Lock utilised capacity (#39)

* refactor: give more general name to locked up funds mapping * refactor: use more generic require messages for locked tokens * feat: update locked funds with utilised capacity * refactor: general locked balance getter; test defaults improvements * test: not able to trade with locked funds * feat: only entity admin can pay dividend * feat: locked funds and utilised capacity are factored by collateral ratio * 📝 docs: update natspec generated markdowns * test: harden collateral ratio test case * feat: add collateral ratio updated event * test: fix cell update test * feat: ensure enough balance available when increasing collateral ratio
nayms · Dec 14, 2022 · dffb1b4 · dffb1b4
1 parent 6aefde8
commit dffb1b4
Show file tree

Hide file tree

Showing 17 changed files with 380 additions and 237 deletions.
diff --git a/docs/facets/ITokenizedVaultFacet.md b/docs/facets/ITokenizedVaultFacet.md
@@ -140,3 +140,23 @@ Transfer dividends to the entity
 |`guid` | bytes32 | Globally unique identifier of a dividend distribution.
 |`amount` | uint256 | the mamount of the dividend token to be distributed to NAYMS token holders.|
 <br></br>
+### getLockedBalance
+Get the amount of tokens that an entity has for sale in the marketplace.
+```solidity
+  function getLockedBalance(
+    bytes32 _entityId,
+    bytes32 _tokenId
+  ) external returns (uint256 amount)
+```
+#### Arguments:
+| Argument | Type | Description |
+| --- | --- | --- |
+|`_entityId` | bytes32 |  Unique platform ID of the entity.
+|`_tokenId` | bytes32 | The ID assigned to an external token.
+|
+<br></br>
+#### Returns:
+| Type | Description |
+| --- | --- |
+|`amount` | of tokens that the entity has for sale in the marketplace.|
+<br></br>
diff --git a/docs/facets/IUserFacet.md b/docs/facets/IUserFacet.md
@@ -72,23 +72,3 @@ Gets the entity related to the user
 | --- | --- |
 |`entityId` | Unique platform ID of the entity|
 <br></br>
-### getBalanceOfTokensForSale
-Get the amount of tokens that an entity has for sale in the marketplace.
-```solidity
-  function getBalanceOfTokensForSale(
-    bytes32 _entityId,
-    bytes32 _tokenId
-  ) external returns (uint256 amount)
-```
-#### Arguments:
-| Argument | Type | Description |
-| --- | --- | --- |
-|`_entityId` | bytes32 |  Unique platform ID of the entity.
-|`_tokenId` | bytes32 | The ID assigned to an external token.
-|
-<br></br>
-#### Returns:
-| Type | Description |
-| --- | --- |
-|`amount` | of tokens that the entity has for sale in the marketplace.|
-<br></br>
diff --git a/src/diamonds/nayms/AppStorage.sol b/src/diamonds/nayms/AppStorage.sol
@@ -66,7 +66,7 @@ struct AppStorage {
     uint16 premiumCommissionSTMBP;
     // A policy can pay out additional commissions on premiums to entities having a variety of roles on the policy
 
-    mapping(bytes32 => mapping(bytes32 => uint256)) marketLockedBalances; // to keep track of an owner's tokens that are on sale in the marketplace, ownerId => lockedTokenId => amount
+    mapping(bytes32 => mapping(bytes32 => uint256)) lockedBalances; // keep track of token balance that is locked, ownerId => tokenId => lockedAmount
 }
 
 library LibAppStorage {

diff --git a/src/diamonds/nayms/facets/TokenizedVaultFacet.sol b/src/diamonds/nayms/facets/TokenizedVaultFacet.sol
@@ -5,6 +5,7 @@ import { Modifiers } from "../Modifiers.sol";
 import { LibConstants } from "../libs/LibConstants.sol";
 import { LibHelpers } from "../libs/LibHelpers.sol";
 import { LibTokenizedVault } from "../libs/LibTokenizedVault.sol";
+import { LibACL } from "../libs/LibACL.sol";
 import { LibObject } from "../libs/LibObject.sol";
 import { LibEntity } from "../libs/LibEntity.sol";
 import { ITokenizedVaultFacet } from "../interfaces/ITokenizedVaultFacet.sol";
@@ -106,9 +107,22 @@ contract TokenizedVaultFacet is ITokenizedVaultFacet, Modifiers {
         bytes32 entityId = LibObject._getParentFromAddress(msg.sender);
         bytes32 dividendTokenId = LibEntity._getEntityInfo(entityId).assetId;
 
