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revised avantis apy (#1631)
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* revised apy calcs

* Update index.js

* Update beforeTests.js

* Update index.js

* Update index.js
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@skords
skords authored Dec 3, 2024
1 parent b240fd2 commit 695db16
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Showing 3 changed files with 135 additions and 59 deletions.
16 changes: 0 additions & 16 deletions src/adaptors/avantis/abiVaultManager.js
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14 changes: 14 additions & 0 deletions src/adaptors/avantis/helpers.js
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@@ -0,0 +1,14 @@
module.exports = {
chunkArray: (array, size) => {
const result = [];
for (let i = 0; i < array.length; i += size) {
result.push(array.slice(i, i + size));
}
return result;
},
calculateTrancheTotal: (transfers, trancheAddress) => {
return transfers
.filter((t) => t.to.toLowerCase() === trancheAddress.toLowerCase())
.reduce((acc, t) => acc + parseFloat((t.value / 1e6).toFixed(6)), 0);
},
};
164 changes: 121 additions & 43 deletions src/adaptors/avantis/index.js
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@@ -1,74 +1,152 @@
const utils = require('../utils');
const sdk = require('@defillama/sdk');
const abiVaultManager = require('./abiVaultManager');
const { request, gql } = require('graphql-request');
const { chunkArray, calculateTrancheTotal } = require('./helpers');
const { getBlocksByTime, getData } = require('../utils');

const ADDRESSES = {
base: {
AvantisJuniorTranche: '0x944766f715b51967E56aFdE5f0Aa76cEaCc9E7f9',
AvantisSeniorTranche: '0x83084cB182162473d6FEFfCd3Aa48BA55a7B66F7',
AvantisVaultManager: '0xe9fB8C70aF1b99F2Baaa07Aa926FCf3d237348DD',
USDC: '0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913',
},
};

const API_BASE = 'https://api.avantisfi.com/v1/history/vaults/apr/';
const SUBGRAPH_URL =
'https://subgraph.satsuma-prod.com/052b6e8d4af9/avantis/avantis-mainnet/version/v0.1.9/api';

const main = async () => {
const [jrData, srData] = await Promise.all([
utils.getData(`${API_BASE}${ADDRESSES.base.AvantisJuniorTranche}/7`),
utils.getData(`${API_BASE}${ADDRESSES.base.AvantisSeniorTranche}/7`),
]);
const feeFetchCount = 10000;

if (jrData.success === false || srData.success === false) {
throw new Error('API response is not successful');
const feeDistributedQuery = gql`
query FeesDistributeds($first: Int!, $skip: Int!, $start: Int!, $end: Int!) {
feesDistributeds(
first: $first
skip: $skip
where: { timestamp_gte: $start, timestamp_lte: $end }
orderBy: timestamp
orderDirection: asc
) {
id
}
}
`;

const { averageApr: jrAverageApr, averageFee: jrAverageFee } = jrData;
const { averageApr: srAverageApr, averageFee: srAverageFee } = srData;
const vmToTrancheQuery = gql`
query VmToTrancheTransfers($transactionHashes: [String!]!, $to: [String!]!) {
vmtoTrancheTransfers(
where: { transactionHash_in: $transactionHashes, to_in: $to }
) {
value
to
}
}
`;

let [reserveRatio, profitMultiplier, jrTvl, srTvl] = await Promise.all([
sdk.api.abi.call({
target: ADDRESSES.base.AvantisVaultManager,
abi: abiVaultManager.find((m) => m.name === 'getReserveRatio'),
params: [0],
chain: 'base',
}),
sdk.api.abi.call({
target: ADDRESSES.base.AvantisVaultManager,
abi: abiVaultManager.find((m) => m.name === 'getProfitMultiplier'),
chain: 'base',
}),
const fetchFeeDistributedIds = async (timestamp, skip = 0) => {
const { feesDistributeds } = await request(
SUBGRAPH_URL,
feeDistributedQuery,
{
first: feeFetchCount,
skip: skip,
start: timestamp - 7 * 86400,
end: timestamp,
}
);

let ids = feesDistributeds.map((f) => f.id);

if (ids.length === feeFetchCount) {
ids = ids.concat(
await fetchFeeDistributedIds(timestamp, skip + feeFetchCount)
);
}

return ids;
};

const fetchTransfersForFeeDistributedIds = async (ids) => {
const chunkedIds = chunkArray(ids, 1000);

