🚮 Remove WAP (#449)

## What?
- Remove the WAP
- Accepted bids don't get any refund since there's no difference between price paid and final price.
- Only Partially accepted bids get some refund
- Rejected bids still get full refund

## Why?
- No contribution round to profit from the WAP, so only thing we're doing is making the system more confusing and giving less funds to the issuer.

## How?
- Remove all references to the WAP
- Don't give refunds based on the price difference

## Testing?
- Delete WAP related tests
- Amend the other tests

Author: lrazovic

integration-tests/src/tests/e2e.rs

@@ -158,24 +158,20 @@ fn pre_wap_bids() -> Vec<(u32, [u8; 32], ParticipationMode, InvestorType, u64, f
 	]
 }
 
-fn wap() -> f64 {
-	10.30346708
-}
-
 #[allow(unused)]
 fn post_wap_bids() -> Vec<(u32, [u8; 32], ParticipationMode, InvestorType, u64, f64, AcceptedFundingAsset, f64, f64)> {
 	// (bid_id, User, Participation mode, Investor type, CTs specified in extrinsic, CT Price, Participation Currency, Final participation currency ticket, PLMC bonded as a consequence)
 	vec![
-		(21, SAM, OTM, Professional, 2_000, 10.303467, USDT, 20_916.0382, 22_620.1253),
-		(22, SAM, OTM, Professional, 2_200, 10.303467, DOT, 4_947.8800, 24_882.1378),
-		(16, DAVE, OTM, Professional, 1_000, 10.303467, USDT, 10_458.0191, 11_310.0627),
-		(17, GERALT, Classic(15), Institutional, 500, 10.303467, USDT, 5_151.7335, 1_885.0104),
-		(18, GEORGE, Classic(20), Institutional, 1_900, 10.303467, USDT, 19_576.5875, 5_372.2798),
-		(19, GINO, Classic(25), Institutional, 600, 10.303467, USDT, 6_182.0802, 1_357.2075),
-		(20, STEVE, OTM, Professional, 1_000, 10.303467, USDT, 10_458.0191, 11_310.0627),
-		(0, BROCK, OTM, Professional, 700, 10.000000, USDC, 7_101.4493, 7_683.8639),
-		(1, BEN, OTM, Professional, 4_000, 10.000000, USDT, 40_600.0000, 43_907.7936),
-		(2, BILL, Classic(3), Professional, 3_000, 10.000000, USDC, 29_985.0075, 54_884.7420),
+		(21, SAM, OTM, Professional, 2_000, 12.0, USDT, 24000.0, 26344.6762),
+		(22, SAM, OTM, Professional, 2_200, 12.0, DOT, 5677.419355, 28979.1438),
+		(16, DAVE, OTM, Professional, 1_000, 11.0, USDT, 11000.0, 12074.6432),
+		(17, GERALT, Classic(15), Institutional, 500, 11.0, USDT, 5500.0, 2012.4405),
+		(18, GEORGE, Classic(20), Institutional, 1_900, 11.0, USDT, 20900.0, 5735.4555),
+		(19, GINO, Classic(25), Institutional, 600, 11.0, USDT, 6600.0, 1448.9572),
+		(20, STEVE, OTM, Professional, 1_000, 11.0, USDT, 11000.0, 12074.6432),
+		(0, BROCK, OTM, Professional, 700, 10.000000, USDC, 6996.501749, 7_683.8639),
+		(1, BEN, OTM, Professional, 4_000, 10.000000, USDT, 40_000.0, 43_907.7936),
+		(2, BILL, Classic(3), Professional, 3_000, 10.000000, USDC, 29985.0075, 54_884.7420),
 		(3, BRAD, Classic(6), Professional, 700, 10.000000, USDT, 7_000.0000, 6_403.2199),
 		(4, BROCK, Classic(9), Professional, 3_400, 10.000000, USDT, 34_000.0000, 20_734.2359),
 		(5, BLAIR, Classic(8), Professional, 1_000, 10.000000, USDT, 10_000.0000, 6_860.5928),
@@ -187,7 +183,7 @@ fn post_wap_bids() -> Vec<(u32, [u8; 32], ParticipationMode, InvestorType, u64,
 		(11, BELLA, Classic(1), Professional, 800, 10.000000, USDT, 8_000.0000, 43_907.7936),
 		(12, BRUCE, Classic(4), Institutional, 3_000, 10.000000, USDT, 30_000.0000, 41_163.5565),
 		(13, BRENT, Classic(1), Institutional, 8_000, 10.000000, USDT, 80_000.0000, 439_077.9363),
-		(14, DOUG, OTM, Institutional, 100, 10.000000, USDT, 1_015.0000, 5_488.4742),
+		(14, DOUG, OTM, Institutional, 100, 10.000000, USDT, 1000.0, 5_488.4742),
 		(15, DAVE, OTM, Professional, 0, 10.000000, USDT, 0.00, 0.00),
 	]
 }
@@ -198,7 +194,7 @@ fn cts_minted() -> f64 {
 }
 
