@morpho-org/blue-sdk 4.4.0 → 4.5.1

package/lib/market/Market.d.ts

@@ -107,19 +107,35 @@ export declare class Market implements IMarket {
      * @deprecated There's no such thing as a supply rate in Morpho. Only the supply APY is meaningful.
      */
     get supplyRate(): bigint;
+    /**
+     * @deprecated Use `avgBorrowRate` instead.
+     */
+    get borrowRate(): bigint;
+    /**
+     * Returns the instantaneous rate at which interest accrues for borrowers of this market,
+     * if `accrueInterest` was called immediately onchain (scaled by WAD).
+     *
+     * Even if `accrueInterest` is called immediately onchain,
+     * the instantaneous rate only corresponds to an intermediary value used to calculate
+     * the actual average rate experienced by borrowers of this market.
+     *
+     * If interested in the instantaneous rate experienced by existing market actors at a specific timestamp,
+     * use `getEndBorrowRate(timestamp)`, `getBorrowApy(timestamp)`, or `getSupplyApy(timestamp)` instead.
+     */
+    get endBorrowRate(): bigint;
     /**
      * Returns the average rate at which interest _would_ accrue from `lastUpdate`
      * till now, if `accrueInterest` was called immediately onchain (scaled by WAD).
      * If `accrueInterest` was just called, the average rate equals the instantaneous rate,
      * so it is equivalent to `getBorrowRate(lastUpdate)`.
      *
-     * In most cases, `accrueInterest` will not be called immediately onchain, so the
-     * average rate doesn't correspond to anything "real".
+     * In most cases, `accrueInterest` will not be called immediately onchain,
+     * so the average rate is only an intermediary value.
      *
-     * If interested in the instantaneous rate experienced by existing market actors at a specific timestamp,
-     * use `getBorrowRate(timestamp)`, `getBorrowApy(timestamp)`, or `getSupplyApy(timestamp)` instead.
+     * If interested in the average rate experienced by existing market actors at a specific timestamp,
+     * use `getAvgBorrowRate(timestamp)`, `getAvgBorrowApy(timestamp)`, or `getAvgSupplyApy(timestamp)` instead.
      */
-    get borrowRate(): bigint;
+    get avgBorrowRate(): bigint;
     /**
      * The market's current, instantaneous supply-side Annual Percentage Yield (APY) (scaled by WAD).
      * If interested in the APY at a specific timestamp, use `getSupplyApy(timestamp)` instead.
@@ -130,20 +146,36 @@ export declare class Market implements IMarket {
      * If interested in the APY at a specific timestamp, use `getBorrowApy(timestamp)` instead.
      */
     get borrowApy(): bigint;
+    /**
+     * @deprecated Use `getEndBorrowRate(timestamp)` instead.
+     */
+    getBorrowRate(timestamp?: BigIntish): bigint;
     /**
      * Returns the instantaneous rate at which interest accrues for borrowers of this market,
      * at the given timestamp, if the state remains unchanged (not accrued) (scaled by WAD).
      * It is fundamentally different from the rate at which interest is paid by borrowers to lenders in the case of an interest accrual,
      * as in the case of the AdaptiveCurveIRM, the (approximated) average rate since the last update is used instead.
-     * @param timestamp The timestamp at which to calculate the borrow rate. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current borrow rate).
+     * @param timestamp The timestamp at which to calculate the borrow rate.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current borrow rate).
      */
-    getBorrowRate(timestamp?: BigIntish): bigint;
+    getEndBorrowRate(timestamp?: BigIntish): bigint;
     /**
-     * Returns the rate at which interest accrues for borrowers of this market,
-     * at the given timestamp, if the state remains unchanged (not accrued) (scaled by WAD).
-     * @param timestamp The timestamp at which to calculate the accrual borrow rate. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current borrow rate).
+     * Returns the average rate at which interest _would_ accrue for borrowers of this market,
+     * if `accrueInterest` was called at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the average borrow rate.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current average borrow rate).
      */
-    protected getAccrualBorrowRate(timestamp?: BigIntish): {
+    getAvgBorrowRate(timestamp?: BigIntish): bigint;
+    /**
+     * Returns the rates that _would_ apply to interest accrual for borrowers of this market,
+     * if `accrueInterest` was called at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the accrual borrow rate.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current accrual borrow rate).
+     */
+    protected getAccrualBorrowRates(timestamp?: BigIntish): {
         elapsed: bigint;
         avgBorrowRate: bigint;
         endBorrowRate: bigint;
@@ -152,18 +184,40 @@ export declare class Market implements IMarket {
     /**
      * The market's instantaneous borrow-side Annual Percentage Yield (APY) at the given timestamp,
      * if the state remains unchanged (not accrued) (scaled by WAD).
-     * @param timestamp The timestamp at which to calculate the borrow APY. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current borrow APY).
+     * @param timestamp The timestamp at which to calculate the borrow APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current borrow APY).
      */
     getBorrowApy(timestamp?: BigIntish): bigint;
     /**
      * The market's instantaneous supply-side Annual Percentage Yield (APY) at the given timestamp,
      * if the state remains unchanged (not accrued) (scaled by WAD).
-     * @param timestamp The timestamp at which to calculate the supply APY. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current supply APY).
+     * @param timestamp The timestamp at which to calculate the supply APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current supply APY).
      */
     getSupplyApy(timestamp?: BigIntish): bigint;
+    /**
+     * The market's experienced borrow-side Annual Percentage Yield (APY),
+     * if interest was to be accrued at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the borrow APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current borrow APY).
+     */
+    getAvgBorrowApy(timestamp?: BigIntish): bigint;
+    /**
+     * The market's experienced supply-side Annual Percentage Yield (APY),
+     * if interest was to be accrued at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the supply APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current supply APY).
+     */
+    getAvgSupplyApy(timestamp?: BigIntish): bigint;
     /**
      * Returns a new market derived from this market, whose interest has been accrued up to the given timestamp.
-     * @param timestamp The timestamp at which to accrue interest. Must be greater than or equal to `lastUpdate`. Defaults to `lastUpdate` (returns a copy of the market).
+     * @param timestamp The timestamp at which to accrue interest.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `lastUpdate` (returns a copy of the market).
      */
     accrueInterest(timestamp?: BigIntish): Market;
     supply(assets: bigint, shares: bigint, timestamp?: BigIntish): {

