ipor-fusion 4.1.0.dev7__tar.gz → 4.1.0.dev12__tar.gz

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/PKG-INFO

@@ -1,6 +1,6 @@
 Metadata-Version: 2.5
 Name: ipor-fusion
-Version: 4.1.0.dev7
+Version: 4.1.0.dev12
 Summary: The IPOR Fusion SDK for Python
 Project-URL: homepage, https://ipor.io
 Project-URL: repository, https://github.com/IPOR-Labs/ipor-fusion.py
@@ -560,7 +560,7 @@ Read-only aggregators over positions and health, no fuses involved:
 |--------|---------|
 | `MorphoReader`, `AaveV3Reader`, `CompoundV3Reader` | Market params, rates and vault positions per lending protocol |
 | `UniswapV3Reader`, `RamsesV2Reader` | LP position details |
-| `fetch_vault_lending_health` | Health factor per lending market a vault is in |
+| `fetch_vault_lending_health` | Health factor per lending market a vault is in (Morpho, Aave V3/V4, Euler V2; any other market that can borrow is listed as unreadable) |
 | `build_oracle_mapping` | How the vault prices every configured asset |
 
 ### Supported networks

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/README.md

@@ -511,7 +511,7 @@ Read-only aggregators over positions and health, no fuses involved:
 |--------|---------|
 | `MorphoReader`, `AaveV3Reader`, `CompoundV3Reader` | Market params, rates and vault positions per lending protocol |
 | `UniswapV3Reader`, `RamsesV2Reader` | LP position details |
-| `fetch_vault_lending_health` | Health factor per lending market a vault is in |
+| `fetch_vault_lending_health` | Health factor per lending market a vault is in (Morpho, Aave V3/V4, Euler V2; any other market that can borrow is listed as unreadable) |
 | `build_oracle_mapping` | How the vault prices every configured asset |
 
 ### Supported networks

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/examples/crosschain_ccip_usdc_arbitrum_hyperevm.py

@@ -59,7 +59,7 @@ One live fact this simulation does not reproduce: Chainlink's executors submit
 into HyperEVM's 3 M-gas small blocks. A delivery that does not fit one needs a
 manual execution through the permissionless ``OffRamp.execute``
 (``ipor_fusion.crosschain.manual_execution``); the one-time dispatcher
-deployment ticket, which carries 6 M of gas, always does. The relay here
+deployment ticket, which carries 7 M of gas, always does. The relay here
 delivers every message directly.
 
 The creation codes are the release build of ``CcipCrosschainExecutor`` and
@@ -329,13 +329,17 @@ USDC_ASSET_ID = AssetId(bytes(Web3.keccak(text="USDC")))
 # which is also the dispatcher address on the spoke.
 EXECUTOR_SALT = bytes(Web3.keccak(text="ipor-fusion.py crosschain CCIP example"))
 
-# The factory route policy. Commands carry 2.7 M of gas, the minimum the CCIP
-# README of the release sets for messageGasLimit; token deliveries 1 M; the
-# dispatcher deployment ticket 6 M. The fee caps are per message, in the
-# source chain's native token: 0.01 ETH on Arbitrum, 1 HYPE on HyperEVM.
-MESSAGE_GAS_LIMIT = 2_700_000
+# The factory route policy. Commands carry 2.4 M of gas: Chainlink's executors
+# submit a delivery with about the message gas + 365 k, so 2.4 M still fits
+# HyperEVM's 3 M small block and executes on its own (the CCIP README's 2.7 M
+# is a recommendation the code does not enforce, and would not fit). At 2.4 M
+# one UPDATE_VAULTS carries at most 22 vaults. Token deliveries 1 M; the
+# dispatcher deployment ticket 7 M (the deployment itself uses about 5.6 M).
+# The fee caps are per message, in the source chain's native token: 0.01 ETH
+# on Arbitrum, 1 HYPE on HyperEVM.
+MESSAGE_GAS_LIMIT = 2_400_000
 TOKEN_GAS_LIMIT = 1_000_000
-DISPATCHER_DEPLOYMENT_GAS_LIMIT = 6_000_000
+DISPATCHER_DEPLOYMENT_GAS_LIMIT = 7_000_000
 ARBITRUM_ROUTE_MAX_FEE = 10**16
 HYPEREVM_ROUTE_MAX_FEE = 10**18
 

