REVLoans

Git Source

Inherits: ERC721, ERC2771Context, Ownable, IREVLoans

A contract for borrowing from revnets.

Tokens used as collateral are burned, and reminted when the loan is paid off. This keeps the revnet's token structure orderly.

The borrowable amount is the same as the cash out amount.

An upfront fee is taken when a loan is created. 2.5% is charged by the underlying protocol, 2.5% is charged by the revnet issuing the loan, and a variable amount charged by the revnet that receives the fees. This variable amount is chosen by the borrower, the more paid upfront, the longer the prepaid duration. The loan can be repaid anytime within the prepaid duration without additional fees. After the prepaid duration, the loan will increasingly cost more to pay off. After 10 years, the loan collateral cannot be recouped.

The loaned amounts include the fees taken, meaning the amount paid back is the amount borrowed plus the fees.

State Variables

LOAN_LIQUIDATION_DURATION

After the prepaid duration, the loan will cost more to pay off. After 10 years, the loan collateral cannot be recouped. This means paying 50% of the loan amount upfront will pay for having access to the remaining 50% for 10 years, whereas paying 0% of the loan upfront will cost 100% of the loan amount to be paid off after 10 years. After 10 years with repayment, both loans cost 100% and are liquidated.

uint256 public constant override LOAN_LIQUIDATION_DURATION = 3650 days;

MAX_PREPAID_FEE_PERCENT

The maximum amount of a loan that can be prepaid at the time of borrowing, in terms of JBConstants.MAX_FEE.

uint256 public constant override MAX_PREPAID_FEE_PERCENT = 500;

REV_PREPAID_FEE_PERCENT

A fee of 1% is charged by the $REV revnet.

uint256 public constant override REV_PREPAID_FEE_PERCENT = 5;

MIN_PREPAID_FEE_PERCENT

A fee of 2.5% is charged by the loan's source upfront.

uint256 public constant override MIN_PREPAID_FEE_PERCENT = 25;

_ONE_TRILLION

Just a kind reminder to our readers.

Used in loan token ID generation.

uint256 private constant _ONE_TRILLION = 1_000_000_000_000;

PERMIT2

The permit2 utility.

IPermit2 public immutable override PERMIT2;

CONTROLLER

The controller of revnets that use this loans contract.

IJBController public immutable override CONTROLLER;

REVNETS

Mints ERC-721s that represent project ownership and transfers.

IREVDeployer public immutable override REVNETS;

DIRECTORY

The directory of terminals and controllers for revnets.

IJBDirectory public immutable override DIRECTORY;

PRICES

A contract that stores prices for each revnet.

IJBPrices public immutable override PRICES;

PROJECTS

Mints ERC-721s that represent revnet ownership and transfers.

IJBProjects public immutable override PROJECTS;

REV_ID

The ID of the REV revnet that will receive the fees.

uint256 public immutable override REV_ID;

isLoanSourceOf

An indication if a revnet currently has outstanding loans from the specified terminal in the specified token.

mapping(uint256 revnetId => mapping(IJBPayoutTerminal terminal => mapping(address token => bool))) public override
    isLoanSourceOf;

numberOfLoansFor

The amount of loans that have been created.

mapping(uint256 revnetId => uint256) public override numberOfLoansFor;

tokenUriResolver

The contract resolving each project ID to its ERC721 URI.

IJBTokenUriResolver public override tokenUriResolver;

totalBorrowedFrom

The total amount loaned out by a revnet from a specified terminal in a specified token.

mapping(uint256 revnetId => mapping(IJBPayoutTerminal terminal => mapping(address token => uint256))) public override
    totalBorrowedFrom;

totalCollateralOf

The total amount of collateral supporting a revnet's loans.

mapping(uint256 revnetId => uint256) public override totalCollateralOf;

_loanSourcesOf

The sources of each revnet's loan.

Note: member: revnetId The ID of the revnet issuing the loan.

mapping(uint256 revnetId => REVLoanSource[]) internal _loanSourcesOf;

_loanOf

The loans.

