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handle custom morpho rewards #1270

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merged 1 commit into from
Dec 11, 2024
Merged

handle custom morpho rewards #1270

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5 changes: 5 additions & 0 deletions .changeset/large-mice-trade.md
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Original file line number Diff line number Diff line change
@@ -0,0 +1,5 @@
---
'backend': patch
---

handle custom morpho rewards
6 changes: 5 additions & 1 deletion modules/pool/lib/apr-data-sources/yb-apr-handlers/sources/morpho-apr-handler.ts
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Expand Up @@ -12,6 +12,8 @@ const query = gql`
network
}
state {
apy
fee
netApy
}
}
Expand All @@ -25,6 +27,8 @@ type Vault = {
network: 'ethereum' | 'base';
};
state: {
apy: number;
fee: number;
netApy: number;
};
};
Expand Down Expand Up @@ -56,7 +60,7 @@ export class MorphoAprHandler implements AprHandler {
.map((vault) => [
vault.address.toLowerCase(),
{
apr: vault.state.netApy,
apr: vault.state.apy * (1 - vault.state.fee),
group: this.group,
isIbYield: true,
},
Expand Down
65 changes: 49 additions & 16 deletions modules/pool/lib/apr-data-sources/yb-tokens-apr.service.ts
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Expand Up @@ -8,6 +8,9 @@ import { tokenService } from '../../../token/token.service';
import { collectsYieldFee, tokenCollectsYieldFee } from '../pool-utils';
import { YbAprConfig } from '../../../network/apr-config-types';

const MORPHO_TOKEN = '0x58d97b57bb95320f9a05dc918aef65434969c2b2';
const MORPHO_RATE = 0.07605350252138458;

export class YbTokensAprService implements PoolAprService {
private ybTokensAprHandlers: YbAprHandlers;
private underlyingMap: { [wrapper: string]: string } = {};
Expand All @@ -31,7 +34,14 @@ export class YbTokensAprService implements PoolAprService {

public async updateAprForPools(pools: PrismaPoolWithTokens[]): Promise<void> {
const operations: any[] = [];
const tokenPrices = await tokenService.getTokenPrices(pools[0].chain);
const chains = Array.from(new Set(pools.map((pool) => pool.chain)));
const tokenPrices = await tokenService.getCurrentTokenPrices(chains).then((prices) =>
Object.fromEntries(
prices.map((price) => {
return [price.tokenAddress, price.price];
}),
),
);
const aprs = await this.fetchYieldTokensApr();
const poolsWithYbTokens = pools.filter((pool) => {
return pool.tokens.find((token) => {
Expand Down Expand Up @@ -63,35 +73,34 @@ export class YbTokensAprService implements PoolAprService {
continue;
}

for (const token of pool.tokens) {
const tokenAprs = pool.tokens.map((token) => {
const tokenApr = aprs.get(token.address);
if (!tokenApr) {
continue;
}

const tokenPrice = tokenService.getPriceForToken(tokenPrices, token.address, pool.chain);
const tokenBalance = token.balance;

const tokenLiquidity = tokenPrice * parseFloat(tokenBalance || '0');
const tokenPercentageInPool = tokenLiquidity / totalLiquidity;
return {
...token,
...tokenApr,
share: (parseFloat(token.balance) * tokenPrices[token.address]) / totalLiquidity,
};
});

if (!tokenApr || !tokenPercentageInPool) {
for (const token of tokenAprs) {
if (!token.apr || !token.share) {
continue;
}

let userApr = tokenApr.apr * tokenPercentageInPool;
let userApr = token.apr * token.share;

// AAVE + LST case, we need to apply the underlying token APR on top of the AAVE market APR
const aaveUnderlying = this.underlyingMap[token.address];
if (aaveUnderlying) {
const underlyingTokenApr = aprs.get(aaveUnderlying);
if (underlyingTokenApr) {
userApr = ((1 + tokenApr.apr) * (1 + underlyingTokenApr.apr) - 1) * tokenPercentageInPool;
userApr = ((1 + token.apr) * (1 + underlyingTokenApr.apr) - 1) * token.share;
}
}

let fee = 0;
if (collectsYieldFee(pool) && tokenCollectsYieldFee(token) && pool.dynamicData) {
const fee =
fee =
pool.type === 'META_STABLE'
? parseFloat(pool.dynamicData.protocolSwapFee || '0')
: pool.protocolVersion === 3
Expand All @@ -111,12 +120,36 @@ export class YbTokensAprService implements PoolAprService {
poolId: pool.id,
title: `${token.token.symbol} APR`,
apr: userApr,
group: tokenApr.group as PrismaPoolAprItemGroup,
group: token.group as PrismaPoolAprItemGroup,
type: yieldType,
rewardTokenAddress: token.address,
rewardTokenSymbol: token.token.symbol,
};

// Custom APR for MORPHO vaults, hardcoding, because it's complicated to get it from the API
if (data.group === PrismaPoolAprItemGroup.MORPHO) {
const morphoTokensShare = tokenAprs
.filter((t) => t.group === 'MORPHO')
.reduce((acc, t) => acc + t.share, 0);
const morphoId = `${pool.id}-morpho`;
const morphoData = {
...data,
id: morphoId,
apr: MORPHO_RATE * morphoTokensShare,
type: PrismaPoolAprType.IB_YIELD,
title: 'MORPHO APR',
rewardTokenAddress: MORPHO_TOKEN,
rewardTokenSymbol: 'MORPHO',
};
operations.push(
prisma.prismaPoolAprItem.upsert({
where: { id_chain: { id: morphoId, chain: pool.chain } },
create: morphoData,
update: morphoData,
}),
);
}

operations.push(
prisma.prismaPoolAprItem.upsert({
where: { id_chain: { id: itemId, chain: pool.chain } },
Expand Down
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