liquidation: Add flag to disable asset liquidation (#867)
This can be used to remove the oracle dependency for tokens with zero maint asset weight that are not borrowable.
This commit is contained in:
parent
712a2e3bd6
commit
d9a9c7d664
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@ -370,11 +370,11 @@ impl<'a> LiquidateHelper<'a> {
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.filter_map(|(ti, effective)| {
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// check constraints for liquidatable assets, see also has_possible_spot_liquidations()
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let tokens = ti.balance_spot.min(effective.spot_and_perp);
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let is_valid_asset = tokens >= 1;
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let is_valid_asset = tokens >= 1 && ti.allow_asset_liquidation;
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let quote_value = tokens * ti.prices.oracle;
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// prefer to liquidate tokens with asset weight that have >$1 liquidatable
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let is_preferred =
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ti.init_asset_weight > 0 && quote_value > I80F48::from(1_000_000);
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ti.maint_asset_weight > 0 && quote_value > I80F48::from(1_000_000);
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is_valid_asset.then_some((ti.token_index, is_preferred, quote_value))
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})
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.collect_vec();
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@ -631,6 +631,10 @@
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{
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"name": "platformLiquidationFee",
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"type": "f32"
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},
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{
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"name": "disableAssetLiquidation",
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"type": "bool"
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}
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]
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},
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@ -1041,6 +1045,12 @@
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"type": {
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"option": "f32"
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}
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},
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{
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"name": "disableAssetLiquidationOpt",
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"type": {
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"option": "bool"
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}
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}
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]
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},
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@ -7373,12 +7383,20 @@
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"name": "forceClose",
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"type": "u8"
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},
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{
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"name": "disableAssetLiquidation",
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"docs": [
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"If set to 1, deposits cannot be liquidated when an account is liquidatable.",
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"That means bankrupt accounts may still have assets of this type deposited."
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],
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"type": "u8"
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},
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{
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"name": "padding",
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"type": {
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"array": [
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"u8",
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6
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5
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]
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}
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},
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@ -14028,6 +14046,11 @@
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"code": 6068,
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"name": "MissingFeedForCLMMOracle",
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"msg": "Pyth USDC/USD or SOL/USD feed not found (required by CLMM oracle)"
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},
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{
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"code": 6069,
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"name": "TokenAssetLiquidationDisabled",
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"msg": "the asset does not allow liquidation"
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}
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]
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}
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@ -143,6 +143,8 @@ pub enum MangoError {
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InvalidFeedForCLMMOracle,
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#[msg("Pyth USDC/USD or SOL/USD feed not found (required by CLMM oracle)")]
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MissingFeedForCLMMOracle,
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#[msg("the asset does not allow liquidation")]
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TokenAssetLiquidationDisabled,
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}
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impl MangoError {
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@ -175,6 +175,8 @@ pub struct TokenInfo {
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/// Includes TokenPosition and free Serum3OpenOrders balances.
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/// Does not include perp upnl or Serum3 reserved amounts.
