@melonproject/protocol
Version:
Technology Regulated and Operated Investment Funds
200 lines (199 loc) • 14.1 kB
JavaScript
"use strict";
var __awaiter = (this && this.__awaiter) || function (thisArg, _arguments, P, generator) {
return new (P || (P = Promise))(function (resolve, reject) {
function fulfilled(value) { try { step(generator.next(value)); } catch (e) { reject(e); } }
function rejected(value) { try { step(generator["throw"](value)); } catch (e) { reject(e); } }
function step(result) { result.done ? resolve(result.value) : new P(function (resolve) { resolve(result.value); }).then(fulfilled, rejected); }
step((generator = generator.apply(thisArg, _arguments || [])).next());
});
};
Object.defineProperty(exports, "__esModule", { value: true });
const initTestEnvironment_1 = require("../utils/initTestEnvironment");
const token_math_1 = require("@melonproject/token-math");
const updateTestingPriceFeed_1 = require("../utils/updateTestingPriceFeed");
const getAllBalances_1 = require("../utils/getAllBalances");
const beginSetup_1 = require("../../contracts/factory/transactions/beginSetup");
const getToken_1 = require("../../contracts/dependencies/token/calls/getToken");
const completeSetup_1 = require("../../contracts/factory/transactions/completeSetup");
const createAccounting_1 = require("../../contracts/factory/transactions/createAccounting");
const createFeeManager_1 = require("../../contracts/factory/transactions/createFeeManager");
const createParticipation_1 = require("../../contracts/factory/transactions/createParticipation");
const createPolicyManager_1 = require("../../contracts/factory/transactions/createPolicyManager");
const createShares_1 = require("../../contracts/factory/transactions/createShares");
const createTrading_1 = require("../../contracts/factory/transactions/createTrading");
const createVault_1 = require("../../contracts/factory/transactions/createVault");
const getFundComponents_1 = require("../../utils/getFundComponents");
const withDifferentAccount_1 = require("../../utils/environment/withDifferentAccount");
const deployAndGetSystem_1 = require("../utils/deployAndGetSystem");
const getContract_1 = require("../../utils/solidity/getContract");
const deployContract_1 = require("../../utils/solidity/deployContract");
const Contracts_1 = require("../../Contracts");
const increaseTime_1 = require("../../utils/evm/increaseTime");
const registerFees_1 = require("../../contracts/version/transactions/registerFees");
const precisionUnits = token_math_1.power(new token_math_1.BigInteger(10), new token_math_1.BigInteger(18));
let s = {};
beforeAll(() => __awaiter(this, void 0, void 0, function* () {
s.environment = yield initTestEnvironment_1.initTestEnvironment();
s.accounts = yield s.environment.eth.getAccounts();
const { addresses, contracts } = yield deployAndGetSystem_1.deployAndGetSystem(s.environment);
s.addresses = addresses;
s = Object.assign(s, contracts);
[s.deployer, s.manager, s.investor] = s.accounts;
s.gas = 8000000;
s.mlnTokenInterface = yield getToken_1.getToken(s.environment, s.mln.options.address);
s.wethTokenInterface = yield getToken_1.getToken(s.environment, s.weth.options.address);
const exchangeConfigs = {};
// Init fees
s.yearInSeconds = new token_math_1.BigInteger(31536000);
s.managementFee = getContract_1.getContract(s.environment, Contracts_1.Contracts.ManagementFee, yield deployContract_1.deployContract(s.environment, Contracts_1.Contracts.ManagementFee, []));
s.managementFeeRate = token_math_1.multiply(new token_math_1.BigInteger(2), token_math_1.power(new token_math_1.BigInteger(10), new token_math_1.BigInteger(16)));
const fees = [
{
feeAddress: s.managementFee.options.address,
feePeriod: new token_math_1.BigInteger(0),
feeRate: s.managementFeeRate,
},
];
yield registerFees_1.registerFees(s.environment, s.registry.options.address, {
addresses: fees.map(f => f.feeAddress),
});
const envManager = withDifferentAccount_1.withDifferentAccount(s.environment, s.manager);
yield beginSetup_1.beginSetup(envManager, s.version.options.address, {
defaultTokens: [s.wethTokenInterface, s.mlnTokenInterface],
exchangeConfigs,
fees,
fundName: 'Test fund',
quoteToken: s.wethTokenInterface,
});
yield createAccounting_1.createAccounting(envManager, s.version.options.address);
yield createFeeManager_1.createFeeManager(envManager, s.version.options.address);
yield createParticipation_1.createParticipation(envManager, s.version.options.address);
