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Contract Source Code (Vyper language format)

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# @version 0.3.10
"""
@title Secondary monetary policy
@notice Monetary policy to calculate borrow rates in lending markets
        depending on "mint" borrow rate and utilization.

        Calculated as:

            rate = rate_from_amm * (r_minf + A / (u_inf - utilization))

        Depending on target utilization (u0), rate ratio at 0 (alpha) and  at max utilization (beta) one can calculate
        coefficients for the hyperbolic dependency:

            u_inf = (beta - 1) * u0 / ((beta - 1) * u0 - (1 - u0) * (1 - alpha))
            A = (1 - alpha) * (u_inf - u0) * u_inf / u0
            r_minf = alpha - A / u_inf

        The function reaches rate_from_amm at u0 utilization, alpha*rate_from_amm at 0 utilization and
        beta*rate_from_amm at 100% utilization.

@author Curve.fi
@license Copyright (c) Curve.Fi, 2020-2024 - all rights reserved
"""
from vyper.interfaces import ERC20


interface Controller:
    def total_debt() -> uint256: view

interface IAMM:
    def rate() -> uint256: view

interface Factory:
    def admin() -> address: view


event SetParameters:
    u_inf: uint256
    A: uint256
    r_minf: uint256
    shift: uint256

struct Parameters:
    u_inf: uint256
    A: uint256
    r_minf: uint256
    shift: uint256

MIN_UTIL: constant(uint256) = 10**16
MAX_UTIL: constant(uint256)  = 99 * 10**16
MIN_LOW_RATIO: constant(uint256)  = 10**16
MAX_HIGH_RATIO: constant(uint256) = 100 * 10**18
MAX_RATE_SHIFT: constant(uint256) = 100 * 10**18

BORROWED_TOKEN: public(immutable(ERC20))
FACTORY: public(immutable(Factory))
AMM: public(immutable(IAMM))

parameters: public(Parameters)


@external
def __init__(factory: Factory, amm: IAMM, borrowed_token: ERC20,
             target_utilization: uint256, low_ratio: uint256, high_ratio: uint256, rate_shift: uint256):
    """
    @param factory Factory contract
    @param amm AMM to take borrow rate from as a basis
    @param borrowed_token Borrowed token in the market (e.g. crvUSD)
    @param target_utilization Utilization at which borrow rate is the same as in AMM
    @param low_ratio Ratio rate/target_rate at 0% utilization
    @param high_ratio Ratio rate/target_rate at 100% utilization
    @param rate_shift Shift all the rate curve by this rate
    """
    assert target_utilization >= MIN_UTIL
    assert target_utilization <= MAX_UTIL
    assert low_ratio >= MIN_LOW_RATIO
    assert high_ratio <= MAX_HIGH_RATIO
    assert low_ratio < high_ratio
    assert rate_shift <= MAX_RATE_SHIFT

    FACTORY = factory
    AMM = amm
    BORROWED_TOKEN = borrowed_token
    p: Parameters = self.get_params(target_utilization, low_ratio, high_ratio, rate_shift)
    self.parameters = p
    log SetParameters(p.u_inf, p.A, p.r_minf, p.shift)


@internal
def get_params(u_0: uint256, alpha: uint256, beta: uint256, rate_shift: uint256) -> Parameters:
    p: Parameters = empty(Parameters)
    p.u_inf = (beta - 10**18) * u_0 / (((beta - 10**18) * u_0 - (10**18 - u_0) * (10**18 - alpha)) / 10**18)
    p.A = (10**18 - alpha) * p.u_inf / 10**18 * (p.u_inf - u_0) / u_0
    p.r_minf = alpha - p.A * 10**18 / p.u_inf
    p.shift = rate_shift
    return p


@internal
@view
def calculate_rate(_for: address, d_reserves: int256, d_debt: int256) -> uint256:
    p: Parameters = self.parameters
    total_debt: int256 = convert(Controller(_for).total_debt(), int256)
    total_reserves: int256 = convert(BORROWED_TOKEN.balanceOf(_for), int256) + total_debt + d_reserves
    total_debt += d_debt
    assert total_debt >= 0, "Negative debt"
    assert total_reserves >= total_debt, "Reserves too small"

    u: uint256 = 0
    if total_reserves > 0:
        u = convert(total_debt * 10**18  / total_reserves, uint256)
    r0: uint256 = AMM.rate()

    return r0 * p.r_minf / 10**18 + p.A * r0 / (p.u_inf - u) + p.shift


@view
@external
def rate(_for: address = msg.sender) -> uint256:
    return self.calculate_rate(_for, 0, 0)


@external
def rate_write(_for: address = msg.sender) -> uint256:
    return self.calculate_rate(_for, 0, 0)


