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PoC: only apply vault fees and not profit share fees on deposits #60

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PoC: only apply vault fees and not profit share fees on deposits #60

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70 changes: 67 additions & 3 deletions programs/drift_vaults/src/instructions/apply_profit_share.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -7,14 +7,16 @@ use crate::constraints::{
is_delegate_for_vault, is_manager_for_vault, is_user_for_vault, is_user_stats_for_vault,
is_vault_for_vault_depositor,
};
use crate::events::{VaultDepositorAction, VaultDepositorRecord, VaultDepositorV1Record};
use crate::state::{Vault, VaultProtocolProvider};
use crate::AccountMapProvider;
use crate::VaultDepositor;
use crate::{AccountMapProvider, VaultFee};
use crate::{VaultDepositor, VaultDepositorBase};

pub fn apply_profit_share<'c: 'info, 'info>(
ctx: Context<'_, '_, 'c, 'info, ApplyProfitShare<'info>>,
) -> Result<()> {
let clock = &Clock::get()?;
let now = clock.unix_timestamp;

let mut vault = ctx.accounts.vault.load_mut()?;
let mut vault_depositor = ctx.accounts.vault_depositor.load_mut()?;
Expand All @@ -36,7 +38,69 @@ pub fn apply_profit_share<'c: 'info, 'info>(
let vault_equity =
vault.calculate_equity(&user, &perp_market_map, &spot_market_map, &mut oracle_map)?;

vault_depositor.apply_profit_share(vault_equity, &mut vault, &mut vp)?;
let vault_shares_before = vault_depositor.checked_vault_shares(&vault)?;
let total_vault_shares_before = vault.total_shares;
let user_vault_shares_before = vault.user_shares;
let protocol_shares_before = vault.get_protocol_shares(&mut vp);

let VaultFee {
management_fee_payment,
management_fee_shares,
protocol_fee_payment,
protocol_fee_shares,
} = vault.apply_fee(&mut vp, vault_equity, now)?;
let (manager_profit_share, protocol_profit_share) =
vault_depositor.apply_profit_share(vault_equity, &mut vault, &mut vp)?;

let protocol_shares_after = vault.get_protocol_shares(&mut vp);

match vp {
None => {
emit!(VaultDepositorRecord {
ts: now,
vault: vault.pubkey,
depositor_authority: vault_depositor.authority,
action: VaultDepositorAction::FeePayment,
amount: 0,
spot_market_index: vault.spot_market_index,
vault_equity_before: vault_equity,
vault_shares_before,
user_vault_shares_before,
total_vault_shares_before,
vault_shares_after: vault_depositor.get_vault_shares(),
total_vault_shares_after: vault.total_shares,
user_vault_shares_after: vault.user_shares,
profit_share: manager_profit_share,
management_fee: management_fee_payment,
management_fee_shares,
});
}
Some(_) => {
emit!(VaultDepositorV1Record {
ts: now,
vault: vault.pubkey,
depositor_authority: vault_depositor.authority,
action: VaultDepositorAction::FeePayment,
amount: 0,
spot_market_index: vault.spot_market_index,
vault_equity_before: vault_equity,
vault_shares_before,
user_vault_shares_before,
total_vault_shares_before,
vault_shares_after: vault_depositor.get_vault_shares(),
total_vault_shares_after: vault.total_shares,
user_vault_shares_after: vault.user_shares,
protocol_profit_share,
protocol_fee: protocol_fee_payment,
protocol_fee_shares,
manager_profit_share,
management_fee: management_fee_payment,
management_fee_shares,
protocol_shares_before,
protocol_shares_after,
});
}
}

Ok(())
}
Expand Down
8 changes: 3 additions & 5 deletions programs/drift_vaults/src/state/vault_depositor.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -274,8 +274,6 @@ impl VaultDepositor {
protocol_fee_payment,
protocol_fee_shares,
} = vault.apply_fee(vault_protocol, vault_equity, now)?;
let (manager_profit_share, protocol_profit_share) =
self.apply_profit_share(vault_equity, vault, vault_protocol)?;

let n_shares = vault_amount_to_depositor_shares(amount, vault.total_shares, vault_equity)?;

Expand Down Expand Up @@ -309,7 +307,7 @@ impl VaultDepositor {
vault_shares_after,
total_vault_shares_after: vault.total_shares,
user_vault_shares_after: vault.user_shares,
profit_share: manager_profit_share,
profit_share: 0,
management_fee: management_fee_payment,
management_fee_shares,
});
Expand All @@ -329,10 +327,10 @@ impl VaultDepositor {
vault_shares_after,
total_vault_shares_after: vault.total_shares,
user_vault_shares_after: vault.user_shares,
protocol_profit_share,
protocol_profit_share: 0,
protocol_fee: protocol_fee_payment,
protocol_fee_shares,
manager_profit_share,
manager_profit_share: 0,
management_fee: management_fee_payment,
management_fee_shares,
protocol_shares_before,
Expand Down
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