Note: member: The ID of the loan.

mapping(uint256 loanId => REVLoan) internal _loanOf;

Functions

constructor

constructor(
    IREVDeployer revnets,
    uint256 revId,
    address owner,
    IPermit2 permit2,
    address trustedForwarder
)
    ERC721("REV Loans", "$REVLOAN")
    ERC2771Context(trustedForwarder)
    Ownable(owner);

Parameters

Name	Type	Description
revnets	IREVDeployer	A contract from which revnets using this loans contract are deployed.
revId	uint256	The ID of the REV revnet that will receive the fees.
owner	address	The owner of the contract that can set the URI resolver.
permit2	IPermit2	A permit2 utility.
trustedForwarder	address	A trusted forwarder of transactions to this contract.

borrowableAmountFrom

The amount that can be borrowed from a revnet.

function borrowableAmountFrom(
    uint256 revnetId,
    uint256 collateralCount,
    uint256 decimals,
    uint256 currency
)
    external
    view
    returns (uint256);

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet to check for borrowable assets from.
collateralCount	uint256	The amount of collateral used to secure the loan.
decimals	uint256	The decimals the resulting fixed point value will include.
currency	uint256	The currency that the resulting amount should be in terms of.

Returns

Name	Type	Description
<none>	uint256	borrowableAmount The amount that can be borrowed from the revnet.

loanOf

Get a loan.

Note: member: The ID of the loan.

function loanOf(uint256 loanId) external view override returns (REVLoan memory);

loanSourcesOf

The sources of each revnet's loan.

Note: member: revnetId The ID of the revnet issuing the loan.

function loanSourcesOf(uint256 revnetId) external view override returns (REVLoanSource[] memory);

determineSourceFeeAmount

Determines the source fee amount for a loan being paid off a certain amount.

function determineSourceFeeAmount(REVLoan memory loan, uint256 amount) public view returns (uint256);

Parameters

Name	Type	Description
loan	REVLoan	The loan having its source fee amount determined.
amount	uint256	The amount being paid off.

Returns

Name	Type	Description
<none>	uint256	sourceFeeAmount The source fee amount for the loan.

tokenURI

Returns the URI where the ERC-721 standard JSON of a loan is hosted.

function tokenURI(uint256 loanId) public view override returns (string memory);

Parameters

Name	Type	Description
loanId	uint256	The ID of the loan to get a URI of.

Returns

Name	Type	Description
<none>	string	The token URI to use for the provided loanId.

revnetIdOfLoanWith

The revnet ID for the loan with the provided loan ID.

function revnetIdOfLoanWith(uint256 loanId) public pure override returns (uint256);

Parameters

Name	Type	Description
loanId	uint256	The loan ID of the loan to get the revent ID of.

Returns

Name	Type	Description
<none>	uint256	The ID of the revnet.

_balanceOf

Checks this contract's balance of a specific token.

function _balanceOf(address token) internal view returns (uint256);

Parameters

Name	Type	Description
token	address	The address of the token to get this contract's balance of.

Returns

Name	Type	Description
<none>	uint256	This contract's balance.

_borrowableAmountFrom

The amount that can be borrowed from a revnet given a certain amount of collateral.

function _borrowableAmountFrom(
    uint256 revnetId,
    uint256 collateralCount,
    uint256 decimals,
    uint256 currency,
    IJBTerminal[] memory terminals
)
    internal
    view
    returns (uint256);

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet to check for borrowable assets from.
collateralCount	uint256	The amount of collateral that the loan will be collateralized with.
decimals	uint256	The decimals the resulting fixed point value will include.
currency	uint256	The currency that the resulting amount should be in terms of.
terminals	IJBTerminal[]	The terminals that the funds are being borrowed from.

Returns

Name	Type	Description
<none>	uint256	borrowableAmount The amount that can be borrowed from the revnet.

_borrowAmountFrom

The amount of the loan that should be borrowed for the given collateral amount.

function _borrowAmountFrom(
    REVLoan storage loan,
    uint256 revnetId,
    uint256 collateralCount
)
    internal
    view
    returns (uint256);

Parameters

Name	Type	Description
loan	REVLoan	The loan having its borrow amount determined.
revnetId	uint256	The ID of the revnet to check for borrowable assets from.
collateralCount	uint256	The amount of collateral that the loan will be collateralized with.

Returns

Name	Type	Description
<none>	uint256	borrowAmount The amount of the loan that should be borrowed.

_contextSuffixLength

ERC-2771 specifies the context as being a single address (20 bytes).

function _contextSuffixLength() internal view override(ERC2771Context, Context) returns (uint256);

_determineSourceFeeAmount

Determines the source fee amount for a loan being paid off a certain amount.

function _determineSourceFeeAmount(
    REVLoan memory loan,
    uint256 amount
)
    internal
    view
    returns (uint256 sourceFeeAmount);

Parameters

Name	Type	Description
loan	REVLoan	The loan having its source fee amount determined.
amount	uint256	The amount being paid off.

