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Update: support both baseToken and vaultShareToken as the fund token
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@Sean329
Sean329 committed Jan 30, 2025
1 parent 932d6b5 commit 0ce698b
Showing 1 changed file with 72 additions and 49 deletions.
121 changes: 72 additions & 49 deletions contracts/src/matching/HyperdriveMatchingEngineV2.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -60,7 +60,7 @@ contract HyperdriveMatchingEngineV2 is
/// @notice Mapping to track the bond amount used for each order.
mapping(bytes32 => uint256) public orderBondAmountUsed;

/// @notice Mapping to track the amount of base used for each order.
/// @notice Mapping to track the amount of fund used for each order.
mapping(bytes32 => uint256) public orderFundAmountUsed;

/// @notice Initializes the matching engine.
Expand Down Expand Up @@ -99,7 +99,7 @@ contract HyperdriveMatchingEngineV2 is
// getPoolInfo()?
uint256 vaultSharePrice = hyperdrive.getPoolInfo().vaultSharePrice;

// Calculate the amount of base tokens to transfer based on the
// Calculate the amount of fund tokens to transfer based on the
// bondMatchAmount.
uint256 openVaultSharePrice = hyperdrive.getCheckpoint(latestCheckpoint).vaultSharePrice;
if (openVaultSharePrice == 0) {
Expand Down Expand Up @@ -134,18 +134,18 @@ contract HyperdriveMatchingEngineV2 is
bondMatchAmount.mulUp(config.fees.flat) +
2 * bondMatchAmount.mulUp(config.fees.flat).mulDown(config.fees.governanceLP);

// Calculate the amount of base tokens to transfer based on the
// Calculate the amount of fund tokens to transfer based on the
// bondMatchAmount using dynamic pricing. During a series of partial
// matching, the pricing requirements can go easier as needed for each
// new match, hence increasing the match likelihood.
// NOTE: Round the required fund amount down to prevent overspending
// and possible reverting at a later step.
uint256 baseTokenAmountOrder1 = (order1.fundAmount - orderFundAmountUsed[order1Hash_]).mulDivDown(bondMatchAmount, (order1.bondAmount - orderBondAmountUsed[order1Hash_]));
uint256 baseTokenAmountOrder2 = (order2.fundAmount - orderFundAmountUsed[order2Hash_]).mulDivDown(bondMatchAmount, (order2.bondAmount - orderBondAmountUsed[order2Hash_]));
uint256 fundTokenAmountOrder1 = (order1.fundAmount - orderFundAmountUsed[order1Hash_]).mulDivDown(bondMatchAmount, (order1.bondAmount - orderBondAmountUsed[order1Hash_]));
uint256 fundTokenAmountOrder2 = (order2.fundAmount - orderFundAmountUsed[order2Hash_]).mulDivDown(bondMatchAmount, (order2.bondAmount - orderBondAmountUsed[order2Hash_]));

// Update order fund amount used.
orderFundAmountUsed[order1Hash_] += baseTokenAmountOrder1;
orderFundAmountUsed[order2Hash_] += baseTokenAmountOrder2;
orderFundAmountUsed[order1Hash_] += fundTokenAmountOrder1;
orderFundAmountUsed[order2Hash_] += fundTokenAmountOrder2;

// Check if the fund amount used is greater than the order amount.
if (orderFundAmountUsed[order1Hash_] > order1.fundAmount ||
Expand All @@ -165,27 +165,32 @@ contract HyperdriveMatchingEngineV2 is
// @dev This could have been placed before the control flow for
// shorter code, but it's put here to avoid stack-too-deep.
IHyperdrive hyperdrive_ = order1.hyperdrive;
ERC20 baseToken = ERC20(hyperdrive_.baseToken());
ERC20 fundToken;
if (order1.options.asBase) {
fundToken = ERC20(hyperdrive_.baseToken());
} else {
fundToken = ERC20(hyperdrive_.vaultSharesToken());
}

// Mint the bonds.
uint256 bondAmount = _handleMint(
order1,
order2,
baseTokenAmountOrder1,
baseTokenAmountOrder2,
fundTokenAmountOrder1,
fundTokenAmountOrder2,
cost,
bondMatchAmount,
baseToken,
fundToken,
hyperdrive_);

// Update order bond amount used.
orderBondAmountUsed[order1Hash_] += bondAmount;
orderBondAmountUsed[order2Hash_] += bondAmount;