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pub balance_spot: I80F48,
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pub allow_asset_liquidation: bool,
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}
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/// Temporary value used during health computations
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@ -907,6 +909,7 @@ impl HealthCache {
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}
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/// Liquidatable spot assets mean: actual token deposits and also a positive effective token balance
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/// and is available for asset liquidation
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pub fn has_liq_spot_assets(&self) -> bool {
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let health_token_balances = self.effective_token_balances(HealthType::LiquidationEnd);
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self.token_infos
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@ -914,11 +917,11 @@ impl HealthCache {
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.zip(health_token_balances.iter())
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.any(|(ti, b)| {
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// need 1 native token to use token_liq_with_token
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ti.balance_spot >= 1 && b.spot_and_perp >= 1
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ti.balance_spot >= 1 && b.spot_and_perp >= 1 && ti.allow_asset_liquidation
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})
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}
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/// Liquidatable spot borrows mean: actual toen borrows plus a negative effective token balance
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/// Liquidatable spot borrows mean: actual token borrows plus a negative effective token balance
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pub fn has_liq_spot_borrows(&self) -> bool {
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let health_token_balances = self.effective_token_balances(HealthType::LiquidationEnd);
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self.token_infos
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@ -932,7 +935,9 @@ impl HealthCache {
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let health_token_balances = self.effective_token_balances(HealthType::LiquidationEnd);
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let all_iter = || self.token_infos.iter().zip(health_token_balances.iter());
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all_iter().any(|(ti, b)| ti.balance_spot < 0 && b.spot_and_perp < 0)
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&& all_iter().any(|(ti, b)| ti.balance_spot >= 1 && b.spot_and_perp >= 1)
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&& all_iter().any(|(ti, b)| {
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ti.balance_spot >= 1 && b.spot_and_perp >= 1 && ti.allow_asset_liquidation
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})
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}
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pub fn has_serum3_open_orders_funds(&self) -> bool {
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@ -1286,6 +1291,7 @@ fn new_health_cache_impl(
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init_scaled_liab_weight: bank.scaled_init_liab_weight(liab_price),
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prices,
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balance_spot: native,
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allow_asset_liquidation: bank.allows_asset_liquidation(),
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});
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}
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@ -682,6 +682,7 @@ mod tests {
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init_scaled_liab_weight: I80F48::from_num(1.0 + x),
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prices: Prices::new_single_price(I80F48::from_num(price)),
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balance_spot: I80F48::ZERO,
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allow_asset_liquidation: true,
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}
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}
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@ -53,6 +53,7 @@ pub fn token_edit(
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deposit_limit_opt: Option<u64>,
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zero_util_rate: Option<f32>,
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platform_liquidation_fee: Option<f32>,
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disable_asset_liquidation_opt: Option<bool>,
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) -> Result<()> {
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let group = ctx.accounts.group.load()?;
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@ -484,6 +485,16 @@ pub fn token_edit(
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bank.platform_liquidation_fee = I80F48::from_num(platform_liquidation_fee);
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require_group_admin = true;
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}
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if let Some(disable_asset_liquidation) = disable_asset_liquidation_opt {
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msg!(
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"Asset liquidation disabled old {:?}, new {:?}",
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bank.disable_asset_liquidation,
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disable_asset_liquidation
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);
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bank.disable_asset_liquidation = u8::from(disable_asset_liquidation);
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require_group_admin = true;
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}
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}
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// account constraint #1
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@ -112,6 +112,10 @@ pub(crate) fn liquidation_action(
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liqee.token_position_and_raw_index(asset_token_index)?;
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let liqee_asset_native = liqee_asset_position.native(asset_bank);
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require_gt!(liqee_asset_native, 0);
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require!(
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asset_bank.allows_asset_liquidation(),
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MangoError::TokenAssetLiquidationDisabled
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);
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let (liqee_liab_position, liqee_liab_raw_index) =
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liqee.token_position_and_raw_index(liab_token_index)?;
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@ -44,6 +44,7 @@ pub fn token_register(
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deposit_limit: u64,
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zero_util_rate: f32,
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platform_liquidation_fee: f32,
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disable_asset_liquidation: bool,
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) -> Result<()> {
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// Require token 0 to be in the insurance token
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if token_index == INSURANCE_TOKEN_INDEX {
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@ -109,6 +110,7 @@ pub fn token_register(
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deposit_weight_scale_start_quote,
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reduce_only,
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force_close: 0,
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disable_asset_liquidation: u8::from(disable_asset_liquidation),
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padding: Default::default(),
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fees_withdrawn: 0,
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token_conditional_swap_taker_fee_rate,
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@ -90,6 +90,7 @@ pub fn token_register_trustless(
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deposit_weight_scale_start_quote: 5_000_000_000.0, // $5k
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reduce_only: 2, // deposit-only
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force_close: 0,
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disable_asset_liquidation: 1,
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padding: Default::default(),
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fees_withdrawn: 0,
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token_conditional_swap_taker_fee_rate: 0.0,
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@ -157,6 +157,7 @@ pub mod mango_v4 {
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deposit_limit: u64,
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zero_util_rate: f32,
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platform_liquidation_fee: f32,
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disable_asset_liquidation: bool,
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) -> Result<()> {
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#[cfg(feature = "enable-gpl")]
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instructions::token_register(
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@ -190,6 +191,7 @@ pub mod mango_v4 {
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deposit_limit,
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zero_util_rate,
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platform_liquidation_fee,
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disable_asset_liquidation,
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)?;
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Ok(())
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}
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@ -245,6 +247,7 @@ pub mod mango_v4 {
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deposit_limit_opt: Option<u64>,
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zero_util_rate_opt: Option<f32>,
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platform_liquidation_fee_opt: Option<f32>,
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disable_asset_liquidation_opt: Option<bool>,
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) -> Result<()> {
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#[cfg(feature = "enable-gpl")]
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instructions::token_edit(
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@ -287,6 +290,7 @@ pub mod mango_v4 {
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deposit_limit_opt,
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zero_util_rate_opt,
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platform_liquidation_fee_opt,
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disable_asset_liquidation_opt,
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)?;
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Ok(())
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}
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@ -158,8 +158,12 @@ pub struct Bank {
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pub reduce_only: u8,
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pub force_close: u8,
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/// If set to 1, deposits cannot be liquidated when an account is liquidatable.