Returns

Name	Type	Description
sourceFeeAmount	uint256	The source fee amount for the loan.

_generateLoanId

Generate a ID for a loan given a revnet ID and a loan number within that revnet.

function _generateLoanId(uint256 revnetId, uint256 loanNumber) internal pure returns (uint256);

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet to generate a loan ID for.
loanNumber	uint256	The loan number of the loan within the revnet.

Returns

Name	Type	Description
<none>	uint256	The token ID of the 721.

_msgData

The calldata. Preferred to use over msg.data.

function _msgData() internal view override(ERC2771Context, Context) returns (bytes calldata);

Returns

Name	Type	Description
<none>	bytes	calldata The msg.data of this call.

_msgSender

The message's sender. Preferred to use over msg.sender.

function _msgSender() internal view override(ERC2771Context, Context) returns (address sender);

Returns

Name	Type	Description
sender	address	The address which sent this call.

_totalBorrowedFrom

The total borrowed amount from a revnet.

function _totalBorrowedFrom(
    uint256 revnetId,
    uint256 decimals,
    uint256 currency
)
    internal
    view
    returns (uint256 borrowedAmount);

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet to check for borrowed assets from.
decimals	uint256	The decimals the resulting fixed point value will include.
currency	uint256	The currency the resulting value will be in terms of.

Returns

Name	Type	Description
borrowedAmount	uint256	The total amount borrowed.

borrowFrom

Open a loan by borrowing from a revnet.

function borrowFrom(
    uint256 revnetId,
    REVLoanSource calldata source,
    uint256 minBorrowAmount,
    uint256 collateralCount,
    address payable beneficiary,
    uint256 prepaidFeePercent
)
    public
    override
    returns (uint256 loanId, REVLoan memory);

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet being borrowed from.
source	REVLoanSource	The source of the loan being borrowed.
minBorrowAmount	uint256	The minimum amount being borrowed, denominated in the token of the source's accounting context.
collateralCount	uint256	The amount of tokens to use as collateral for the loan.
beneficiary	address payable	The address that'll receive the borrowed funds and the tokens resulting from fee payments.
prepaidFeePercent	uint256	The fee percent that will be charged upfront from the revnet being borrowed from. Prepaying a fee is cheaper than paying later.

Returns

Name	Type	Description
loanId	uint256	The ID of the loan created from borrowing.
<none>	REVLoan	loan The loan created from borrowing.

liquidateExpiredLoansFrom

Cleans up any liquiditated loans.

Since some loans may be reallocated or paid off, loans within startingLoanId and startingLoanId + count may be skipped, so choose these parameters carefully to avoid extra gas usage.

function liquidateExpiredLoansFrom(uint256 revnetId, uint256 startingLoanId, uint256 count) external override;

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet to liquidate loans from.
startingLoanId	uint256	The ID of the loan to start iterating from.
count	uint256	The amount of loans iterate over since the last liquidated loan.

reallocateCollateralFromLoan

Refinances a loan by transferring extra collateral from an existing loan to a new loan.

Useful if a loan's collateral has gone up in value since the loan was created.

Refinancing a loan will burn the original and create two new loans.

function reallocateCollateralFromLoan(
    uint256 loanId,
    uint256 collateralCountToTransfer,
    REVLoanSource calldata source,
    uint256 minBorrowAmount,
    uint256 collateralCountToAdd,
    address payable beneficiary,
    uint256 prepaidFeePercent
)
    external
    payable
    override
    returns (uint256 reallocatedLoanId, uint256 newLoanId, REVLoan memory reallocatedLoan, REVLoan memory newLoan);

Parameters

Name	Type	Description
loanId	uint256	The ID of the loan to reallocate collateral from.
collateralCountToTransfer	uint256	The amount of collateral to transfer from the original loan.
source	REVLoanSource	The source of the loan to create.
minBorrowAmount	uint256	The minimum amount being borrowed, denominated in the token of the source's accounting context.
collateralCountToAdd	uint256	The amount of collateral to add to the loan.
beneficiary	address payable	The address that'll receive the borrowed funds and the tokens resulting from fee payments.
prepaidFeePercent	uint256	The fee percent that will be charged upfront from the revnet being borrowed from.

