wildcat-finance / wildcat-protocol

The Wildcat Protocol

Here's the code. Enjoy it.

For other bits and pieces:

The Whitepaper

https://tinyurl.com/wildcat-whitepaper

The Manifesto

https://tinyurl.com/wildcat-manifesto

The Documentation

https://wildcat-protocol.gitbook.io

wildcat-protocol's Issues

Market creation failed if token name or symbol is in excess of 32 bytes

C4: [QA] add in a repay function to emit an event indicating a repayment has taken place

Fixed by 9f44603

Add nonReentrant modifier to nukeFromOrbit

wildcat-protocol/src/market/WildcatMarketConfig.sol

Line 99 in ce7d832

function nukeFromOrbit(address accountAddress) external {

Adjust reserve ratio change from 90% to a dynamic ratio

Current thinking is to set it to max( 2 * (newRate - oldRate)/oldRate, currentReserve ).

This means that a reduction in APR from 10% to 7% (a 30% change) would produce a temporary reserve ratio of 60%. If the existing reserve ratio is higher than 60%, it would keep that rate as is.

The relative difference change is capped out at 100% - i.e. reducing the APR by 60% doesn't produce a 120% reserve.

Designed to force liquidity back into the market for a ragequit option, but without completely crippling the borrowers ability to utilise the market for those two weeks.

Demo commit here: 1a5e4bc

C4: updateLenderAuthorization granted arbitrary accounts Withdraw role when invoked

Fixed by 2259d2a

Modify vault role management

Only call controller isAuthorizedLender if account has null status.

Replace grant/revoke functions with single update function.

Add ability to remove Blocked role from an account once sanctioned status is lifted.

• Requires a new function in WildcatMarketConfig

Modify sentinel to allow borrower to override an account's sanctioned status so that accounts can't immediately be blocked after escrowed assets are released.

Use SafeTransferLib in escrow

wildcat-protocol/src/WildcatSanctionsEscrow.sol

Line 38 in 292ebda

IERC20(asset).transfer(account, amount);

SafeTransferLib is used everywhere else, update this to use that as well.

Remove `not` fn in BoolUtils

C4: set reserveRatioBips to 10000 on a closed market

This doesn't actually impact anything, but just makes more 'sense'

Fixed by b68c108

Remove iszero(iszero(...)) in MathUtils.sol

Fix update to wrong withdrawal batch in storage

wildcat-protocol/src/market/WildcatMarketBase.sol

Line 426 in ce7d832

_withdrawalData.batches[state.pendingWithdrawalExpiry] = batch;

Update wd tests to check withdrawal batch data after calls

C4: sanctioned lenders can deposit freely before being nuked/blocked

Fixed by dea6ce9

C4: incorrect AuthRole granted in StunningReversal

Add zero value check to transfer functions

C4: borrowers can still borrow up to max reserves while sanctioned

My thinking here is that if the lenders notice that borrower is sanctioned, they're going to want to withdraw quick - someone who's sanctioned might not give a damn because they're clearly already in trouble and just borrow right up to the reserve limit if there's anything still available.

Say a market is at 50% reserves on a 20% minimum reserve ratio vault, then borrower is sanctioned - this could be the difference between an 80% and 50% haircut in the scenario where borrower goes 'well, better take all I can!'.

The way this is overridden is just that they get unsanctioned (we obviously shouldn't allow borrowers to override their own sanction) - they can still deposit assets either directly or via repay, which is bad in terms of strict liability but we can't prevent it, and a sanctioned borrower can still close a market, so even though that's a real mess the functionality is still all there.

Fixed by 299833d

C4: assets overestimated when writing state before transfer for fee collection/borrowing

Fixed by 016f6f2

Update controller events and fix interface

Add events for excess reserve ratio activation/expiry
Rearrange arguments in MarketDeployed to match subgraph.
Fix missing/erroneous members of interface

C4: incorrect ordering of borrower/accountAddress in createEscrow

C4: revert create2WithStoredInitCode if deployment address is zero

See code-423n4/2023-10-wildcat-findings#499.

Fixed by e93bcd9.

C4: Apply payments to unexpired pending batches in _getUpdatedState

Ref: code-423n4/2023-10-wildcat-findings#365

Currently there is no way for borrowers to avoid interest accrual on pending batches with sufficient available liquidity, absent a call to queueWithdrawal.

Fix: apply payments to pending batches in _getUpdatedState.

This will also require a change to _calculateCurrentState which returns the expired batch data if one exists so that queries for withdrawal batches can retrieve the correct pending status of that batch. This should be modified to return the pending batch if one exists but has not expired.

