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remove pool ratio adjustment & update related comments -- all tests p…
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@auroter
auroter committed Feb 18, 2025
1 parent ef3b8f7 commit 350e592
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63 changes: 5 additions & 58 deletions src/EthMultiVault.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -1859,16 +1859,7 @@ contract EthMultiVault is IEthMultiVault, Initializable, ReentrancyGuardUpgradea
uint256 supply = bondingCurveVaults[id][curveId].totalShares;
uint256 totalAssets = bondingCurveVaults[id][curveId].totalAssets;
uint256 basePrice = supply == 0 ? 0 : _registry().currentPrice(supply, curveId);
uint256 price = basePrice;

// Pool Ratio Adjustment
if (totalAssets != 0 && supply != 0) {
uint256 totalSharesInAssetSpace = _registry().convertToAssets(supply, supply, totalAssets, curveId);
if (totalSharesInAssetSpace != 0) {
price = price.mulDiv(totalAssets * generalConfig.decimalPrecision, totalSharesInAssetSpace);
}
}
return price;
return basePrice;
}

/// @notice returns max amount of eth that can be deposited into the vault
Expand Down Expand Up @@ -1931,35 +1922,13 @@ contract EthMultiVault is IEthMultiVault, Initializable, ReentrancyGuardUpgradea
/// @notice The conversion happens in two steps:
/// 1. First, we get the base shares from the bonding curve:
/// $$s_{base} = f_{curve}(assets)$$
/// 2. Then we apply a pool ratio adjustment to account for divergence between total assets and shares:
/// $$s_{final} = s_{base} \cdot \frac{A_{total}^{(s)}}{S_{total}}$$
/// ### Where:
/// 1. $S_{total}$ is the total supply of shares
/// 2. $A_{total}^{(s)} = f_{curve}^{-1}(A_{total})$ is the total assets converted to share domain
/// using the inverse of the bonding curve function
/// @notice This adjustment is necessary because the actual ratio of assets:shares may drift from
/// the bonding curve's 'pure' conversion ratio due to:
/// - Protocol fees being taken in assets
/// - Share burns
/// - Direct asset transfers/airdrops
/// @notice The crucial conversion of assets to share domain ($A_{total}^{(s)}$) ensures we're comparing
/// quantities in the same space, as the bonding curve defines a non-linear relationship
/// between assets and shares.
/// @dev TLDR: You need to exchange apples for oranges and they each have their own wholesale discount tiers.
/// So you need to compute their value using a common denominator like dollars.
// 2. That's it. The pool ratio adjustment cannot be used for curves other than Linear, which is unused
// in this version of the contract in favor of convertToShares.
function convertToSharesCurve(uint256 assets, uint256 id, uint256 curveId) public view returns (uint256) {
uint256 supply = bondingCurveVaults[id][curveId].totalShares;
uint256 totalAssets = bondingCurveVaults[id][curveId].totalAssets;

uint256 shares = _registry().previewDeposit(assets, totalAssets, supply, curveId);

// Pool Ratio Adjustment
if (totalAssets != 0 && supply != 0) {
uint256 totalAssetsInShareSpace = _registry().convertToShares(totalAssets, 0, 0, curveId);
if (totalAssetsInShareSpace != 0) {
shares = shares * totalAssetsInShareSpace / supply;
}
}
return shares;
}

Expand Down Expand Up @@ -1988,34 +1957,12 @@ contract EthMultiVault is IEthMultiVault, Initializable, ReentrancyGuardUpgradea
/// @notice The conversion happens in two steps:
/// 1. First, we get the base assets from the bonding curve:
/// $$a_{base} = f_{curve}^{-1}(shares)$$
/// 2. Then we apply a pool ratio adjustment to account for divergence between total assets and shares:
/// $$a_{final} = a_{base} \cdot \frac{A_{total}}{S_{total}^{(a)}}$$
/// ### Where:
/// 1. $A_{total}$ is the total assets in the vault
/// 2. $S_{total}^{(a)} = f_{curve}(S_{total})$ is the total shares converted to asset domain
/// using the bonding curve function
/// @notice This adjustment is necessary because the actual ratio of shares:assets may drift from
/// the bonding curve's 'pure' conversion ratio due to:
/// - Protocol fees being taken in assets
/// - Share burns
/// - Direct asset transfers/airdrops
/// @notice The crucial conversion of shares to asset domain ($S_{total}^{(a)}$) ensures we're comparing
/// quantities in the same space, as the bonding curve defines a non-linear relationship
/// between shares and assets.
/// @dev TLDR: You need to exchange oranges for apples and they each have their own wholesale discount tiers.
/// So you need to compute their value using a common denominator like dollars.
// 2. That's it. No pool ratio adjustment in this version of the contracts because it only works for
// pro-rata, and that is taken care of in convertToAssets.
function convertToAssetsCurve(uint256 shares, uint256 id, uint256 curveId) public view returns (uint256) {
uint256 supply = bondingCurveVaults[id][curveId].totalShares;
uint256 totalAssets = bondingCurveVaults[id][curveId].totalAssets;
uint256 assets = _registry().previewRedeem(shares, supply, totalAssets, curveId);

// // Pool Ratio Adjustment
if (totalAssets != 0 && supply != 0) {
uint256 totalSharesInAssetSpace = _registry().convertToAssets(supply, supply, totalAssets, curveId);
if (totalSharesInAssetSpace != 0) {
assets = assets * totalAssets / totalSharesInAssetSpace;
}
}
return assets;
}

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2 changes: 1 addition & 1 deletion src/ProgressiveCurve.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -7,7 +7,7 @@ import {UD60x18, ud60x18} from "@prb/math/UD60x18.sol";
/**
* @title ProgressiveCurve
* @author 0xIntuition
* @notice A bonding curve implementation that uses a progressive pricing model where
* @notice A bonding curve implementation that uses a progressive pricing model where
* each new share costs more than the last.
*
* The price follows the formula:
Expand Down

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