Pylon Protocol
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Pylon Protocol
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Pool

Stores all relevant contract parameters.
#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, JsonSchema)]
pub struct Config {
pub this: CanonicalAddr,
pub owner: CanonicalAddr,
pub beneficiary: CanonicalAddr,
pub moneymarket: CanonicalAddr,
pub atoken: CanonicalAddr,
pub stable_denom: String,
pub dp_token: CanonicalAddr,
}
this: the address of this pool contract.
owner: the owner address of this pool contract.
beneficiary: the address of which all interest collected from principal deposits are sent to. could be a single address, or a contract address that oversees additional distribution logic.
moneymarket: the address of the Anchor money market contract to accept deposits.
atoken: the address of the aUST token contract.
stable_denom: base Terra stablecoin denomination of this pool to be deposited to Anchor, i.e. uusd.
dp_token: the address of the DP token contract minted by this pool.
​

Defines logic entry points for InitMsg, HandleMsg and QueryMsg calls.
pub fn init<S: Storage, A: Api, Q: Querier>(
deps: &mut Extern<S, A, Q>,
env: Env,
msg: InitMsg,
) -> StdResult<InitResponse> {
let sender = env.message.sender;
let raw_sender = deps.api.canonical_address(&sender)?;
​
let mut config = config::Config {
this: deps.api.canonical_address(&env.contract.address)?,
owner: raw_sender,
beneficiary: deps.api.canonical_address(&msg.beneficiary)?,
fee_collector: deps.api.canonical_address(&msg.fee_collector)?,
exchange_rate_feeder: deps.api.canonical_address(&msg.exchange_rate_feeder)?,
moneymarket: deps.api.canonical_address(&msg.moneymarket)?,
stable_denom: String::default(),
atoken: CanonicalAddr::default(),
dp_token: CanonicalAddr::default(),
};
​
let market_config = querier::anchor::config(deps, &config.moneymarket)?;
​
config.stable_denom = market_config.stable_denom.clone();
config.atoken = deps.api.canonical_address(&market_config.aterra_contract)?;
​
config::store(&mut deps.storage, &config)?;
​
Ok(InitResponse {
messages: vec![CosmosMsg::Wasm(WasmMsg::Instantiate {
code_id: msg.dp_code_id,
send: vec![],
label: None,
msg: to_binary(&Cw20InitMsg {
name: format!("Deposit Token - {}", msg.pool_name),
symbol: "PylonDP".to_string(),
decimals: 6u8,
initial_balances: vec![],
mint: Some(MinterResponse {
minter: env.contract.address.clone(),
cap: None,
}),
init_hook: Some(Cw20InitHook {
contract_addr: env.contract.address,
msg: to_binary(&HandleMsg::RegisterDPToken {})?,
}),
})?,
})],
log: vec![],
})
}
Initializes a new pool contract. Updates data storage as defined with config.rs, and initializes a new DP token contract linked to this pool contract.
pub fn handle<S: Storage, A: Api, Q: Querier>(
deps: &mut Extern<S, A, Q>,
env: Env,
msg: HandleMsg,
) -> StdResult<HandleResponse> {
match msg {
HandleMsg::Receive(msg) => CoreHandler::receive(deps, env, msg),
HandleMsg::Deposit {} => CoreHandler::deposit(deps, env),
HandleMsg::ClaimReward {} => CoreHandler::claim_reward(deps, env),
HandleMsg::RegisterDPToken {} => CoreHandler::register_dp_token(deps, env),
}
}
​
Defines HandleMsg endpoints. Calls the following functions per HandleMsg:
  • Receive(msg) : calls receive(deps, env, msg) defined under handler_exec.rs.
  • Deposit {} : calls deposit(deps, env) defined under handler_exec.rs.
  • ClaimReward {} : calls claim_reward(deps, env) defined under handler_exec.rs.
  • [INTERNAL] RegisterDPToken {} : calls register_dp_token(deps, env) defined under handler_exec.rs.
pub fn query<S: Storage, A: Api, Q: Querier>(
deps: &Extern<S, A, Q>,
msg: QueryMsg,
) -> StdResult<Binary> {
match msg {
QueryMsg::DepositAmountOf { owner } => QueryHandler::deposit_amount(deps, owner), // dp_token.balanceOf(msg.sender)
QueryMsg::TotalDepositAmount {} => QueryHandler::total_deposit_amount(deps), // dp_token.totalSupply()
QueryMsg::Config {} => QueryHandler::config(deps), // config
QueryMsg::ClaimableReward {} => QueryHandler::claimable_reward(deps), // config.strategy.reward()
}
}
​
Defines QueryMsg endpoints. Calls the following functions per QueryMsg:
  • DepositAmountOf { owner } : calls deposit_amount(deps, owner) defined under handler_query.rs; returns the current DP token balance of the sender of this message.
  • TotalDepositAmount {} : calls total_deposit_amount(deps) defined under handler_query.rs; returns the total DP token balanced linked to this pool contract.