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/pyproject.toml

@@ -1,6 +1,6 @@
 [project]
 name = "ipor-fusion"
-version = "4.1.0.dev7"
+version = "4.1.0.dev12"
 description = "The IPOR Fusion SDK for Python"
 authors = [
     { name = "Adam Mydlarz", email = "amydlarz@gmail.com" },

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/src/ipor_fusion/cli/vault_markets_view.py

@@ -94,6 +94,8 @@ def _print_lending_health(data: VaultData) -> None:  # noqa: C901
             click.echo(f"  {format_market_label(m.market_id)}:")
             if m.protocol == "aave_v4":
                 click.echo(f"    spoke {m.substrate_id}:")
+            elif m.protocol == "euler_v2":
+                click.echo(f"    sub-account {m.substrate_id}:")
             _print_health_lines(m, indent="    ")
     _print_unreadable_health(lh)
 
@@ -115,7 +117,8 @@ def _index_lending_health(
 
     Morpho rows are keyed by morpho substrate id (one row per substrate).
     Aave V3 rows are keyed by IPOR market id (account-aggregated, one row per
-    market); Aave V4 rows by Spoke address (account-aggregated per Spoke).
+    market); Aave V4 rows by Spoke address (account-aggregated per Spoke) and
+    Euler V2 rows by sub-account address, in the same account-level map.
     """
     morpho: dict[str, LendingMarketHealth] = {}
     aave: dict[MarketId | str, LendingMarketHealth] = {}
@@ -126,7 +129,7 @@ def _index_lending_health(
             morpho[str(m.substrate_id).lower().removeprefix("0x")] = m
         elif m.protocol == "aave_v3":
             aave[m.market_id] = m
-        elif m.protocol == "aave_v4" and m.substrate_id:
+        elif m.protocol in ("aave_v4", "euler_v2") and m.substrate_id:
             aave[m.substrate_id] = m
     return morpho, aave
 

