add support for wrapped hyperdrive tokens (#37)

* add support for wrapped hyperdrive tokens This enables support for hyperdrive instances with rebasing tokens since yearn is unable to support rebasing tokens * fixes and redeem part of test * test fix * fix issues with LPMath library revert on getPoolInfo * cleanup * responding to feedback from @jalextowle * responding to feedback from @jalextowle * convert "hyperdrive token" language to `execution token` language * Update contracts/EverlongStrategy.sol Co-authored-by: Alex Towle <[email protected]> * correctly convert base token values from hyperdrive (#38) Some values received from hyperdrive are denominated in base tokens. These must be converted to vault shares token denominated values when `asBase==true || isWrapped==true` in the strategy --------- Co-authored-by: Alex Towle <[email protected]>
delvtech · Dec 15, 2024 · 32e9c70 · 32e9c70
1 parent daabc00
commit 32e9c70
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diff --git a/contracts/EverlongStrategy.sol b/contracts/EverlongStrategy.sol
diff --git a/contracts/interfaces/IERC20Wrappable.sol b/contracts/interfaces/IERC20Wrappable.sol
@@ -0,0 +1,28 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity ^0.8.20;
+
+import { IERC20 } from "openzeppelin/interfaces/IERC20.sol";
+
+/// @author DELV
+/// @title IERC20Wrappable
+/// @notice Interface for an ERC20 token that can be wrapped/unwrapped.
+/// @dev Since Yearn explicitly does not support rebasing tokens as
+///      vault/strategy assets, wrapping is mandatory.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+interface IERC20Wrappable is IERC20 {
+    /// @notice Wrap the input amount of assets.
+    /// @param _unwrappedAmount Amount of assets to wrap.
+    /// @return _wrappedAmount Amount of wrapped assets that are returned.
+    function wrap(
+        uint256 _unwrappedAmount
+    ) external returns (uint256 _wrappedAmount);
+
+    /// @notice Unwrap the input amount of assets.
+    /// @param _wrappedAmount Amount of assets to unwrap.
+    /// @return _unwrappedAmount Amount of unwrapped assets that are returned.
+    function unwrap(
+        uint256 _wrappedAmount
+    ) external returns (uint256 _unwrappedAmount);
+}
diff --git a/contracts/interfaces/IEverlongStrategy.sol b/contracts/interfaces/IEverlongStrategy.sol
@@ -1,6 +1,7 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity ^0.8.20;
 
+import { IERC20 } from "openzeppelin/interfaces/IERC20.sol";
 import { IEverlongEvents } from "./IEverlongEvents.sol";
 import { IPermissionedStrategy } from "./IPermissionedStrategy.sol";
 
@@ -31,6 +32,14 @@ interface IEverlongStrategy is IPermissionedStrategy, IEverlongEvents {
         bytes extraData;
     }
 
+    // ╭───────────────────────────────────────────────────────────────────────╮
+    // │                                Errors                                 │
+    // ╰───────────────────────────────────────────────────────────────────────╯
+
+    /// @notice Thrown when calling wrap conversion functions on a strategy with
+    ///         a non-wrapped asset.
+    error AssetNotWrapped();
+
     // ╭───────────────────────────────────────────────────────────────────────╮
     // │                                SETTERS                                │
     // ╰───────────────────────────────────────────────────────────────────────╯
@@ -63,6 +72,30 @@ interface IEverlongStrategy is IPermissionedStrategy, IEverlongEvents {
     /// @return True if a new position can be opened, false otherwise.
     function canOpenPosition() external view returns (bool);
 
+    /// @notice Convert the amount of unwrapped tokens to the amount received
+    ///         after wrapping.
+    /// @param _unwrappedAmount Amount of unwrapped tokens.
+    /// @return _wrappedAmount Amount of wrapped tokens.
+    function convertToWrapped(
+        uint256 _unwrappedAmount
+    ) external view returns (uint256 _wrappedAmount);
+
+    /// @notice Convert the amount of wrapped tokens to the amount received
+    ///         after unwrapping.
+    /// @param _wrappedAmount Amount of wrapped tokens.
+    /// @return _unwrappedAmount Amount of unwrapped tokens.
+    function convertToUnwrapped(
+        uint256 _wrappedAmount
+    ) external view returns (uint256 _unwrappedAmount);
+
+    /// @notice Token used to execute trades with hyperdrive.
+    /// @dev Determined by `asBase`.
+    ///      If `asBase=true`, then hyperdrive's base token is used.
+    ///      If `asBase=false`, then hyperdrive's vault shares token is used.
+    ///      Same as the strategy asset `asset` unless `isWrapped=true`
+    /// @return The token used to execute trades with hyperdrive.
+    function executionToken() external view returns (address);
+
     /// @notice Reads and returns the current tend configuration from transient
     ///         storage.
     /// @return tendEnabled Whether TendConfig has been set.
@@ -78,6 +111,9 @@ interface IEverlongStrategy is IPermissionedStrategy, IEverlongEvents {
     /// @notice Gets the address of the underlying Hyperdrive Instance
     function hyperdrive() external view returns (address);
 
