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Hipo: fix APY halved by outdated treasury state semantics #2844

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Hipo: fix APY halved by outdated treasury state semantics #2844

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77d3e8e
Hipo: fix APY halved by outdated treasury state semantics
behrang Jul 23, 2026
0344873
Hipo: validate treasury rates and round duration
behrang Jul 24, 2026
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38 changes: 28 additions & 10 deletions src/adaptors/hipo/index.js
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Original file line number Diff line number Diff line change
Expand Up @@ -2,6 +2,9 @@ const utils = require('../utils');

const address = 'EQCLyZHP4Xe8fpchQz76O-_RmUhaVc_9BAoGyJrwJrcbz2eZ';

// hGRAM launched at an exchange rate of 1.0 GRAM
const launchTimestamp = 1698685200;

module.exports = {
protocolId: '3722',
timetravel: false,
Expand Down Expand Up @@ -42,22 +45,36 @@ module.exports = {
);
}

const lastStaked = Number(getTreasuryState.stack[11].value);
const lastRecovered = Number(getTreasuryState.stack[12].value);
// The treasury stores the hGRAM/GRAM exchange rate before and after the
// latest round's loan repayments (fixed-point, 1e9 = 1.0). The rate is
// updated once per validation round, so the growth between the two rates
// accrued over a single round duration.
const previousRate = Number(getTreasuryState.stack[11].value);
const currentRate = Number(getTreasuryState.stack[12].value);

const currentRoundSince = Number(getTimes.stack[0].value);
const nextRoundSince = Number(getTimes.stack[3].value);

const duration = 2 * (nextRoundSince - currentRoundSince);
if (!Number.isFinite(previousRate) || previousRate <= 0) {
throw new Error('Invalid previous rate: ' + previousRate);
}
if (!Number.isFinite(currentRate) || currentRate <= 0) {
throw new Error('Invalid current rate: ' + currentRate);
}

const roundDuration = nextRoundSince - currentRoundSince;
if (!Number.isFinite(roundDuration) || roundDuration <= 0) {
throw new Error('Invalid round duration: ' + roundDuration);
}

const year = 365 * 24 * 60 * 60;
const compoundingFrequency = year / duration;
const compoundingFrequency = year / roundDuration;
const apyBase =
(Math.pow(
lastRecovered / lastStaked || 1,
compoundingFrequency
) -
1) *
100;
(Math.pow(currentRate / previousRate, compoundingFrequency) - 1) * 100;

const yearsSinceLaunch = (Date.now() / 1000 - launchTimestamp) / year;
const apyBaseInception =
(Math.pow(currentRate / 1e9, 1 / yearsSinceLaunch) - 1) * 100;

return [
{
Expand All @@ -67,6 +84,7 @@ module.exports = {
symbol: 'hGRAM',
tvlUsd,
apyBase,
apyBaseInception,
underlyingTokens: ['EQAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAM9c'], // native TON
},
];
Expand Down
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