317 lines
13 KiB
Rust
317 lines
13 KiB
Rust
use anchor_lang::prelude::*;
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use anchor_spl::token;
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use fixed::types::I80F48;
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use crate::accounts_zerocopy::*;
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use crate::error::*;
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use crate::health::*;
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use crate::state::*;
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use crate::accounts_ix::*;
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use crate::logs::{
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emit_stack, LoanOriginationFeeInstruction, TokenBalanceLog, TokenLiqBankruptcyLog,
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WithdrawLoanLog,
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};
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pub fn token_liq_bankruptcy(
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ctx: Context<TokenLiqBankruptcy>,
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max_liab_transfer: I80F48,
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) -> Result<()> {
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let group = ctx.accounts.group.load()?;
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let group_pk = &ctx.accounts.group.key();
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// split remaining accounts into banks and health
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let liab_mint_info = ctx.accounts.liab_mint_info.load()?;
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let liab_token_index = liab_mint_info.token_index;
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let (bank_ais, health_ais) = &ctx.remaining_accounts.split_at(liab_mint_info.num_banks());
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liab_mint_info.verify_banks_ais(bank_ais)?;
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// find the insurance bank token index
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let insurance_mint = ctx.accounts.insurance_vault.mint;
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let insurance_token_index = health_ais
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.iter()
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.find_map(|ai| {
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ai.load::<Bank>()
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.and_then(|b| {
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if b.mint == insurance_mint {
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Ok(b.token_index)
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} else {
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Err(MangoError::InvalidBank.into())
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}
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})
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.ok()
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})
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.ok_or_else(|| error_msg!("could not find bank for insurance mint in health accounts"))?;
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require_keys_neq!(ctx.accounts.liqor.key(), ctx.accounts.liqee.key());
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let mut liqor = ctx.accounts.liqor.load_full_mut()?;
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// account constraint #1
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require!(
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liqor
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.fixed
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.is_owner_or_delegate(ctx.accounts.liqor_owner.key()),
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MangoError::SomeError
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);
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require_msg_typed!(
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!liqor.fixed.being_liquidated(),
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MangoError::BeingLiquidated,
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"liqor account"
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);
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let mut account_retriever = ScanningAccountRetriever::new(health_ais, group_pk)?;
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let now_ts: u64 = Clock::get()?.unix_timestamp.try_into().unwrap();
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let mut liqee = ctx.accounts.liqee.load_full_mut()?;
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let mut liqee_health_cache = new_health_cache(&liqee.borrow(), &account_retriever, now_ts)
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.context("create liqee health cache")?;
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liqee_health_cache.require_after_phase2_liquidation()?;
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liqee.fixed.set_being_liquidated(true);
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let liab_is_insurance_token = liab_token_index == insurance_token_index;
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let (liab_bank, liab_oracle_price, opt_insurance_bank_and_price) =
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account_retriever.banks_mut_and_oracles(liab_token_index, insurance_token_index)?;
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assert!(liab_is_insurance_token == opt_insurance_bank_and_price.is_none());
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let mut liab_deposit_index = liab_bank.deposit_index;
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let liab_borrow_index = liab_bank.borrow_index;
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let (liqee_liab, liqee_raw_token_index) = liqee.token_position_mut(liab_token_index)?;
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let initial_liab_native = liqee_liab.native(liab_bank);
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let liqee_health_token_balances =
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liqee_health_cache.effective_token_balances(HealthType::LiquidationEnd);
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let liqee_liab_health_balance = liqee_health_token_balances
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[liqee_health_cache.token_info_index(liab_token_index)?]
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.spot_and_perp;
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// Allow token bankruptcy only while the spot position and health token position are both negative.
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// In particular, a very negative perp hupnl does not allow token bankruptcy to happen,
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// and if the perp hupnl is positive, we need to liquidate that before dealing with token
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// bankruptcy!
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require_gt!(I80F48::ZERO, initial_liab_native);
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require_gt!(I80F48::ZERO, liqee_liab_health_balance);
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// guaranteed positive
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let mut remaining_liab_loss = (-initial_liab_native).min(-liqee_liab_health_balance);
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// We pay for the liab token in insurance token.
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// Example: SOL is at $20 and USDC is at $2, then for a liab
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// of 3 SOL, we'd pay 3 * 20 / 2 * (1+fee) = 30 * (1+fee) USDC.
