@1delta/margin-fetcher 5.0.62 → 5.0.63

package/dist/index.d.ts

@@ -7648,8 +7648,14 @@ interface LiquidationTerms {
      *  - `default-seizure` The whole escrow is forfeit on a missed payment
      *                     (Teller).
      *  - `delivery`       Unpaid collateral is delivered to lenders (TermMax).
-     */
-    model?: Open<'repay-seize' | 'soft-band' | 'stability-pool' | 'auction' | 'default-seizure' | 'delivery' | 'none'>;
+     *  - `repay-to-target-hf`
+     *                     There is no close factor at all: the liquidator repays
+     *                     however much it takes to restore the position to
+     *                     {@link targetHealthFactor}, and the bonus SCALES with
+     *                     how far under water it is (Aave V4). See
+     *                     {@link healthFactorForMaxBonus}.
+     */
+    model?: Open<'repay-seize' | 'soft-band' | 'stability-pool' | 'auction' | 'default-seizure' | 'delivery' | 'repay-to-target-hf' | 'none'>;
     /** Who ends up holding the seized collateral. */
     absorber?: Open<'liquidator' | 'stability-pool' | 'other-borrowers' | 'lenders' | 'amm'>;
     /**
@@ -7712,6 +7718,17 @@ interface LiquidationTerms {
      * this. Without it, `closeFactor: 0.5` understates the worst case.
      */
     fullCloseBelowHealthFactor?: number;
+    /**
+     * `repay-to-target-hf` only: the health factor at or below which the
+     * liquidator's bonus reaches its maximum — i.e. the value {@link penalty}
+     * actually describes.
+     *
+     * Load-bearing next to a scaling bonus, because the two fields say different
+     * things: Aave V4's bonus grows from ~0 at HF 1 to `maxLiquidationBonus`
+     * here, so publishing the max alone reads as a flat penalty every liquidation
+     * charges, and publishing nothing reads as a market with no penalty at all.
+     */
+    healthFactorForMaxBonus?: number;
     trigger: Open<'price' | 'time' | 'price-and-time' | 'redemption' | 'none'>;
     /** Max LTV at open. */
     ltv?: number;

package/dist/index.js

@@ -1,7 +1,7 @@
 import { parseAbi, keccak256, encodeAbiParameters, formatEther, BaseError, erc20Abi, stringToHex, isAddress, pad, encodeFunctionData, formatUnits, getAddress, decodeFunctionResult, decodeAbiParameters, concat, parseAbiParameters, AbiEncodingLengthMismatchError, concatHex, toBytes, slice, hexToString, InvalidAddressError, boolToHex, integerRegex, numberToHex, bytesRegex, BytesSizeMismatchError, arrayRegex, UnsupportedPackedAbiType } from './chunk-JUYF2XLF.js';
 import './chunk-BYTNVMX7.js';
 import './chunk-PR4QN5HX.js';
-import { Lender, isExactly, isMidnight, isTerm, isTermMax, isTeller, isListaDao, isLiquityFamily, isRiver, isInverse, isCooler, isDssType, isCompoundV3Type, isFluid, isGearboxV3, isLlamaLend, isFrankencoin, isResupply, isCurvance, isTwyne, isFraxlend, LIQUITY_FAMILY_LENDERS, isAaveType, isCompoundV3, isCompoundV2Type, isMultiMarket, isSiloV2Type, isSiloV3Type, isDolomite, isMorphoType, isUsdd, isSky, hasCrossMarginRisk, isEulerType, isAaveV4Type, isInit, isVenusType, isSumerType, AAVE_V3_LENDERS, AAVE_V2_LENDERS, isMorphoBlue, isAaveV2Type, isAaveV32Type, isAaveV3Type, isYLDR, isLista, hasSubAccounts, isTectonicType, isKineticType, isBenqiType } from '@1delta/lender-registry';
