Merge pull request #135 from morpho-org/refactor/market-price

Refactor market price

packages/blue-sdk-ethers/src/fetch/Market.ts

@@ -62,8 +62,10 @@ export async function fetchMarketFromConfig(
           params.oracle,
           // @ts-ignore incompatible commonjs type
           runner,
-        ).price(overrides)
-      : 0n,
+        )
+          .price(overrides)
+          .catch(() => undefined)
+      : undefined,
     params.irm === adaptiveCurveIrm
       ? await AdaptiveCurveIrm__factory.connect(
           params.irm,

packages/blue-sdk-ethers/test/e2e/Market.test.ts

@@ -8,7 +8,8 @@ import { blueAbi } from "./abis.js";
 import { test } from "./setup.js";
 
 const { morpho, adaptiveCurveIrm } = addresses[ChainId.EthMainnet];
-const { usdc_wstEth, usdc_idle, eth_wstEth } = markets[ChainId.EthMainnet];
+const { usdc_wstEth, usdc_idle, eth_wstEth, crvUsd_stkcvx2BTC } =
+  markets[ChainId.EthMainnet];
 
 describe("augment/Market", () => {
   test("should fetch market data", async ({ wallet }) => {
@@ -38,8 +39,6 @@ describe("augment/Market", () => {
       totalBorrowShares: 0n,
       lastUpdate: 1711558175n,
       fee: 0n,
-      price: 0n,
-      rateAtTarget: undefined,
     });
 
     const value = await Market.fetch(usdc_idle.id, wallet);
@@ -105,4 +104,39 @@ describe("augment/Market", () => {
 
     expect(value).toStrictEqual(expectedData);
   });
+
+  test("should fetch market with incorrect oracle", async ({
+    client,
+    wallet,
+  }) => {
+    const params = new MarketParams({
+      ...crvUsd_stkcvx2BTC,
+      oracle: randomAddress(),
+    });
+
+    const timestamp = (await client.timestamp()) + 3n;
+
+    await client.setNextBlockTimestamp({ timestamp });
+    await client.writeContract({
+      address: morpho,
+      abi: blueAbi,
+      functionName: "createMarket",
+      args: [{ ...params }],
+    });
+
+    const expectedData = new Market({
+      params,
+      totalSupplyAssets: 0n,
+      totalSupplyShares: 0n,
+      totalBorrowAssets: 0n,
+      totalBorrowShares: 0n,
+      lastUpdate: 1711597274n,
+      fee: 0n,
+      rateAtTarget: 1268391679n,
+    });
+
+    const value = await Market.fetch(params.id, wallet);
+
+    expect(value).toStrictEqual(expectedData);
+  });
 });

packages/blue-sdk-viem/contracts/GetMarket.sol

@@ -8,6 +8,7 @@ import {IAdaptiveCurveIrm} from "./interfaces/IAdaptiveCurveIrm.sol";
 struct MarketResponse {
     MarketParams marketParams;
     Market market;
+    bool hasPrice;
     uint256 price;
     uint256 rateAtTarget;
 }
@@ -22,7 +23,10 @@ contract GetMarket {
         res.market = morpho.market(id);
 
         if (res.marketParams.oracle != address(0)) {
-            res.price = IOracle(res.marketParams.oracle).price();
+            try IOracle(res.marketParams.oracle).price() returns (uint256 price) {
+                res.hasPrice = true;
+                res.price = price;
+            } catch {}
         }
 