// Transfer the remaining base tokens back to the surplus recipient.
baseToken.safeTransfer(
// Transfer the remaining fund tokens back to the surplus recipient.
fundToken.safeTransfer(
surplusRecipient,
baseToken.balanceOf(address(this))
fundToken.balanceOf(address(this))
);
}

Expand Down Expand Up @@ -218,8 +223,13 @@ contract HyperdriveMatchingEngineV2 is
orderBondAmountUsed[order1Hash] += bondMatchAmount;
orderBondAmountUsed[order2Hash] += bondMatchAmount;

// Get the base token.
ERC20 baseToken = ERC20(hyperdrive.baseToken());
// Get the fund token.
ERC20 fundToken;
if (_order1.options.asBase) {
fundToken = ERC20(hyperdrive.baseToken());
} else {
fundToken = ERC20(hyperdrive.vaultSharesToken());
}

// Handle burn operation through helper function.
_handleBurn(
Expand All @@ -228,24 +238,31 @@ contract HyperdriveMatchingEngineV2 is
minFundAmountOrder1,
minFundAmountOrder2,
bondMatchAmount,
baseToken,
fundToken,
hyperdrive
);

// Update order fund amount used.
orderFundAmountUsed[order1Hash] += minFundAmountOrder1;
orderFundAmountUsed[order2Hash] += minFundAmountOrder2;

// Transfer the remaining base tokens back to the surplus recipient.
baseToken.safeTransfer(
// Transfer the remaining fund tokens back to the surplus recipient.
fundToken.safeTransfer(
_surplusRecipient,
baseToken.balanceOf(address(this))
fundToken.balanceOf(address(this))
);
}

// Case 3: Long transfer between traders.
else if (_order1.orderType == OrderType.OpenLong &&
_order2.orderType == OrderType.CloseLong) {
// Verify that the maturity time of the CloseLong order matches the
// OpenLong order's requirements.
if (_order2.maxMaturityTime > _order1.maxMaturityTime ||
_order2.maxMaturityTime < _order1.minMaturityTime) {
revert InvalidMaturityTime();
}

_handleLongTransfer();
}

Expand Down Expand Up @@ -391,9 +408,11 @@ contract HyperdriveMatchingEngineV2 is
}

// Verify settlement asset.
// @dev TODO: only supporting both true or both false for now.
// Supporting mixed asBase values needs code changes on the Hyperdrive
// instances.
if (
!_order1.options.asBase ||
!_order2.options.asBase
_order1.options.asBase != _order2.options.asBase
) {
revert InvalidSettlementAsset();
}
Expand Down Expand Up @@ -491,57 +510,57 @@ contract HyperdriveMatchingEngineV2 is
/// @dev Handles the minting of matching positions.
/// @param _longOrder The order for opening a long position.
/// @param _shortOrder The order for opening a short position.
/// @param _baseTokenAmountLongOrder The amount of base tokens from the long
/// @param _fundTokenAmountLongOrder The amount of fund tokens from the long
/// order.
/// @param _baseTokenAmountShortOrder The amount of base tokens from the short
/// @param _fundTokenAmountShortOrder The amount of fund tokens from the short
/// order.
/// @param _cost The total cost of the operation.
/// @param _bondMatchAmount The amount of bonds to mint.
/// @param _baseToken The base token being used.
/// @param _fundToken The fund token being used.
/// @param _hyperdrive The Hyperdrive contract instance.
/// @return The amount of bonds minted.
function _handleMint(
OrderIntent calldata _longOrder,
OrderIntent calldata _shortOrder,
uint256 _baseTokenAmountLongOrder,
uint256 _baseTokenAmountShortOrder,
uint256 _fundTokenAmountLongOrder,
uint256 _fundTokenAmountShortOrder,
uint256 _cost,
uint256 _bondMatchAmount,
ERC20 _baseToken,
ERC20 _fundToken,
IHyperdrive _hyperdrive
) internal returns (uint256) {
// Transfer base tokens from long trader.
_baseToken.safeTransferFrom(
// Transfer fund tokens from long trader.
_fundToken.safeTransferFrom(
_longOrder.trader,
address(this),
_baseTokenAmountLongOrder
_fundTokenAmountLongOrder
);

