diff --git a/helpers/utils.js b/helpers/utils.js index 60ade1d..8fefdff 100644 --- a/helpers/utils.js +++ b/helpers/utils.js @@ -1,7 +1,7 @@ module.exports = { - formatNumber(number) { + formatNumber(number, maximumFractionDigits = 20) { return new Intl.NumberFormat('en-EN', { - maximumSignificantDigits: 21, + maximumFractionDigits, }).format(number); }, }; diff --git a/scripts/liquidation.js b/scripts/liquidation.js index efc2d14..eb83ce7 100644 --- a/scripts/liquidation.js +++ b/scripts/liquidation.js @@ -51,14 +51,17 @@ async function main() { // Get exchange rates for oXCN and XCN const oXCNExchangeRate = await oXCN.callStatic.exchangeRateCurrent(); - console.log(`1 XCN in oXCN: ${formatNumber((1 / (oXCNExchangeRate / 1e28)))}`); - console.log(`1 oXCN in XCN: ${formatNumber(oXCNExchangeRate / 1e28)}`); + const oXCNExchangeRateUnscaled = oXCNExchangeRate / 1e28; + console.log(`1 XCN in oXCN: ${formatNumber((1 / oXCNExchangeRateUnscaled))}`); + console.log(`1 oXCN in XCN: ${formatNumber(oXCNExchangeRateUnscaled)}`); // The percent, ranging from 0% to 100%, of a liquidatable account's borrow that can be repaid in a single liquidate transaction. // https://docs.onyx.org/comptroller/close-factor const closeFactorPercentage = (await Comptroller.callStatic.closeFactorMantissa() / 1e16) + const liquidationIncentiveMantissa = (await Comptroller.callStatic.liquidationIncentiveMantissa() / 1e16); + const liquidationIncentiveCoefficient = (await Comptroller.callStatic.liquidationIncentiveMantissa() / 1e18); console.log('Close factor:', closeFactorPercentage, '%') - console.log('Liquidation incentive:', (await Comptroller.callStatic.liquidationIncentiveMantissa() / 1e16), '%') + console.log('Liquidation incentive:', liquidationIncentiveMantissa, '%') console.log('\n'); // Amount of XCN tokens at signer account @@ -71,6 +74,7 @@ async function main() { // Store balances and liquidity info before liquidation summary.before.xcnBalance = await XCN.balanceOf(signerAddress); summary.before.xcnLockedForSupply = await oXCN.callStatic.balanceOfUnderlying(signerAddress); + summary.before.liquidatorLiquidity = await Comptroller.getAccountLiquidity(signerAddress); summary.before.borrowerLiquidity = await Comptroller.getAccountLiquidity(borrowerAddress); summary.before.borrowerXcnLockedForSupply = await oXCN.callStatic.balanceOfUnderlying(borrowerAddress); summary.before.borrowerXcnBalance = await oXCN.callStatic.borrowBalanceCurrent(borrowerAddress) @@ -116,6 +120,7 @@ async function main() { summary.after.xcnBalance = await XCN.balanceOf(signerAddress); summary.after.xcnLockedForSupply = await oXCN.callStatic.balanceOfUnderlying(signerAddress); + summary.after.liquidatorLiquidity = await Comptroller.getAccountLiquidity(signerAddress); summary.after.borrowerLiquidity = await Comptroller.getAccountLiquidity(borrowerAddress); summary.after.borrowerXcnLockedForSupply = await oXCN.callStatic.balanceOfUnderlying(borrowerAddress); summary.after.borrowerXcnBalance = await oXCN.callStatic.borrowBalanceCurrent(borrowerAddress) @@ -126,9 +131,32 @@ async function main() { console.log(`Borrower balance in XCN after liquidation: ${formatNumber(summary.after.borrowerXcnBalance / 1e18)}`); console.log(`Borrower balance locked for supply in XCN: ${formatNumber(summary.after.borrowerXcnLockedForSupply / 1e18)}`); - const liquidatorProfit = (summary.after.xcnLockedForSupply - amountToRepay) / 1e18; + const protocolSeizeShareMantissa = await oXCN.protocolSeizeShareMantissa() / 1e16; + const protocolSeizeShareCoefficient = await oXCN.protocolSeizeShareMantissa() / 1e18; + const repayAmountWithIncentive = repayAmount / 1e18 * liquidationIncentiveCoefficient; + const protocolFee = repayAmountWithIncentive * protocolSeizeShareCoefficient; + + console.log('\n'); + console.log(`Liquidator's profit: Repay amount * Liquidation incentive:`); + console.log(`${formatNumber(repayAmount / 1e18)} * ${formatNumber(liquidationIncentiveCoefficient)} = ${formatNumber(repayAmountWithIncentive)}`); + console.log(`Liquidator has to pay protocol fee: ${formatNumber(protocolSeizeShareMantissa)} % of Liqudidator's profit`); + console.log(`${formatNumber(protocolSeizeShareCoefficient)} * ${formatNumber(repayAmountWithIncentive)} = ${formatNumber(protocolFee)}`); + console.log(`Protocol fee + Liquidator's locked for supply income = Repay amount * Liquidation incentive = Borrower's locked for supply loss`); + console.log(`${formatNumber(protocolFee, 3)} + ${formatNumber((summary.after.xcnLockedForSupply - summary.before.xcnLockedForSupply) / 1e18, 3)} = ${formatNumber(repayAmount / 1e18, 3)} * ${formatNumber(liquidationIncentiveCoefficient)} = ${formatNumber((summary.before.borrowerXcnLockedForSupply - summary.after.borrowerXcnLockedForSupply) / 1e18, 3)}`); + + // Calculate XCN rate based on current liquidity, XCN supply, and collateral factor + const liquidatorProfitXCN = (summary.after.xcnLockedForSupply - amountToRepay) / 1e18; + const collateralFactorXCN = (await Comptroller.callStatic.markets(oXCN.address))[1] / 1e18; + const xcnLockedForSupplyDiff = (summary.after.xcnLockedForSupply - summary.before.xcnLockedForSupply) / 1e18; + const borrowableXCN = xcnLockedForSupplyDiff * collateralFactorXCN; + const liquidityDiff = (summary.after.liquidatorLiquidity[1] - summary.before.liquidatorLiquidity[1]) / 1e18; + const calculatedXcnUsdRate = liquidityDiff / borrowableXCN; + const liquidatorProfitUSD = liquidatorProfitXCN * calculatedXcnUsdRate; + console.log('\n'); - console.log(`Liquidator profit in XCN (locked for supply - liquidation cost): ${formatNumber(liquidatorProfit)}`); + console.log('Calculated XCN rate:', calculatedXcnUsdRate); + console.log(`Liquidator profit in XCN (locked for supply - liquidation cost): ${formatNumber(liquidatorProfitXCN)}`); + console.log(`Liquidator approximate profit in USD: ${formatNumber(liquidatorProfitUSD)}`); resolve(); }));