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let liab_to_insurance_with_fee =
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if let Some((_insurance_bank, insurance_price)) = opt_insurance_bank_and_price.as_ref() {
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liab_oracle_price * (I80F48::ONE + liab_bank.liquidation_fee) / insurance_price
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} else {
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I80F48::ONE
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};
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let liab_transfer_unrounded = remaining_liab_loss.min(max_liab_transfer);
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let insurance_vault_amount = if liab_mint_info.elligible_for_group_insurance_fund() {
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ctx.accounts.insurance_vault.amount
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} else {
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0
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};
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let insurance_transfer = (liab_transfer_unrounded * liab_to_insurance_with_fee)
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.ceil()
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.to_num::<u64>()
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.min(insurance_vault_amount);
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let insurance_fund_exhausted = insurance_transfer == insurance_vault_amount;
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let insurance_transfer_i80f48 = I80F48::from(insurance_transfer);
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// AUDIT: v3 does this, but it seems bad, because it can make liab_transfer
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// exceed max_liab_transfer due to the ceil() above! Otoh, not doing it would allow
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// liquidators to exploit the insurance fund for 1 native token each call.
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let liab_transfer = insurance_transfer_i80f48 / liab_to_insurance_with_fee;
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let mut liqee_liab_active = true;
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if insurance_transfer > 0 {
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// liqee gets liab assets (enable dusting to prevent a case where the position is brought
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// to +I80F48::DELTA)
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liqee_liab_active = liab_bank.deposit_with_dusting(liqee_liab, liab_transfer, now_ts)?;
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// update correctly even if dusting happened
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remaining_liab_loss -= liqee_liab.native(liab_bank) - initial_liab_native;
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// move insurance assets into insurance bank
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let group_seeds = group_seeds!(group);
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token::transfer(
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ctx.accounts.transfer_ctx().with_signer(&[group_seeds]),
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insurance_transfer,
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)?;
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// move insurance assets into liqor and withdraw liab assets
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if let Some((insurance_bank, _)) = opt_insurance_bank_and_price {
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// account constraint #2 a)
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require_keys_eq!(insurance_bank.vault, ctx.accounts.quote_vault.key());
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require_keys_eq!(insurance_bank.mint, ctx.accounts.insurance_vault.mint);
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let insurance_deposit_index = insurance_bank.deposit_index;
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let insurance_borrow_index = insurance_bank.borrow_index;
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// credit the liqor
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let (liqor_insurance, liqor_insurance_raw_token_index, _) =
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liqor.ensure_token_position(insurance_token_index)?;
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let liqor_insurance_active =
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insurance_bank.deposit(liqor_insurance, insurance_transfer_i80f48, now_ts)?;
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// liqor insurance
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emit_stack(TokenBalanceLog {
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mango_group: ctx.accounts.group.key(),
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mango_account: ctx.accounts.liqor.key(),
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token_index: insurance_token_index,
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indexed_position: liqor_insurance.indexed_position.to_bits(),
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deposit_index: insurance_deposit_index.to_bits(),
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borrow_index: insurance_borrow_index.to_bits(),
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});
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// transfer liab from liqee to liqor
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let (liqor_liab, liqor_liab_raw_token_index, _) =
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liqor.ensure_token_position(liab_token_index)?;
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let liqor_liab_withdraw_result =
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liab_bank.withdraw_with_fee(liqor_liab, liab_transfer, now_ts)?;
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// liqor liab
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emit_stack(TokenBalanceLog {
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mango_group: ctx.accounts.group.key(),
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mango_account: ctx.accounts.liqor.key(),
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token_index: liab_token_index,
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indexed_position: liqor_liab.indexed_position.to_bits(),
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deposit_index: liab_deposit_index.to_bits(),
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borrow_index: liab_borrow_index.to_bits(),
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});
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// Check liqor's health
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if !liqor.fixed.is_in_health_region() {
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let liqor_health = compute_health(
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&liqor.borrow(),
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HealthType::Init,
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&account_retriever,
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now_ts,
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)?;
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require!(liqor_health >= 0, MangoError::HealthMustBePositive);
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}
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if liqor_liab_withdraw_result
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.loan_origination_fee
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.is_positive()
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{
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emit_stack(WithdrawLoanLog {
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mango_group: ctx.accounts.group.key(),
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mango_account: ctx.accounts.liqor.key(),
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token_index: liab_token_index,
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loan_amount: liqor_liab_withdraw_result.loan_amount.to_bits(),
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loan_origination_fee: liqor_liab_withdraw_result.loan_origination_fee.to_bits(),
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instruction: LoanOriginationFeeInstruction::LiqTokenBankruptcy,
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price: Some(liab_oracle_price.to_bits()),
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});
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}
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if !liqor_insurance_active {
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liqor.deactivate_token_position_and_log(
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liqor_insurance_raw_token_index,
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ctx.accounts.liqor.key(),
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);
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}
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if !liqor_liab_withdraw_result.position_is_active {
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liqor.deactivate_token_position_and_log(
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liqor_liab_raw_token_index,
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ctx.accounts.liqor.key(),
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);
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}
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} else {
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// For liab_token_index == insurance_token_index: the insurance fund deposits directly into liqee,
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// without a fee or the liqor being involved
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// account constraint #2 b)
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require_keys_eq!(liab_bank.vault, ctx.accounts.quote_vault.key());
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require_eq!(liab_token_index, insurance_token_index);
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require_eq!(liab_to_insurance_with_fee, I80F48::ONE);
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require_eq!(insurance_transfer_i80f48, liab_transfer);
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}
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}
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drop(account_retriever);
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// Socialize loss if there's more loss and noone else could use the
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// insurance fund to cover it.