  • Config {} : calls config(deps) defined under handler/query.rs; returns the following:
    • beneficiary: returns the current beneficiary address set for this pool contract.
    • moneymarket: returns the Anchor money market contract set for this pool contract to call for deposit_stable and redeem_stable messages. For further information regarding logic of the Anchor money market, please refer to Anchor Protocol's official documentation.
    • stable_denom: returns the current Terra stablecoin denomination that the underlying Anchor money market contract accepts.
    • anchor_token: returns the aToken contract address that the underlying Anchor money market contract returns on deposits.
    • dp_token: returns the DP token contract address minted by this pool contract on new deposits.
  • GetClaimableReward {} : calls claimable_reward(deps) defined under handler_query.rs; returns all claimable UST rewards for all UST deposits held by this pool.
​

Defines core contract execution logic. Functions are as follows:
  • receive: defines a CW-20 token contract receive hook, which is executed when a Pylon DP token is sent to this Pylon pool.
  • deposit: deposits UST to this Pylon pool, deposits them to Anchor, and mints Pylon DP tokens back to the depositor.
  • redeem: consecutively called on a CW-20 receive call. Burns received DP tokens, retrieves equivalent amounts of UST from Anchor, and returns principal UST deposits excluding any interest generated.
  • claim_reward: claims any remaining interest remaining in the pool, and sends them over to the beneficiary address. Interest is calculated as (total_aust_amount * exchange_rate) - (total_dp_balance)
  • register_dp_token: registers a DP token contract controlled by this Pylon deposit pool for new DP token mints/burns on deposits/redemptions.
pub fn receive<S: Storage, A: Api, Q: Querier>(
deps: &Extern<S, A, Q>,
env: Env,
cw20_msg: Cw20ReceiveMsg,
) -> StdResult<HandleResponse> {
let sender = env.message.sender.clone();
if let Some(msg) = cw20_msg.msg {
match from_binary(&msg)? {
Cw20HookMsg::Redeem {} => {
// only asset contract can execute this message
let config: config::Config = config::read(&deps.storage)?;
if deps.api.canonical_address(&sender)? != config.dp_token {
return Err(StdError::unauthorized());
}
​
redeem(deps, env, cw20_msg.sender, cw20_msg.amount)
}
}
} else {
Err(StdError::generic_err(
"Invalid request: \"redeem\" message not included in request",
))
}
}
​
If a CW-20 transfer to this contract includes a Redeem {} Cw20HookMsg:
  • checks if the sender of this HookMsg is the registered DP token address (i.e. not any other token contract address being sent to this pool) - return unauthorized() error if not, else continue
  • if passed, call redeem(deps, _env, cw20_msg.sender, cw20_msg.amount)
If a Redeem {} message is not included with this function call, return an invalid_request error.
pub fn deposit<S: Storage, A: Api, Q: Querier>(
deps: &Extern<S, A, Q>,
env: Env,
) -> StdResult<HandleResponse> {
let config = config::read(&deps.storage)?;
​
// check deposit
let received: Uint256 = env
.message
.sent_funds
.iter()
.find(|c| c.denom == config.stable_denom)
.map(|c| Uint256::from(c.amount))
.unwrap_or_else(Uint256::zero);
​
if received.is_zero() {
return Err(StdError::generic_err(format!(
"Pool: insufficient token amount {}",
config.stable_denom,
)));
}
​
let deposit_amount = deduct_tax(
deps,
Coin {
denom: config.stable_denom.clone(),
amount: received.into(),
},
)?
.amount;
​
Ok(HandleResponse {
messages: [
querier::feeder::update_msg(deps, &config.exchange_rate_feeder, &config.dp_token)?,
querier::anchor::deposit_stable_msg(
deps,
&config.moneymarket,
&config.stable_denom,
deposit_amount,
)?,
vec![CosmosMsg::Wasm(WasmMsg::Execute {
contract_addr: deps.api.human_address(&config.dp_token)?,
msg: to_binary(&Cw20HandleMsg::Mint {
recipient: env.message.sender.clone(),
amount: deposit_amount,
})?,
send: vec![],
})],
]
.concat(),
log: vec![
log("action", "deposit"),
log("sender", env.message.sender),
log("amount", deposit_amount.to_string()),
],
data: None,
})
}
​
Sending native Terra stablecoins (UST) with this MsgExecuteContract call:
  • Check how much deposits have been made to this pool contract for stable_denom.
    • If there are no deposits, return a generic_err.
  • Issue a HandleResponse issuing the following messages:
    • call deposit_stable from the Anchor money market contract for deposit_amount units of stable_denom(e.g. 100 UST). aUST will be returned from the Anchor money market contract to this pool contract.