-        require(LibACL._isInGroup(LibHelpers._getIdForAddress(msg.sender), entityId, LibHelpers._stringToBytes32(LibConstants.GROUP_ENTITY_ADMINS)), "not the entity's admin");
+        require(
+            LibACL._isInGroup(LibHelpers._getIdForAddress(msg.sender), entityId, LibHelpers._stringToBytes32(LibConstants.GROUP_ENTITY_ADMINS)),
+            "payDividendFromEntity: not the entity's admin"
+        );
         require(LibTokenizedVault._internalBalanceOf(entityId, dividendTokenId) >= amount, "payDividendFromEntity: insufficient balance");
 
         LibTokenizedVault._payDividend(guid, entityId, entityId, dividendTokenId, amount);
     }
+
+    /**
+     * @notice Get the amount of tokens that an entity has for sale in the marketplace.
+     * @param _entityId  Unique platform ID of the entity.
+     * @param _tokenId The ID assigned to an external token.
+     * @return amount of tokens that the entity has for sale in the marketplace.
+     */
+    function getLockedBalance(bytes32 _entityId, bytes32 _tokenId) external view returns (uint256 amount) {
+        amount = LibTokenizedVault._getLockedBalance(_entityId, _tokenId);
+    }
 }
diff --git a/src/diamonds/nayms/facets/UserFacet.sol b/src/diamonds/nayms/facets/UserFacet.sol
@@ -58,14 +58,4 @@ contract UserFacet is IUserFacet, Modifiers {
     function getEntity(bytes32 _userId) external view returns (bytes32 entityId) {
         entityId = LibObject._getParent(_userId);
     }
-
-    /**
-     * @notice Get the amount of tokens that an entity has for sale in the marketplace.
-     * @param _entityId  Unique platform ID of the entity.
-     * @param _tokenId The ID assigned to an external token.
-     * @return amount of tokens that the entity has for sale in the marketplace.
-     */
-    function getBalanceOfTokensForSale(bytes32 _entityId, bytes32 _tokenId) external view returns (uint256 amount) {
-        amount = LibMarket._getBalanceOfTokensForSale(_entityId, _tokenId);
-    }
 }
diff --git a/src/diamonds/nayms/interfaces/ITokenizedVaultFacet.sol b/src/diamonds/nayms/interfaces/ITokenizedVaultFacet.sol
@@ -72,4 +72,12 @@ interface ITokenizedVaultFacet {
      * @param amount the mamount of the dividend token to be distributed to NAYMS token holders.
      */
     function payDividendFromEntity(bytes32 guid, uint256 amount) external;
+
+    /**
+     * @notice Get the amount of tokens that an entity has for sale in the marketplace.
+     * @param _entityId  Unique platform ID of the entity.
+     * @param _tokenId The ID assigned to an external token.
+     * @return amount of tokens that the entity has for sale in the marketplace.
+     */
+    function getLockedBalance(bytes32 _entityId, bytes32 _tokenId) external view returns (uint256 amount);
 }
diff --git a/src/diamonds/nayms/interfaces/IUserFacet.sol b/src/diamonds/nayms/interfaces/IUserFacet.sol
@@ -38,12 +38,4 @@ interface IUserFacet {
      * @return entityId Unique platform ID of the entity
      */
     function getEntity(bytes32 _userId) external view returns (bytes32 entityId);
-
-    /**
-     * @notice Get the amount of tokens that an entity has for sale in the marketplace.
-     * @param _entityId  Unique platform ID of the entity.
-     * @param _tokenId The ID assigned to an external token.
-     * @return amount of tokens that the entity has for sale in the marketplace.
-     */
-    function getBalanceOfTokensForSale(bytes32 _entityId, bytes32 _tokenId) external view returns (uint256 amount);
 }
diff --git a/src/diamonds/nayms/libs/LibEntity.sol b/src/diamonds/nayms/libs/LibEntity.sol
@@ -27,13 +27,15 @@ library LibEntity {
     event EntityUpdated(bytes32 entityId);
     event SimplePolicyCreated(bytes32 indexed id, bytes32 entityId);
     event TokenSaleStarted(bytes32 indexed entityId, uint256 offerId);
+    event CollateralRatioUpdated(bytes32 indexed entityId, uint256 collateralRatio, uint256 utilizedCapacity);
 