ipor_fusion-4.1.0.dev12/src/ipor_fusion/readers/euler_v2.py

@@ -0,0 +1,111 @@
+from __future__ import annotations
+
+from dataclasses import dataclass
+from typing import NewType
+
+from eth_typing import ChecksumAddress
+from web3 import Web3
+
+from ipor_fusion.core.contract import Call, ContractWrapper
+from ipor_fusion.types import Amount
+
+# A value in an Euler vault's unit of account, in that unit's decimals.
+UnitOfAccountValue = NewType("UnitOfAccountValue", int)
+# An Euler LTV in basis points (10_000 = 100%).
+LtvBps = NewType("LtvBps", int)
+# The byte XORed into the Plasma Vault address to name an EVC sub-account.
+EulerSubAccountId = NewType("EulerSubAccountId", int)
+
+# Euler's ISO 4217 code for USD (840) used as a unit-of-account address.
+EULER_USD_UNIT_OF_ACCOUNT = Web3.to_checksum_address(
+    "0x0000000000000000000000000000000000000348"
+)
+
+
+@dataclass(frozen=True, slots=True)
+class EulerV2Substrate:
+    """A decoded Euler V2 market substrate (`EulerFuseLib.EulerSubstrate`)."""
+
+    euler_vault: ChecksumAddress
+    is_collateral: bool
+    can_borrow: bool
+    sub_account_id: EulerSubAccountId
+
+    @classmethod
+    def from_bytes(cls, substrate: bytes) -> EulerV2Substrate:
+        """Inverse of `EulerFuseLib.substrateToBytes32`:
+        `eulerVault<<96 | isCollateral<<88 | canBorrow<<80 | subAccounts<<72`."""
+        word = int.from_bytes(substrate, "big")
+        return cls(
+            euler_vault=Web3.to_checksum_address(f"0x{word >> 96:040x}"),
+            is_collateral=bool(word >> 88 & 0x01),
+            can_borrow=bool(word >> 80 & 0x01),
+            sub_account_id=EulerSubAccountId(word >> 72 & 0xFF),
+        )
+
+    def sub_account(self, plasma_vault: ChecksumAddress) -> ChecksumAddress:
+        """`EulerFuseLib.generateSubAccountAddress`: the vault address XOR the id."""
+        return Web3.to_checksum_address(
+            f"0x{int(plasma_vault, 16) ^ self.sub_account_id:040x}"
+        )
+
+
+@dataclass(slots=True)
+class EulerV2AccountLiquidity:
+    """`accountLiquidityFull(account, liquidation=true)` of the account's controller.
+
+    Each collateral value is already scaled by its liquidation LTV, so it is
+    the most debt that collateral backs, not its market value.
+    """
+
+    collaterals: list[ChecksumAddress]
+    risk_adjusted_collateral_values: list[UnitOfAccountValue]
+    liability_value: UnitOfAccountValue
+
+
+def _account_liquidity_decoder(
+    value: tuple[list[str], list[int], int],
+) -> EulerV2AccountLiquidity:
+    collaterals, values, liability = value
+    return EulerV2AccountLiquidity(
+        collaterals=[Web3.to_checksum_address(c) for c in collaterals],
+        risk_adjusted_collateral_values=[UnitOfAccountValue(v) for v in values],
+        liability_value=UnitOfAccountValue(liability),
+    )
+
+
+class EulerV2VaultReader(ContractWrapper):
+    """Reader for an Euler V2 (EVK) vault."""
+
+    def debt_of(self, account: ChecksumAddress) -> Call[Amount]:
+        return self._view(
+            "debtOf(address)", account, output_types=["uint256"], decoder=Amount
+        )
+
+    def account_liquidity_full(
+        self, account: ChecksumAddress
+    ) -> Call[EulerV2AccountLiquidity]:
+        """Reverts unless this vault is the account's controller."""
+        return self._view(
+            "accountLiquidityFull(address,bool)",
+            account,
+            True,
+            output_types=["address[]", "uint256[]", "uint256"],
+            decoder=_account_liquidity_decoder,
+        )
+
+    def ltv_liquidation(self, collateral: ChecksumAddress) -> Call[LtvBps]:
+        """Liquidation LTV of ``collateral``; 0 when not accepted."""
+        return self._view(
+            "LTVLiquidation(address)",
+            collateral,
+            output_types=["uint16"],
+            decoder=LtvBps,
+        )
+
+    def unit_of_account(self) -> Call[ChecksumAddress]:
+        return self._view(
+            "unitOfAccount()",
+            output_types=["address"],
+            decoder=Web3.to_checksum_address,
+        )

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/src/ipor_fusion/readers/lending_health.py

@@ -1,4 +1,4 @@
-"""Lending health computation for Morpho Blue, Aave V3 and Aave V4 markets.
+"""Lending health computation for Morpho Blue, Aave V3, Aave V4 and Euler V2 markets.
 
 Provides a unified view of LTV, liquidation thresholds, and health factors
 for lending positions held by Plasma Vaults.
@@ -30,6 +30,11 @@ from ipor_fusion.errors import EmptyCallResultError
 from ipor_fusion.market_ids import IporFusionMarkets
 from ipor_fusion.readers.aave_v3 import AaveV3Reader
 from ipor_fusion.readers.aave_v4 import AaveV4OracleReader, AaveV4SpokeReader
+from ipor_fusion.readers.euler_v2 import (
+    EULER_USD_UNIT_OF_ACCOUNT,
+    EulerV2Substrate,
+    EulerV2VaultReader,
+)
 from ipor_fusion.readers.morpho import (
     MorphoReader,
     morpho_blue_address,
@@ -61,6 +66,7 @@ _READ_ERRORS = (
 
 WAD = 10**18
 RAY = 10**27
+BPS = 10_000
 ORACLE_PRICE_SCALE = 10**36
 
 # Aave V3 Core Pool per chain — the Pool of market AAVE_V3 only. Aave V3 Prime
@@ -109,6 +115,27 @@ AAVE_V4_MARKET_IDS = frozenset(
     }
 )
 