package/lib/market/Market.js

@@ -107,7 +107,27 @@ class Market {
      * @deprecated There's no such thing as a supply rate in Morpho. Only the supply APY is meaningful.
      */
     get supplyRate() {
-        return MarketUtils_js_1.MarketUtils.getSupplyRate(this.borrowRate, this);
+        return MarketUtils_js_1.MarketUtils.getSupplyRate(this.avgBorrowRate, this);
+    }
+    /**
+     * @deprecated Use `avgBorrowRate` instead.
+     */
+    get borrowRate() {
+        return this.getAccrualBorrowRates().avgBorrowRate;
+    }
+    /**
+     * Returns the instantaneous rate at which interest accrues for borrowers of this market,
+     * if `accrueInterest` was called immediately onchain (scaled by WAD).
+     *
+     * Even if `accrueInterest` is called immediately onchain,
+     * the instantaneous rate only corresponds to an intermediary value used to calculate
+     * the actual average rate experienced by borrowers of this market.
+     *
+     * If interested in the instantaneous rate experienced by existing market actors at a specific timestamp,
+     * use `getEndBorrowRate(timestamp)`, `getBorrowApy(timestamp)`, or `getSupplyApy(timestamp)` instead.
+     */
+    get endBorrowRate() {
+        return this.getAccrualBorrowRates().endBorrowRate;
     }
     /**
      * Returns the average rate at which interest _would_ accrue from `lastUpdate`
@@ -115,14 +135,14 @@ class Market {
      * If `accrueInterest` was just called, the average rate equals the instantaneous rate,
      * so it is equivalent to `getBorrowRate(lastUpdate)`.
      *
-     * In most cases, `accrueInterest` will not be called immediately onchain, so the
-     * average rate doesn't correspond to anything "real".
+     * In most cases, `accrueInterest` will not be called immediately onchain,
+     * so the average rate is only an intermediary value.
      *
-     * If interested in the instantaneous rate experienced by existing market actors at a specific timestamp,
-     * use `getBorrowRate(timestamp)`, `getBorrowApy(timestamp)`, or `getSupplyApy(timestamp)` instead.
+     * If interested in the average rate experienced by existing market actors at a specific timestamp,
+     * use `getAvgBorrowRate(timestamp)`, `getAvgBorrowApy(timestamp)`, or `getAvgSupplyApy(timestamp)` instead.
      */
-    get borrowRate() {
-        return this.getAccrualBorrowRate().avgBorrowRate;
+    get avgBorrowRate() {
+        return this.getAccrualBorrowRates().avgBorrowRate;
     }
     /**
      * The market's current, instantaneous supply-side Annual Percentage Yield (APY) (scaled by WAD).
@@ -138,29 +158,42 @@ class Market {
     get borrowApy() {
         return this.getBorrowApy();
     }
+    /**
+     * @deprecated Use `getEndBorrowRate(timestamp)` instead.
+     */
+    getBorrowRate(timestamp = morpho_ts_1.Time.timestamp()) {
+        return this.getAccrualBorrowRates(timestamp).endBorrowRate;
+    }
     /**
      * Returns the instantaneous rate at which interest accrues for borrowers of this market,
      * at the given timestamp, if the state remains unchanged (not accrued) (scaled by WAD).
      * It is fundamentally different from the rate at which interest is paid by borrowers to lenders in the case of an interest accrual,
      * as in the case of the AdaptiveCurveIRM, the (approximated) average rate since the last update is used instead.
-     * @param timestamp The timestamp at which to calculate the borrow rate. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current borrow rate).
+     * @param timestamp The timestamp at which to calculate the borrow rate.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current borrow rate).
      */
-    getBorrowRate(timestamp = morpho_ts_1.Time.timestamp()) {
-        if (this.rateAtTarget == null)
-            return 0n;
-        timestamp = BigInt(timestamp);
-        const elapsed = timestamp - this.lastUpdate;
-        if (elapsed < 0n)
-            throw new errors_js_1.BlueErrors.InvalidInterestAccrual(this.id, timestamp, this.lastUpdate);
-        const { endBorrowRate } = index_js_1.AdaptiveCurveIrmLib.getBorrowRate(this.utilization, this.rateAtTarget, elapsed);
-        return endBorrowRate;
+    getEndBorrowRate(timestamp = morpho_ts_1.Time.timestamp()) {
+        return this.getAccrualBorrowRates(timestamp).endBorrowRate;
     }
     /**
-     * Returns the rate at which interest accrues for borrowers of this market,
-     * at the given timestamp, if the state remains unchanged (not accrued) (scaled by WAD).
-     * @param timestamp The timestamp at which to calculate the accrual borrow rate. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current borrow rate).