     /**
      * @dev If an entity passes their checks to create a policy, ensure that the entity's capacity is appropriately decreased by the amount of capital that will be tied to the new policy being created.
      */
-    function _validateSimplePolicyCreation(bytes32 _entityId, SimplePolicy calldata simplePolicy) internal view returns (uint256 updatedUtilizedCapacity) {
+    function _validateSimplePolicyCreation(bytes32 _entityId, SimplePolicy calldata simplePolicy) internal view {
         // The policy's limit cannot be 0. If a policy's limit is zero, this essentially means the policy doesn't require any capital, which doesn't make business sense.
         require(simplePolicy.limit > 0, "limit not > 0");
+        require(LibAdmin._isSupportedExternalToken(simplePolicy.asset), "external token is not supported");
 
         bool isEntityAdmin = LibACL._isInGroup(LibHelpers._getSenderId(), _entityId, LibHelpers._stringToBytes32(LibConstants.GROUP_ENTITY_ADMINS));
         require(isEntityAdmin, "must be entity admin");
@@ -59,18 +61,15 @@ library LibEntity {
         // require(entity.collateralRatio > 0 && entity.maxCapacity > 0, "currency disabled");
 
         // Calculate the entity's utilized capacity after it writes this policy.
-        updatedUtilizedCapacity = entity.utilizedCapacity + simplePolicy.limit;
+        uint256 updatedUtilizedCapacity = entity.utilizedCapacity + ((simplePolicy.limit * entity.collateralRatio) / LibConstants.BP_FACTOR);
 
         // The entity must have enough capacity available to write this policy.
         // An entity is not able to write an additional policy that will utilize its capacity beyond its assigned max capacity.
         require(entity.maxCapacity >= updatedUtilizedCapacity, "not enough available capacity");
 
-        // Calculate the entity's required capital for its capacity utilization based on its collateral requirements.
-        uint256 capitalRequirementForUpdatedUtilizedCapacity = (updatedUtilizedCapacity * entity.collateralRatio) / LibConstants.BP_FACTOR;
-
         // The entity's balance must be >= to the updated capacity requirement
         // todo: business only wants to count the entity's balance that was raised from the participation token sale and not its total balance
-        require(LibTokenizedVault._internalBalanceOf(_entityId, simplePolicy.asset) >= capitalRequirementForUpdatedUtilizedCapacity, "not enough capital");
+        require(LibTokenizedVault._internalBalanceOf(_entityId, simplePolicy.asset) >= updatedUtilizedCapacity, "not enough capital");
 
         require(simplePolicy.startDate >= block.timestamp, "start date < block.timestamp");
         require(simplePolicy.maturationDate > simplePolicy.startDate, "start date > maturation date");
@@ -106,9 +105,13 @@ library LibEntity {
         }
         require(_stakeholders.entityIds.length == _stakeholders.signatures.length, "incorrect number of signatures");
 
-        // note: An entity's updated utilized capacity <= max capitalization check is done in _validateSimplePolicyCreation().
-        // Update state with the entity's updated utilized capacity.
-        s.entities[_entityId].utilizedCapacity = _validateSimplePolicyCreation(_entityId, _simplePolicy);
+        _validateSimplePolicyCreation(_entityId, _simplePolicy);
+
+        Entity storage entity = s.entities[_entityId];
+        uint256 factoredLimit = (_simplePolicy.limit * entity.collateralRatio) / LibConstants.BP_FACTOR;
+
+        entity.utilizedCapacity += factoredLimit;
+        s.lockedBalances[_entityId][entity.assetId] += factoredLimit;
 