let totalJunior = 0;
let totalSenior = 0;

for (const chunk of chunkedIds) {
const { vmtoTrancheTransfers } = await request(
SUBGRAPH_URL,
vmToTrancheQuery,
{
transactionHashes: chunk,
to: [
ADDRESSES.base.AvantisJuniorTranche,
ADDRESSES.base.AvantisSeniorTranche,
],
}
);

totalJunior += calculateTrancheTotal(
vmtoTrancheTransfers,
ADDRESSES.base.AvantisJuniorTranche
);
totalSenior += calculateTrancheTotal(
vmtoTrancheTransfers,
ADDRESSES.base.AvantisSeniorTranche
);
}

return { totalJunior: totalJunior / 7, totalSenior: totalSenior / 7 };
};

// NOTE: OUR SUBGRAPH IS NOT CAUGHT UP TO DATE, SO WE ARE USING THE API FOR NOW
// -----------------------------------------------------------------------------
// We will reenable time travel once our subgraph is caught up
const main = async (timestamp = null) => {
// timestamp = timestamp ? parseInt(timestamp) : Math.floor(Date.now() / 1000);

// NOTE: OUR SUBGRAPH IS NOT CAUGHT UP TO DATE, SO WE ARE USING THE API FOR NOW
// -----------------------------------------------------------------------------
// Get total fees distributed for junior and senior tranches
// const feesDistributedIds = await fetchFeeDistributedIds(timestamp);
// const { totalJunior, totalSenior } = await fetchTransfersForFeeDistributedIds(
// feesDistributedIds
// );

// const [block] = await getBlocksByTime([timestamp], 'base');

const { meta } = await getData(
'https://api.avantisfi.com/v1/vault/returns-7-days'
);

// Get TVL for junior and senior tranches
let [juniorTvl, seniorTvl] = await Promise.all([
sdk.api.abi.call({
abi: 'erc20:balanceOf',
target: ADDRESSES.base.USDC,
params: [ADDRESSES.base.AvantisJuniorTranche],
chain: 'base',
// block: block,
}),
sdk.api.abi.call({
abi: 'erc20:balanceOf',
target: ADDRESSES.base.USDC,
params: [ADDRESSES.base.AvantisSeniorTranche],
chain: 'base',
// block: block,
}),
]);

jrTvl = jrTvl.output / 1e6;
srTvl = srTvl.output / 1e6;

const jrFeeSplit =
(parseFloat(profitMultiplier.output) * parseFloat(reserveRatio.output)) /
100;
juniorTvl = juniorTvl.output / 1e6;
seniorTvl = seniorTvl.output / 1e6;

let adjApyJr = 0,
adjApySr = 0;
// Calculate daily returns for junior and senior tranches
// const juniorDailyReturns = totalJunior / juniorTvl;
// const seniorDailyReturns = totalSenior / seniorTvl;
const juniorDailyReturns = meta.averageJrFees / juniorTvl;
const seniorDailyReturns = meta.averageSrFees / seniorTvl;

if (jrAverageApr > 0 && jrTvl > 0) {
adjApyJr = ((1 + jrAverageFee / jrTvl) ** 365 - 1) * jrFeeSplit;
}

if (srAverageApr > 0 && srTvl > 0) {
adjApySr = ((1 + srAverageFee / srTvl) ** 365 - 1) * (100 - jrFeeSplit);
}
// Calculate APY for junior and senior tranches
const juniorApy = (1 + juniorDailyReturns) ** 365 - 1;
const seniorApy = (1 + seniorDailyReturns) ** 365 - 1;

return [
{
Expand All @@ -77,8 +155,8 @@ const main = async () => {
project: 'avantis',
symbol: 'USDC',
poolMeta: 'junior',
tvlUsd: jrTvl,
apyBase: adjApyJr,
tvlUsd: juniorTvl,
apyBase: juniorApy * 100,
url: 'https://www.avantisfi.com/earn/junior',
},
{
Expand All @@ -87,8 +165,8 @@ const main = async () => {
project: 'avantis',
symbol: 'USDC',
poolMeta: 'senior',
tvlUsd: srTvl,
apyBase: adjApySr,
tvlUsd: seniorTvl,
apyBase: seniorApy * 100,
url: 'https://www.avantisfi.com/earn/senior',
},
];
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