         if (res.marketParams.irm == address(adaptiveCurveIrm)) {

packages/blue-sdk-viem/src/fetch/Market.ts

@@ -37,6 +37,7 @@ export async function fetchMarket(
           lastUpdate,
           fee,
         },
+        hasPrice,
         price,
         rateAtTarget,
       } = await readContract(client, {
@@ -55,7 +56,7 @@ export async function fetchMarket(
         totalBorrowShares,
         lastUpdate,
         fee,
-        price,
+        price: hasPrice ? price : undefined,
         rateAtTarget:
           marketParams.irm === adaptiveCurveIrm ? rateAtTarget : undefined,
       });
@@ -108,8 +109,8 @@ export async function fetchMarket(
           address: params.oracle,
           abi: blueOracleAbi,
           functionName: "price",
-        })
-      : 0n,
+        }).catch(() => undefined)
+      : undefined,
     params.irm === adaptiveCurveIrm
       ? await readContract(client, {
           ...parameters,
@@ -120,6 +121,7 @@ export async function fetchMarket(
         })
       : undefined,
   ]);
+
   return new Market({
     params,
     totalSupplyAssets,

packages/blue-sdk-viem/src/queries/GetMarket.ts

@@ -78,6 +78,7 @@ export const abi = [
             name: "market",
             type: "tuple",
           },
+          { internalType: "bool", name: "hasPrice", type: "bool" },
           { internalType: "uint256", name: "price", type: "uint256" },
           {
             internalType: "uint256",
@@ -96,4 +97,4 @@ export const abi = [
 ] as const;
 
 export const code =
-  "0x608080604052346015576104f3908161001a8239f35b5f80fdfe6080806040526004361015610012575f80fd5b5f3560e01c63d8f172c414610025575f80fd5b34610285576060366003190112610285576004356001600160a01b0381169190829003610285576044356001600160a01b038116929060243590849003610285576080830183811067ffffffffffffffff8211176104275760405260405161008c8161043b565b5f81525f60208201525f60408201525f60608201525f60808201528352602083016040516100b981610457565b5f81525f60208201525f60408201525f60608201525f60808201525f60a0820152815260408401915f835260608501935f8552604051632c3c915760e01b815282600482015260a081602481855afa908115610291575f9161039a575b5060249160c091885260405192838092632e3071cd60e11b82528660048301525afa908115610291575f916102fd575b5082528451604001516001600160a01b03168061029c575b508451606001516001600160a01b0316861461021e575b5060408051945180516001600160a01b039081168752602080830151821681890152828401518216888501526060808401519092168289015260809283015188840152935180516001600160801b0390811660a08a81019190915295820151811660c08a015293810151841660e0890152908101518316610100880152908101518216610120870152909101511661014084015251610160830152516101808201526101a09150f35b6020906024604051809881936301977b5760e01b835260048301525afa948515610291575f95610258575b509382526101a09360a0610175565b94506020853d602011610289575b8161027360209383610473565b810103126102855793519360a0610249565b5f80fd5b3d9150610266565b6040513d5f823e3d90fd5b60206004916040519283809263501ad8ff60e11b82525afa908115610291575f916102cb575b5083525f61015e565b90506020813d6020116102f5575b816102e660209383610473565b8101031261028557515f6102c2565b3d91506102d9565b905060c0813d60c011610392575b8161031860c09383610473565b810103126102855761038760a06040519261033284610457565b61033b816104a9565b8452610349602082016104a9565b602085015261035a604082016104a9565b604085015261036b606082016104a9565b606085015261037c608082016104a9565b6080850152016104a9565b60a08201525f610146565b3d915061030b565b905060a0813d60a01161041f575b816103b560a09383610473565b810103126102855760249160c0916080604051916103d28361043b565b6103db81610495565b83526103e960208201610495565b60208401526103fa60408201610495565b604084015261040b60608201610495565b606084015201516080820152915091610116565b3d91506103a8565b634e487b7160e01b5f52604160045260245ffd5b60a0810190811067ffffffffffffffff82111761042757604052565b60c0810190811067ffffffffffffffff82111761042757604052565b90601f8019910116810190811067ffffffffffffffff82111761042757604052565b51906001600160a01b038216820361028557565b51906001600160801b03821682036102855756fea2646970667358221220efd9cf742cd33c184d8626f47b0484ddcb653e36af9a97223b2dc7be37846d8164736f6c634300081b0033";
+  "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";

