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update borrowing & redemption fee to 2.5% by default #194

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update borrowing & redemption fee to 2.5% by default #194

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71c6e16
Merge pull request #189 from DistributedCollective/develop
soulBit Jan 18, 2023
311f89f
feat: hide redemption page
Rickk137 Feb 14, 2023
fced27b
Merge pull request #191 from DistributedCollective/hide-redemption
Rickk137 Feb 14, 2023
ea9c211
update borrowing & redemption fee to 2.5% by default
cwsnt Feb 28, 2023
5d7fcb0
Merge branch 'feature/update-fee' into feature/update-fees-2
tjcloa Mar 1, 2023
3da28a5
fix FE after fees sc merge
tjcloa Mar 1, 2023
eb66f57
revert SideNav.tsx formatting
tjcloa Mar 1, 2023
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2 changes: 1 addition & 1 deletion packages/contracts/contracts/BorrowerOperations.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -963,7 +963,7 @@ contract BorrowerOperations is
require(
_maxFeePercentage >= liquityBaseParams.BORROWING_FEE_FLOOR() &&
_maxFeePercentage <= DECIMAL_PRECISION,
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
}
}
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2 changes: 1 addition & 1 deletion packages/contracts/contracts/Dependencies/TroveManagerBase.sol
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Expand Up @@ -456,7 +456,7 @@ contract TroveManagerBase is LiquityBase, TroveManagerStorage {
require(
_maxFeePercentage >= liquityBaseParams.REDEMPTION_FEE_FLOOR() &&
_maxFeePercentage <= DECIMAL_PRECISION,
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
}
}
4 changes: 2 additions & 2 deletions packages/contracts/contracts/LiquityBaseParams.sol
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Expand Up @@ -34,8 +34,8 @@ contract LiquityBaseParams is ILiquityBaseParams, Ownable, Initializable, BaseMa
MCR = 1100000000000000000; // 110%
CCR = 1500000000000000000; // 150%
PERCENT_DIVISOR = 200; // dividing by 200 yields 0.5%
BORROWING_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 5; // 0.5%
REDEMPTION_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 5; // 0.5%
BORROWING_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 25; // 2.5%
REDEMPTION_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 25; // 2.5%
MAX_BORROWING_FEE = (DECIMAL_PRECISION / 100) * 5; // 5%
}