+# Market IDs served by the Euler V2 fuses. Health is account-level per
+# sub-account, read from the controller: the one borrowable vault it owes.
+EULER_V2_MARKET_IDS = frozenset(
+    {
+        IporFusionMarkets.EULER_V2,
+    }
+)
+
+# Markets whose fuses can borrow but whose health has no reader yet. Their
+# positions are listed as unreadable rather than left out: an unknown
+# liquidation risk is not a healthy one. Dolomite counts only when a
+# substrate grants borrowing.
+UNSUPPORTED_BORROW_MARKET_IDS = frozenset(
+    {
+        IporFusionMarkets.MOONWELL,
+        IporFusionMarkets.SILO_V2,
+        IporFusionMarkets.EBISU,
+    }
+)
+_UNSUPPORTED_REASON = "no lending health reader for this market"
+
 
 @dataclass(slots=True)
 class LendingMarketHealth:
@@ -118,6 +145,7 @@ class LendingMarketHealth:
     - Morpho: the morpho market id (`0x` + 64 lowercase hex) (one row per substrate).
     - Aave V3: None — Aave health is account-level, aggregated across reserves.
     - Aave V4: the Spoke address — account-level per Spoke, across its reserves.
+    - Euler V2: the sub-account address — account-level, across its collaterals.
     """
 
     protocol: str
@@ -409,6 +437,127 @@ def _compute_aave_v4_market_health(
     )
 
 
+@dataclass(frozen=True, slots=True)
+class _EulerV2Account:
+    """An EVC sub-account of the vault and the Euler vaults it may borrow from."""
+
+    sub_account: ChecksumAddress
+    borrow_vaults: tuple[ChecksumAddress, ...]
+
+
+def _compute_euler_v2_account_health(
+    ctx: Web3Context,
+    account: _EulerV2Account,
+    ipor_market_id: MarketId,
+    market_name: str,
+) -> LendingMarketHealth | UnreadableLendingMarket | None:
+    """Compute LTV health for one Euler V2 sub-account; None when it owes nothing.
+
+    Euler values each collateral at its liquidation LTV, so the market value
+    is recovered by dividing that LTV back out.
+    """
+    sub_account = account.sub_account
+    multicall = Multicall3(ctx)
+    try:
+        debts = multicall.aggregate(
+            [EulerV2VaultReader(v).debt_of(sub_account) for v in account.borrow_vaults]
+        )
+    except _READ_ERRORS as exc:
+        return UnreadableLendingMarket(
+            protocol="euler_v2",
+            market_id=ipor_market_id,
+            market_name=market_name,
+            reason=_reason("debt", exc),
+            substrate_id=sub_account,
+        )
+    # A sub-account has at most one controller: the only vault it can owe.
+    controller = next(
+        (v for v, d in zip(account.borrow_vaults, debts, strict=True) if d > 0),
+        None,
+    )
+    if controller is None:
+        return None
+
+    reader = EulerV2VaultReader(controller)
+    try:
+        batch = multicall.batch()
+        liquidity_read = batch.add(reader.account_liquidity_full(sub_account))
+        unit_read = batch.add(reader.unit_of_account())
+        batch.run()
+        liquidity = liquidity_read.value
+        liquidation_ltvs = multicall.aggregate(
+            [reader.ltv_liquidation(c) for c in liquidity.collaterals]
+        )
+    except _READ_ERRORS as exc:
+        return UnreadableLendingMarket(
+            protocol="euler_v2",
+            market_id=ipor_market_id,