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let mut socialized_loss = I80F48::ZERO;
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let starting_deposit_index = liab_deposit_index;
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if insurance_fund_exhausted && remaining_liab_loss.is_positive() {
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// find the total deposits
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let mut indexed_total_deposits = I80F48::ZERO;
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for bank_ai in bank_ais.iter() {
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let bank = bank_ai.load::<Bank>()?;
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indexed_total_deposits += bank.indexed_deposits;
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}
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// This is the solution to:
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// total_indexed_deposits * (deposit_index - new_deposit_index) = remaining_liab_loss
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// AUDIT: Could it happen that remaining_liab_loss > total_indexed_deposits * deposit_index?
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// Probably not.
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let new_deposit_index = liab_deposit_index - remaining_liab_loss / indexed_total_deposits;
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liab_deposit_index = new_deposit_index;
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socialized_loss = remaining_liab_loss;
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let mut amount_to_credit = remaining_liab_loss;
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for bank_ai in bank_ais.iter() {
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let mut bank = bank_ai.load_mut::<Bank>()?;
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bank.deposit_index = new_deposit_index;
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// credit liqee on each bank where we can offset borrows
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let amount_for_bank = amount_to_credit.min(bank.native_borrows());
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if amount_for_bank.is_positive() {
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// enable dusting, because each deposit() is allowed to round up. thus multiple deposit
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// could bring the total position slightly above zero otherwise
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liqee_liab_active =
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bank.deposit_with_dusting(liqee_liab, amount_for_bank, now_ts)?;
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amount_to_credit -= amount_for_bank;
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if amount_to_credit <= 0 {
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break;
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}
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}
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}
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// socialized loss always brings the position to zero
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require_eq!(liqee_liab.indexed_position, I80F48::ZERO);
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}
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// liqee liab
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emit_stack(TokenBalanceLog {
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mango_group: ctx.accounts.group.key(),
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mango_account: ctx.accounts.liqee.key(),
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token_index: liab_token_index,
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indexed_position: liqee_liab.indexed_position.to_bits(),
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deposit_index: liab_deposit_index.to_bits(),
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borrow_index: liab_borrow_index.to_bits(),
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});
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let liab_bank = bank_ais[0].load::<Bank>()?;
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let end_liab_native = liqee_liab.native(&liab_bank);
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liqee_health_cache.adjust_token_balance(&liab_bank, end_liab_native - initial_liab_native)?;
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// Check liqee health again
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let liqee_liq_end_health = liqee_health_cache.health(HealthType::LiquidationEnd);
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liqee
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.fixed
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.maybe_recover_from_being_liquidated(liqee_liq_end_health);
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if !liqee_liab_active {
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liqee.deactivate_token_position_and_log(liqee_raw_token_index, ctx.accounts.liqee.key());
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}
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emit_stack(TokenLiqBankruptcyLog {
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mango_group: ctx.accounts.group.key(),
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liqee: ctx.accounts.liqee.key(),
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liqor: ctx.accounts.liqor.key(),
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liab_token_index,
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initial_liab_native: initial_liab_native.to_bits(),
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liab_price: liab_oracle_price.to_bits(),
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insurance_token_index,
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insurance_transfer: insurance_transfer_i80f48.to_bits(),
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socialized_loss: socialized_loss.to_bits(),
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starting_liab_deposit_index: starting_deposit_index.to_bits(),
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ending_liab_deposit_index: liab_deposit_index.to_bits(),
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});
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Ok(())
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}
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