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/// That means bankrupt accounts may still have assets of this type deposited.
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pub disable_asset_liquidation: u8,
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#[derivative(Debug = "ignore")]
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pub padding: [u8; 6],
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pub padding: [u8; 5],
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// Do separate bookkeping for how many tokens were withdrawn
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// This ensures that collected_fees_native is strictly increasing for stats gathering purposes
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@ -346,7 +350,8 @@ impl Bank {
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deposit_weight_scale_start_quote: existing_bank.deposit_weight_scale_start_quote,
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reduce_only: existing_bank.reduce_only,
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force_close: existing_bank.force_close,
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padding: [0; 6],
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disable_asset_liquidation: existing_bank.disable_asset_liquidation,
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padding: [0; 5],
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token_conditional_swap_taker_fee_rate: existing_bank
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.token_conditional_swap_taker_fee_rate,
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token_conditional_swap_maker_fee_rate: existing_bank
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@ -396,6 +401,10 @@ impl Bank {
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require_gte!(self.maint_weight_shift_liab_target, 0.0);
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require_gte!(self.zero_util_rate, I80F48::ZERO);
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require_gte!(self.platform_liquidation_fee, 0.0);
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if !self.allows_asset_liquidation() {
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require!(self.are_borrows_reduce_only(), MangoError::SomeError);
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require_eq!(self.maint_asset_weight, I80F48::ZERO);
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}
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Ok(())
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}
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@ -417,6 +426,10 @@ impl Bank {
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self.force_close == 1
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}
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pub fn allows_asset_liquidation(&self) -> bool {
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self.disable_asset_liquidation == 0
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}
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#[inline(always)]
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pub fn native_borrows(&self) -> I80F48 {
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self.borrow_index * self.indexed_borrows
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@ -324,6 +324,66 @@ async fn test_liq_tokens_with_token() -> Result<(), TransportError> {
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//
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set_bank_stub_oracle_price(solana, group, borrow_token1, admin, 2.0).await;
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//
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// TEST: can't liquidate if token has no asset weight
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//
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send_tx(
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solana,
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TokenEdit {
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group,
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admin,
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mint: collateral_token2.mint.pubkey,
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fallback_oracle: Pubkey::default(),
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options: mango_v4::instruction::TokenEdit {
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maint_asset_weight_opt: Some(0.0),
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init_asset_weight_opt: Some(0.0),
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disable_asset_liquidation_opt: Some(true),
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reduce_only_opt: Some(1),
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..token_edit_instruction_default()
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},
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},
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)
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.await
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.unwrap();
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let res = send_tx(
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solana,
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TokenLiqWithTokenInstruction {
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liqee: account,
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liqor: vault_account,
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liqor_owner: owner,
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asset_token_index: collateral_token2.index,
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liab_token_index: borrow_token2.index,
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asset_bank_index: 0,
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liab_bank_index: 0,
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max_liab_transfer: I80F48::from_num(10000.0),
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},
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)
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.await;
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assert_mango_error(
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&res,
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MangoError::TokenAssetLiquidationDisabled.into(),
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"liquidation disabled".to_string(),
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);
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send_tx(
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solana,
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TokenEdit {
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group,
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admin,
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mint: collateral_token2.mint.pubkey,
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fallback_oracle: Pubkey::default(),
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options: mango_v4::instruction::TokenEdit {
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maint_asset_weight_opt: Some(0.8),
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init_asset_weight_opt: Some(0.6),
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disable_asset_liquidation_opt: Some(false),
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reduce_only_opt: Some(0),
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..token_edit_instruction_default()
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},
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},
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)
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.await
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.unwrap();
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//
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// TEST: liquidate borrow2 against too little collateral2
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//
