Removed fixed per-tranche mint cap

.github/workflows/nightly.yml

@@ -11,7 +11,7 @@ jobs:
     strategy:
       fail-fast: false
       matrix:
-        node-version: [16.x]
+        node-version: [20.x]
         os: [ubuntu-latest]
 
     steps:
@@ -34,3 +34,12 @@ jobs:
         with:
           github-token: ${{ secrets.GITHUB_TOKEN }}
           path-to-lcov: "./spot-contracts/coverage/lcov.info"
+
+      - name: spot-vaults run coverage
+        run: yarn workspace @ampleforthorg/spot-vaults run coverage
+
+      - name: spot-vaults report coverage
+        uses: coverallsapp/github-action@v2.2.3
+        with:
+          github-token: ${{ secrets.GITHUB_TOKEN }}
+          path-to-lcov: "./spot-vaults/coverage/lcov.info"

.github/workflows/test.yml

@@ -4,15 +4,15 @@ on:
   push:
     branches: [main]
   pull_request:
-    branches: [main]
+    branches: [main,dev]
 
 jobs:
   test:
     runs-on: ${{ matrix.os }}
 
     strategy:
       matrix:
-        node-version: [16.x]
+        node-version: [20.x]
         os: [ubuntu-latest]
 
     steps:

.nvmrc

@@ -1 +1 @@
-16
+20

package.json

@@ -8,6 +8,7 @@
   "packageManager": "yarn@3.2.1",
   "workspaces": [
     "spot-contracts",
+    "spot-vaults",
     "spot-subgraph",
     "spot-staking-subgraph"
   ]

spot-contracts/contracts/PerpetualTranche.sol

@@ -5,7 +5,7 @@ import { IERC20MetadataUpgradeable } from "@openzeppelin/contracts-upgradeable/t
 import { IERC20Upgradeable, IPerpetualTranche, IBondIssuer, IFeePolicy, IBondController, ITranche } from "./_interfaces/IPerpetualTranche.sol";
 import { IRolloverVault } from "./_interfaces/IRolloverVault.sol";
 import { TokenAmount, RolloverData, SubscriptionParams } from "./_interfaces/CommonTypes.sol";
-import { UnauthorizedCall, UnauthorizedTransferOut, UnexpectedDecimals, UnexpectedAsset, UnacceptableParams, UnacceptableRollover, ExceededMaxSupply, ExceededMaxMintPerTranche, ReserveCountOverLimit } from "./_interfaces/ProtocolErrors.sol";
+import { UnauthorizedCall, UnauthorizedTransferOut, UnexpectedDecimals, UnexpectedAsset, UnacceptableParams, UnacceptableRollover, ExceededMaxSupply, ExceededMaxMintPerTranche, ReserveCountOverLimit, InvalidPerc } from "./_interfaces/ProtocolErrors.sol";
 
 import { OwnableUpgradeable } from "@openzeppelin/contracts-upgradeable/access/OwnableUpgradeable.sol";
 import { PausableUpgradeable } from "@openzeppelin/contracts-upgradeable/security/PausableUpgradeable.sol";
@@ -107,9 +107,10 @@ contract PerpetualTranche is
     //
     //-------------------------------------------------------------------------
     // Constants & Immutables
-    // Number of decimals for a multiplier of 1.0x (i.e. 100%)
-    uint8 public constant FEE_POLICY_DECIMALS = 8;
-    uint256 public constant FEE_ONE = (10 ** FEE_POLICY_DECIMALS);
+
+    /// @dev Internal percentages are fixed point numbers with {PERC_DECIMALS} places.
+    uint8 public constant PERC_DECIMALS = 8;
+    uint256 public constant ONE = (10 ** PERC_DECIMALS); // 1.0 or 100%
 
     /// @dev The maximum number of reserve assets that can be held by perp.
     uint8 public constant MAX_RESERVE_COUNT = 11;
@@ -170,11 +171,15 @@ contract PerpetualTranche is
     /// @notice The maximum supply of perps that can exist at any given time.
     uint256 public maxSupply;
 
-    /// @notice The max number of perps that can be minted using the senior tranche in the minting bond.
-    uint256 public maxMintAmtPerTranche;
+    /// @notice Enforced maximum percentage of reserve value in the deposit tranche.
+    /// @custom:oz-upgrades-renamed-from maxMintAmtPerTranche
+    uint256 public maxDepositTrancheValuePerc;
 