+import { Lender, isExactly, isMidnight, isTerm, isTermMax, isTeller, isListaDao, isLiquityFamily, isRiver, isInverse, isCooler, isDssType, isCompoundV3Type, isFluid, isGearboxV3, isLlamaLend, isFrankencoin, isResupply, isCurvance, isTwyne, isFraxlend, isAaveV4Type, LIQUITY_FAMILY_LENDERS, isAaveType, isCompoundV3, isCompoundV2Type, isMultiMarket, isSiloV2Type, isSiloV3Type, isDolomite, isMorphoType, isUsdd, isSky, hasCrossMarginRisk, isEulerType, isInit, isVenusType, isSumerType, AAVE_V3_LENDERS, AAVE_V2_LENDERS, isMorphoBlue, isAaveV2Type, isAaveV32Type, isAaveV3Type, isYLDR, isLista, hasSubAccounts, isTectonicType, isKineticType, isBenqiType } from '@1delta/lender-registry';
 export { hasCrossMarginRisk, isAaveType, isAaveV2Type, isAaveV32Type, isAaveV3Type, isCompoundV3, isCompoundV3Type, isInit, isMorphoType, isMultiMarket, isYLDR } from '@1delta/lender-registry';
 import { fetchTokenLists, fetchTokenList, aavePools, compoundV3Pools, initConfig, morphoPools, compoundV2Pools, eulerVaults, siloMarkets, siloV2LenderKey, siloMarketsV3, siloV3LenderKey, aaveV4Spokes, aaveV4SpokeLenderKey, fluidResolvers, gearboxResolvers, dolomiteConfigs, midnightConfig, termConfig, termMarketsByChain, exactlyConfig, liquityLendersByChain, riverLendersByChain, inverseLendersByChain, coolerLendersByChain, llamaLendLendersByChain, usddLendersByChain, skyLendersByChain, frankencoinLendersByChain, resupplyLendersByChain, curvanceLendersByChain, fraxlendLendersByChain, twyneLendersByChain, tellerConfigByChain, tellerPoolsByChain, termMaxConfigByChain, aaveReserves, compoundV3Reserves, resolveTermApiBase, liquityConfigFor, liquityBranchesByChain, riverConfigFor, riverChainData, termMaxApiBaseUrl, termMaxLenderKey, inverseConfigFor, inverseChainData, coolerConfigFor, llamaLendConfigFor, llamaLendChainData, llamaLendApiBaseUrl, resupplyConfigFor, fraxlendConfigFor, dssConfigFor, dssChainData, dssDebtToken, dssDebtJoin, frankencoinConfigFor, frankencoinChainData, aaveOracles, morphoTypeMarkets, resolveMidnightApiBase, llamaLendMarketByVault, getSiloV2MarketEntry, getSiloV3MarketEntry, dolomiteEmode, curvanceConfigFor, aaveTokens, morphoTypeVaults, listaCollateralProvider, eulerConfigs, gearboxMarketCompressor, gearboxMarketConfigurators, compoundV2TokenArray, gearboxV3LenderKey, midnightMarketsByChain, twyneConfigFor, twyneChainData, parseAaveV4SpokeLenderKey, fraxlendPairsFor, gearboxAccountCompressor, compoundV2Tokens, exactlyMarketsByChain, aaveOraclesConfig, compoundV2Oracles, compoundV2OraclesConfig, compoundV3OraclesData, compoundV3BaseData, compoundV2Reserves, aaveV4Oracles, morphoTypeOracles } from '@1delta/data-sdk';
 import lodash from 'lodash';
@@ -18906,7 +18906,9 @@ function normalizeAaveV4(spokeDataList, chainId, spokeLenderKeyArg, prices, addi
           // >= PERCENTAGE_FACTOR (README: "bonus ≥ 100% (= ≥ 0% bonus)"). Same
           // semantics as V3's `liquidationBonus`, so penalty = bps/BPS - 1.
           liquidationPenalty: Number.isFinite(dynCfg.maxLiquidationBonus) && dynCfg.maxLiquidationBonus > 0 ? dynCfg.maxLiquidationBonus / BPS - 1 : 0,
-          closeFactor: 0.5,
+          // No close factor in V4 — the ceiling is the whole debt. See the
+          // field docstring on `AaveV4TokenEntry.closeFactor`.
+          closeFactor: 1,
           targetHealthFactor,
           // _validateSetUsingAsCollateral: !paused && !frozen (frozen blocks enabling)
           collateralDisabled: dynCfg.collateralFactor === 0 || reserve.config.paused || reserve.config.frozen,
@@ -18922,7 +18924,9 @@ function normalizeAaveV4(spokeDataList, chainId, spokeLenderKeyArg, prices, addi
           collateralFactor: 0,
           borrowFactor: 1,
           liquidationPenalty: 0,
-          closeFactor: 0.5,
+          // No close factor in V4 — the ceiling is the whole debt. See the
+          // field docstring on `AaveV4TokenEntry.closeFactor`.