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@ -1077,6 +1077,7 @@ impl ClientInstruction for TokenRegisterInstruction {
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deposit_limit: 0,
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zero_util_rate: 0.0,
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platform_liquidation_fee: self.platform_liquidation_fee,
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disable_asset_liquidation: false,
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};
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let bank = Pubkey::find_program_address(
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@ -1324,6 +1325,7 @@ pub fn token_edit_instruction_default() -> mango_v4::instruction::TokenEdit {
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deposit_limit_opt: None,
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zero_util_rate_opt: None,
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platform_liquidation_fee_opt: None,
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disable_asset_liquidation_opt: None,
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}
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}
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@ -130,6 +130,7 @@ export class Bank implements BankForHealth {
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depositWeightScaleStartQuote: number;
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reduceOnly: number;
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forceClose: number;
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disableAssetLiquidation: number;
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feesWithdrawn: BN;
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tokenConditionalSwapTakerFeeRate: number;
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tokenConditionalSwapMakerFeeRate: number;
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@ -211,6 +212,7 @@ export class Bank implements BankForHealth {
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obj.zeroUtilRate,
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obj.platformLiquidationFee,
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obj.collectedLiquidationFees,
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obj.disableAssetLiquidation == 0,
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);
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}
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@ -276,6 +278,7 @@ export class Bank implements BankForHealth {
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zeroUtilRate: I80F48Dto,
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platformLiquidationFee: I80F48Dto,
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collectedLiquidationFees: I80F48Dto,
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public allowAssetLiquidation: boolean,
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) {
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this.name = utf8.decode(new Uint8Array(name)).split('\x00')[0];
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this.oracleConfig = {
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@ -461,6 +461,7 @@ export class MangoClient {
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params.depositLimit,
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params.zeroUtilRate,
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params.platformLiquidationFee,
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params.disableAssetLiquidation,
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)
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.accounts({
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group: group.publicKey,
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@ -548,6 +549,7 @@ export class MangoClient {
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params.depositLimit,
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params.zeroUtilRate,
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params.platformLiquidationFee,
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params.disableAssetLiquidation,
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)
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.accounts({
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group: group.publicKey,
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@ -30,6 +30,7 @@ export interface TokenRegisterParams {
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depositLimit: BN;
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zeroUtilRate: number;
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platformLiquidationFee: number;
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disableAssetLiquidation: boolean;
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}
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export const DefaultTokenRegisterParams: TokenRegisterParams = {
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@ -70,6 +71,7 @@ export const DefaultTokenRegisterParams: TokenRegisterParams = {
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depositLimit: new BN(0),
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zeroUtilRate: 0.0,
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platformLiquidationFee: 0.0,
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disableAssetLiquidation: false,
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};
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export interface TokenEditParams {
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@ -111,6 +113,7 @@ export interface TokenEditParams {
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depositLimit: BN | null;
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zeroUtilRate: number | null;
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platformLiquidationFee: number | null;
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disableAssetLiquidation: boolean | null;
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}
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export const NullTokenEditParams: TokenEditParams = {
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@ -152,6 +155,7 @@ export const NullTokenEditParams: TokenEditParams = {
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depositLimit: null,
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zeroUtilRate: null,
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platformLiquidationFee: null,
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disableAssetLiquidation: null,
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};
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export interface PerpEditParams {
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@ -631,6 +631,10 @@ export type MangoV4 = {
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{
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"name": "platformLiquidationFee",
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"type": "f32"
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},
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{
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"name": "disableAssetLiquidation",
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"type": "bool"
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}
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]
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},
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||||
|
@ -1041,6 +1045,12 @@ export type MangoV4 = {
|
|||
"type": {
|
||||
"option": "f32"
|
||||
}
|
||||
},
|
||||
{
|
||||
"name": "disableAssetLiquidationOpt",
|
||||
"type": {
|
||||
"option": "bool"
|
||||
}
|
||||
}
|
||||
]
|
||||
},
|
||||
|
@ -7373,12 +7383,20 @@ export type MangoV4 = {
|
|||
"name": "forceClose",
|
||||
"type": "u8"
|
||||
},
|
||||
{
|
||||
"name": "disableAssetLiquidation",
|
||||
"docs": [
|
||||
"If set to 1, deposits cannot be liquidated when an account is liquidatable.",
|
||||
"That means bankrupt accounts may still have assets of this type deposited."