    • issue another MsgExecuteContract call that mints deposit_amount units of Pylon DP tokens for this particular pool to the caller.
pub fn redeem<S: Storage, A: Api, Q: Querier>(
deps: &Extern<S, A, Q>,
env: Env,
sender: HumanAddr,
amount: Uint128,
) -> StdResult<HandleResponse> {
let config = config::read(&deps.storage)?;
​
let (market_redeem_amount, pool_redeem_amount, _) =
querier::pool::calculate_return_amount(deps, &config, Uint256::from(amount))?;
​
Ok(HandleResponse {
messages: [
querier::feeder::update_msg(deps, &config.exchange_rate_feeder, &config.dp_token)?,
vec![CosmosMsg::Wasm(WasmMsg::Execute {
contract_addr: deps.api.human_address(&config.dp_token)?,
msg: to_binary(&Cw20HandleMsg::Burn { amount })?,
send: vec![],
})],
querier::anchor::redeem_stable_msg(
deps,
&config.moneymarket,
&config.atoken,
market_redeem_amount.into(),
)?,
vec![CosmosMsg::Bank(BankMsg::Send {
from_address: env.contract.address,
to_address: sender,
amount: vec![pool_redeem_amount.clone()],
})],
]
.concat(),
log: vec![
log("action", "redeem"),
log("sender", env.message.sender),
log("amount", pool_redeem_amount.amount),
],
data: None,
})
}
​
When a Redeem {} Cw20HookMsg is called:
  • Query the current epoch_state from the Anchor money market.
  • Calculate how much aUST needs to be redeemed back to UST to maintain principle: dp_token_balance / epoch_state.exchange_rate
  • Calculate how much Terra tax is charged during redemptions. As tax is charged for every Terra stablecoin MsgSends on the Terra blockchain, deduct_tax should be called twice, as there are two cases when Terra tax is charged for UST transfers during redemptions:
    • when UST is transferred from the Anchor money market to this Pylon pool contract
    • when UST is transferred from this Pylon pool contract to the user's wallet
  • Issue a HandleResponse containing the following messages:
    • burn amount units of DP tokens for this Pylon pool.
    • redeem market_redeem_amount aUST (calculated as dp_token_balance / epoch_state.exchange_rate) for pool_redeem_amount UST.
    • MsgSends pool_redeem_amount back to the caller of this contract
pub fn claim_reward<S: Storage, A: Api, Q: Querier>(
deps: &Extern<S, A, Q>,
env: Env,
) -> StdResult<HandleResponse> {
// calculate (total_aust_amount * exchange_rate) - (total_dp_balance)
let config = config::read(&deps.storage)?;
if config.beneficiary != deps.api.canonical_address(&env.message.sender)? {
return Err(StdError::unauthorized());
}
​
let (reward_amount, fee_amount) =
querier::pool::calculate_reward_amount(deps, &config, Option::from(env.block.time))?;
let (market_redeem_amount, _, _) =
querier::pool::calculate_return_amount(deps, &config, reward_amount.add(fee_amount))?;
let (_, beneficiary_redeem_amount, _) =
querier::pool::calculate_return_amount(deps, &config, reward_amount)?;
let (_, collector_redeem_amount, _) =
querier::pool::calculate_return_amount(deps, &config, fee_amount)?;
​
Ok(HandleResponse {
messages: [
querier::feeder::update_msg(deps, &config.exchange_rate_feeder, &config.dp_token)?,
querier::anchor::redeem_stable_msg(
deps,
&config.moneymarket,
&config.atoken,
market_redeem_amount.into(),
)?,
vec![
CosmosMsg::Bank(BankMsg::Send {
from_address: env.contract.address.clone(),
to_address: deps.api.human_address(&config.beneficiary)?,
amount: vec![beneficiary_redeem_amount.clone()],
}),
CosmosMsg::Bank(BankMsg::Send {
from_address: env.contract.address.clone(),
to_address: deps.api.human_address(&config.fee_collector)?,
amount: vec![collector_redeem_amount.clone()],
}),
],
]
.concat(),
log: vec![
log("action", "claim_reward"),
log("sender", env.message.sender),
log("amount", beneficiary_redeem_amount.amount),
log("fee", collector_redeem_amount.amount),
],
data: None,
})
}
​
On a ClaimReward {} HandleMsg call:
  • calculate how much aUST should be redeemed: (total_aust_amount * exchange_rate) - (total_dp_balance)
  • apply a virtual exchange rate queryable from the Pylon Exchange Rate contract. This effectively re-calculates how much UST should be claimed excluding MINE token buybacks, which is sent to the Collector contract.
  • calculates how much UST should be redeemed for:
    • market_redeem_amount : amount of aUST for redemptions before Terra blockchain tax for both beneficiary and collector. returns Uint256.
    • beneficiary_redeem_amount : amount of aUST for redemptions after Terra blockchain tax for beneficiary. returns a Coin object.
    • collector_redeem_amount : amount of aUST for redemptions after Terra blockchain tax for collector, sent to the Collector contract for buybacks. returns a Coin object.
  • Issue a HandleResponse that includes the following messages:
    • update virtual exchange rate
    • redeem market_redeem_amount aUST from Anchor
    • send beneficiary_redeem_amount to beneficiary account
    • send collector_redeem_amount to Collector contract
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config.rs
contract.rs
handler/core.rs