+            market_name=market_name,
+            reason=_reason("account liquidity", exc),
+            substrate_id=sub_account,
+        )
+
+    adjusted = sum(liquidity.risk_adjusted_collateral_values)
+    collateral = sum(
+        value * BPS // ltv
+        for value, ltv in zip(
+            liquidity.risk_adjusted_collateral_values, liquidation_ltvs, strict=True
+        )
+        if ltv > 0
+    )
+    liability = liquidity.liability_value
+    current_ltv = liability / collateral if collateral > 0 else None
+    max_ltv = adjusted / collateral if collateral > 0 else 0.0
+    health_factor = adjusted / liability if liability > 0 else None
+    ltv_usage = liability / adjusted * 100 if adjusted > 0 else None
+    # The USD unit of account prices in 18 decimals; other units are not USD.
+    in_usd = unit_read.value == EULER_USD_UNIT_OF_ACCOUNT
+
+    return LendingMarketHealth(
+        protocol="euler_v2",
+        market_id=ipor_market_id,
+        market_name=market_name,
+        current_ltv=round(current_ltv, 6) if current_ltv is not None else None,
+        max_ltv=round(max_ltv, 6),
+        health_factor=round(health_factor, 4) if health_factor is not None else None,
+        total_collateral_usd=round(collateral / WAD, 2) if in_usd else None,
+        total_debt_usd=round(liability / WAD, 2) if in_usd else None,
+        ltv_usage_percent=round(ltv_usage, 2) if ltv_usage is not None else None,
+        substrate_id=sub_account,
+    )
+
+
+def _euler_v2_borrow_accounts(
+    substrates: list[bytes], vault: PlasmaVaultAddress
+) -> list[_EulerV2Account]:
+    """The vault's sub-accounts that may borrow, from its Euler V2 substrates."""
+    borrow_vaults: dict[ChecksumAddress, list[ChecksumAddress]] = {}
+    for raw in substrates:
+        substrate = EulerV2Substrate.from_bytes(raw)
+        if substrate.can_borrow:
+            borrow_vaults.setdefault(substrate.sub_account(vault), []).append(
+                substrate.euler_vault
+            )
+    return [
+        _EulerV2Account(sub_account, tuple(vaults))
+        for sub_account, vaults in borrow_vaults.items()
+    ]
+
+
+def _dolomite_can_borrow(substrate: bytes) -> bool:
+    """DolomiteFuseLib: asset<<96 | subAccountId<<88 | canBorrow<<80."""
+    return bool(int.from_bytes(substrate, "big") >> 80 & 0x01)
+
+
+def _can_borrow(market_id: MarketId, substrates: list[bytes]) -> bool:
+    """Whether a market without a health reader may hold a borrow position."""
+    if market_id in UNSUPPORTED_BORROW_MARKET_IDS:
+        return True
+    if market_id == IporFusionMarkets.DOLOMITE:
+        return any(_dolomite_can_borrow(sub) for sub in substrates)
+    return False
+
+
 def _aave_v4_spokes(substrates: list[bytes]) -> list[ChecksumAddress]:
     """Unique Spokes named by Aave V4 reserve substrates, in grant order."""
     spokes: dict[ChecksumAddress, None] = {}
@@ -424,25 +573,32 @@ class _LendingMarkets:
     morpho: list[tuple[MarketId, str, MorphoBlueMarketId]]
     aave_v3: list[tuple[MarketId, str, ChecksumAddress]]
     aave_v4: list[tuple[MarketId, str, ChecksumAddress]]
+    euler_v2: list[tuple[MarketId, str, _EulerV2Account]]
     unreadable: list[UnreadableLendingMarket]
 