+     * Returns the average rate at which interest _would_ accrue for borrowers of this market,
+     * if `accrueInterest` was called at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the average borrow rate.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current average borrow rate).
+     */
+    getAvgBorrowRate(timestamp = morpho_ts_1.Time.timestamp()) {
+        return this.getAccrualBorrowRates(timestamp).avgBorrowRate;
+    }
+    /**
+     * Returns the rates that _would_ apply to interest accrual for borrowers of this market,
+     * if `accrueInterest` was called at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the accrual borrow rate.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current accrual borrow rate).
      */
-    getAccrualBorrowRate(timestamp = morpho_ts_1.Time.timestamp()) {
+    getAccrualBorrowRates(timestamp = morpho_ts_1.Time.timestamp()) {
         timestamp = BigInt(timestamp);
         const elapsed = timestamp - this.lastUpdate;
         if (elapsed < 0n)
@@ -179,28 +212,56 @@ class Market {
     /**
      * The market's instantaneous borrow-side Annual Percentage Yield (APY) at the given timestamp,
      * if the state remains unchanged (not accrued) (scaled by WAD).
-     * @param timestamp The timestamp at which to calculate the borrow APY. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current borrow APY).
+     * @param timestamp The timestamp at which to calculate the borrow APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current borrow APY).
      */
     getBorrowApy(timestamp = morpho_ts_1.Time.timestamp()) {
-        const borrowRate = this.getBorrowRate(timestamp);
+        const borrowRate = this.getEndBorrowRate(timestamp);
         return MarketUtils_js_1.MarketUtils.compoundRate(borrowRate);
     }
     /**
      * The market's instantaneous supply-side Annual Percentage Yield (APY) at the given timestamp,
      * if the state remains unchanged (not accrued) (scaled by WAD).
-     * @param timestamp The timestamp at which to calculate the supply APY. Must be greater than or equal to `lastUpdate`. Defaults to `Time.timestamp()` (returns the current supply APY).
+     * @param timestamp The timestamp at which to calculate the supply APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current supply APY).
      */
     getSupplyApy(timestamp = morpho_ts_1.Time.timestamp()) {
         const borrowApy = this.getBorrowApy(timestamp);
         return index_js_1.MathLib.wMulUp(index_js_1.MathLib.wMulDown(borrowApy, this.utilization), index_js_1.MathLib.WAD - this.fee);
     }
+    /**
+     * The market's experienced borrow-side Annual Percentage Yield (APY),
+     * if interest was to be accrued at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the borrow APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current borrow APY).
+     */
+    getAvgBorrowApy(timestamp = morpho_ts_1.Time.timestamp()) {
+        const borrowRate = this.getAvgBorrowRate(timestamp);
+        return MarketUtils_js_1.MarketUtils.compoundRate(borrowRate);
+    }
+    /**
+     * The market's experienced supply-side Annual Percentage Yield (APY),
+     * if interest was to be accrued at the given timestamp (scaled by WAD).
+     * @param timestamp The timestamp at which to calculate the supply APY.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `Time.timestamp()` (returns the current supply APY).
+     */
+    getAvgSupplyApy(timestamp = morpho_ts_1.Time.timestamp()) {
+        const borrowApy = this.getAvgBorrowApy(timestamp);
+        return index_js_1.MathLib.wMulUp(index_js_1.MathLib.wMulDown(borrowApy, this.utilization), index_js_1.MathLib.WAD - this.fee);
+    }
     /**
      * Returns a new market derived from this market, whose interest has been accrued up to the given timestamp.
-     * @param timestamp The timestamp at which to accrue interest. Must be greater than or equal to `lastUpdate`. Defaults to `lastUpdate` (returns a copy of the market).
+     * @param timestamp The timestamp at which to accrue interest.
+     * Must be greater than or equal to `lastUpdate`.
+     * Defaults to `lastUpdate` (returns a copy of the market).
      */
     accrueInterest(timestamp = this.lastUpdate) {
         timestamp = BigInt(timestamp);
-        const { elapsed, avgBorrowRate, endRateAtTarget } = this.getAccrualBorrowRate(timestamp);
+        const { elapsed, avgBorrowRate, endRateAtTarget } = this.getAccrualBorrowRates(timestamp);
         const { interest, feeShares } = MarketUtils_js_1.MarketUtils.getAccruedInterest(avgBorrowRate, this, elapsed);
         return new Market({
             ...this,