@external
def set_parameters(target_utilization: uint256, low_ratio: uint256, high_ratio: uint256, rate_shift: uint256):
    """
    @param target_utilization Utilization at which borrow rate is the same as in AMM
    @param low_ratio Ratio rate/target_rate at 0% utilization
    @param high_ratio Ratio rate/target_rate at 100% utilization
    @param rate_shift Shift all the rate curve by this rate
    """
    assert msg.sender == FACTORY.admin()

    assert target_utilization >= MIN_UTIL
    assert target_utilization <= MAX_UTIL
    assert low_ratio >= MIN_LOW_RATIO
    assert high_ratio <= MAX_HIGH_RATIO
    assert low_ratio < high_ratio
    assert rate_shift <= MAX_RATE_SHIFT

    p: Parameters = self.get_params(target_utilization, low_ratio, high_ratio, rate_shift)
    self.parameters = p
    log SetParameters(p.u_inf, p.A, p.r_minf, p.shift)


@view
@external
def future_rate(_for: address, d_reserves: int256, d_debt: int256) -> uint256:
    return self.calculate_rate(_for, d_reserves, d_debt)

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[{"name":"SetParameters","inputs":[{"name":"u_inf","type":"uint256","indexed":false},{"name":"A","type":"uint256","indexed":false},{"name":"r_minf","type":"uint256","indexed":false},{"name":"shift","type":"uint256","indexed":false}],"anonymous":false,"type":"event"},{"stateMutability":"nonpayable","type":"constructor","inputs":[{"name":"factory","type":"address"},{"name":"amm","type":"address"},{"name":"borrowed_token","type":"address"},{"name":"target_utilization","type":"uint256"},{"name":"low_ratio","type":"uint256"},{"name":"high_ratio","type":"uint256"},{"name":"rate_shift","type":"uint256"}],"outputs":[]},{"stateMutability":"view","type":"function","name":"rate","inputs":[],"outputs":[{"name":"","type":"uint256"}]},{"stateMutability":"view","type":"function","name":"rate","inputs":[{"name":"_for","type":"address"}],"outputs":[{"name":"","type":"uint256"}]},{"stateMutability":"nonpayable","type":"function","name":"rate_write","inputs":[],"outputs":[{"name":"","type":"uint256"}]},{"stateMutability":"nonpayable","type":"function","name":"rate_write","inputs":[{"name":"_for","type":"address"}],"outputs":[{"name":"","type":"uint256"}]},{"stateMutability":"nonpayable","type":"function","name":"set_parameters","inputs":[{"name":"target_utilization","type":"uint256"},{"name":"low_ratio","type":"uint256"},{"name":"high_ratio","type":"uint256"},{"name":"rate_shift","type":"uint256"}],"outputs":[]},{"stateMutability":"view","type":"function","name":"future_rate","inputs":[{"name":"_for","type":"address"},{"name":"d_reserves","type":"int256"},{"name":"d_debt","type":"int256"}],"outputs":[{"name":"","type":"uint256"}]},{"stateMutability":"view","type":"function","name":"BORROWED_TOKEN","inputs":[],"outputs":[{"name":"","type":"address"}]},{"stateMutability":"view","type":"function","name":"FACTORY","inputs":[],"outputs":[{"name":"","type":"address"}]},{"stateMutability":"view","type":"function","name":"AMM","inputs":[],"outputs":[{"name":"","type":"address"}]},{"stateMutability":"view","type":"function","name":"parameters","inputs":[],"outputs":[{"name":"","type":"tuple","components":[{"name":"u_inf","type":"uint256"},{"name":"A","type":"uint256"},{"name":"r_minf","type":"uint256"},{"name":"shift","type":"uint256"}]}]}]

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000000000000000000000000ea6876dde9e3467564acbee1ed5bac88783205e00000000000000000000000001681195c176239ac5e72d9aebacf5b2492e0c4ee000000000000000000000000f939e0a03fb07f59a73314e73794be0e57ac1b4e0000000000000000000000000000000000000000000000000bcbce7f1b15000000000000000000000000000000000000000000000000000006f05b59d3b2000000000000000000000000000000000000000000000000000029a2241af62c0000000000000000000000000000000000000000000000000000000000004b9a1eff

-----Decoded View---------------
Arg [0] : factory (address): 0xeA6876DDE9e3467564acBeE1Ed5bac88783205E0
Arg [1] : amm (address): 0x1681195C176239ac5E72d9aeBaCf5b2492E0C4ee
Arg [2] : borrowed_token (address): 0xf939E0A03FB07F59A73314E73794Be0E57ac1b4E
Arg [3] : target_utilization (uint256): 850000000000000000
Arg [4] : low_ratio (uint256): 500000000000000000
Arg [5] : high_ratio (uint256): 3000000000000000000
Arg [6] : rate_shift (uint256): 1268391679

-----Encoded View---------------
7 Constructor Arguments found :
Arg [0] : 000000000000000000000000ea6876dde9e3467564acbee1ed5bac88783205e0
Arg [1] : 0000000000000000000000001681195c176239ac5e72d9aebacf5b2492e0c4ee
Arg [2] : 000000000000000000000000f939e0a03fb07f59a73314e73794be0e57ac1b4e
Arg [3] : 0000000000000000000000000000000000000000000000000bcbce7f1b150000
Arg [4] : 00000000000000000000000000000000000000000000000006f05b59d3b20000
Arg [5] : 00000000000000000000000000000000000000000000000029a2241af62c0000
Arg [6] : 000000000000000000000000000000000000000000000000000000004b9a1eff