilization",
+            "docs": [
+              "Target utilization: If actual utilization is higher, scale up interest.",
+              "If it's lower, scale down interest (if possible)"
+            ],
+            "type": "f32"
+          },
+          {
+            "name": "interestCurveScaling",
+            "docs": [
+              "Current interest curve scaling, always >= 1.0",
+              "",
+              "Except when first migrating to having this field, then 0.0"
+            ],
+            "type": "f64"
+          },
           {
             "name": "reserved",
             "type": {
               "array": [
                 "u8",
-                2092
+                2080
               ]
             }
           }
@@ -11335,6 +11372,56 @@ export type MangoV4 = {
         }
       ]
     },
+    {
+      "name": "UpdateRateLogV2",
+      "fields": [
+        {
+          "name": "mangoGroup",
+          "type": "publicKey",
+          "index": false
+        },
+        {
+          "name": "tokenIndex",
+          "type": "u16",
+          "index": false
+        },
+        {
+          "name": "rate0",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "util0",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "rate1",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "util1",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "maxRate",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "curveScaling",
+          "type": "f64",
+          "index": false
+        },
+        {
+          "name": "targetUtilization",
+          "type": "f32",
+          "index": false
+        }
+      ]
+    },
     {
       "name": "TokenLiqWithTokenLog",
       "fields": [
@@ -13699,6 +13786,14 @@ export const IDL: MangoV4 = {
         {
           "name": "flashLoanSwapFeeRate",
           "type": "f32"
+        },
+        {
+          "name": "interestCurveScaling",
+          "type": "f32"
+        },
+        {
+          "name": "interestTargetUtilization",
+          "type": "f32"
         }
       ]
     },
@@ -14033,6 +14128,18 @@ export const IDL: MangoV4 = {
           "type": {
             "option": "f32"
           }
+        },
+        {
+          "name": "interestCurveScalingOpt",
+          "type": {
+            "option": "f32"
+          }
+        },
+        {
+          "name": "interestTargetUtilizationOpt",
+          "type": {
+            "option": "f32"
+          }
         }
       ]
     },
@@ -20136,12 +20243,29 @@ export const IDL: MangoV4 = {
             "name": "flashLoanSwapFeeRate",
             "type": "f32"
           },
+          {
+            "name": "interestTargetUtilization",
+            "docs": [
+              "Target utilization: If actual utilization is higher, scale up interest.",
+              "If it's lower, scale down interest (if possible)"
+            ],
+            "type": "f32"
+          },
+          {
+            "name": "interestCurveScaling",
+            "docs": [
+              "Current interest curve scaling, always >= 1.0",
+              "",
+              "Except when first migrating to having this field, then 0.0"
+            ],
+            "type": "f64"
+          },
           {
             "name": "reserved",
             "type": {
               "array": [
                 "u8",
-                2092
+                2080
               ]
             }
           }
@@ -24438,6 +24562,56 @@ export const IDL: MangoV4 = {
         }
       ]
     },
+    {
+      "name": "UpdateRateLogV2",
+      "fields": [
+        {
+          "name": "mangoGroup",
+          "type": "publicKey",
+          "index": false
+        },
+        {
+          "name": "tokenIndex",
+          "type": "u16",
+          "index": false
+        },
+        {
+          "name": "rate0",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "util0",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "rate1",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "util1",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "maxRate",
+          "type": "i128",
+          "index": false
+        },
+        {
+          "name": "curveScaling",
+          "type": "f64",
+          "index": false
+        },
+        {
+          "name": "targetUtilization",
+          "type": "f32",
+          "index": false
+        }
+      ]
+    },
     {
       "name": "TokenLiqWithTokenLog",
       "fields": [