C4: APR and capacity can be changed on closed markets

Fixed by 371891a

C4: escrow creation needs to check that contract is non-empty

Fixed by 3261f45

Use new opcodes from Dencun

Use mcopy for returndata structs
Use tstore/tload for reentrancy locks

Update `MarketDeployed` and `ScaleFactorUpdated` events

These should have additional data to reduce the complexity of indexing the protocol off-chain.

Replace ScaleFactorUpdated with:

  event InterestAndFeesAccrued(
    uint256 fromTimestamp,
    uint256 toTimestamp,
    uint256 scaleFactor,
    uint256 baseInterestRay,
    uint256 delinquencyFeeRay,
    uint256 protocolFees
  );

Replace MarketDeployed with:

  event MarketDeployed(
    address indexed market,
    address asset,
    uint256 maxTotalSupply,
    uint256 annualInterestBips,
    uint256 delinquencyFeeBips,
    uint256 withdrawalBatchDuration,
    uint256 reserveRatioBips,
    uint256 delinquencyGracePeriod,
    string name,
    string symbol
  );

Additionally, WildcatMarketController does not actually emit the MarketDeployed event, so fix that.

C4: Non-zero codelength check on market and controller creation

Fixed by 3b33a2f

Add debt query methods

totalDebts
outstandingDebt
delinquentDebt

C4: closing a market even with no outstanding batches may still have a non-zero grace tracker value

The problem with this is that it means that the scale factor will still inflate according to the delinquencyFee for as long as it's in excess of the grace period - the result is that the last person who attempts to redeem their market tokens when exiting won't be able to access enough reserves.

The check on the unpaidBatches.length() > 0 isn't actually checking for delinquency (which is state.timeDelinquent > delinquencyGracePeriod) it's just checking whether or not there's anything that still needs assigning assets to.

delinquencyFee is an immutable value, so it's cleaner to just zero the tracker.

Fixed by 292ebda

Cast `scaledAmountBurned` to uint104 instead of `scaledAvailableLiquidity`

wildcat-protocol/src/market/WildcatMarketBase.sol

Lines 538 to 539 in c28b889

	uint104 scaledAvailableLiquidity = state.scaleAmount(availableLiquidity).toUint104();
	uint104 scaledAmountBurned = uint104(MathUtils.min(scaledAvailableLiquidity, scaledAmountOwed));

wildcat-protocol/src/market/WildcatMarketBase.sol

Lines 562 to 563 in c28b889

	uint104 scaledAvailableLiquidity = state.scaleAmount(availableLiquidity).toUint104();
	uint104 scaledAmountOwed = batch.scaledTotalAmount - batch.scaledAmountBurned;

Adjust temporary reserve ratio rules

Add the original interest rate to the TemporaryReserveRatio struct.

When setting the interest rate, modify the code so that:

• If there is a temporary reserve ratio in place and the new APR is gte the original interest rate, cancel the temporary reserve ratio.
• For APR reductions, use the original reserve ratio and APR (from the market if there is no temporary ratio in place, otherwise from storage) for the formula from #56.

Fix delinquency checks in `setLiquidityCoverageRatio`

Update IWildcatMarketControllerFactory and fix factory not emitting events

Interface is outdated and factory does not emit events for controller deployment or protocol fee configuration updates.

Update market events

Index expiry in all withdrawal events.

Index account in SanctionedAccountAssetsSentToEscrow and SanctionedAccountWithdrawalSentToEscrow

Add normalizedAmount to WithdrawalQueued

C4: controller has no way in which to invoke setMaxTotalSupply(newMaxSupply) for a market

Fixed by 2b8a3e0

Fix transfer to wrong address in withdrawal to sanctioned account

ref:

wildcat-protocol/src/market/WildcatMarketWithdrawals.sol

Line 137 in ce7d832

asset.safeTransfer(accountAddress, normalizedAmountWithdrawn);

C4: controller has no way in which to invoke closeMarket() for a market

C4: setAnnualInterestBips allows you to set APR outside of controller bounds

Maximum fixed by 6cd7317

C4: Zero withdrawalBatchDuration allows lenders to withdraw more than pro-rata share of batch allocation

ref

Change the timestamp check from

    if (expiry > block.timestamp) {
      revert WithdrawalBatchNotExpired();
    }
    ```
    
    to
    ```solidity
        if (expiry >= block.timestamp) {
      revert WithdrawalBatchNotExpired();
    }
    ```

hi laurence

Add a boolean to state for whether market is closed

Add isClosed to VaultState.
Add revert check to deposit function, add tests.

Fix incorrect comments

wildcat-protocol/src/libraries/MathUtils.sol

Line 168 in ce7d832

/// @dev Multiply two ray, rounding half up to the nearest ray

wildcat-protocol/src/libraries/StringQuery.sol

Line 38 in ce7d832

// Cache the free memory pointer to restore it after it is overwritten