+    /// @notice Returns whether the strategy's asset is a wrapped hyperdrive token.
+    function isWrapped() external view returns (bool);
+
     /// @notice Gets the Everlong instance's kind.
     /// @return The Everlong instance's kind.
     function kind() external pure returns (string memory);

diff --git a/contracts/libraries/HyperdriveExecution.sol b/contracts/libraries/HyperdriveExecution.sol
@@ -492,15 +492,18 @@ library HyperdriveExecutionLibrary {
     // HACK: Copied from `delvtech/hyperdrive` repo.
     //
     /// @dev Calculates the maximum amount of longs that can be opened.
+    /// @param _asBase Whether to transact using hyperdrive's base or vault
+    ///                shares token.
     /// @param _maxIterations The maximum number of iterations to use.
-    /// @return baseAmount The cost of buying the maximum amount of longs.
+    /// @return amount The cost of buying the maximum amount of longs.
     function calculateMaxLong(
         IHyperdrive self,
+        bool _asBase,
         uint256 _maxIterations
-    ) internal view returns (uint256 baseAmount) {
+    ) internal view returns (uint256 amount) {
         IHyperdrive.PoolConfig memory poolConfig = self.getPoolConfig();
         IHyperdrive.PoolInfo memory poolInfo = self.getPoolInfo();
-        (baseAmount, ) = calculateMaxLong(
+        (amount, ) = calculateMaxLong(
             MaxTradeParams({
                 shareReserves: poolInfo.shareReserves,
                 shareAdjustment: poolInfo.shareAdjustment,
@@ -518,17 +521,28 @@ library HyperdriveExecutionLibrary {
             self.getCheckpointExposure(latestCheckpoint(self)),
             _maxIterations
         );
-        return baseAmount;
+
+        // The above `amount` is denominated in hyperdrive's base token.
+        // If `_asBase == false` then hyperdrive's vault shares token is being
+        // used and we must convert the value.
+        if (!_asBase) {
+            amount = _convertToShares(self, amount);
+        }
+
+        return amount;
     }
 
     // HACK: Copied from `delvtech/hyperdrive` repo.
     //
     /// @dev Calculates the maximum amount of longs that can be opened.
+    /// @param _asBase Whether to transact using hyperdrive's base or vault
+    ///                shares token.
     /// @return baseAmount The cost of buying the maximum amount of longs.
     function calculateMaxLong(
-        IHyperdrive self
+        IHyperdrive self,
+        bool _asBase
     ) internal view returns (uint256 baseAmount) {
-        return calculateMaxLong(self, 7);
+        return calculateMaxLong(self, _asBase, 7);
     }
 
     // HACK: Copied from `delvtech/hyperdrive` repo.

diff --git a/script/DeployEverlongStrategy.s.sol b/script/DeployEverlongStrategy.s.sol
@@ -1,6 +1,7 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.24;
 
+import { IERC20 } from "openzeppelin/interfaces/IERC20.sol";
 import { IHyperdrive } from "hyperdrive/contracts/src/interfaces/IHyperdrive.sol";
 import { IEverlongStrategy } from "../contracts/interfaces/IEverlongStrategy.sol";
 import { EVERLONG_STRATEGY_KIND, EVERLONG_STRATEGY_KEEPER_KIND } from "../contracts/libraries/Constants.sol";
@@ -47,6 +48,12 @@ contract DeployEverlongStrategy is BaseDeployScript {
     string internal KEEPER_CONTRACT_NAME;
     string internal KEEPER_CONTRACT_NAME_DEFAULT;
 