-    /// @notice The total number of perps that have been minted using a given tranche.
-    mapping(ITranche => uint256) public mintedSupplyPerTranche;
+    /// @notice DEPRECATED.
+    /// @dev This used to store the number of perps minted using each deposit tranche.
+    /// @custom:oz-upgrades-renamed-from mintedSupplyPerTranche
+    // solhint-disable-next-line var-name-mixedcase
+    mapping(ITranche => uint256) private _mintedSupplyPerTranche_DEPRECATED;
 
     /// @notice DEPRECATED.
     /// @dev This used to store the discount factor applied on each reserve token.
@@ -266,7 +271,8 @@ contract PerpetualTranche is
         updateBondIssuer(bondIssuer_);
 
         updateTolerableTrancheMaturity(1, type(uint256).max);
-        updateMintingLimits(type(uint256).max, type(uint256).max);
+        updateMaxSupply(type(uint256).max);
+        updateMaxDepositTrancheValuePerc(ONE);
     }
 
     //--------------------------------------------------------------------------
@@ -296,7 +302,7 @@ contract PerpetualTranche is
     /// @notice Update the reference to the fee policy contract.
     /// @param feePolicy_ New strategy address.
     function updateFeePolicy(IFeePolicy feePolicy_) public onlyOwner {
-        if (feePolicy_.decimals() != FEE_POLICY_DECIMALS) {
+        if (feePolicy_.decimals() != PERC_DECIMALS) {
             revert UnexpectedDecimals();
         }
         feePolicy = feePolicy_;
@@ -346,12 +352,20 @@ contract PerpetualTranche is
         _unpause();
     }
 
-    /// @notice Update parameters controlling the perp token mint limits.
+    /// @notice Updates the maximum supply.
     /// @param maxSupply_ New max total supply.
-    /// @param maxMintAmtPerTranche_ New max total for per tranche in minting bond.
-    function updateMintingLimits(uint256 maxSupply_, uint256 maxMintAmtPerTranche_) public onlyKeeper {
+    function updateMaxSupply(uint256 maxSupply_) public onlyKeeper {
         maxSupply = maxSupply_;
-        maxMintAmtPerTranche = maxMintAmtPerTranche_;
+    }
+
+    /// @notice Updates the enforced maximum percentage value of deposit tranches.
+    /// @dev Stored as a fixed point number with {PERC_DECIMALS} places.
+    /// @param maxDepositTrancheValuePerc_ New max percentage.
+    function updateMaxDepositTrancheValuePerc(uint256 maxDepositTrancheValuePerc_) public onlyKeeper {
+        if (maxDepositTrancheValuePerc_ > ONE) {
+            revert InvalidPerc();
+        }
+        maxDepositTrancheValuePerc = maxDepositTrancheValuePerc_;
     }
 
     //--------------------------------------------------------------------------
@@ -380,7 +394,6 @@ contract PerpetualTranche is
         _mint(msg.sender, perpAmtMint);
 
         // post-deposit checks
-        mintedSupplyPerTranche[trancheIn] += perpAmtMint;
         _enforceMintCaps(trancheIn);
 
         return perpAmtMint;
@@ -491,7 +504,14 @@ contract PerpetualTranche is
 
         ITranche tranche = ITranche(address(token));
         IBondController parentBond = IBondController(tranche.bond());
-        return _computeReserveTrancheValue(tranche, parentBond, _reserveAt(0), tranche.balanceOf(address(this)), true);
+        return
+            _computeReserveTrancheValue(
+                tranche,
+                parentBond,
+                _reserveAt(0),
+                tranche.balanceOf(address(this)),
+                MathUpgradeable.Rounding.Up
+            );
     }
 
     /// @inheritdoc IPerpetualTranche
@@ -566,6 +586,18 @@ contract PerpetualTranche is
         return _computeRolloverAmt(trancheIn, tokenOut, trancheInAmtAvailable);
     }
 
+    /// @inheritdoc IPerpetualTranche
+    function deviationRatio() external override afterStateUpdate nonReentrant returns (uint256) {
+        return
+            feePolicy.computeDeviationRatio(
+                SubscriptionParams({
+                    perpTVL: _reserveValue(),
+                    vaultTVL: vault.getTVL(),
+                    seniorTR: _depositBond.getSeniorTrancheRatio()
+                })
+            );
+    }
+
     //--------------------------------------------------------------------------
     // Public methods
 
@@ -681,16 +713,25 @@ contract PerpetualTranche is
             // Removes tranche from reserve set.
             _reserves.remove(address(token));
 