|
||||
],
|
||||
"type": "u8"
|
||||
},
|
||||
{
|
||||
"name": "padding",
|
||||
"type": {
|
||||
"array": [
|
||||
"u8",
|
||||
6
|
||||
5
|
||||
]
|
||||
}
|
||||
},
|
||||
|
@ -14028,6 +14046,11 @@ export type MangoV4 = {
|
|||
"code": 6068,
|
||||
"name": "MissingFeedForCLMMOracle",
|
||||
"msg": "Pyth USDC/USD or SOL/USD feed not found (required by CLMM oracle)"
|
||||
},
|
||||
{
|
||||
"code": 6069,
|
||||
"name": "TokenAssetLiquidationDisabled",
|
||||
"msg": "the asset does not allow liquidation"
|
||||
}
|
||||
]
|
||||
};
|
||||
|
@ -14665,6 +14688,10 @@ export const IDL: MangoV4 = {
|
|||
{
|
||||
"name": "platformLiquidationFee",
|
||||
"type": "f32"
|
||||
},
|
||||
{
|
||||
"name": "disableAssetLiquidation",
|
||||
"type": "bool"
|
||||
}
|
||||
]
|
||||
},
|
||||
|
@ -15075,6 +15102,12 @@ export const IDL: MangoV4 = {
|
|||
"type": {
|
||||
"option": "f32"
|
||||
}
|
||||
},
|
||||
{
|
||||
"name": "disableAssetLiquidationOpt",
|
||||
"type": {
|
||||
"option": "bool"
|
||||
}
|
||||
}
|
||||
]
|
||||
},
|
||||
|
@ -21407,12 +21440,20 @@ export const IDL: MangoV4 = {
|
|||
"name": "forceClose",
|
||||
"type": "u8"
|
||||
},
|
||||
{
|
||||
"name": "disableAssetLiquidation",
|
||||
"docs": [
|
||||
"If set to 1, deposits cannot be liquidated when an account is liquidatable.",
|
||||
"That means bankrupt accounts may still have assets of this type deposited."
|
||||
],
|
||||
"type": "u8"
|
||||
},
|
||||
{
|
||||
"name": "padding",
|
||||
"type": {
|
||||
"array": [
|
||||
"u8",
|
||||
6
|
||||
5
|
||||
]
|
||||
}
|
||||
},
|
||||
|
@ -28062,6 +28103,11 @@ export const IDL: MangoV4 = {
|
|||
"code": 6068,
|
||||
"name": "MissingFeedForCLMMOracle",
|
||||
"msg": "Pyth USDC/USD or SOL/USD feed not found (required by CLMM oracle)"
|
||||
},
|
||||
{
|
||||
"code": 6069,
|
||||
"name": "TokenAssetLiquidationDisabled",
|
||||
"msg": "the asset does not allow liquidation"
|
||||
}
|
||||
]
|
||||
};
|
||||
|
|
Loading…
Reference in New Issue