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fix(vaults): when reconstituting vaults, report correct shortfall #7752

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merged 2 commits into from
May 16, 2023
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fix(vaults): when reconstituting vaults, report correct shortfall #7752

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3470475
fix(vaults): when reconstituting vaults, report correct shortfall
Chris-Hibbert May 16, 2023
aa76acf
refactor(vaultManager): inline recordShortfallAndProceeds
turadg May 16, 2023
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80 changes: 47 additions & 33 deletions packages/inter-protocol/src/vaultFactory/vaultManager.js
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Original file line number Diff line number Diff line change
Expand Up @@ -496,28 +496,6 @@ export const prepareVaultManagerKit = (
proceeds,
);
},

/** @type {(accounting: { overage: Amount<'nat'>, shortfall: Amount<'nat'> }) => void} */
recordShortfallAndProceeds(accounting) {
trace('recordShortfallAndProceeds', accounting);
const { state } = this;

const { overage, shortfall } = accounting;
// cumulative values
state.totalOverageReceived = AmountMath.add(
state.totalOverageReceived,
overage,
);
state.totalShortfallReceived = AmountMath.add(
state.totalShortfallReceived,
shortfall,
);
state.totalDebt = AmountMath.subtract(state.totalDebt, shortfall);

void E.when(factoryPowers.getShortfallReporter(), reporter =>
E(reporter).increaseLiquidationShortfall(shortfall),
);
},
sendToReserve(penalty, seat, seatKeyword = 'Collateral') {
const invitation =
E(reservePublicFacet).makeAddCollateralInvitation();
Expand Down Expand Up @@ -555,9 +533,17 @@ export const prepareVaultManagerKit = (

state.liquidatingDebt = AmountMath.add(state.liquidatingDebt, debt);
},
markDoneLiquidating(debt, collateral) {
/**
*
* @param {Amount<'nat'>} debt
* @param {Amount<'nat'>} collateral
* @param {{ overage: Amount<'nat'>, shortfall: Amount<'nat'> }} accounting
*/
markDoneLiquidating(debt, collateral, accounting) {
const { state } = this;

// update liquidation state

state.liquidatingCollateral = AmountMath.subtract(
state.liquidatingCollateral,
collateral,
Expand All @@ -566,6 +552,24 @@ export const prepareVaultManagerKit = (
state.liquidatingDebt,
debt,
);

// record shortfall and proceeds

const { overage, shortfall } = accounting;
// cumulative values
state.totalOverageReceived = AmountMath.add(
state.totalOverageReceived,
overage,
);
state.totalShortfallReceived = AmountMath.add(
state.totalShortfallReceived,
shortfall,
);
state.totalDebt = AmountMath.subtract(state.totalDebt, shortfall);

void E.when(factoryPowers.getShortfallReporter(), reporter =>
E(reporter).increaseLiquidationShortfall(shortfall),
);
},
/**
* If interest was charged between liquidating and liquidated, erase it.
Expand Down Expand Up @@ -715,7 +719,11 @@ export const prepareVaultManagerKit = (
vaultData.getSize(),
);

facets.helper.markDoneLiquidating(totalDebt, totalCollateral);
facets.helper.markDoneLiquidating(
totalDebt,
totalCollateral,
accounting,
);
} else if (AmountMath.isEmpty(collateralProceeds)) {
// Flow #2a

Expand Down Expand Up @@ -782,7 +790,11 @@ export const prepareVaultManagerKit = (
vaultData.getSize(),
);

facets.helper.markDoneLiquidating(totalDebt, totalCollateral);
facets.helper.markDoneLiquidating(
totalDebt,
totalCollateral,
accounting,
);
} else {
// Flow #2b: There's unsold collateral; some vaults may be revived.

Expand All @@ -801,13 +813,13 @@ export const prepareVaultManagerKit = (
: AmountMath.makeEmptyFromAmount(collateralProceeds);

let collatRemaining = distributableCollateral;
let debtRemaining = totalDebt;
/** @type {import('@agoric/zoe/src/contractSupport/atomicTransfer.js').TransferPart[]} */
const transfers = [];
let liquidated = 0;
/** @type {MapStore<string, Vault>} */
const vaultsToReinstate = makeScalarMapStore();
let collateralReduction = AmountMath.makeEmpty(collateralBrand);
let shortfallToReserve = accounting.shortfall;

const reduceCollateral = amount =>
(collateralReduction = AmountMath.add(
Expand All @@ -825,13 +837,16 @@ export const prepareVaultManagerKit = (
if (
reconstituteVaults &&
AmountMath.isGTE(collatRemaining, collatPostDebt) &&
AmountMath.isGTE(debtRemaining, debtAmount)
AmountMath.isGTE(totalDebt, debtAmount)
) {
collatRemaining = AmountMath.subtract(
collatRemaining,
collatPostDebt,
);
debtRemaining = AmountMath.subtract(debtRemaining, debtAmount);
shortfallToReserve = AmountMath.subtract(
shortfallToReserve,
debtAmount,
);
const seat = vault.getVaultSeat();
const vaultId = vault.abortLiquidation();
liquidatingVaults.delete(vault);
Expand Down Expand Up @@ -869,13 +884,12 @@ export const prepareVaultManagerKit = (
transfers.length,
);

facets.helper.markRestoreDebt(
AmountMath.subtract(totalDebt, debtRemaining),
);
facets.helper.sendToReserve(collatRemaining, liqSeat);
facets.helper.markDoneLiquidating(totalDebt, totalCollateral);
facets.helper.markDoneLiquidating(totalDebt, totalCollateral, {
...accounting,
shortfall: shortfallToReserve,
});
}
facets.helper.recordShortfallAndProceeds(accounting);
return facets.helper.updateMetrics();
},
},
Expand Down
2 changes: 1 addition & 1 deletion packages/inter-protocol/test/vaultFactory/test-vaultLiquidation.js
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Original file line number Diff line number Diff line change
Expand Up @@ -1855,7 +1855,7 @@ test('reinstate vault', async t => {
totalDebt: { value: 158n },
totalCollateral: { value: 44n },
totalProceedsReceived: { value: 34n },
totalShortfallReceived: { value: 224n },
totalShortfallReceived: { value: 66n },
totalCollateralSold: { value: 8n },
numLiquidatingVaults: 0,
numLiquidationsCompleted: 1,
Expand Down