-            // Frees up minted supply.
-            delete mintedSupplyPerTranche[ITranche(address(token))];
+            // Frees up storage slot used by existing tranches in the system.
+            // NOTE: This variable in the process of being `DEPRECATED`, and the following line
+            // can be removed once all storage used by all the current tranches are zeroed out
+            // as they are removed from the reserve.
+            delete _mintedSupplyPerTranche_DEPRECATED[ITranche(address(token))];
         }
 
         return balance;
     }
 
     /// @dev Computes the fee adjusted perp mint amount for given amount of tranche tokens deposited into the reserve.
     function _computeMintAmt(ITranche trancheIn, uint256 trancheInAmt) private view returns (uint256) {
-        uint256 valueIn = _computeReserveTrancheValue(trancheIn, _depositBond, _reserveAt(0), trancheInAmt, false);
+        uint256 valueIn = _computeReserveTrancheValue(
+            trancheIn,
+            _depositBond,
+            _reserveAt(0),
+            trancheInAmt,
+            MathUpgradeable.Rounding.Down
+        );
 
         //-----------------------------------------------------------------------------
         // We charge no mint fee when interacting with other callers within the system.
@@ -706,7 +747,7 @@ contract PerpetualTranche is
 
         // The mint fees are settled by simply minting fewer perps.
         if (feePerc > 0) {
-            perpAmtMint = perpAmtMint.mulDiv(FEE_ONE - feePerc, FEE_ONE);
+            perpAmtMint = perpAmtMint.mulDiv(ONE - feePerc, ONE);
         }
 
         return perpAmtMint;
@@ -733,7 +774,7 @@ contract PerpetualTranche is
 
             // The burn fees are settled by simply redeeming for fewer tranches.
             if (feePerc > 0) {
-                reserveTokens[i].amount = reserveTokens[i].amount.mulDiv(FEE_ONE - feePerc, FEE_ONE);
+                reserveTokens[i].amount = reserveTokens[i].amount.mulDiv(ONE - feePerc, ONE);
             }
         }
 
@@ -767,7 +808,13 @@ contract PerpetualTranche is
         // with the same number of decimals.
         IERC20Upgradeable underlying_ = _reserveAt(0);
         uint256 unitTokenAmt = (10 ** _decimals);
-        uint256 trancheInPrice = _computeReserveTrancheValue(trancheIn, _depositBond, underlying_, unitTokenAmt, false);
+        uint256 trancheInPrice = _computeReserveTrancheValue(
+            trancheIn,
+            _depositBond,
+            underlying_,
+            unitTokenAmt,
+            MathUpgradeable.Rounding.Down
+        );
         uint256 tokenOutPrice = unitTokenAmt;
         if (tokenOut != underlying_) {
             ITranche trancheOut = ITranche(address(tokenOut));
@@ -776,7 +823,7 @@ contract PerpetualTranche is
                 IBondController(trancheOut.bond()),
                 underlying_,
                 unitTokenAmt,
-                true
+                MathUpgradeable.Rounding.Up
             );
         }
 
@@ -800,12 +847,12 @@ contract PerpetualTranche is
         // A positive fee percentage implies that perp charges rotators by
         // offering tranchesOut for a premium, i.e) more tranches in.
         if (feePerc > 0) {
-            r.trancheInAmt = r.trancheInAmt.mulDiv(FEE_ONE, FEE_ONE - feePerc.toUint256(), MathUpgradeable.Rounding.Up);
+            r.trancheInAmt = r.trancheInAmt.mulDiv(ONE, ONE - feePerc.toUint256(), MathUpgradeable.Rounding.Up);
         }
         // A negative fee percentage (or a reward) implies that perp pays the rotators by
         // offering tranchesOut at a discount, i.e) fewer tranches in.
         else if (feePerc < 0) {
-            r.trancheInAmt = r.trancheInAmt.mulDiv(FEE_ONE, FEE_ONE + feePerc.abs(), MathUpgradeable.Rounding.Up);
+            r.trancheInAmt = r.trancheInAmt.mulDiv(ONE, ONE + feePerc.abs(), MathUpgradeable.Rounding.Up);
         }
 