         LibObject._createObject(_policyId, _entityId, _dataHash);
         s.simplePolicies[_policyId] = _simplePolicy;
@@ -208,16 +211,33 @@ library LibEntity {
 
     function _updateEntity(bytes32 _entityId, Entity memory _entity) internal {
         AppStorage storage s = LibAppStorage.diamondStorage();
+
         // Cannot update a non-existing entity's metadata.
         if (s.existingEntities[_entityId] == false) {
             revert EntityDoesNotExist(_entityId);
         }
+
         validateEntity(_entity);
 
-        // assetId change not allowed
+        uint256 oldCollateralRatio = s.entities[_entityId].collateralRatio;
+        uint256 oldUtilizedCapacity = s.entities[_entityId].utilizedCapacity;
         bytes32 originalAssetId = s.entities[_entityId].assetId;
+
         s.entities[_entityId] = _entity;
-        s.entities[_entityId].assetId = originalAssetId;
+        s.entities[_entityId].assetId = originalAssetId; // assetId change not allowed
+
+        // if it's a cell, and collateral ratio changed
+        if (_entity.assetId != 0 && _entity.collateralRatio != oldCollateralRatio) {
+            uint256 newUtilizedCapacity = (oldUtilizedCapacity * _entity.collateralRatio) / oldCollateralRatio;
+            uint256 newLockedBalance = s.lockedBalances[_entityId][_entity.assetId] - oldUtilizedCapacity + newUtilizedCapacity;
+
+            require(LibTokenizedVault._internalBalanceOf(_entityId, _entity.assetId) >= newLockedBalance, "collateral ratio invalid, not enough balance");
+
+            s.entities[_entityId].utilizedCapacity = newUtilizedCapacity;
+            s.lockedBalances[_entityId][_entity.assetId] = newLockedBalance;
+
+            emit CollateralRatioUpdated(_entityId, _entity.collateralRatio, s.entities[_entityId].utilizedCapacity);
+        }
 
         emit EntityUpdated(_entityId);
     }

diff --git a/src/diamonds/nayms/libs/LibMarket.sol b/src/diamonds/nayms/libs/LibMarket.sol
@@ -249,7 +249,7 @@ library LibMarket {
             marketInfo.state = LibConstants.OFFER_STATE_ACTIVE;
 
             // lock tokens!
-            s.marketLockedBalances[_creator][_sellToken] += _sellAmount;
+            s.lockedBalances[_creator][_sellToken] += _sellAmount;
         }
 
         s.offers[lastOfferId] = marketInfo;
@@ -282,7 +282,7 @@ library LibMarket {
             }
         }
 
-        s.marketLockedBalances[s.offers[_offerId].creator][s.offers[_offerId].sellToken] -= _buyAmount;
+        s.lockedBalances[s.offers[_offerId].creator][s.offers[_offerId].sellToken] -= _buyAmount;
 
         LibTokenizedVault._internalTransfer(s.offers[_offerId].creator, _takerId, s.offers[_offerId].sellToken, _buyAmount);
         LibTokenizedVault._internalTransfer(_takerId, s.offers[_offerId].creator, s.offers[_offerId].buyToken, _sellAmount);
@@ -335,7 +335,7 @@ library LibMarket {
         // unlock the remaining sell amount back to creator
         if (marketInfo.sellAmount > 0) {
             // note nothing is transferred since tokens for sale are UN-escrowed. Just unlock!
-            s.marketLockedBalances[s.offers[_offerId].creator][s.offers[_offerId].sellToken] -= marketInfo.sellAmount;
+            s.lockedBalances[s.offers[_offerId].creator][s.offers[_offerId].sellToken] -= marketInfo.sellAmount;
         }
 
         // don't emit event stating market order is canceled if the market order was executed and fulfilled
@@ -388,7 +388,7 @@ library LibMarket {
 
         // note: add restriction to not be able to sell tokens that are already for sale
         // maker must own sell amount and it must not be locked
-        require(s.tokenBalances[_sellToken][_entityId] - s.marketLockedBalances[_entityId][_sellToken] >= _sellAmount, "tokens locked in market");
+        require(s.tokenBalances[_sellToken][_entityId] - s.lockedBalances[_entityId][_sellToken] >= _sellAmount, "tokens locked");
 