packages/blue-sdk-viem/test/Market.test.ts

@@ -8,7 +8,8 @@ import { blueAbi } from "../src/index.js";
 import { test } from "./setup.js";
 
 const { morpho, adaptiveCurveIrm } = addresses[ChainId.EthMainnet];
-const { usdc_wstEth, usdc_idle, eth_wstEth } = markets[ChainId.EthMainnet];
+const { usdc_wstEth, usdc_idle, eth_wstEth, crvUsd_stkcvx2BTC } =
+  markets[ChainId.EthMainnet];
 
 describe("augment/Market", () => {
   test("should fetch market data", async ({ client }) => {
@@ -38,8 +39,6 @@ describe("augment/Market", () => {
       totalBorrowShares: 0n,
       lastUpdate: 1711558175n,
       fee: 0n,
-      price: 0n,
-      rateAtTarget: undefined,
     });
 
     const value = await Market.fetch(usdc_idle.id, client);
@@ -104,4 +103,36 @@ describe("augment/Market", () => {
 
     expect(value).toStrictEqual(expectedData);
   });
+
+  test("should fetch market with incorrect oracle", async ({ client }) => {
+    const params = new MarketParams({
+      ...crvUsd_stkcvx2BTC,
+      oracle: randomAddress(),
+    });
+
+    const timestamp = (await client.timestamp()) + 3n;
+
+    await client.setNextBlockTimestamp({ timestamp });
+    await client.writeContract({
+      address: morpho,
+      abi: blueAbi,
+      functionName: "createMarket",
+      args: [{ ...params }],
+    });
+
+    const expectedData = new Market({
+      params,
+      totalSupplyAssets: 0n,
+      totalSupplyShares: 0n,
+      totalBorrowAssets: 0n,
+      totalBorrowShares: 0n,
+      lastUpdate: 1711597274n,
+      fee: 0n,
+      rateAtTarget: 1268391679n,
+    });
+
+    const value = await Market.fetch(params.id, client);
+
+    expect(value).toStrictEqual(expectedData);
+  });
 });

packages/blue-sdk/src/errors.ts

@@ -57,6 +57,12 @@ export namespace BlueErrors {
     }
   }
 
+  export class UnknownOraclePrice extends Error {
+    constructor(public readonly marketId: MarketId) {
+      super(`unknown oracle price of market "${marketId}"`);
+    }
+  }
+
   export class InsufficientPosition extends Error {
     constructor(
       public readonly user: Address,

packages/blue-sdk/src/market/Market.ts

@@ -33,10 +33,10 @@ export interface MaxWithdrawCollateralOptions {
 export interface MaxPositionCapacities {
   supply: CapacityLimit;
   withdraw: CapacityLimit;
-  borrow: CapacityLimit;
+  borrow: CapacityLimit | undefined;
   repay: CapacityLimit;
   supplyCollateral: CapacityLimit;
-  withdrawCollateral: CapacityLimit;
+  withdrawCollateral: CapacityLimit | undefined;
 }
 
 export interface InputMarket {
@@ -47,7 +47,7 @@ export interface InputMarket {
   totalBorrowShares: bigint;
   lastUpdate: bigint;
   fee: bigint;
-  price: bigint;
+  price?: bigint;
   rateAtTarget?: bigint;
 }
 
@@ -88,8 +88,9 @@ export class Market implements InputMarket {
 
   /**
    * The price as returned by the market's oracle.
+   * `undefined` if the oracle is undefined or reverts.
    */
-  public price: bigint;
+  public price?: bigint;
 