 fn usd_raised() -> f64 {
-	502_791.8972
+	513_400.0000
 }
 
 #[allow(unused)]
@@ -209,7 +205,7 @@ fn ct_fees() -> (f64, f64, f64) {
 
 fn issuer_payouts() -> (f64, f64, f64) {
 	// (USDT, USDC, DOT)
-	(430_124.27, 36_981.51, 7_670.46)
+	(437_000.00, 36_981.51, 8_473.12)
 }
 
 fn evaluator_reward_pots() -> (f64, f64, f64, f64) {
@@ -245,17 +241,17 @@ fn final_payouts() -> Vec<([u8; 32], f64, f64)> {
 		(DAVE, 1059.661749, 0.00),
 		(MASON, 35.37757672, 0.00),
 		(MIKE, 82.74302164, 0.00),
-		(GERALT, 500.0, 1_885.01),
-		(GEORGE, 1_900.0, 5_372.28),
-		(GINO, 600.0, 1_357.21),
+		(GERALT, 500.0, 2_012.44),
+		(GEORGE, 1_900.0, 5_735.46),
+		(GINO, 600.0, 1_448.96),
 		(STEVE, 1017.159307, 0.0),
 		(SAM, 4267.09505, 0.0),
 	]
 }
 
 fn otm_fee_recipient_balances() -> (f64, f64, f64) {
 	// USDT, USDC, DOT
-	(1233.208025, 104.9475262, 73.12137929)
+	(1305.0, 104.9475262, 85.16129032)
 }
 
 fn otm_treasury_sub_account_plmc_held() -> f64 {
@@ -462,18 +458,6 @@ fn e2e_test() {
 
 		let project_details = inst.get_project_details(project_id);
 		let project_metadata = inst.get_project_metadata(project_id);
-		let stored_wap = project_details.weighted_average_price.unwrap();
-		let expected_wap = PriceProviderOf::<PolimecRuntime>::calculate_decimals_aware_price(
-			PriceOf::<PolimecRuntime>::from_float(wap()),
-			USD_DECIMALS,
-			CT_DECIMALS,
-		)
-		.unwrap();
-		assert_close_enough!(
-			stored_wap.saturating_mul_int(PLMC),
-			expected_wap.saturating_mul_int(PLMC),
-			Perquintill::from_float(0.9999)
-		);
 
 		let actual_cts_minted = polimec_runtime::ContributionTokens::total_issuance(project_id);
 		let expected_cts_minted = FixedU128::from_float(cts_minted()).saturating_mul_int(CT_UNIT);
@@ -544,6 +528,8 @@ fn e2e_test() {
 		);
 
 		for (user, ct_rewarded, plmc_bonded) in final_payouts() {
+			let names = names();
+
 			let user: PolimecAccountId = user.into();
 			let ct_rewarded = FixedU128::from_float(ct_rewarded).saturating_mul_int(CT_UNIT);
 			let plmc_bonded = FixedU128::from_float(plmc_bonded).saturating_mul_int(PLMC);

pallets/funding/src/benchmarking.rs

@@ -771,8 +771,8 @@ mod benchmarks {
 	}
 
 	// We have 3 logic paths
-	// 1 - Accepted bid with no refunds (i.e. final price <= WAP, no partial acceptance)
-	// 2 - Accepted bid with refund (i.e. final price > WAP or partial acceptance)
+	// 1 - Accepted bid with no refunds
+	// 2 - Accepted bid with refund (i.e. partially accepted bid )
 	// 3 - Rejected bid (i.e. bid not accepted, everything refunded, no CT/migration)
 	// Path 2 is the most expensive but not by far, so we only benchmark and charge for this weight
 	#[benchmark]
@@ -788,10 +788,14 @@ mod benchmarks {
 
 		let project_metadata = default_project_metadata::<T>(issuer.clone());
 		let increase = project_metadata.minimum_price * PriceOf::<T>::saturating_from_rational(5, 10);
-		let target_wap = project_metadata.minimum_price + increase;
+		let target_price = project_metadata.minimum_price + increase;
+
+		let mut new_bucket = Pallet::<T>::create_bucket_from_metadata(&project_metadata).unwrap();
+		new_bucket.current_price = target_price;
+		new_bucket.amount_left = new_bucket.delta_amount;
 
 		let evaluations = inst.generate_successful_evaluations(project_metadata.clone(), 10);
-		let bids = inst.generate_bids_that_take_price_to(project_metadata.clone(), target_wap);
+		let bids = inst.generate_bids_from_bucket(project_metadata.clone(), new_bucket, USDT);
 