package/lib/vault/Vault.d.ts

@@ -148,29 +148,29 @@ export declare class AccrualVault extends Vault implements IAccrualVault {
      */
     get liquidity(): bigint;
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * before deducting the performance fee, at the time of each market's last update (scaled by WAD).
+     * The MetaMorpho vault's current instantaneous Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, before deducting the performance fee (scaled by WAD).
      * If interested in the APY at a specific timestamp, use `getApy(timestamp)` instead.
      */
     get apy(): bigint;
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * after deducting the performance fee, at the time of each market's last update (scaled by WAD).
+     * The MetaMorpho vault's current instantaneous Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, after deducting the performance fee (scaled by WAD).
      * If interested in the APY at a specific timestamp, use `getApy(timestamp)` instead.
      */
     get netApy(): bigint;
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * before deducting the performance fee, at the given timestamp,
-     * if the state of all the markets remains unchanged (not accrued) (scaled by WAD).
+     * The MetaMorpho vault's experienced Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, before deducting the performance fee,
+     * if interest was to be accrued on each market at the given timestamp (scaled by WAD).
      */
-    getApy(timestamp: BigIntish): bigint;
+    getApy(timestamp?: BigIntish): bigint;
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * after deducting the performance fee, at the given timestamp,
-     * if the state of all the markets remains unchanged (not accrued) (scaled by WAD).
+     * The MetaMorpho vault's experienced Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, after deducting the performance fee,
+     * if interest was to be accrued on each market at the given timestamp (scaled by WAD).
      */
-    getNetApy(timestamp: BigIntish): bigint;
+    getNetApy(timestamp?: BigIntish): bigint;
     getAllocationProportion(marketId: MarketId): bigint;
     getDepositCapacityLimit(assets: bigint): CapacityLimit;
     getWithdrawCapacityLimit(shares: bigint): CapacityLimit;