+    bool internal IS_WRAPPED;
+    bool internal constant IS_WRAPPED_DEFAULT = false;
+
+    address internal ASSET;
+    address internal ASSET_DEFAULT;
+
     // ╭───────────────────────────────────────────────────────────────────────╮
     // │                           Artifact Struct.                            │
     // ╰───────────────────────────────────────────────────────────────────────╯
@@ -95,6 +102,13 @@ contract DeployEverlongStrategy is BaseDeployScript {
             KEEPER_CONTRACT_NAME_DEFAULT
         );
         output.keeperContractName = KEEPER_CONTRACT_NAME;
+        IS_WRAPPED = vm.envOr("IS_WRAPPED", IS_WRAPPED_DEFAULT);
+        ASSET_DEFAULT = address(
+            AS_BASE
+                ? IHyperdrive(output.hyperdrive).baseToken()
+                : IHyperdrive(output.hyperdrive).vaultSharesToken()
+        );
+        ASSET = vm.envOr("ASSET", ASSET_DEFAULT);
 
         // Validate optional arguments.
         require(
@@ -106,9 +120,7 @@ contract DeployEverlongStrategy is BaseDeployScript {
         ).keeperContract;
 
         // Resolve the asset address.
-        address asset = AS_BASE
-            ? IHyperdrive(output.hyperdrive).baseToken()
-            : IHyperdrive(output.hyperdrive).vaultSharesToken();
+        address asset = ASSET;
 
         // Save the strategy's kind to output.
         output.kind = EVERLONG_STRATEGY_KIND;
@@ -121,7 +133,13 @@ contract DeployEverlongStrategy is BaseDeployScript {
         //   5. Set the strategy's emergencyAdmin to `emergencyAdmin`.
         vm.startBroadcast(DEPLOYER_PRIVATE_KEY);
         output.strategy = address(
-            new EverlongStrategy(asset, output.name, output.hyperdrive, AS_BASE)
+            new EverlongStrategy(
+                asset,
+                output.name,
+                output.hyperdrive,
+                AS_BASE,
+                IS_WRAPPED
+            )
         );
         IEverlongStrategy(output.strategy).setPerformanceFeeRecipient(
             output.governance

diff --git a/test/everlong/EverlongTest.sol b/test/everlong/EverlongTest.sol
@@ -43,6 +43,12 @@ contract EverlongTest is VaultTest, IEverlongEvents {
     /// @dev Maximum slippage for vault share price.
     uint256 internal MIN_VAULT_SHARE_PRICE_SLIPPAGE = 500;
 
+    /// @dev Whether to use a wrapped asset for the strategy.
+    bool IS_WRAPPED;
+
+    /// @dev Asset to use for the strategy when IS_WRAPPED=true.
+    address WRAPPED_ASSET;
+
     /// @dev Periphery contract to simplify maintenance operations for vaults
     ///      and strategies.
     EverlongStrategyKeeper internal keeperContract;
@@ -76,12 +82,17 @@ contract EverlongTest is VaultTest, IEverlongEvents {
         strategy = IPermissionedStrategy(
             address(
                 new EverlongStrategy(
-                    AS_BASE
-                        ? hyperdrive.baseToken()
-                        : hyperdrive.vaultSharesToken(),
+                    IS_WRAPPED
+                        ? WRAPPED_ASSET
+                        : (
+                            AS_BASE
+                                ? hyperdrive.baseToken()
+                                : hyperdrive.vaultSharesToken()
+                        ),
                     EVERLONG_NAME,
                     address(hyperdrive),
-                    AS_BASE
+                    AS_BASE,
+                    IS_WRAPPED
                 )
             )
         );
@@ -93,7 +104,15 @@ contract EverlongTest is VaultTest, IEverlongEvents {
         vm.stopPrank();
 
         // Set the appropriate asset.
-        asset = IERC20(hyperdrive.baseToken());
+        asset = (
+            IS_WRAPPED
+                ? IERC20(WRAPPED_ASSET)
+                : IERC20(
+                    AS_BASE
+                        ? hyperdrive.baseToken()
+                        : hyperdrive.vaultSharesToken()
+                )
+        );
 
         // As the `management` address:
         //   1. Accept the `management` role for the strategy.