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2 changes: 1 addition & 1 deletion packages/contracts/docs/BorrowerOperations.md
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Expand Up @@ -1798,7 +1798,7 @@ function _requireValidMaxFeePercentage(uint256 _maxFeePercentage, bool _isRecove
require(
_maxFeePercentage >= liquityBaseParams.BORROWING_FEE_FLOOR() &&
_maxFeePercentage <= DECIMAL_PRECISION,
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
}
}
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4 changes: 2 additions & 2 deletions packages/contracts/docs/LiquityBaseParams.md
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Expand Up @@ -45,8 +45,8 @@ function initialize() public initializer onlyOwner {
MCR = 1100000000000000000; // 110%
CCR = 1500000000000000000; // 150%
PERCENT_DIVISOR = 200; // dividing by 200 yields 0.5%
BORROWING_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 5; // 0.5%
REDEMPTION_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 5; // 0.5%
BORROWING_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 25; // 2.5%
REDEMPTION_FEE_FLOOR = (DECIMAL_PRECISION / 1000) * 25; // 2.5%
MAX_BORROWING_FEE = (DECIMAL_PRECISION / 100) * 5; // 5%
}
```
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2 changes: 1 addition & 1 deletion packages/contracts/docs/TroveManagerBase.md
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Expand Up @@ -1032,7 +1032,7 @@ tion _requireValidMaxFeePercentage(uint256 _maxFeePercentage) internal view {
require(
_maxFeePercentage >= liquityBaseParams.REDEMPTION_FEE_FLOOR() &&
_maxFeePercentage <= DECIMAL_PRECISION,
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
}
}
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2 changes: 1 addition & 1 deletion packages/contracts/docs/TroveManagerBase1MinuteBootstrap.md
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Expand Up @@ -1031,7 +1031,7 @@ tion _requireValidMaxFeePercentage(uint256 _maxFeePercentage) internal view {
require(
_maxFeePercentage >= liquityBaseParams.REDEMPTION_FEE_FLOOR() &&
_maxFeePercentage <= DECIMAL_PRECISION,
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
}
}
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50 changes: 25 additions & 25 deletions packages/contracts/test/BorrowerOperationsTest.js
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Expand Up @@ -932,15 +932,15 @@ contract("BorrowerOperations", async accounts => {

await assertRevert(
borrowerOperations.withdrawZUSD(dec(2, 18), dec(1, 16), A, A, { from: A }),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.withdrawZUSD("1000000000000000001", dec(1, 16), A, A, { from: A }),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
});

it("withdrawZUSD(): reverts if max fee < 0.5% in Normal mode", async () => {
it("withdrawZUSD(): reverts if max fee < 2.5% in Normal mode", async () => {
await openTrove({
extraZUSDAmount: toBN(dec(10, 16)),
ICR: toBN(dec(2, 18)),
Expand All @@ -964,15 +964,15 @@ contract("BorrowerOperations", async accounts => {

await assertRevert(
borrowerOperations.withdrawZUSD(0, dec(1, 16), A, A, { from: A }),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.withdrawZUSD(1, dec(1, 16), A, A, { from: A }),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.withdrawZUSD("4999999999999999", dec(1, 16), A, A, { from: A }),
"Max fee percentage must be between 0.5% and 100%"
borrowerOperations.withdrawZUSD("24999999999999999", dec(1, 16), A, A, { from: A }),
"Max fee percentage must be between 2.5% and 100%"
);
});

Expand Down Expand Up @@ -1046,9 +1046,9 @@ contract("BorrowerOperations", async accounts => {

baseRate = await troveManager.baseRate(); // expect 5% base rate
assert.equal(baseRate, dec(5, 16));
// Attempt with maxFee 0.5%%
// Attempt with maxFee 2.5%%
await assertRevert(
borrowerOperations.withdrawZUSD(dec(5, 15), dec(1, 16), A, A, { from: D }),
borrowerOperations.withdrawZUSD(dec(25, 15), dec(1, 16), A, A, { from: D }),
"Fee exceeded provided maximum"
);
});
Expand Down Expand Up @@ -2140,7 +2140,7 @@ contract("BorrowerOperations", async accounts => {
);
});

it("adjustTrove(): reverts if max fee < 0.5% in Normal mode", async () => {
it("adjustTrove(): reverts if max fee < 2.5% in Normal mode", async () => {
await openTrove({
extraZUSDAmount: toBN(dec(10000, 18)),
ICR: toBN(dec(2, 18)),
Expand All @@ -2149,22 +2149,22 @@ contract("BorrowerOperations", async accounts => {

await assertRevert(
borrowerOperations.adjustTrove(0, 0, dec(1, 16), true, A, A, { from: A, value: dec(2, 16) }),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.adjustTrove(1, 0, dec(1, 16), true, A, A, { from: A, value: dec(2, 16) }),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.adjustTrove("4999999999999999", 0, dec(1, 18), true, A, A, {
borrowerOperations.adjustTrove("24999999999999999", 0, dec(1, 18), true, A, A, {
from: A,
value: dec(2, 16)
}),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
});

it("adjustTrove(): allows max fee < 0.5% in Recovery mode", async () => {
it("adjustTrove(): allows max fee < 2.5% in Recovery mode", async () => {
await openTrove({
ICR: toBN(dec(2, 18)),
extraParams: { from: whale, value: toBN(dec(100, 16)) }
Expand All @@ -2191,7 +2191,7 @@ contract("BorrowerOperations", async accounts => {
});
await priceFeed.setPrice(dec(1, 16));
assert.isTrue(await th.checkRecoveryMode(contracts));
await borrowerOperations.adjustTrove("4999999999999999", 0, dec(1, 9), true, A, A, {
await borrowerOperations.adjustTrove("24999999999999999", 0, dec(1, 9), true, A, A, {
from: A,
value: dec(3000000, 16)
});
Expand Down Expand Up @@ -5084,42 +5084,42 @@ contract("BorrowerOperations", async accounts => {
from: A,
value: dec(1000, "ether")
}),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.openTrove("1000000000000000001", dec(20000, 18), B, B, {
from: B,
value: dec(1000, "ether")
}),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
});

it("openTrove(): reverts if max fee < 0.5% in Normal mode", async () => {
it("openTrove(): reverts if max fee < 2.5% in Normal mode", async () => {
await assertRevert(
borrowerOperations.openTrove(0, dec(195000, 18), A, A, {
from: A,
value: dec(1200, "ether")
}),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.openTrove(1, dec(195000, 18), A, A, {
from: A,
value: dec(1000, "ether")
}),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
await assertRevert(
borrowerOperations.openTrove("4999999999999999", dec(195000, 18), B, B, {
borrowerOperations.openTrove("24999999999999999", dec(195000, 18), B, B, {
from: B,
value: dec(1200, "ether")
}),
"Max fee percentage must be between 0.5% and 100%"
"Max fee percentage must be between 2.5% and 100%"
);
});

it("openTrove(): allows max fee < 0.5% in Recovery Mode", async () => {
it("openTrove(): allows max fee < 2.5% in Recovery Mode", async () => {
await borrowerOperations.openTrove(th._100pct, dec(195000, 16), A, A, {
from: A,
value: dec(2000, 16)
Expand All @@ -5134,7 +5134,7 @@ contract("BorrowerOperations", async accounts => {
await borrowerOperations.openTrove(1, dec(19500, 16), C, C, { from: C, value: dec(3100, 16) });
await priceFeed.setPrice(dec(25, 18));
assert.isTrue(await th.checkRecoveryMode(contracts));
await borrowerOperations.openTrove("4999999999999999", dec(19500, 16), D, D, {
await borrowerOperations.openTrove("24999999999999999", dec(19500, 16), D, D, {
from: D,
value: dec(3100, 16)
});
Expand Down
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