yield createPolicyManager_1.createPolicyManager(envManager, s.version.options.address);
yield createShares_1.createShares(envManager, s.version.options.address);
yield createTrading_1.createTrading(envManager, s.version.options.address);
yield createVault_1.createVault(envManager, s.version.options.address);
const hubAddress = yield completeSetup_1.completeSetup(envManager, s.version.options.address);
s.fund = yield getFundComponents_1.getFundComponents(envManager, hubAddress);
yield updateTestingPriceFeed_1.updateTestingPriceFeed(s, s.environment);
}));
test(`fund gets ethToken from investment`, () => __awaiter(this, void 0, void 0, function* () {
const initialTokenAmount = token_math_1.power(new token_math_1.BigInteger(10), new token_math_1.BigInteger(21));
yield s.weth.methods
.transfer(s.investor, `${initialTokenAmount}`)
.send({ from: s.deployer });
const wantedShares = token_math_1.power(new token_math_1.BigInteger(10), new token_math_1.BigInteger(20));
const preTotalSupply = yield s.fund.shares.methods.totalSupply().call();
yield s.weth.methods
.approve(s.fund.participation.options.address, wantedShares)
.send({ from: s.investor, gas: s.gas });
yield s.fund.participation.methods
.requestInvestment(`${wantedShares}`, `${wantedShares}`, s.weth.options.address)
.send({ from: s.investor, gas: s.gas, value: '10000000000000000' });
yield updateTestingPriceFeed_1.updateTestingPriceFeed(s, s.environment);
yield updateTestingPriceFeed_1.updateTestingPriceFeed(s, s.environment);
yield s.fund.participation.methods
.executeRequestFor(s.investor)
.send({ from: s.investor, gas: s.gas });
const postTotalSupply = yield s.fund.shares.methods.totalSupply().call();
expect(postTotalSupply).toEqual(token_math_1.add(token_math_1.toBI(preTotalSupply), wantedShares));
}));
test(`Reward fee rewards management fee in the form of shares`, () => __awaiter(this, void 0, void 0, function* () {
const pre = yield getAllBalances_1.getAllBalances(s, s.accounts, s.fund, s.environment);
const preManagerShares = new token_math_1.BigInteger(yield s.fund.shares.methods.balanceOf(s.manager).call());
const fundCreationTime = new token_math_1.BigInteger(yield s.managementFee.methods
.lastPayoutTime(s.fund.feeManager.options.address)
.call());
const preTotalSupply = new token_math_1.BigInteger(yield s.fund.shares.methods.totalSupply().call());
const preFundCalculations = yield s.fund.accounting.methods
.performCalculations()
.call();
yield s.fund.feeManager.methods
.rewardManagementFee()
.send({ from: s.manager, gas: s.gas });
const payoutTime = new token_math_1.BigInteger(yield s.managementFee.methods
.lastPayoutTime(s.fund.feeManager.options.address)
.call());
const expectedPreDilutionFeeShares = token_math_1.divide(token_math_1.multiply(token_math_1.divide(token_math_1.multiply(preTotalSupply, token_math_1.toBI(s.managementFeeRate)), precisionUnits), token_math_1.subtract(payoutTime, fundCreationTime)), token_math_1.toBI(s.yearInSeconds));
const expectedFeeShares = token_math_1.divide(token_math_1.multiply(preTotalSupply, expectedPreDilutionFeeShares), token_math_1.subtract(preTotalSupply, expectedPreDilutionFeeShares));
const post = yield getAllBalances_1.getAllBalances(s, s.accounts, s.fund, s.environment);
const postManagerShares = new token_math_1.BigInteger(yield s.fund.shares.methods.balanceOf(s.manager).call());
const postTotalSupply = new token_math_1.BigInteger(yield s.fund.shares.methods.totalSupply().call());
const postFundCalculations = yield s.fund.accounting.methods
.performCalculations()
.call();
expect(postManagerShares).toEqual(token_math_1.add(preManagerShares, expectedFeeShares));
expect(postTotalSupply).toEqual(token_math_1.add(preTotalSupply, expectedFeeShares));
expect(postFundCalculations.gav).toEqual(preFundCalculations.gav);
// Find out a way to assert this
// Share price is supposed to change due to time difference (keep constant)
// expect(postFundCalculations.sharePrice).toEqual(
// preFundCalculations.sharePrice,
// );
expect(post.fund.weth).toEqual(pre.fund.weth);
expect(post.manager.weth).toEqual(pre.manager.weth);
}));
test(`Claims fee using triggerRewardAllFees`, () => __awaiter(this, void 0, void 0, function* () {
const pre = yield getAllBalances_1.getAllBalances(s, s.accounts, s.fund, s.environment);
const preManagerShares = new token_math_1.BigInteger(yield s.fund.shares.methods.balanceOf(s.manager).call());
const lastFeeConversion = new token_math_1.BigInteger(yield s.managementFee.methods