diff --git a/test/everlong/integration/PartialClosures.t.sol b/test/everlong/integration/PartialClosures.t.sol
@@ -25,7 +25,7 @@ contract TestPartialClosures is EverlongTest {
         uint256 aliceDepositAmount = bound(
             _deposit,
             MINIMUM_TRANSACTION_AMOUNT * 100, // Increase minimum bound otherwise partial redemption won't occur
-            hyperdrive.calculateMaxLong()
+            hyperdrive.calculateMaxLong(AS_BASE)
         );
         uint256 aliceShares = depositStrategy(aliceDepositAmount, alice, true);
         uint256 positionBondsAfterDeposit = IEverlongStrategy(address(strategy))

diff --git a/test/everlong/integration/SDAIVaultSharesToken.t.sol b/test/everlong/integration/SDAIVaultSharesToken.t.sol
@@ -79,6 +79,7 @@ contract TestSDAIVaultSharesToken is EverlongTest {
                     address(asset),
                     "sDAI Strategy",
                     address(hyperdrive),
+                    false,
                     false
                 )
             )

diff --git a/test/everlong/integration/Sandwich.t.sol b/test/everlong/integration/Sandwich.t.sol
@@ -42,7 +42,7 @@ contract TestSandwichHelper is EverlongTest {
         _bystanderDeposit = bound(
             _bystanderDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 bystanderShares = depositVault(
             _bystanderDeposit,
@@ -67,7 +67,7 @@ contract TestSandwichHelper is EverlongTest {
         _attackerDeposit = bound(
             _attackerDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 attackerShares = depositVault(
             _attackerDeposit,
@@ -125,7 +125,7 @@ contract TestSandwichHelper is EverlongTest {
         _bystanderDeposit = bound(
             _bystanderDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 bystanderShares = depositVault(
             _bystanderDeposit,
@@ -139,7 +139,7 @@ contract TestSandwichHelper is EverlongTest {
         _attackerDeposit = bound(
             _attackerDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 attackerShares = depositVault(
             _attackerDeposit,
@@ -212,7 +212,7 @@ contract TestSandwichHelper is EverlongTest {
         _bystanderDeposit = bound(
             _bystanderDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 bystanderEverlongShares = depositVault(
             _bystanderDeposit,
@@ -226,7 +226,7 @@ contract TestSandwichHelper is EverlongTest {
         _attackerDeposit = bound(
             _attackerDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 attackerEverlongShares = depositVault(
             _attackerDeposit,
@@ -279,7 +279,7 @@ contract TestSandwichHelper is EverlongTest {
         _bystanderDeposit = bound(
             _bystanderDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 bystanderShares = depositVault(
             _bystanderDeposit,
@@ -293,7 +293,7 @@ contract TestSandwichHelper is EverlongTest {
         _attackerDeposit = bound(
             _attackerDeposit,
             MINIMUM_TRANSACTION_AMOUNT * 5,
-            hyperdrive.calculateMaxLong() / 3
+            hyperdrive.calculateMaxLong(AS_BASE) / 3
         );
         uint256 attackerShares = depositVault(
             _attackerDeposit,

diff --git a/test/everlong/units/HyperdriveExecution.t.sol b/test/everlong/units/HyperdriveExecution.t.sol
@@ -206,7 +206,7 @@ contract TestHyperdriveExecution is EverlongTest {
         // decrease the value of the share adjustment to a non-trivial value.
         matureLongAmount = matureLongAmount.normalizeToRange(
             MINIMUM_TRANSACTION_AMOUNT + 1,
-            hyperdrive.calculateMaxLong() / 2
+            hyperdrive.calculateMaxLong(AS_BASE) / 2
         );
         openLong(alice, matureLongAmount);
         advanceTime(hyperdrive.getPoolConfig().positionDuration, 0);
@@ -343,7 +343,7 @@ contract TestHyperdriveExecution is EverlongTest {
         // value which stress tests the max long function.
         initialLongAmount = initialLongAmount.normalizeToRange(
             MINIMUM_TRANSACTION_AMOUNT + 1,
-            hyperdrive.calculateMaxLong() / 2
+            hyperdrive.calculateMaxLong(AS_BASE) / 2
         );
         openLong(bob, initialLongAmount);
         initialShortAmount = initialShortAmount.normalizeToRange(
-Original file line number
+Diff line change
@@ Expand Up / @@ -79,6 +79,7 @@ contract TestSDAIVaultSharesToken is EverlongTest { @@
                         address(asset),
                         "sDAI Strategy",
                         address(hyperdrive),
+                        false,
                         false
                     )
                 )
@@ Expand Down @@