// Transfer base tokens from short trader.
_baseToken.safeTransferFrom(
// Transfer fund tokens from short trader.
_fundToken.safeTransferFrom(
_shortOrder.trader,
address(this),
_baseTokenAmountShortOrder
_fundTokenAmountShortOrder
);

// Approve Hyperdrive.
// @dev Use balanceOf to get the total amount of base tokens instead of
// @dev Use balanceOf to get the total amount of fund tokens instead of
// summing up the two amounts, in order to open the door for any
// potential donation to help match orders.
uint256 totalBaseTokenAmount = _baseToken.balanceOf(address(this));
uint256 baseTokenAmountToUse = _cost + TOKEN_AMOUNT_BUFFER;
if (totalBaseTokenAmount < baseTokenAmountToUse) {
uint256 totalFundTokenAmount = _fundToken.balanceOf(address(this));
uint256 fundTokenAmountToUse = _cost + TOKEN_AMOUNT_BUFFER;
if (totalFundTokenAmount < fundTokenAmountToUse) {
revert InsufficientFunding();
}

// @dev Add 1 wei of approval so that the storage slot stays hot.
_baseToken.forceApprove(address(_hyperdrive), baseTokenAmountToUse + 1);
_fundToken.forceApprove(address(_hyperdrive), fundTokenAmountToUse + 1);

// Create PairOptions.
IHyperdrive.PairOptions memory pairOptions = IHyperdrive.PairOptions({
longDestination: _longOrder.options.destination,
shortDestination: _shortOrder.options.destination,
asBase: true,
asBase: _longOrder.options.asBase,
extraData: ""
});

Expand All @@ -552,7 +571,7 @@ contract HyperdriveMatchingEngineV2 is

// Mint matching positions.
( , uint256 bondAmount) = _hyperdrive.mint(
baseTokenAmountToUse,
fundTokenAmountToUse,
_bondMatchAmount,
minVaultSharePrice,
pairOptions
Expand All @@ -568,15 +587,15 @@ contract HyperdriveMatchingEngineV2 is
/// @param _minFundAmountLongOrder The minimum fund amount for the long order.
/// @param _minFundAmountShortOrder The minimum fund amount for the short order.
/// @param _bondMatchAmount The amount of bonds to burn.
/// @param _baseToken The base token being used.
/// @param _fundToken The fund token being used.
/// @param _hyperdrive The Hyperdrive contract instance.
function _handleBurn(
OrderIntent calldata _longOrder,
OrderIntent calldata _shortOrder,
uint256 _minFundAmountLongOrder,
uint256 _minFundAmountShortOrder,
uint256 _bondMatchAmount,
ERC20 _baseToken,
ERC20 _fundToken,
IHyperdrive _hyperdrive
) internal {
// Get asset IDs for the long and short positions.
Expand Down Expand Up @@ -605,24 +624,28 @@ contract HyperdriveMatchingEngineV2 is

// Calculate minOutput and consider the potential donation to help match
// orders.
uint256 minOutput = (_minFundAmountLongOrder + _minFundAmountShortOrder) > _baseToken.balanceOf(address(this)) ?
_minFundAmountLongOrder + _minFundAmountShortOrder - _baseToken.balanceOf(address(this)) : 0;
uint256 minOutput = (_minFundAmountLongOrder + _minFundAmountShortOrder) > _fundToken.balanceOf(address(this)) ?
_minFundAmountLongOrder + _minFundAmountShortOrder - _fundToken.balanceOf(address(this)) : 0;

// Stack cycling to avoid stack-too-deep.
OrderIntent calldata longOrder = _longOrder;
OrderIntent calldata shortOrder = _shortOrder;

// Burn the matching positions.
_hyperdrive.burn(
_longOrder.maxMaturityTime,
longOrder.maxMaturityTime,
_bondMatchAmount,
minOutput,
IHyperdrive.Options({
destination: address(this),
asBase: true,
asBase: longOrder.options.asBase,
extraData: ""
})
);

// Transfer proceeds to traders.
_baseToken.safeTransfer(_longOrder.options.destination, _minFundAmountLongOrder);
_baseToken.safeTransfer(_shortOrder.options.destination, _minFundAmountShortOrder);
_fundToken.safeTransfer(longOrder.options.destination, _minFundAmountLongOrder);
_fundToken.safeTransfer(shortOrder.options.destination, _minFundAmountShortOrder);
}

// TODO: Implement these functions.
Expand Down

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