+          closeFactor: 1,
           targetHealthFactor,
           collateralDisabled: true,
           debtDisabled: !reserve.config.borrowable || reserve.config.paused || reserve.config.frozen
@@ -18991,7 +18995,8 @@ function normalizeAaveV4(spokeDataList, chainId, spokeLenderKeyArg, prices, addi
         borrowCap,
         supplyCap,
         debtCeiling: 0,
-        closeFactor: 0.5,
+        // No close factor in V4 — the ceiling is the whole debt.
+        closeFactor: 1,
         targetHealthFactor,
         spokeActive,
         spokeHalted,
@@ -19010,13 +19015,20 @@ function normalizeAaveV4(spokeDataList, chainId, spokeLenderKeyArg, prices, addi
       };
     }
     if (Object.keys(data).length === 0) return void 0;
+    const liqCfg = spokeData.liquidationConfig;
+    const wad = (v) => v != null && v > 0n ? Number(v) / 1e18 : void 0;
     return {
       data,
       chainId,
       params: {
         spoke: spokeAddr,
         oracle: spokeData.oracle.toLowerCase(),
-        label: spokeData.label
+        label: spokeData.label,
+        liquidation: {
+          targetHealthFactor: wad(liqCfg?.targetHealthFactor),
+          healthFactorForMaxBonus: wad(liqCfg?.healthFactorForMaxBonus),
+          liquidationBonusFactorBps: liqCfg?.liquidationBonusFactor || void 0
+        }
       }
     };
   }
@@ -23272,7 +23284,7 @@ async function fetchTellerMarkets(chainId) {
     }
     return null;
   };
-  const num18 = (i) => {
+  const num19 = (i) => {
     const b = big22(i);
     return b === null ? null : Number(b);
   };
@@ -23282,9 +23294,9 @@ async function fetchTellerMarkets(chainId) {
       config,
       available: big22(base),
       committed: big22(base + 1),
-      minRateBps: num18(base + 2),
+      minRateBps: num19(base + 2),
       collateralPerPrincipal: big22(base + 3),
-      maxLoanDuration: num18(base + 4),
+      maxLoanDuration: num19(base + 4),
       marketId: big22(base + 5),
       totalAssets: big22(base + 6)
     };
@@ -24417,20 +24429,20 @@ async function fetchInverseMarkets(lender, chainId) {
     if (Object.keys(byAddr).length > 0) {
       const rows = markets.map((market) => {
         const m = byAddr[market.address.toLowerCase()];
-        const num18 = (v) => typeof v === "number" && Number.isFinite(v) ? v : null;
+        const num19 = (v) => typeof v === "number" && Number.isFinite(v) ? v : null;
         return {
           market,
-          totalDebt: num18(m?.totalDebt),
-          dolaLiquidity: num18(m?.dolaLiquidity),
-          leftToBorrow: num18(m?.leftToBorrow),
-          price: num18(m?.price),
+          totalDebt: num19(m?.totalDebt),
+          dolaLiquidity: num19(m?.dolaLiquidity),
+          leftToBorrow: num19(m?.leftToBorrow),
+          price: num19(m?.price),
           borrowPaused: typeof m?.borrowPaused === "boolean" ? m.borrowPaused : null,
-          dailyBorrows: num18(m?.dailyBorrows),
+          dailyBorrows: num19(m?.dailyBorrows),
           // The API serves it as a DECIMAL (`replenishmentIncentive: 0.1`),
           // unlike the on-chain bps — normalize here, and fall back to the
           // curated metadata value when the field is missing.
           replenishmentIncentiveBps: (() => {
-            const dec2 = num18(m?.replenishmentIncentive);
+            const dec2 = num19(m?.replenishmentIncentive);
             if (dec2 !== null) return Math.round(dec2 * 1e4);
             const meta = Number(market.replenishmentIncentiveBps);
             return Number.isFinite(meta) ? meta : null;
@@ -69931,6 +69943,12 @@ function borrowDescription(b) {
     parts.push(
       "Liquidation is a public auction rather than a loan-to-value threshold" + (win ? `, open for ${duration(win)} once started` : "") + (pen != null ? `, and the liquidator is paid ${pct(pen * 100)}` : "") + "."