Returns

Name	Type	Description
reallocatedLoanId	uint256	The ID of the loan being reallocated.
newLoanId	uint256	The ID of the new loan.
reallocatedLoan	REVLoan	The loan being reallocated.
newLoan	REVLoan	The new loan created from reallocating collateral.

repayLoan

Allows the owner of a loan to pay it back or receive returned collateral no longer necessary to support the loan.

function repayLoan(
    uint256 loanId,
    uint256 maxRepayBorrowAmount,
    uint256 collateralCountToReturn,
    address payable beneficiary,
    JBSingleAllowance calldata allowance
)
    external
    payable
    override
    returns (uint256 paidOffLoanId, REVLoan memory paidOffloan);

Parameters

Name	Type	Description
loanId	uint256	The ID of the loan being adjusted.
maxRepayBorrowAmount	uint256	The maximum amount being paid off, denominated in the token of the source's accounting context.
collateralCountToReturn	uint256	The amount of collateral to return being returned from the loan.
beneficiary	address payable	The address receiving the returned collateral and any tokens resulting from paying fees.
allowance	JBSingleAllowance	An allowance to faciliate permit2 interactions.

Returns

Name	Type	Description
paidOffLoanId	uint256	The ID of the loan after it's been paid off.
paidOffloan	REVLoan	The loan after it's been paid off.

setTokenUriResolver

Sets the address of the resolver used to retrieve the tokenURI of loans.

function setTokenUriResolver(IJBTokenUriResolver resolver) external override onlyOwner;

Parameters

Name	Type	Description
resolver	IJBTokenUriResolver	The address of the new resolver.

_addCollateralTo

Adds collateral to a loan.

function _addCollateralTo(uint256 revnetId, uint256 amount) internal;

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet the loan is being added in.
amount	uint256	The new amount of collateral being added to the loan.

_addTo

Add a new amount to the loan that is greater than the previous amount.

function _addTo(
    REVLoan memory loan,
    uint256 revnetId,
    uint256 addedBorrowAmount,
    uint256 sourceFeeAmount,
    IJBTerminal feeTerminal,
    address payable beneficiary
)
    internal;

Parameters

Name	Type	Description
loan	REVLoan	The loan being added to.
revnetId	uint256	The ID of the revnet the loan is being added in.
addedBorrowAmount	uint256	The amount being added to the loan, denominated in the token of the source's accounting context.
sourceFeeAmount	uint256	The amount of the fee being taken from the revnet acting as the source of the loan.
feeTerminal	IJBTerminal	The terminal that the fee will be paid to.
beneficiary	address payable	The address receiving the returned collateral and any tokens resulting from paying fees.

_adjust

Allows the owner of a loan to pay it back, add more, or receive returned collateral no longer necessary to support the loan.

function _adjust(
    REVLoan storage loan,
    uint256 revnetId,
    uint256 newBorrowAmount,
    uint256 newCollateralCount,
    uint256 sourceFeeAmount,
    address payable beneficiary
)
    internal;

Parameters

Name	Type	Description
loan	REVLoan	The loan being adjusted.
revnetId	uint256	The ID of the revnet the loan is being adjusted in.
newBorrowAmount	uint256	The new amount of the loan, denominated in the token of the source's accounting context.
newCollateralCount	uint256	The new amount of collateral backing the loan.
sourceFeeAmount	uint256	The amount of the fee being taken from the revnet acting as the source of the loan.
beneficiary	address payable	The address receiving the returned collateral and any tokens resulting from paying fees.

_acceptFundsFor

Accepts an incoming token.

function _acceptFundsFor(
    address token,
    uint256 amount,
    JBSingleAllowance memory allowance
)
    internal
    returns (uint256);

Parameters

Name	Type	Description
token	address	The token being accepted.
amount	uint256	The number of tokens being accepted.
allowance	JBSingleAllowance	The permit2 context.

Returns

Name	Type	Description
<none>	uint256	amount The number of tokens which have been accepted.

_beforeTransferTo

Logic to be triggered before transferring tokens from this contract.

function _beforeTransferTo(address to, address token, uint256 amount) internal returns (uint256);

Parameters

Name	Type	Description
to	address	The address the transfer is going to.
token	address	The token being transferred.
amount	uint256	The number of tokens being transferred, as a fixed point number with the same number of decimals as the token specifies.

Returns

Name	Type	Description
<none>	uint256	payValue The value to attach to the transaction being sent.