   /**
    * If the market uses the Adaptive Curve IRM, the rate at target utilization.
@@ -377,6 +378,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns the value of a given amount of collateral quoted in loan assets.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * @param collateral The amount of collateral to quote.
    */
   public getCollateralValue(collateral: bigint) {
@@ -385,6 +387,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns the maximum debt allowed given a certain amount of collateral.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * To calculate the amount of loan assets that can be borrowed, use `getMaxBorrowableAssets`.
    * @param collateral The amount of collateral to consider.
    */
@@ -399,6 +402,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns the maximum amount of loan assets that can be borrowed given a certain borrow position.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * @param position The borrow position to consider.
    */
   public getMaxBorrowableAssets(position: {
@@ -410,6 +414,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns the amount of collateral that would be seized in a liquidation given a certain amount of repaid shares.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * @param repaidShares The amount of shares hypothetically repaid.
    */
   public getLiquidationSeizedAssets(repaidShares: bigint) {
@@ -422,6 +427,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns the amount of borrow shares that would be repaid in a liquidation given a certain amount of seized collateral.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * @param seizedAssets The amount of collateral hypothetically seized.
    */
   public getLiquidationRepaidShares(seizedAssets: bigint) {
@@ -434,6 +440,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns the maximum amount of collateral that is worth being seized in a liquidation given a certain borrow position.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * @param position The borrow position to consider.
    */
   public getSeizableCollateral(position: {
@@ -445,6 +452,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns the amount of collateral that can be withdrawn given a certain borrow position.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * @param position The borrow position to consider.
    */
   public getWithdrawableCollateral(
@@ -461,6 +469,7 @@ export class Market implements InputMarket {
 
   /**
    * Returns whether a given borrow position is healthy.
+   * `undefined` iff the market's oracle is undefined or reverts.
    * @param position The borrow position to check.
    */
   public isHealthy(position: { collateral: bigint; borrowShares: bigint }) {
@@ -481,6 +490,7 @@ export class Market implements InputMarket {
   /**
    * Returns the price variation required for the given position to reach its liquidation threshold (scaled by WAD).
    * Negative when healthy (the price needs to drop x%), positive when unhealthy (the price needs to soar x%).
+   * Returns `undefined` iff the market's price is undefined.
    * Returns null if the position is not a borrow.
    * @param position The borrow position to consider.
    */
@@ -528,6 +538,7 @@ export class Market implements InputMarket {
   /**
    * Returns the maximum amount of loan assets that can be borrowed given a certain borrow position
    * and the reason for the limit.
+   * Returns `undefined` iff the market's price is undefined.
    * @param position The borrow position to consider.
    */
   public getBorrowCapacityLimit(
@@ -539,10 +550,13 @@ export class Market implements InputMarket {
       borrowShares?: bigint;
     },
     options?: MaxBorrowOptions,
-  ): CapacityLimit {
+  ): CapacityLimit | undefined {
+    const maxBorrowAssets = this.getMaxBorrowAssets(collateral, options);
+    if (maxBorrowAssets == null) return;
+
     // handle edge cases when the user is liquidatable (maxBorrow < borrow)
     const maxBorrowableAssets = MathLib.zeroFloorSub(
-      this.getMaxBorrowAssets(collateral, options),
+      maxBorrowAssets,
       this.toBorrowAssets(borrowShares),
     );
 
@@ -611,6 +625,7 @@ export class Market implements InputMarket {
   /**
    * Returns the maximum amount of collateral assets that can be withdrawn given a certain borrow position
    * and the reason for the limit.
+   * Returns `undefined` iff the market's price is undefined.
    * @param position The borrow position to consider.
    */
   public getWithdrawCollateralCapacityLimit(
@@ -619,11 +634,12 @@ export class Market implements InputMarket {
       borrowShares: bigint;
     },
     options?: MaxWithdrawCollateralOptions,
-  ): CapacityLimit {
+  ): CapacityLimit | undefined {
     const withdrawableCollateral = this.getWithdrawableCollateral(
       position,
       options,
     );
+    if (withdrawableCollateral == null) return;
 
     if (position.collateral > withdrawableCollateral)
       return {