         // must have a valid fee schedule
         require(_feeSchedule == LibConstants.FEE_SCHEDULE_PLATFORM_ACTION || _feeSchedule == LibConstants.FEE_SCHEDULE_STANDARD, "fee schedule invalid");
@@ -448,9 +448,4 @@ library LibMarket {
         AppStorage storage s = LibAppStorage.diamondStorage();
         return s.offers[_offerId].state == LibConstants.OFFER_STATE_ACTIVE;
     }
-
-    function _getBalanceOfTokensForSale(bytes32 _entityId, bytes32 _tokenId) internal view returns (uint256 amount) {
-        AppStorage storage s = LibAppStorage.diamondStorage();
-        return s.marketLockedBalances[_entityId][_tokenId];
-    }
 }
diff --git a/src/diamonds/nayms/libs/LibSimplePolicy.sol b/src/diamonds/nayms/libs/LibSimplePolicy.sol
@@ -99,10 +99,15 @@ library LibSimplePolicy {
 
     function releaseFunds(bytes32 _policyId) private {
         AppStorage storage s = LibAppStorage.diamondStorage();
+        bytes32 entityId = LibObject._getParent(_policyId);
+
         SimplePolicy storage simplePolicy = s.simplePolicies[_policyId];
-        Entity storage entity = s.entities[LibObject._getParent(_policyId)];
+        Entity storage entity = s.entities[entityId];
+
+        uint256 policyLockedAmount = (simplePolicy.limit * entity.collateralRatio) / LibConstants.BP_FACTOR;
+        entity.utilizedCapacity -= policyLockedAmount;
+        s.lockedBalances[entityId][entity.assetId] -= policyLockedAmount;
 
-        entity.utilizedCapacity -= simplePolicy.limit;
         simplePolicy.fundsLocked = false;
     }
 }
diff --git a/src/diamonds/nayms/libs/LibTokenizedVault.sol b/src/diamonds/nayms/libs/LibTokenizedVault.sol
@@ -74,8 +74,8 @@ library LibTokenizedVault {
     ) internal returns (bool success) {
         AppStorage storage s = LibAppStorage.diamondStorage();
 
-        if (s.marketLockedBalances[_from][_tokenId] > 0) {
-            require(s.tokenBalances[_tokenId][_from] - s.marketLockedBalances[_from][_tokenId] >= _amount, "_internalTransferFrom: tokens for sale in mkt");
+        if (s.lockedBalances[_from][_tokenId] > 0) {
+            require(s.tokenBalances[_tokenId][_from] - s.lockedBalances[_from][_tokenId] >= _amount, "_internalTransferFrom: tokens locked");
         } else {
             require(s.tokenBalances[_tokenId][_from] >= _amount, "_internalTransferFrom: must own the funds");
         }
@@ -148,8 +148,8 @@ library LibTokenizedVault {
     ) internal {
         AppStorage storage s = LibAppStorage.diamondStorage();
 
-        if (s.marketLockedBalances[_from][_tokenId] > 0) {
-            require(s.tokenBalances[_tokenId][_from] - s.marketLockedBalances[_from][_tokenId] >= _amount, "_internalBurn: tokens for sale in mkt");
+        if (s.lockedBalances[_from][_tokenId] > 0) {
+            require(s.tokenBalances[_tokenId][_from] - s.lockedBalances[_from][_tokenId] >= _amount, "_internalBurn: tokens locked");
         } else {
             require(s.tokenBalances[_tokenId][_from] >= _amount, "_internalBurn: must own the funds");
         }
@@ -298,4 +298,9 @@ library LibTokenizedVault {
 