         //-----------------------------------------------------------------------------
@@ -822,13 +869,13 @@ contract PerpetualTranche is
             // accepting tranchesIn at a discount, i.e) fewer tokens out.
             // This results in perp enrichment.
             if (feePerc > 0) {
-                r.tokenOutAmt = r.tokenOutAmt.mulDiv(FEE_ONE - feePerc.abs(), FEE_ONE);
+                r.tokenOutAmt = r.tokenOutAmt.mulDiv(ONE - feePerc.abs(), ONE);
             }
             // A negative fee percentage (or a reward) implies that perp pays the rotators by
             // accepting tranchesIn at a premium, i.e) more tokens out.
             // This results in perp debasement.
             else if (feePerc < 0) {
-                r.tokenOutAmt = r.tokenOutAmt.mulDiv(FEE_ONE + feePerc.abs(), FEE_ONE);
+                r.tokenOutAmt = r.tokenOutAmt.mulDiv(ONE + feePerc.abs(), ONE);
             }
         }
 
@@ -887,17 +934,41 @@ contract PerpetualTranche is
     }
 
     /// @dev Enforces the total supply and per tranche mint cap. To be invoked AFTER the mint operation.
-    function _enforceMintCaps(ITranche trancheIn) private view {
-        // checks if supply minted using the given tranche is within the cap
-        if (mintedSupplyPerTranche[trancheIn] > maxMintAmtPerTranche) {
-            revert ExceededMaxMintPerTranche();
-        }
-
-        // checks if new total supply is within the max supply cap
+    function _enforceMintCaps(ITranche depositTranche) private view {
+        // Checks if new total supply is within the max supply cap
         uint256 newSupply = totalSupply();
         if (newSupply > maxSupply) {
             revert ExceededMaxSupply();
         }
+
+        // Checks if the value of deposit tranche relative to the other tranches in the reserve
+        // is no higher than the defined limit.
+        //
+        // NOTE: We consider the tranches which are up for rollover and mature collateral (if any),
+        // to be part of the deposit tranche, as given enough time
+        // they will be eventually rolled over into the deposit tranche.
+        IERC20Upgradeable underlying_ = _reserveAt(0);
+        uint256 totalVal = underlying_.balanceOf(address(this));
+        uint256 depositTrancheValue = totalVal;
+        uint8 reserveCount = uint8(_reserves.length());
+        for (uint8 i = 1; i < reserveCount; ++i) {
+            ITranche tranche = ITranche(address(_reserveAt(i)));
+            uint256 trancheValue = _computeReserveTrancheValue(
+                tranche,
+                IBondController(tranche.bond()),
+                underlying_,
+                tranche.balanceOf(address(this)),
+                MathUpgradeable.Rounding.Up
+            );
+            if (tranche == depositTranche || _isTimeForRollout(tranche)) {
+                depositTrancheValue += trancheValue;
+            }
+            totalVal += trancheValue;
+        }
+        uint256 depositTrancheValuePerc = depositTrancheValue.mulDiv(ONE, totalVal, MathUpgradeable.Rounding.Up);
+        if (depositTrancheValuePerc > maxDepositTrancheValuePerc) {
+            revert ExceededMaxMintPerTranche();
+        }
     }
 
     /// @dev Fetches the reserve token by index.
@@ -924,7 +995,7 @@ contract PerpetualTranche is
                 parentBond,
                 underlying_,
                 tranche.balanceOf(address(this)),
-                true
+                MathUpgradeable.Rounding.Up
             );
         }
         return totalVal;
@@ -938,22 +1009,15 @@ contract PerpetualTranche is
         IBondController parentBond,
         IERC20Upgradeable collateralToken,
         uint256 trancheAmt,
-        bool roundUp
+        MathUpgradeable.Rounding rounding
     ) private view returns (uint256) {
         // NOTE: As an optimization here, we assume that the reserve tranche is immature and has the most senior claim.
         uint256 parentBondCollateralBalance = collateralToken.balanceOf(address(parentBond));
         uint256 trancheSupply = tranche.totalSupply();
         uint256 trancheClaim = MathUpgradeable.min(trancheSupply, parentBondCollateralBalance);
         // Tranche supply is zero (its parent bond has no deposits yet);
         // the tranche's CDR is assumed 1.0.
-        return
-            (trancheSupply > 0)
-                ? trancheClaim.mulDiv(
-                    trancheAmt,
-                    trancheSupply,
-                    roundUp ? MathUpgradeable.Rounding.Up : MathUpgradeable.Rounding.Down
-                )
-                : trancheAmt;
+        return (trancheSupply > 0) ? trancheClaim.mulDiv(trancheAmt, trancheSupply, rounding) : trancheAmt;
     }
 
     /// @dev Checks if the given token is the underlying collateral token.