     );
+  } else if (b.liquidation.model === "repay-to-target-hf") {
+    const l = b.liquidation;
+    const start = l.liquidationLtv != null && l.liquidationLtv > 0 ? `Liquidation starts at ${pct(l.liquidationLtv * 100)} LTV and` : "A liquidation";
+    const sized = l.targetHealthFactor != null ? ` repays as much of your debt as it takes to restore a health factor of ${l.targetHealthFactor.toFixed(2)}` : " repays as much of your debt as it takes to restore the spoke\u2019s target health factor";
+    const bonus = l.penalty != null && l.penalty > 0 ? ` \u2014 the liquidator\u2019s bonus scales up to ${pct(l.penalty * 100)}` + (l.healthFactorForMaxBonus != null ? ` at a health factor of ${l.healthFactorForMaxBonus.toFixed(2)}` : "") + "." : ".";
+    parts.push(`${start}${sized} rather than a fixed share of it${bonus}`);
   } else if (b.liquidation.liquidationLtv != null && b.liquidation.liquidationLtv > 0) {
     const pen = b.liquidation.penalty;
     parts.push(
@@ -69964,6 +69982,27 @@ var TERM_PROFILES = [
       ]
     }
   }),
+  P({
+    id: "aave-v4.spoke@v1",
+    name: "Aave V4 spoke (liquidated to a target health factor)",
+    family: "pool",
+    supply: {
+      description: "A shared liquidity pool on an Aave V4 spoke. Deposits earn interest paid by borrowers of the hub asset, at a rate that moves with utilization. Withdrawals are instant up to the cash left in the pool.",
+      implications: [
+        "Your yield is not fixed \u2014 it rises and falls with borrowing demand.",
+        "If utilization reaches 100 %, withdrawals are blocked until borrowers repay or new deposits arrive.",
+        "Each spoke is its own market: the same asset on another spoke is a separate position with its own risk parameters."
+      ]
+    },
+    borrow: {
+      description: "Borrow against collateral at a rate that moves with utilization. Liquidation here is sized to a target health factor rather than capped at a fixed share of your debt: a liquidator repays whatever it takes to bring the position back up to the target, and their bonus grows the further under water it is.",
+      implications: [
+        "There is no 50 % close-factor protection \u2014 how much of your debt is taken depends on how far the position fell, and a deep enough drop takes all of it.",
+        "The published liquidation penalty is the MAXIMUM bonus, charged only once the position is far enough under water; a shallow liquidation costs less.",
+        "V4 uses ONE loan-to-value per asset for both borrowing and liquidation \u2014 there is no buffer between the LTV you can borrow to and the one that gets you liquidated."
+      ]
+    }
+  }),
   // ── Fixed-term families ──────────────────────────────────────────────────
   P({
     id: "exactly.fixed@v1",
@@ -73740,8 +73779,18 @@ function toTermSheetInput(row, ctx = {}) {
       "flags.variableBorrowDisabled"
     ),
     config,
-    closeFactor: num15(pick2(row, "closeFactor")),
-    targetHealthFactor: num15(pick2(row, "targetHealthFactor")),
+    // `caps.` is NOT optional here. `/pools/latest` serializes both of these as
+    // TOP-LEVEL row fields, while `/lending/latest` — the endpoint the lending
+    // term sheets are actually stamped on — nests them under `caps` alongside
+    // the supply/borrow caps (yield-tracer `utils/lending.ts`). Reading only
+    // the flat key made every sheet on that endpoint fall through to the
+    // builder's `?? 1`, so Aave and Compound V2 published "the whole debt can
+    // be repaid in one liquidation" against a real close factor of 0.5, and
+    // Aave V4's `targetHealthFactor` vanished entirely.
+    closeFactor: num15(pick2(row, "closeFactor", "caps.closeFactor")),
+    targetHealthFactor: num15(
+      pick2(row, "targetHealthFactor", "caps.targetHealthFactor")
+    ),
     fixedTerm: pick2(row, "fixedTerm") ?? ctx.fixedTerm,
     terms: pick2(row, "terms"),
     market: resolveMarketDescriptors(row, ctx.market)
@@ -73773,6 +73822,11 @@ var ROW_DESCRIPTOR_KEYS = [
   // Fluid: distinguishes a SMART (T2/T3/T4) vault, whose collateral and/or
   // debt is a two-token DEX LP position, from an ordinary T1 pool row.
   "fluid",
+  // Aave V4: the liquidation BONUS CURVE (`healthFactorForMaxBonus`,
+  // `liquidationBonusFactor`). The sizing knob `targetHealthFactor` is a
+  // market-level column and arrives without this; the curve is what turns the
+  // published max bonus from a flat penalty into a bound.
+  "aaveV4",
   "broker",
   "collateralProvider",
   "loanProvider",
@@ -75347,6 +75401,32 @@ var morphoBlueAdapter = {
     };
   }
 };
+var aaveV4Adapter = {
+  id: "aave-v4",
+  matches: isAaveV4Type,
+  profileId: () => "aave-v4.spoke@v1",
+  build: (input) => {
+    const target = input.targetHealthFactor;
+    const desc = input.market?.aaveV4 ?? {};
+    const maxBonusHf = num17(desc.healthFactorForMaxBonus);
+    return {
+      borrow: {
+        liquidation: {
+          model: "repay-to-target-hf",
+          // NOT a close factor — the ceiling. See the header.