         _withdrawableDividend = (_withdrawnSoFar >= holderDividend) ? 0 : holderDividend - _withdrawnSoFar;
     }
+
+    function _getLockedBalance(bytes32 _accountId, bytes32 _tokenId) internal view returns (uint256 amount) {
+        AppStorage storage s = LibAppStorage.diamondStorage();
+        return s.lockedBalances[_accountId][_tokenId];
+    }
 }
diff --git a/test/T02User.t.sol b/test/T02User.t.sol
@@ -30,17 +30,4 @@ contract T02UserTest is D03ProtocolDefaults, MockAccounts {
         nayms.setEntity(signer1Id, entityId);
         assertEq(nayms.getEntity(signer1Id), entityId);
     }
-
-    function testGetBalanceOfTokensForSale() public {
-        bytes32 entityId = createTestEntity(account0Id);
-
-        // nothing at first
-        assertEq(nayms.getBalanceOfTokensForSale(entityId, entityId), 0);
-
-        nayms.enableEntityTokenization(entityId, "ENTITYSYMBOL");
-
-        // now start token sale to create an offer
-        nayms.startTokenSale(entityId, 100, 100);
-        assertEq(nayms.getBalanceOfTokensForSale(entityId, entityId), 100);
-    }
 }
diff --git a/test/T03TokenizedVault.t.sol b/test/T03TokenizedVault.t.sol
@@ -96,6 +96,19 @@ contract T03TokenizedVaultTest is D03ProtocolDefaults, MockAccounts {
         return abi.decode(result, (TradingCommissionsConfig));
     }
 
+    function testGetLockedBalance() public {
+        bytes32 entityId = createTestEntity(account0Id);
+
+        // nothing at first
+        assertEq(nayms.getLockedBalance(entityId, entityId), 0);
+
+        // now start token sale to create an offer
+        nayms.enableEntityTokenization(entityId, "Entity1");
+        nayms.startTokenSale(entityId, 100, 100);
+
+        assertEq(nayms.getLockedBalance(entityId, entityId), 100);
+    }
+
     function testBasisPoints() public {
         TradingCommissionsBasisPoints memory bp = nayms.getTradingCommissionsBasisPoints();
 
@@ -252,7 +265,7 @@ contract T03TokenizedVaultTest is D03ProtocolDefaults, MockAccounts {
         writeTokenBalance(account0, naymsAddress, wethAddress, depositAmount);
         nayms.externalDeposit(wethAddress, 1 ether);
         vm.prank(account9);
-        vm.expectRevert("not the entity's admin");
+        vm.expectRevert("payDividendFromEntity: not the entity's admin");
         nayms.payDividendFromEntity(bytes32("0x1"), 1 ether);
     }
 
@@ -274,6 +287,19 @@ contract T03TokenizedVaultTest is D03ProtocolDefaults, MockAccounts {
         assertEq(nayms.internalTokenSupply(acc0EntityId), 0, "Testing when the participation token supply is 0, but par token supply is NOT 0");
 
         bytes32 randomGuid = bytes32("0x1");
+
+        address nonAdminAddress = vm.addr(0xACC9);
+        bytes32 nonAdminId = LibHelpers._getIdForAddress(nonAdminAddress);
+        nayms.setEntity(nonAdminId, acc0EntityId);
+
+        vm.startPrank(nonAdminAddress);
+        vm.expectRevert("payDividendFromEntity: not the entity's admin");
+        nayms.payDividendFromEntity(randomGuid, 10 ether);
+        vm.stopPrank();
+
+        vm.expectRevert("payDividendFromEntity: insufficient balance");
+        nayms.payDividendFromEntity(randomGuid, 10 ether);
+
         nayms.payDividendFromEntity(randomGuid, 1 ether);
         // note: When the participation token supply is 0, payDividend() should transfer the payout directly to the payee
         assertEq(nayms.internalBalanceOf(acc0EntityId, nWETH), 1 ether, "acc0EntityId nWETH balance should INCREASE (transfer)");
@@ -401,7 +427,7 @@ contract T03TokenizedVaultTest is D03ProtocolDefaults, MockAccounts {
         );
 
         uint256 takerBuyAmount = 1e18;
-        console2.log(nayms.getBalanceOfTokensForSale(eAlice, eAlice));
+        console2.log(nayms.getLockedBalance(eAlice, eAlice));
 
         TradingCommissions memory tc = nayms.calculateTradingCommissions(takerBuyAmount);