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enforce lower bound on bond price

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Signed-off-by: Uncle Fatso <uncle.fatso@ghostchain.io>
This commit is contained in:
Uncle Fatso 2026-09-24 13:37:14 +03:00
parent 45e730a8ce
commit 40c203a6b0
Signed by: f4ts0
GPG Key ID: 565F4F2860226EBB
4 changed files with 51 additions and 23 deletions
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17
src/BondDepository.sol
View File

@ -150,7 +150,7 @@ contract GhostBondDepository is IBondDepository, NoteKeeper {
} }
function create( function create(
uint256[3] calldata _market, uint256[4] calldata _market,
uint256[2] calldata _terms, uint256[2] calldata _terms,
address _quoteToken, address _quoteToken,
uint32[2] calldata _intervals, uint32[2] calldata _intervals,
@ -169,19 +169,20 @@ contract GhostBondDepository is IBondDepository, NoteKeeper {
// forge-lint: disable-next-line(unsafe-typecast) // forge-lint: disable-next-line(unsafe-typecast)
uint64 maxPayout = uint64(FullMath.mulDiv(targetDebt, _intervals[0], secondsToConclusion)); uint64 maxPayout = uint64(FullMath.mulDiv(targetDebt, _intervals[0], secondsToConclusion));
uint256 maxDebt = targetDebt + FullMath.mulDiv(targetDebt, _market[2], 1e5); uint256 maxDebt = targetDebt + FullMath.mulDiv(targetDebt, _market[3], 1e5);
uint256 controlVariable = FullMath.mulDiv(_market[1], ITreasury(TREASURY).baseSupply(), targetDebt); uint256 controlVariable = FullMath.mulDiv(_market[1], ITreasury(TREASURY).baseSupply(), targetDebt);
id = markets.length; id = markets.length;
markets.push( markets.push(
Market({ Market({
capacity: _market[0],
purchased: 0,
minimumPrice: _market[2],
quoteToken: _quoteToken, quoteToken: _quoteToken,
capacityInQuote: _booleans[0], capacityInQuote: _booleans[0],
capacity: _market[0],
totalDebt: targetDebt, totalDebt: targetDebt,
maxPayout: maxPayout, maxPayout: maxPayout,
purchased: 0,
sold: 0 sold: 0
}) })
); );
@ -225,7 +226,9 @@ contract GhostBondDepository is IBondDepository, NoteKeeper {
} }
function marketPrice(uint256 id) public view override returns (uint256) { function marketPrice(uint256 id) public view override returns (uint256) {
return FullMath.mulDiv(currentControlVariable(id), debtRatio(id), 10**metadatas[id].quoteDecimals); uint256 minimumPrice = markets[id].minimumPrice;
uint256 currentPrice = FullMath.mulDiv(currentControlVariable(id), debtRatio(id), 10**metadatas[id].quoteDecimals);
return currentPrice > minimumPrice ? currentPrice : minimumPrice;
} }
function payoutFor( function payoutFor(
@ -311,7 +314,9 @@ contract GhostBondDepository is IBondDepository, NoteKeeper {
} }
function _marketPrice(uint256 _id) internal view returns (uint256) { function _marketPrice(uint256 _id) internal view returns (uint256) {
return FullMath.mulDiv(terms[_id].controlVariable, _debtRatio(_id), 10**metadatas[_id].quoteDecimals); uint256 minimumPrice = markets[_id].minimumPrice;
uint256 currentPrice = FullMath.mulDiv(terms[_id].controlVariable, _debtRatio(_id), 10**metadatas[_id].quoteDecimals);
return currentPrice > minimumPrice ? currentPrice : minimumPrice;
} }
function _debtRatio(uint256 id) internal view returns (uint256) { function _debtRatio(uint256 id) internal view returns (uint256) {

5
src/interfaces/IBondDepository.sol
View File

@ -18,12 +18,13 @@ interface IBondDepository {
struct Market { struct Market {
uint256 capacity; uint256 capacity;
uint256 purchased;
uint256 minimumPrice;
address quoteToken; address quoteToken;
bool capacityInQuote; bool capacityInQuote;
uint64 totalDebt; uint64 totalDebt;
uint64 maxPayout; uint64 maxPayout;
uint64 sold; uint64 sold;
uint256 purchased;
} }
struct Term { struct Term {
@ -65,7 +66,7 @@ interface IBondDepository {
); );
function create( function create(
uint256[3] memory _market, uint256[4] memory _market,
uint256[2] memory _terms, uint256[2] memory _terms,
address _quoteToken, address _quoteToken,
uint32[2] memory _intervals, uint32[2] memory _intervals,

