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FLO-22: fix maxWithdraw caps credit position #249

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FLO-22: fix maxWithdraw caps credit position #249

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ba8fc19
fix maxWithdraw caps credit position
holyfuchs Mar 9, 2026
52604fa
clean up tests
holyfuchs Mar 9, 2026
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42 changes: 25 additions & 17 deletions cadence/contracts/FlowALPv0.cdc
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Original file line number Diff line number Diff line change
Expand Up @@ -101,19 +101,27 @@ access(all) contract FlowALPv0 {
: 0.0 as UFix128
return (deltaDebt * borrowFactor) / withdrawSnap.getPrice()
} else {
// withdrawing reduces collateral
// withdrawing reduces collateral (and may flip into debt beyond zero)
let trueBalance = FlowALPMath.scaledBalanceToTrueBalance(
withdrawBal!.scaledBalance,
interestIndex: withdrawSnap.getCreditIndex()
)
let maxPossible = trueBalance
let requiredCollateral = effectiveDebtTotal * targetHealth
if effectiveCollateralTotal <= requiredCollateral {
return 0.0
}
let deltaCollateralEffective = effectiveCollateralTotal - requiredCollateral
let deltaTokens = (deltaCollateralEffective / collateralFactor) / withdrawSnap.getPrice()
return deltaTokens > maxPossible ? maxPossible : deltaTokens
if deltaTokens <= trueBalance {
// Health target is hit before exhausting credit — collateral-only withdrawal
return deltaTokens
}
// Exhausting all credit still leaves health above target: add debt capacity
let collateralEffectiveValue = (withdrawSnap.getPrice() * trueBalance) * collateralFactor
let remainingCollateral = effectiveCollateralTotal - collateralEffectiveValue
let availableDebtIncrease = (remainingCollateral / targetHealth) - effectiveDebtTotal
let additionalTokens = (availableDebtIncrease * borrowFactor) / withdrawSnap.getPrice()
return trueBalance + additionalTokens
}
}

Expand Down Expand Up @@ -312,7 +320,7 @@ access(all) contract FlowALPv0 {
if let tokenState = self.state.getTokenState(tokenType) {
return tokenState.getInsuranceRate()
}

return nil
}

Expand Down Expand Up @@ -501,7 +509,7 @@ access(all) contract FlowALPv0 {
post {
!self.state.isPositionLocked(pid): "Position is not unlocked"
}

self.lockPosition(pid)

let positionView = self.buildPositionView(pid: pid)
Expand All @@ -521,7 +529,7 @@ access(all) contract FlowALPv0 {
let Pc_oracle = self.config.getPriceOracle().price(ofToken: seizeType)! // collateral price given by oracle ($/C)
// Price of collateral, denominated in debt token, implied by oracle (D/C)
// Oracle says: "1 unit of collateral is worth `Pcd_oracle` units of debt"
let Pcd_oracle = Pc_oracle / Pd_oracle
let Pcd_oracle = Pc_oracle / Pd_oracle

// Compute the health factor which would result if we were to accept this liquidation
let Ce_pre = balanceSheet.effectiveCollateral // effective collateral pre-liquidation
Expand All @@ -532,7 +540,7 @@ access(all) contract FlowALPv0 {
// Ce_seize = effective value of seized collateral ($)
let Ce_seize = FlowALPMath.effectiveCollateral(credit: UFix128(seizeAmount), price: UFix128(Pc_oracle), collateralFactor: Fc)
// De_seize = effective value of repaid debt ($)
let De_seize = FlowALPMath.effectiveDebt(debit: UFix128(repayAmount), price: UFix128(Pd_oracle), borrowFactor: Fd)
let De_seize = FlowALPMath.effectiveDebt(debit: UFix128(repayAmount), price: UFix128(Pd_oracle), borrowFactor: Fd)
let Ce_post = Ce_pre - Ce_seize // position's total effective collateral after liquidation ($)
let De_post = De_pre - De_seize // position's total effective debt after liquidation ($)
let postHealth = FlowALPMath.healthComputation(effectiveCollateral: Ce_post, effectiveDebt: De_post)
Expand All @@ -551,9 +559,9 @@ access(all) contract FlowALPv0 {
message: "DEX/oracle price deviation too large. Dex price: \(Pcd_dex), Oracle price: \(Pcd_oracle)")
// Execute the liquidation
let seizedCollateral <- self._doLiquidation(pid: pid, repayment: <-repayment, debtType: debtType, seizeType: seizeType, seizeAmount: seizeAmount)

self.unlockPosition(pid)

return <- seizedCollateral
}

Expand All @@ -563,7 +571,7 @@ access(all) contract FlowALPv0 {
access(self) fun _doLiquidation(pid: UInt64, repayment: @{FungibleToken.Vault}, debtType: Type, seizeType: Type, seizeAmount: UFix64): @{FungibleToken.Vault} {
pre {
!self.isPausedOrWarmup(): "Liquidations are paused by governance"
// position must have debt and collateral balance
// position must have debt and collateral balance
}

let repayAmount = repayment.balance
Expand Down Expand Up @@ -1670,7 +1678,7 @@ access(all) contract FlowALPv0 {
// Validate constraint: non-zero rate requires swapper
if insuranceRate > 0.0 {
assert(
tsRef.getInsuranceSwapper() != nil,
tsRef.getInsuranceSwapper() != nil,
message:"Cannot set non-zero insurance rate without an insurance swapper configured for \(tokenType.identifier)",
)
}
Expand All @@ -1689,13 +1697,13 @@ access(all) contract FlowALPv0 {
self.isTokenSupported(tokenType: tokenType): "Unsupported token type"
}
let tsRef = self.state.borrowTokenState(tokenType)
?? panic("Invariant: token state missing")
?? panic("Invariant: token state missing")

if let swapper = swapper {
// Validate swapper types match
assert(swapper.inType() == tokenType, message: "Swapper input type must match token type")
assert(swapper.outType() == Type<@MOET.Vault>(), message: "Swapper output type must be MOET")

} else {
// cannot remove swapper if insurance rate > 0
assert(
Expand Down Expand Up @@ -1779,7 +1787,7 @@ access(all) contract FlowALPv0 {
let tsRef = self.state.borrowTokenState(tokenType)
?? panic("Invariant: token state missing")
tsRef.setStabilityFeeRate(stabilityFeeRate)

FlowALPEvents.emitStabilityFeeRateUpdated(
poolUUID: self.uuid,
tokenType: tokenType.identifier,
Expand All @@ -1800,7 +1808,7 @@ access(all) contract FlowALPv0 {
fundRef.balance >= amount,
message: "Insufficient stability fund balance. Available: \(fundRef.balance), requested: \(amount)"
)

let withdrawn <- fundRef.withdraw(amount: amount)
recipient.deposit(from: <-withdrawn)

Expand Down Expand Up @@ -2271,7 +2279,7 @@ access(all) contract FlowALPv0 {
access(self) fun updateInterestRatesAndCollectInsurance(tokenType: Type) {
let tokenState = self._borrowUpdatedTokenState(type: tokenType)
tokenState.updateInterestRates()

// Collect insurance if swapper is configured
// Ensure reserves exist for this token type
if !self.state.hasReserve(tokenType) {
Expand Down Expand Up @@ -2353,7 +2361,7 @@ access(all) contract FlowALPv0 {
access(all) fun getDefaultToken(): Type {
return self.state.getDefaultToken()
}

/// Returns the deposit capacity and deposit capacity cap for a given token type
access(all) fun getDepositCapacityInfo(type: Type): {String: UFix64} {
let tokenState = self._borrowUpdatedTokenState(type: type)
Expand Down
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