.lastPayoutTime(s.fund.feeManager.options.address)
.call());
const preTotalSupply = new token_math_1.BigInteger(yield s.fund.shares.methods.totalSupply().call());
const preFundCalculations = yield s.fund.accounting.methods
.performCalculations()
.call();
yield s.fund.accounting.methods
.triggerRewardAllFees()
.send({ from: s.manager, gas: s.gas });
const payoutTime = new token_math_1.BigInteger(yield s.managementFee.methods
.lastPayoutTime(s.fund.feeManager.options.address)
.call());
const expectedPreDilutionFeeShares = token_math_1.divide(token_math_1.multiply(token_math_1.divide(token_math_1.multiply(preTotalSupply, token_math_1.toBI(s.managementFeeRate)), precisionUnits), token_math_1.subtract(payoutTime, lastFeeConversion)), token_math_1.toBI(s.yearInSeconds));
const expectedFeeShares = token_math_1.divide(token_math_1.multiply(preTotalSupply, expectedPreDilutionFeeShares), token_math_1.subtract(preTotalSupply, expectedPreDilutionFeeShares));
const expectedFeeInDenominationAsset = token_math_1.divide(token_math_1.multiply(expectedFeeShares, token_math_1.toBI(preFundCalculations.gav)), token_math_1.add(preTotalSupply, expectedFeeShares));
const post = yield getAllBalances_1.getAllBalances(s, s.accounts, s.fund, s.environment);
const postManagerShares = new token_math_1.BigInteger(yield s.fund.shares.methods.balanceOf(s.manager).call());
const postTotalSupply = new token_math_1.BigInteger(yield s.fund.shares.methods.totalSupply().call());
const postFundCalculations = yield s.fund.accounting.methods
.performCalculations()
.call();
const lastConversionCalculations = yield s.fund.accounting.methods
.atLastAllocation()
.call();
expect(postManagerShares).toEqual(token_math_1.add(preManagerShares, expectedFeeShares));
expect(postTotalSupply).toEqual(token_math_1.add(preTotalSupply, expectedFeeShares));
expect(postFundCalculations.gav).toEqual(preFundCalculations.gav);
// expect(postFundCalculations.sharePrice).toEqual(
// preFundCalculations.sharePrice,
// );
expect(new token_math_1.BigInteger(preFundCalculations.feesInDenominationAsset).toString()).toEqual(expectedFeeInDenominationAsset.toString());
expect(new token_math_1.BigInteger(lastConversionCalculations.allocatedFees).toString()).toEqual(expectedFeeInDenominationAsset.toString());
expect(post.fund.weth).toEqual(pre.fund.weth);
expect(post.manager.weth).toEqual(pre.manager.weth);
}));
test(`investor redeems his shares`, () => __awaiter(this, void 0, void 0, function* () {
const pre = yield getAllBalances_1.getAllBalances(s, s.accounts, s.fund, s.environment);
const investorShares = yield s.fund.shares.methods
.balanceOf(s.investor)
.call();
const fundCreationTime = new token_math_1.BigInteger(yield s.managementFee.methods
.lastPayoutTime(s.fund.feeManager.options.address)
.call());
const preTotalSupply = new token_math_1.BigInteger(yield s.fund.shares.methods.totalSupply().call());
yield increaseTime_1.increaseTime(s.environment, 1000);
yield s.fund.participation.methods
.redeem()
.send({ from: s.investor, gas: s.gas });
const payoutTime = new token_math_1.BigInteger(yield s.managementFee.methods
.lastPayoutTime(s.fund.feeManager.options.address)
.call());
const expectedPreDilutionFeeShares = token_math_1.divide(token_math_1.multiply(token_math_1.divide(token_math_1.multiply(preTotalSupply, s.managementFeeRate), precisionUnits), token_math_1.subtract(payoutTime, fundCreationTime)), s.yearInSeconds);
const expectedFeeShares = token_math_1.divide(token_math_1.multiply(preTotalSupply, expectedPreDilutionFeeShares), token_math_1.subtract(preTotalSupply, expectedPreDilutionFeeShares));
const post = yield getAllBalances_1.getAllBalances(s, s.accounts, s.fund, s.environment);
const postFundGav = new token_math_1.BigInteger(yield s.fund.accounting.methods.calcGav().call());
const postTotalSupply = new token_math_1.BigInteger(yield s.fund.shares.methods.totalSupply().call());
expect(postTotalSupply).toEqual(token_math_1.add(token_math_1.subtract(preTotalSupply, token_math_1.toBI(investorShares)), expectedFeeShares));
expect(post.investor.weth).toEqual(token_math_1.add(pre.investor.weth, token_math_1.divide(token_math_1.multiply(pre.fund.weth, investorShares), token_math_1.add(preTotalSupply, expectedFeeShares))));
expect(post.fund.weth).toEqual(token_math_1.subtract(pre.fund.weth, token_math_1.subtract(post.investor.weth, pre.investor.weth)));
expect(postFundGav).toEqual(post.fund.weth);
}));