41
test/bonding/BondDepositorty.t.sol
View File

@ -121,7 +121,7 @@ contract GhostBondDepositoryTest is Test {
vm.prank(POLICY); vm.prank(POLICY);
depository.create( depository.create(
[CAPACITY, INITIAL_PRICE, BUFFER], [CAPACITY, INITIAL_PRICE, 0, BUFFER],
[VESTING, conclusion], [VESTING, conclusion],
address(reserve), address(reserve),
[uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast) [uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast)
@ -144,7 +144,7 @@ contract GhostBondDepositoryTest is Test {
vm.prank(POLICY); vm.prank(POLICY);
depository.create( depository.create(
[CAPACITY, INITIAL_PRICE, BUFFER], [CAPACITY, INITIAL_PRICE, 0, BUFFER],
[VESTING, conclusion], [VESTING, conclusion],
address(weth), address(weth),
[uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast) [uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast)
@ -166,14 +166,14 @@ contract GhostBondDepositoryTest is Test {
} }
function test_shouldSetMaxPayoutToCorrectPercentageOfCapacity() public view { function test_shouldSetMaxPayoutToCorrectPercentageOfCapacity() public view {
(, , , , uint256 maxPayout, ,) = depository.markets(0); (, , , , , , uint256 maxPayout,) = depository.markets(0);
assertEq(maxPayout, CAPACITY / 6); assertEq(maxPayout, CAPACITY / 6);
} }
function test_shouldReturnIdsOfAllMarkets() public { function test_shouldReturnIdsOfAllMarkets() public {
vm.prank(POLICY); vm.prank(POLICY);
depository.create( depository.create(
[CAPACITY, INITIAL_PRICE, BUFFER], [CAPACITY, INITIAL_PRICE, 0, BUFFER],
[VESTING, conclusion], [VESTING, conclusion],
address(reserve), address(reserve),
[uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast) [uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast)
@ -186,10 +186,31 @@ contract GhostBondDepositoryTest is Test {
assertEq(liveMarkets[1], 1); assertEq(liveMarkets[1], 1);
} }
function test_marketPriceShouldNeverFallBelowMinimum() public {
uint256 initialPrice = 420 * 1e9;
uint256 minPrice = 69 * 1e9;
vm.prank(POLICY);
uint256 marketId = depository.create(
[CAPACITY, initialPrice, minPrice, BUFFER],
[VESTING, TIME_TO_CONCLUSION],
address(reserve),
[uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)],
[false, true]
);
uint256 currentPrice = depository.marketPrice(marketId);
assertEq(currentPrice, initialPrice);
vm.warp(block.timestamp + TIME_TO_CONCLUSION - 420);
uint256 priceAfterDecay = depository.marketPrice(marketId);
assertEq(priceAfterDecay, minPrice);
}
function test_shouldUpdateIdsOfMarkets() public { function test_shouldUpdateIdsOfMarkets() public {
vm.startPrank(POLICY); vm.startPrank(POLICY);
depository.create( depository.create(
[CAPACITY, INITIAL_PRICE, BUFFER], [CAPACITY, INITIAL_PRICE, 0, BUFFER],
[VESTING, conclusion], [VESTING, conclusion],
address(reserve), address(reserve),
[uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast) [uint32(DEPOSIT_INTERVAL), uint32(TUNE_INTERVAL)], // forge-lint: disable-line(unsafe-typecast)
@ -221,13 +242,13 @@ contract GhostBondDepositoryTest is Test {
} }
function test_shouldDecayDebt() public { function test_shouldDecayDebt() public {
(, , , uint256 totalDebt, , ,) = depository.markets(0); (, , , , , uint256 totalDebt, ,) = depository.markets(0);
skip(DEPOSIT_INTERVAL); skip(DEPOSIT_INTERVAL);
vm.prank(ALICE); vm.prank(ALICE);
depository.deposit(0, 0, INITIAL_PRICE, ALICE); depository.deposit(0, 0, INITIAL_PRICE, ALICE);
(, , , uint256 newTotalDebt, , ,) = depository.markets(0); (, , , , , uint256 newTotalDebt, ,) = depository.markets(0);
assertEq(totalDebt > newTotalDebt, true); assertEq(totalDebt > newTotalDebt, true);
} }
@ -432,7 +453,7 @@ contract GhostBondDepositoryTest is Test {
} }
function test_shouldDecayMaxPayoutInTargetDepositInterval() public { function test_shouldDecayMaxPayoutInTargetDepositInterval() public {
(, , , , uint64 maxPayout, ,) = depository.markets(0); (, , , , , , uint64 maxPayout,) = depository.markets(0);
uint256 price = depository.marketPrice(0); uint256 price = depository.marketPrice(0);
uint256 amount = maxPayout * price; uint256 amount = maxPayout * price;
vm.prank(ALICE); vm.prank(ALICE);
@ -443,11 +464,11 @@ contract GhostBondDepositoryTest is Test {
} }
function test_shouldCloseMarket() public { function test_shouldCloseMarket() public {
(uint256 cap, , , , , ,) = depository.markets(0); (uint256 cap, , , , , , ,) = depository.markets(0);
assertEq(cap > 0, true); assertEq(cap > 0, true);
vm.prank(POLICY); vm.prank(POLICY);
depository.close(0); depository.close(0);
(uint256 newCap, , , , , ,) = depository.markets(0); (uint256 newCap, , , , , , ,) = depository.markets(0);
assertEq(newCap, 0); assertEq(newCap, 0);
} }