package/lib/vault/Vault.js

@@ -1,6 +1,7 @@
 "use strict";
 Object.defineProperty(exports, "__esModule", { value: true });
 exports.AccrualVault = exports.Vault = void 0;
+const morpho_ts_1 = require("@morpho-org/morpho-ts");
 const index_js_1 = require("../market/index.js");
 const index_js_2 = require("../math/index.js");
 const index_js_3 = require("../token/index.js");
@@ -153,44 +154,40 @@ class AccrualVault extends Vault {
             .reduce((total, { position }) => total + position.withdrawCapacityLimit.value, 0n);
     }
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * before deducting the performance fee, at the time of each market's last update (scaled by WAD).
+     * The MetaMorpho vault's current instantaneous Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, before deducting the performance fee (scaled by WAD).
      * If interested in the APY at a specific timestamp, use `getApy(timestamp)` instead.
      */
     get apy() {
-        if (this.totalAssets === 0n)
-            return 0n;
-        return (this.allocations
-            .values()
-            .reduce((total, { position }) => total + position.market.supplyApy * position.supplyAssets, 0n) / this.totalAssets);
+        return this.getApy();
     }
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * after deducting the performance fee, at the time of each market's last update (scaled by WAD).
+     * The MetaMorpho vault's current instantaneous Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, after deducting the performance fee (scaled by WAD).
      * If interested in the APY at a specific timestamp, use `getApy(timestamp)` instead.
      */
     get netApy() {
-        return index_js_2.MathLib.wMulDown(this.apy, index_js_2.MathLib.WAD - this.fee);
+        return this.getNetApy();
     }
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * before deducting the performance fee, at the given timestamp,
-     * if the state of all the markets remains unchanged (not accrued) (scaled by WAD).
+     * The MetaMorpho vault's experienced Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, before deducting the performance fee,
+     * if interest was to be accrued on each market at the given timestamp (scaled by WAD).
      */
-    getApy(timestamp) {
+    getApy(timestamp = morpho_ts_1.Time.timestamp()) {
         if (this.totalAssets === 0n)
             return 0n;
         return (this.allocations
             .values()
             .reduce((total, { position }) => total +
-            position.market.getSupplyApy(timestamp) * position.supplyAssets, 0n) / this.totalAssets);
+            position.market.getAvgSupplyApy(timestamp) * position.supplyAssets, 0n) / this.totalAssets);
     }
     /**
-     * The MetaMorpho vault's APY on its assets averaged over its market deposits,
-     * after deducting the performance fee, at the given timestamp,
-     * if the state of all the markets remains unchanged (not accrued) (scaled by WAD).
+     * The MetaMorpho vault's experienced Annual Percentage Yield (APY)
+     * weighted-averaged over its market deposits, after deducting the performance fee,
+     * if interest was to be accrued on each market at the given timestamp (scaled by WAD).
      */
-    getNetApy(timestamp) {
+    getNetApy(timestamp = morpho_ts_1.Time.timestamp()) {
         return index_js_2.MathLib.wMulDown(this.getApy(timestamp), index_js_2.MathLib.WAD - this.fee);
     }
     getAllocationProportion(marketId) {

package/package.json

@@ -1,7 +1,7 @@
 {
   "name": "@morpho-org/blue-sdk",
   "description": "Framework-agnostic package that defines Morpho-related entity classes (such as `Market`, `Token`, `Vault`).",
-  "version": "4.4.0",
+  "version": "4.5.1",
   "author": "Morpho Association <contact@morpho.org>",
   "contributors": [
     "Rubilmax <rmilon@gmail.com>"