_repayLoan

Pays down a loan.

function _repayLoan(
    uint256 loanId,
    REVLoan storage loan,
    uint256 revnetId,
    uint256 repayBorrowAmount,
    uint256 sourceFeeAmount,
    uint256 collateralCountToReturn,
    address payable beneficiary
)
    internal
    returns (uint256, REVLoan memory);

Parameters

Name	Type	Description
loanId	uint256	The ID of the loan being paid down.
loan	REVLoan	The loan being paid down.
revnetId	uint256
repayBorrowAmount	uint256	The amount being paid down from the loan, denominated in the token of the source's accounting context.
sourceFeeAmount	uint256	The amount of the fee being taken from the revnet acting as the source of the loan.
collateralCountToReturn	uint256	The amount of collateral being returned that the loan no longer requires.
beneficiary	address payable	The address receiving the returned collateral and any tokens resulting from paying fees.

_reallocateCollateralFromLoan

Reallocates collateral from a loan by making a new loan based on the original, with reduced collateral.

function _reallocateCollateralFromLoan(
    uint256 loanId,
    uint256 revnetId,
    uint256 collateralCountToRemove
)
    internal
    returns (uint256 reallocatedLoanId, REVLoan storage reallocatedLoan);

Parameters

Name	Type	Description
loanId	uint256	The ID of the loan to reallocate collateral from.
revnetId	uint256	The ID of the revnet the loan is from.
collateralCountToRemove	uint256	The amount of collateral to remove from the loan.

Returns

Name	Type	Description
reallocatedLoanId	uint256	The ID of the loan.
reallocatedLoan	REVLoan	The reallocated loan.

_removeFrom

Pays off a loan.

function _removeFrom(REVLoan memory loan, uint256 revnetId, uint256 repaidBorrowAmount) internal;

Parameters

Name	Type	Description
loan	REVLoan	The loan being paid off.
revnetId	uint256	The ID of the revnet the loan is being paid off in.
repaidBorrowAmount	uint256	The amount being paid off, denominated in the token of the source's accounting context.

_returnCollateralFrom

Returns collateral from a loan.

function _returnCollateralFrom(uint256 revnetId, uint256 collateralCount, address payable beneficiary) internal;

Parameters

Name	Type	Description
revnetId	uint256	The ID of the revnet the loan is being returned in.
collateralCount	uint256	The amount of collateral being returned from the loan.
beneficiary	address payable	The address receiving the returned collateral.

_transferFrom

Transfers tokens.

function _transferFrom(address from, address payable to, address token, uint256 amount) internal virtual;

Parameters

Name	Type	Description
from	address	The address to transfer tokens from.
to	address payable	The address to transfer tokens to.
token	address	The address of the token being transfered.
amount	uint256	The amount of tokens to transfer, as a fixed point number with the same number of decimals as the token.

fallback

fallback() external payable;

receive

receive() external payable;

Errors

REVLoans_CollateralExceedsLoan

error REVLoans_CollateralExceedsLoan(uint256 collateralToReturn, uint256 loanCollateral);

REVLoans_InvalidPrepaidFeePercent

error REVLoans_InvalidPrepaidFeePercent(uint256 prepaidFeePercent, uint256 min, uint256 max);

REVLoans_NotEnoughCollateral

error REVLoans_NotEnoughCollateral();

REVLoans_OverflowAlert

error REVLoans_OverflowAlert(uint256 value, uint256 limit);

REVLoans_OverMaxRepayBorrowAmount

error REVLoans_OverMaxRepayBorrowAmount(uint256 maxRepayBorrowAmount, uint256 repayBorrowAmount);

REVLoans_PermitAllowanceNotEnough

error REVLoans_PermitAllowanceNotEnough(uint256 allowanceAmount, uint256 requiredAmount);

REVLoans_NewBorrowAmountGreaterThanLoanAmount

error REVLoans_NewBorrowAmountGreaterThanLoanAmount(uint256 newBorrowAmount, uint256 loanAmount);

REVLoans_NoMsgValueAllowed

error REVLoans_NoMsgValueAllowed();

REVLoans_LoanExpired

error REVLoans_LoanExpired(uint256 timeSinceLoanCreated, uint256 loanLiquidationDuration);

REVLoans_ReallocatingMoreCollateralThanBorrowedAmountAllows

error REVLoans_ReallocatingMoreCollateralThanBorrowedAmountAllows(uint256 newBorrowAmount, uint256 loanAmount);

REVLoans_RevnetsMismatch

error REVLoans_RevnetsMismatch(address revnetOwner, address revnets);

REVLoans_Unauthorized

error REVLoans_Unauthorized(address caller, address owner);

REVLoans_UnderMinBorrowAmount

error REVLoans_UnderMinBorrowAmount(uint256 minBorrowAmount, uint256 borrowAmount);

REVLoans_ZeroCollateralLoanIsInvalid

error REVLoans_ZeroCollateralLoanIsInvalid();