+          closeFactor: 1,
+          targetHealthFactor: target,
+          healthFactorForMaxBonus: maxBonusHf
+        }
+      }
+    };
+  }
+};
+function num17(v) {
+  if (v == null) return void 0;
+  const n = typeof v === "string" ? Number(v) : v;
+  return Number.isFinite(n) && n > 0 ? n : void 0;
+}
 
 // src/terms/adapters/index.ts
 var TERM_ADAPTERS = [
@@ -75370,7 +75450,8 @@ var TERM_ADAPTERS = [
   curvanceAdapter,
   twyneAdapter,
   fraxlendAdapter,
-  morphoBlueAdapter
+  morphoBlueAdapter,
+  aaveV4Adapter
 ];
 function resolveAdapter(lender) {
   return TERM_ADAPTERS.find((a) => a.matches(lender));
@@ -76336,7 +76417,7 @@ function legEarnUid(marketUid) {
   if (isVaultVenue(parts[0])) return void 0;
   return marketUid;
 }
-function num17(v) {
+function num18(v) {
   const n = typeof v === "number" ? v : Number(v);
   return Number.isFinite(n) ? n : 0;
 }
@@ -76358,10 +76439,10 @@ function legAsset(pos) {
   };
 }
 function toLeg(pos) {
-  const depositsUsd = num17(pos.depositsUSD);
-  const debtUsd = num17(pos.debtUSD) + num17(pos.debtStableUSD);
-  const hasSupply = depositsUsd !== 0 || num17(pos.deposits) !== 0;
-  const hasDebt = debtUsd !== 0 || num17(pos.debt) !== 0 || num17(pos.debtStable) !== 0;
+  const depositsUsd = num18(pos.depositsUSD);
+  const debtUsd = num18(pos.debtUSD) + num18(pos.debtStableUSD);
+  const hasSupply = depositsUsd !== 0 || num18(pos.deposits) !== 0;
+  const hasDebt = debtUsd !== 0 || num18(pos.debt) !== 0 || num18(pos.debtStable) !== 0;
   return {
     earnUid: legEarnUid(pos.marketUid),
     marketUid: pos.marketUid,
@@ -76401,12 +76482,12 @@ function earnPositionFromLenderEntry(entry) {
     (s) => s.legs.some((l) => l.side !== "none") || s.netUsd !== 0
   );
   const crossMargin = active.length <= 1;
-  const suppliedUsd = num17(entry.balanceData?.deposits);
-  const borrowedUsd = num17(entry.balanceData?.debt);
+  const suppliedUsd = num18(entry.balanceData?.deposits);
+  const borrowedUsd = num18(entry.balanceData?.debt);
   const aprBreakdown = {
-    market: num17(entry.aprData?.apr),
-    rewards: num17(entry.aprData?.rewardApr),
-    intrinsic: num17(entry.aprData?.intrinsicApr)
+    market: num18(entry.aprData?.apr),
+    rewards: num18(entry.aprData?.rewardApr),
+    intrinsic: num18(entry.aprData?.intrinsicApr)
   };
   return {
     positionUid: buildLendingPositionUid(entry.lender, entry.chainId),
@@ -76420,15 +76501,15 @@ function earnPositionFromLenderEntry(entry) {
     ...entry.lenderInfo?.logoUri ? { logoURI: entry.lenderInfo.logoUri } : {},
     suppliedUsd,
     borrowedUsd,
-    netUsd: num17(entry.balanceData?.nav),
+    netUsd: num18(entry.balanceData?.nav),
     apr: aprBreakdown.market + aprBreakdown.rewards + aprBreakdown.intrinsic,
     aprBreakdown,
-    depositApr: num17(entry.aprData?.depositApr),
-    borrowApr: num17(entry.aprData?.borrowApr),
+    depositApr: num18(entry.aprData?.depositApr),
+    borrowApr: num18(entry.aprData?.borrowApr),
     // Only a cross-margin account HAS one health factor. Publishing the first
     // sub-account's as the row's would be a number about a different position.
     health: crossMargin ? active[0]?.health ?? null : null,
-    leverage: num17(entry.leverage),
+    leverage: num18(entry.leverage),
     crossMargin,
     legs: subAccounts.flatMap((s) => s.legs),
     subAccounts: active,