11
test/gatekeeper/Gatekeeper.t.sol
View File

@ -72,7 +72,7 @@ contract MockGovernance is Test {
} }
function create( function create(
uint256[3] calldata market, uint256[4] calldata market,
uint256[2] calldata terms, uint256[2] calldata terms,
address quoteToken, address quoteToken,
uint32[2] calldata intervals, uint32[2] calldata intervals,
@ -83,6 +83,7 @@ contract MockGovernance is Test {
assertEq(market[0], 69); assertEq(market[0], 69);
assertEq(market[1], 420); assertEq(market[1], 420);
assertEq(market[2], 1337); assertEq(market[2], 1337);
assertEq(market[3], 0);
assertEq(terms[0], 420); assertEq(terms[0], 420);
assertEq(terms[1], 1337); assertEq(terms[1], 1337);
@ -468,12 +469,12 @@ contract GatekeeperTest is Test {
0x10121ffe0cc95cf3cbb4e92d72d61feec3e94045185cd7f3c5ce0d01e3a644ea 0x10121ffe0cc95cf3cbb4e92d72d61feec3e94045185cd7f3c5ce0d01e3a644ea
); );
// execute close, exodusSession: 10 // execute create, exodusSession: 10
vm.prank(ALICE); vm.prank(ALICE);
gatekeeper.verify( gatekeeper.verify(
hex"31371426000000000000000000000000000000000000000000000000000000000000000a0000000000007a6901010101010101010101010101010101010101010000000000000000000000000000000000000000000000000000000000000000000000600000000000000000000000000000000000000000000000000000000000000144a0139f41000000000000000000000000000000000000000000000000000000000000004500000000000000000000000000000000000000000000000000000000000001a4000000000000000000000000000000000000000000000000000000000000053900000000000000000000000000000000000000000000000000000000000001a400000000000000000000000000000000000000000000000000000000000005390000000000000000000000000101010101010101010101010101010101010101000000000000000000000000000000000000000000000000000000000000002200000000000000000000000000000000000000000000000000000000000000230000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000", hex"31371426000000000000000000000000000000000000000000000000000000000000000a0000000000007a6901010101010101010101010101010101010101010000000000000000000000000000000000000000000000000000000000000000000000600000000000000000000000000000000000000000000000000000000000000164206eb0f8000000000000000000000000000000000000000000000000000000000000004500000000000000000000000000000000000000000000000000000000000001a40000000000000000000000000000000000000000000000000000000000000539000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000001a400000000000000000000000000000000000000000000000000000000000005390000000000000000000000000101010101010101010101010101010101010101000000000000000000000000000000000000000000000000000000000000002200000000000000000000000000000000000000000000000000000000000000230000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000",
0xb354049d0012ef7ec3edac6aba453daf4bdc2d28fe1d88138f94459799e2343f, 0x18c5c0b98ac8221b75b1f7bf3e36fc0d820d5866b23010f4861d8602066f93b0,
0x13a6f8b10007b41fa08c8efee85501fac2554571af99fe587b534fe28fdb82a3 0x45db6a091ddc9d19156c6d2f1d3aca7541733faeebdeed7b8572192d050e4e06
); );
// execute enable, exodusSession: 13 // execute enable, exodusSession: 13