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Update rebase curve parameters and deviation threshold #296

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Merged
merged 2 commits into from
Mar 25, 2025
Merged

Update rebase curve parameters and deviation threshold #296

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fd13c8b
Update rebase curve parameters and deviation threshold
ahnaguib Sep 10, 2024
5614a8a
fix comment typo
ahnaguib Mar 25, 2025
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8 changes: 4 additions & 4 deletions contracts/UFragmentsPolicy.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -244,11 +244,11 @@ contract UFragmentsPolicy is Ownable {
Ownable.initialize(owner_);

// deviationThreshold = 0.05e18 = 5e16
deviationThreshold = 5 * 10**(DECIMALS - 2);
deviationThreshold = 25 * 10**(DECIMALS - 3);

rebaseFunctionGrowth = int256(3 * (10**DECIMALS));
rebaseFunctionUpperPercentage = int256(10 * (10**(DECIMALS - 2))); // 0.1
rebaseFunctionLowerPercentage = int256((-10) * int256(10**(DECIMALS - 2))); // -0.1
rebaseFunctionGrowth = int256(45 * (10**DECIMALS));
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Noting that the current growth on the deployment is 42:
https://etherscan.io/address/0x1b228a749077b8e307c5856ce62ef35d96dca2ea#readProxyContract#F13

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We decided in the previous PR to keep it here this way and switch it to 45 in the next deployment

rebaseFunctionUpperPercentage = int256(5 * (10**(DECIMALS - 2))); // 0.05
rebaseFunctionLowerPercentage = int256((-77) * int256(10**(DECIMALS - 3))); // -0.77

minRebaseTimeIntervalSec = 1 days;
rebaseWindowOffsetSec = 7200; // 2AM UTC
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31 changes: 15 additions & 16 deletions test/unit/UFragmentsPolicy.ts
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Original file line number Diff line number Diff line change
Expand Up @@ -2,7 +2,6 @@ import { ethers, upgrades, waffle } from 'hardhat'
import { Contract, Signer, BigNumber, BigNumberish, Event } from 'ethers'
import { TransactionResponse } from '@ethersproject/providers'
import { expect } from 'chai'
import { Result } from 'ethers/lib/utils'
import { imul, increaseTime } from '../utils/utils'

let uFragmentsPolicy: Contract,
Expand All @@ -20,8 +19,8 @@ const INITIAL_TARGET_RATE_25P_LESS = imul(INITIAL_TARGET_RATE, '0.75', 1)
const INITIAL_RATE = ethers.utils.parseUnits('1.05', 18)
const INITIAL_RATE_30P_MORE = imul(INITIAL_RATE, '1.3', 1)
const INITIAL_RATE_30P_LESS = imul(INITIAL_RATE, '0.7', 1)
const INITIAL_RATE_2P_MORE = imul(INITIAL_RATE, '1.02', 1)
const INITIAL_RATE_2P_LESS = imul(INITIAL_RATE, '0.98', 1)
const INITIAL_RATE_2_5_P_MORE = imul(INITIAL_RATE, '1.025', 1)
const INITIAL_RATE_2_5_P_LESS = imul(INITIAL_RATE, '0.975', 1)
const INITIAL_RATE_60P_MORE = imul(INITIAL_RATE, '1.6', 1)
const INITIAL_RATE_50P_LESS = imul(INITIAL_RATE, '0.5', 1)
const INITIAL_RATE_2X = INITIAL_RATE.mul(2)
Expand Down Expand Up @@ -149,7 +148,7 @@ describe('UFragmentsPolicy:initialize', async function () {

it('deviationThreshold', async function () {
expect(await uFragmentsPolicy.deviationThreshold()).to.eq(
ethers.utils.parseUnits('5', 16),
ethers.utils.parseUnits('25', 15),
)
})
it('rebaseLag', async function () {
Expand Down Expand Up @@ -399,8 +398,8 @@ describe('UFragmentsPolicy:CurveParameters', async function () {

describe('when rebaseFunctionGrowth is more than 0', async function () {
it('should setRebaseFunctionGrowth', async function () {
await uFragmentsPolicy.connect(deployer).setRebaseFunctionGrowth(1000)
expect(await uFragmentsPolicy.rebaseFunctionGrowth()).to.eq(1000)
await uFragmentsPolicy.connect(deployer).setRebaseFunctionGrowth('42000000000000000000')
expect(await uFragmentsPolicy.rebaseFunctionGrowth()).to.eq('42000000000000000000')
})
})

Expand Down Expand Up @@ -702,7 +701,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
await increaseTime(60)

await mockExternalData(
INITIAL_RATE_2P_MORE.sub(2),
INITIAL_RATE_2_5_P_MORE.sub(2),
INITIAL_TARGET_RATE,
1000,
)
Expand All @@ -716,7 +715,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
await increaseTime(60)

await mockExternalData(
INITIAL_RATE_2P_LESS.add(2),
INITIAL_RATE_2_5_P_LESS.add(2),
INITIAL_TARGET_RATE,
1000,
)
Expand Down Expand Up @@ -991,7 +990,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
prevEpoch.add(1),
INITIAL_RATE_60P_MORE,
INITIAL_TARGET_RATE,
55,
50,
)
})

Expand All @@ -1014,7 +1013,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
.withArgs('UFragments', 'rebase', uFragmentsPolicy.address)
await expect(r)
.to.emit(mockUFragments, 'FunctionArguments')
.withArgs([prevEpoch.add(1)], [55])
.withArgs([prevEpoch.add(1)], [50])
})
})
})
Expand Down Expand Up @@ -1045,7 +1044,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
uFragmentsPolicy.connect(orchestrator).rebase(),
)
).requestedSupplyAdjustment,
).to.eq(-29)
).to.eq(-76)
})
})

Expand All @@ -1065,7 +1064,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
uFragmentsPolicy.connect(orchestrator).rebase(),
)
).requestedSupplyAdjustment,
).to.eq(100)
).to.eq(50)
})
})

Expand All @@ -1085,7 +1084,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
uFragmentsPolicy.connect(orchestrator).rebase(),
)
).requestedSupplyAdjustment,
).to.eq(-100)
).to.eq(-77)
})
})

Expand All @@ -1105,7 +1104,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
uFragmentsPolicy.connect(orchestrator).rebase(),
)
).requestedSupplyAdjustment,
).to.eq(-100)
).to.eq(-77)
})
})
})
Expand Down Expand Up @@ -1137,7 +1136,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
uFragmentsPolicy.connect(orchestrator).rebase(),
)
).requestedSupplyAdjustment,
).to.eq(-20)
).to.eq(-76)
})
})
})
Expand Down Expand Up @@ -1169,7 +1168,7 @@ describe('UFragmentsPolicy:Rebase', async function () {
uFragmentsPolicy.connect(orchestrator).rebase(),
)
).requestedSupplyAdjustment,
).to.eq(32)
).to.eq(49)
})
})
})
Expand Down