 
 def _collect_lending_markets(
+    vault: PlasmaVaultAddress,
     balance_fuse_market_ids: list[MarketId],
     market_substrates: dict[MarketId, list[bytes]],
     aave_pools: dict[MarketId, ChecksumAddress],
 ) -> _LendingMarkets:
     """Pick the positions to read: Morpho substrates, Aave V3 markets with a Pool,
-    and the Spokes of Aave V4 markets."""
-    markets = _LendingMarkets(morpho=[], aave_v3=[], aave_v4=[], unreadable=[])
+    the Spokes of Aave V4 markets and the borrowing Euler V2 sub-accounts. A
+    market that may borrow but has no reader is listed as unreadable."""
+    markets = _LendingMarkets(
+        morpho=[], aave_v3=[], aave_v4=[], euler_v2=[], unreadable=[]
+    )
 
     for mid in balance_fuse_market_ids:
         name = market_name(mid)
+        substrates = market_substrates.get(mid, [])
         if mid in MORPHO_MARKET_IDS:
-            substrates = market_substrates.get(mid, [])
-            for sub in substrates:
-                if len(sub) == 32:
-                    markets.morpho.append((mid, name, parse_morpho_market_id(sub)))
+            markets.morpho.extend(
+                (mid, name, parse_morpho_market_id(sub))
+                for sub in substrates
+                if len(sub) == 32
+            )
         elif mid in AAVE_V3_MARKET_IDS:
             if aave_pool := aave_pools.get(mid):
                 markets.aave_v3.append((mid, name, aave_pool))
@@ -456,8 +612,23 @@ def _collect_lending_markets(
                     )
                 )
         elif mid in AAVE_V4_MARKET_IDS:
-            for spoke in _aave_v4_spokes(market_substrates.get(mid, [])):
-                markets.aave_v4.append((mid, name, spoke))
+            markets.aave_v4.extend(
+                (mid, name, spoke) for spoke in _aave_v4_spokes(substrates)
+            )
+        elif mid in EULER_V2_MARKET_IDS:
+            markets.euler_v2.extend(
+                (mid, name, account)
+                for account in _euler_v2_borrow_accounts(substrates, vault)
+            )
+        elif _can_borrow(mid, substrates):
+            markets.unreadable.append(
+                UnreadableLendingMarket(
+                    protocol=name.lower(),
+                    market_id=mid,
+                    market_name=name,
+                    reason=_UNSUPPORTED_REASON,
+                )
+            )
 
     return markets
 
@@ -477,7 +648,8 @@ def fetch_vault_lending_health(
         vault: The Plasma Vault address.
         balance_fuse_market_ids: List of market IDs from balance fuses.
         market_substrates: Map of market_id -> list of raw substrate bytes.
-            Morpho market ids and Aave V4 Spokes are read from it.
+            Morpho market ids, Aave V4 Spokes and Euler V2 sub-accounts are
+            read from it.
         aave_pools: Map of Aave V3 market_id -> the Pool its balance fuse
             reads (`AaveV3FuseReader.pool`). An Aave V3 market without an
             entry is listed in ``unreadable``. Defaults to the chain's Core pool for AAVE_V3 only:
@@ -489,7 +661,7 @@ def fetch_vault_lending_health(
         aave_pools = {IporFusionMarkets.AAVE_V3: core_pool} if core_pool else {}
 
     markets = _collect_lending_markets(
-        balance_fuse_market_ids, market_substrates, aave_pools
+        vault, balance_fuse_market_ids, market_substrates, aave_pools
     )
 
     results: list[LendingMarketHealth] = []
@@ -538,8 +710,17 @@ def fetch_vault_lending_health(
                 )
             )
 
+        for ipor_mid, name, account in markets.euler_v2:
+            futures.append(
+                pool.submit(
+                    _compute_euler_v2_account_health, ctx, account, ipor_mid, name
+                )
+            )
+
         for fut in futures:
             result = fut.result()
+            if result is None:
+                continue
             if isinstance(result, UnreadableLendingMarket):
                 unreadable.append(result)
             else:

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/src/ipor_fusion/vault_data.py

@@ -554,7 +554,7 @@ def _fetch_lending_reads(
     vault_addr: PlasmaVaultAddress,
     markets: _MarketReads,
 ) -> _LendingReads:
-    """Lending health (Morpho, Aave V3) plus the per-position breakdowns.
+    """Lending health plus the Morpho and Aave V3 per-position breakdowns.
 
     Health runs as one pool task (it fans out on its own executor); the
     breakdowns fan out on `pool` from the calling thread, so no pool task ever

{ipor_fusion-4.1.0.dev7 → ipor_fusion-4.1.0.dev12}/tests/test_cli_helpers.py

@@ -1494,6 +1494,21 @@ class TestPrintLendingHealth:
         assert "AAVE_V3 (1):" in out
         assert "Health Factor:" in out
 
+    def test_euler_health_renders_under_its_sub_account(self, capsys):
+        sub_account = "0x" + "3e" * 20
+        m = _make_lending_market(
+            protocol="euler_v2",
+            market_id=MarketId(11),
+            substrate_id=sub_account,
+            health_factor=1.17,
+        )
+        data = _make_data(lending_health=VaultLendingHealth(markets=[m]))
+        _print_lending_health(data)
+        out = capsys.readouterr().out
+        assert "EULER_V2 (11):" in out
+        assert f"sub-account {sub_account}:" in out
+        assert "Health Factor:" in out
+
     def test_orphan_health_critical_status_colored(self, capsys):
         m = _make_lending_market(health_factor=1.03)
         m.protocol = "aave_v3"