 		let project_id =
 			inst.create_finished_project(project_metadata.clone(), issuer, None, evaluations, bids.clone());
@@ -829,7 +833,6 @@ mod benchmarks {
 				id: bid_to_settle.id,
 				status: bid_to_settle.status,
 				final_ct_amount: expected_ct_amount,
-				final_ct_usd_price: bid_to_settle.original_ct_usd_price,
 			}
 			.into(),
 		);

pallets/funding/src/functions/1_application.rs

@@ -33,7 +33,6 @@ impl<T: Config> Pallet<T> {
 			issuer_account: issuer.clone(),
 			issuer_did: did.clone(),
 			is_frozen: false,
-			weighted_average_price: None,
 			fundraising_target_usd: fundraising_target,
 			status: ProjectStatus::Application,
 			round_duration: BlockNumberPair::new(None, None),

pallets/funding/src/functions/5_funding_end.rs

@@ -26,8 +26,6 @@ impl<T: Config> Pallet<T> {
 		ProjectsInAuctionRound::<T>::put(WeakBoundedVec::force_from(project_ids, None));
 
 		let auction_allocation_size = project_metadata.total_allocation_size;
-		let weighted_average_price = bucket.calculate_wap(auction_allocation_size);
-		project_details.weighted_average_price = Some(weighted_average_price);
 
 		let bucket_price_higher_than_initial = bucket.current_price > bucket.initial_price;
 		let sold_percent =
@@ -39,7 +37,7 @@ impl<T: Config> Pallet<T> {
 
 		DidWithActiveProjects::<T>::set(issuer_did, None);
 
-		let usd_raised = Self::calculate_usd_sold_from_bucket(bucket.clone(), project_metadata.total_allocation_size);
+		let usd_raised = bucket.calculate_usd_raised(auction_allocation_size);
 		project_details.funding_amount_reached_usd = usd_raised;
 		project_details.remaining_contribution_tokens =
 			if bucket.current_price == bucket.initial_price { bucket.amount_left } else { Zero::zero() };

pallets/funding/src/functions/6_settlement.rs

@@ -159,7 +159,6 @@ impl<T: Config> Pallet<T> {
 		let project_metadata = ProjectsMetadata::<T>::get(project_id).ok_or(Error::<T>::ProjectMetadataNotFound)?;
 		let funding_success =
 			matches!(project_details.status, ProjectStatus::SettlementStarted(FundingOutcome::Success));
-		let wap = project_details.weighted_average_price.unwrap_or(project_metadata.minimum_price);
 		let mut bid = Bids::<T>::get(project_id, bid_id).ok_or(Error::<T>::ParticipationNotFound)?;
 
 		ensure!(
@@ -173,8 +172,8 @@ impl<T: Config> Pallet<T> {
 
 		// Return the full bid amount to refund if bid is rejected or project failed,
 		// Return a partial amount if the project succeeded, and the wap > paid price or bid is partially accepted
-		let BidRefund { final_ct_usd_price, final_ct_amount, refunded_plmc, refunded_funding_asset_amount } =
-			Self::calculate_refund(&bid, funding_success, wap)?;
+		let BidRefund { final_ct_amount, refunded_plmc, refunded_funding_asset_amount } =
+			Self::calculate_refund(&bid, funding_success)?;
 
 		Self::release_funding_asset(project_id, &bid.bidder, refunded_funding_asset_amount, bid.funding_asset)?;
 
@@ -227,42 +226,39 @@ impl<T: Config> Pallet<T> {
 			id: bid.id,
 			status: bid.status,
 			final_ct_amount,
-			final_ct_usd_price,
 		});
 
