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Clarify NAV semantics: make navBalance optional in FYV #194

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Clarify NAV semantics: make navBalance optional in FYV #194

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12 changes: 6 additions & 6 deletions cadence/contracts/FlowYieldVaults.cdc
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Original file line number Diff line number Diff line change
Expand Up @@ -91,10 +91,10 @@ access(all) contract FlowYieldVaults {
/// Returns the balance of the given token available for withdrawal. Note that this may be an estimate due to
/// the lack of guarantees inherent to DeFiActions Sources
access(all) fun availableBalance(ofToken: Type): UFix64
/// Returns the NAV-based balance of the given token. Defaults to availableBalance(); strategies backed by
/// ERC-4626 vaults should override to return convertToAssets(shares) instead of an AMM quote.
access(all) fun navBalance(ofToken: Type): UFix64 {
return self.availableBalance(ofToken: ofToken)
/// Returns the NAV-based balance of the given token, if available for this strategy.
/// Strategies that cannot provide a NAV measurement should return `nil`.
access(all) fun navBalance(ofToken: Type): UFix64? {
return nil
}
/// Deposits up to the balance of the referenced Vault into this Strategy
access(all) fun deposit(from: auth(FungibleToken.Withdraw) &{FungibleToken.Vault}) {
Expand Down Expand Up @@ -264,8 +264,8 @@ access(all) contract FlowYieldVaults {
access(all) fun getYieldVaultBalance(): UFix64 {
return self._borrowStrategy().availableBalance(ofToken: self.vaultType)
}
/// Returns the NAV-based balance of the YieldVault's position via convertToAssets on the underlying ERC-4626 vault
access(all) fun getNAVBalance(): UFix64 {
/// Returns the NAV-based balance of the YieldVault's position when supported by the inner strategy.
access(all) fun getNAVBalance(): UFix64? {
return self._borrowStrategy().navBalance(ofToken: self.vaultType)
}
/// Burner.Burnable conformance - emits the BurnedYieldVault event when burned
Expand Down
32 changes: 19 additions & 13 deletions cadence/contracts/PMStrategiesV1.cdc
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Original file line number Diff line number Diff line change
Expand Up @@ -76,7 +76,7 @@ access(all) contract PMStrategiesV1 {
return ofToken == self.source.getSourceType() ? self.source.minimumAvailable() : 0.0
}
/// Returns the NAV-based balance by calling convertToAssets on the ERC-4626 vault
access(all) fun navBalance(ofToken: Type): UFix64 {
access(all) fun navBalance(ofToken: Type): UFix64? {
return PMStrategiesV1._navBalanceFor(
strategyType: self.getType(),
collateralType: self.sink.getSinkType(),
Expand Down Expand Up @@ -150,7 +150,7 @@ access(all) contract PMStrategiesV1 {
return ofToken == self.source.getSourceType() ? self.source.minimumAvailable() : 0.0
}
/// Returns the NAV-based balance by calling convertToAssets on the ERC-4626 vault
access(all) fun navBalance(ofToken: Type): UFix64 {
access(all) fun navBalance(ofToken: Type): UFix64? {
return PMStrategiesV1._navBalanceFor(
strategyType: self.getType(),
collateralType: self.sink.getSinkType(),
Expand Down Expand Up @@ -224,7 +224,7 @@ access(all) contract PMStrategiesV1 {
return ofToken == self.source.getSourceType() ? self.source.minimumAvailable() : 0.0
}
/// Returns the NAV-based balance by calling convertToAssets on the ERC-4626 vault
access(all) fun navBalance(ofToken: Type): UFix64 {
access(all) fun navBalance(ofToken: Type): UFix64? {
return PMStrategiesV1._navBalanceFor(
strategyType: self.getType(),
collateralType: self.sink.getSinkType(),
Expand Down Expand Up @@ -568,29 +568,35 @@ access(all) contract PMStrategiesV1 {

/// Shared NAV balance computation: reads Cadence-side share balance from AutoBalancer,
/// converts to underlying asset value via ERC-4626 convertToAssets
access(contract) fun _navBalanceFor(strategyType: Type, collateralType: Type, ofToken: Type, id: UInt64): UFix64 {
if ofToken != collateralType { return 0.0 }
access(contract) fun _navBalanceFor(strategyType: Type, collateralType: Type, ofToken: Type, id: UInt64): UFix64? {
if ofToken != collateralType { return nil }

let ab = FlowYieldVaultsAutoBalancers.borrowAutoBalancer(id: id)
if ab == nil { return 0.0 }
if ab == nil { return nil }
let sharesBalance = ab!.vaultBalance()
if sharesBalance == 0.0 { return 0.0 }

let vaultAddr = self._getYieldTokenEVMAddress(forStrategy: strategyType, collateralType: collateralType)
?? panic("No EVM vault address configured for \(strategyType.identifier)")
if vaultAddr == nil {
return nil
}

let sharesWei = FlowEVMBridgeUtils.ufix64ToUInt256(
value: sharesBalance,
decimals: FlowEVMBridgeUtils.getTokenDecimals(evmContractAddress: vaultAddr)
decimals: FlowEVMBridgeUtils.getTokenDecimals(evmContractAddress: vaultAddr!)
)

let navWei = ERC4626Utils.convertToAssets(vault: vaultAddr, shares: sharesWei)
?? panic("convertToAssets failed for vault ".concat(vaultAddr.toString()))
let navWei = ERC4626Utils.convertToAssets(vault: vaultAddr!, shares: sharesWei)
if navWei == nil {
return nil
}

let assetAddr = ERC4626Utils.underlyingAssetEVMAddress(vault: vaultAddr)
?? panic("No underlying asset EVM address found for vault \(vaultAddr.toString())")
let assetAddr = ERC4626Utils.underlyingAssetEVMAddress(vault: vaultAddr!)
if assetAddr == nil {
return nil
}

return EVMAmountUtils.toCadenceOutForToken(navWei, erc20Address: assetAddr)
return EVMAmountUtils.toCadenceOutForToken(navWei!, erc20Address: assetAddr!)
}

/// Returns the COA capability for this account
Expand Down