 		Ok(())
 	}
 
 	/// Calculate the amount of funds the bidder should receive back based on the original bid
 	/// amount and price compared to the final bid amount and price.
-	fn calculate_refund(
-		bid: &BidInfoOf<T>,
-		funding_success: bool,
-		wap: PriceOf<T>,
-	) -> Result<BidRefund<T>, DispatchError> {
-		let final_ct_usd_price = if bid.original_ct_usd_price > wap { wap } else { bid.original_ct_usd_price };
+	fn calculate_refund(bid: &BidInfoOf<T>, funding_success: bool) -> Result<BidRefund, DispatchError> {
 		let multiplier: MultiplierOf<T> = bid.mode.multiplier().try_into().map_err(|_| Error::<T>::BadMath)?;
-		if !funding_success || bid.status == BidStatus::Rejected {
-			return Ok(BidRefund::<T> {
-				final_ct_usd_price,
+		let ct_price = bid.original_ct_usd_price;
+
+		match bid.status {
+			BidStatus::Accepted if funding_success => Ok(BidRefund {
+				final_ct_amount: bid.original_ct_amount,
+				refunded_plmc: Zero::zero(),
+				refunded_funding_asset_amount: Zero::zero(),
+			}),
+			BidStatus::PartiallyAccepted(accepted_amount) if funding_success => {
+				let new_ticket_size = ct_price.checked_mul_int(accepted_amount).ok_or(Error::<T>::BadMath)?;
+				let new_plmc_bond = Self::calculate_plmc_bond(new_ticket_size, multiplier)?;
+				let new_funding_asset_amount =
+					Self::calculate_funding_asset_amount(new_ticket_size, bid.funding_asset)?;
+				let refunded_plmc = bid.plmc_bond.saturating_sub(new_plmc_bond);
+				let refunded_funding_asset_amount =
+					bid.funding_asset_amount_locked.saturating_sub(new_funding_asset_amount);
+				Ok(BidRefund { final_ct_amount: accepted_amount, refunded_plmc, refunded_funding_asset_amount })
+			},
+			_ => Ok(BidRefund {
 				final_ct_amount: Zero::zero(),
 				refunded_plmc: bid.plmc_bond,
 				refunded_funding_asset_amount: bid.funding_asset_amount_locked,
-			});
+			}),
 		}
-		let final_ct_amount = match bid.status {
-			BidStatus::Accepted => bid.original_ct_amount,
-			BidStatus::PartiallyAccepted(accepted_amount) => accepted_amount,
-			_ => Zero::zero(),
-		};
-
-		let new_ticket_size = final_ct_usd_price.checked_mul_int(final_ct_amount).ok_or(Error::<T>::BadMath)?;
-		let new_plmc_bond = Self::calculate_plmc_bond(new_ticket_size, multiplier)?;
-		let new_funding_asset_amount = Self::calculate_funding_asset_amount(new_ticket_size, bid.funding_asset)?;
-		let refunded_plmc = bid.plmc_bond.saturating_sub(new_plmc_bond);
-		let refunded_funding_asset_amount = bid.funding_asset_amount_locked.saturating_sub(new_funding_asset_amount);
-
-		Ok(BidRefund::<T> { final_ct_usd_price, final_ct_amount, refunded_plmc, refunded_funding_asset_amount })
 	}
 
 	pub fn do_mark_project_as_settled(project_id: ProjectId) -> DispatchResult {

pallets/funding/src/functions/misc.rs

@@ -456,44 +456,6 @@ impl<T: Config> Pallet<T> {
 		let funding_asset_decimals = T::FundingCurrency::decimals(funding_asset_id.clone());
 		<PriceProviderOf<T>>::get_decimals_aware_price(funding_asset_id, USD_DECIMALS, funding_asset_decimals)
 	}
-
-	pub fn calculate_usd_sold_from_bucket(mut bucket: BucketOf<T>, auction_allocation_size: Balance) -> Balance {
-		if bucket.current_price == bucket.initial_price {
-			return bucket.initial_price.saturating_mul_int(auction_allocation_size.saturating_sub(bucket.amount_left))
-		}
-
-		let mut total_usd_sold = 0u128;
-		let wap = bucket.calculate_wap(auction_allocation_size);
-
-		let mut total_ct_amount_left = auction_allocation_size;
-
-		// Latest bucket will be partially sold
-		let ct_sold = bucket.delta_amount.saturating_sub(bucket.amount_left);
-		let usd_sold = wap.saturating_mul_int(ct_sold);
-		total_usd_sold = total_usd_sold.saturating_add(usd_sold);
-		total_ct_amount_left = total_ct_amount_left.saturating_sub(ct_sold);
-		bucket.current_price = bucket.current_price.saturating_sub(bucket.delta_price);
-
-		while total_ct_amount_left > 0 {
-			// If we reached the inital bucket, all the CTs remaining are taken from this bucket
-			if bucket.current_price == bucket.initial_price {
-				let ct_sold = total_ct_amount_left;
-				let usd_sold = bucket.initial_price.saturating_mul_int(ct_sold);
-				total_usd_sold = total_usd_sold.saturating_add(usd_sold);
-				break
-			}
-
-			let price_charged = wap.min(bucket.current_price);
-			let ct_sold = total_ct_amount_left.min(bucket.delta_amount);
-			let usd_raised = price_charged.saturating_mul_int(ct_sold);
-			total_usd_sold = total_usd_sold.saturating_add(usd_raised);
-			total_ct_amount_left = total_ct_amount_left.saturating_sub(ct_sold);
-
-			bucket.current_price = bucket.current_price.saturating_sub(bucket.delta_price);
-		}
-
-		total_usd_sold
-	}
 }
 
 pub mod typed_data_v4 {