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Introduction to principles

Caps structure

struct Caps {
    uint256 allocation;
    uint128 absoluteCap;
    uint128 relativeCap;
}

id, idData, and data

Allocation targets are identified by id = keccak256(abi.encode(marketId)). When allocating or setting caps, you pass the raw data (e.g., abi.encode(marketId)). When querying allocations or caps, you must compute and pass the id hash. The vault does not provide a helper function to compute id - you must calculate it off-chain or in your contract.

Throughout the vault contract, you'll encounter three related concepts for identifying allocation targets:

data / idData

• Raw bytes: Protocol-specific data that identifies where funds are allocated
• For Morpho adapters: This is typically the bytes32 market ID encoded as bytes
• Example: abi.encode(marketId) where marketId is the Morpho market identifier

id

• Computed hash: id = keccak256(idData)
• Purpose: Used as the unique key in the vault's storage mappings to track allocations and caps
• Type: bytes32

Function usage patterns

• Setting caps: Functions like increaseAbsoluteCap take idData (raw bytes) as input
• Allocating: Functions like allocate take data (raw bytes) as input
• Querying: Functions like allocation, absoluteCap, relativeCap take id (keccak256 hash) as input

This design allows the vault to work with any adapter and allocation target, as long as they can be identified by bytes-encoded data.

Function Selectors

A function selector is a bytes4 value that uniquely identifies a function in a smart contract. It's the first 4 bytes of the keccak256 hash of the function's signature.

What are they used for in the vault? Selectors are used for timelock management. The curator can configure different timelock durations for different functions, or permanently abdicate the ability to call specific functions. Functions like timelock(bytes4 selector), abdicated(bytes4 selector), increaseTimelock(bytes4 selector, ...), and decreaseTimelock(bytes4 selector, ...) use selectors to identify which function's settings to modify.

• The function signature must include parameter types but not parameter names or return types
• Example: "setPerformanceFee(uint256)" not "setPerformanceFee(uint256 newFee)"
• Selectors are always exactly 4 bytes (shown as 10 characters in hex: 0x + 8 hex digits)

External Functions

deposit

function deposit(uint256 assets, address onBehalf) external returns (uint256)

Deposits assets of the underlying token to mint vault shares for onBehalf.

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mint

function mint(uint256 shares, address onBehalf) external returns (uint256)

Mints exactly shares vault shares for onBehalf by depositing the required amount of the underlying token.

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withdraw

function withdraw(uint256 assets, address receiver, address onBehalf) public returns (uint256)

Withdraws assets of the underlying token by burning shares from onBehalf and sends them to receiver.

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redeem

function redeem(uint256 shares, address receiver, address onBehalf) external returns (uint256)

Burns exactly shares vault shares from onBehalf and sends the corresponding amount of underlying assets to receiver.

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forceDeallocate

function forceDeallocate(address adapter, bytes memory data, uint256 assets, address onBehalf) external returns (uint256)

Forcibly deallocates assets from a specific adapter to the vault's idle pool. A penalty can be set and taken from onBehalf's shares to disincentivize misuse (see setForceDeallocatePenalty). This function is permissionless and serves as an in-kind redemption mechanism.

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accrueInterest

function accrueInterest() public

Accrues interest for the vault by querying adapters for their current assets and updating totalAssets. This function is called by most state-changing functions.

accrueInterestView

function accrueInterestView() public view returns (uint256, uint256, uint256)

Returns the view version of interest accrual without updating state.

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previewDeposit

function previewDeposit(uint256 assets) public view returns (uint256)

Returns previewed minted shares for a given asset amount.

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previewMint

function previewMint(uint256 shares) public view returns (uint256)

Returns previewed deposited assets for a given share amount.

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previewWithdraw

function previewWithdraw(uint256 assets) public view returns (uint256)

Returns previewed redeemed shares for a given asset amount.

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previewRedeem

function previewRedeem(uint256 shares) public view returns (uint256)

Returns previewed withdrawn assets for a given share amount.

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convertToShares

function convertToShares(uint256 assets) external view returns (uint256)

Returns corresponding shares (rounded down) for a given asset amount. Takes into account performance and management fees.

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convertToAssets

function convertToAssets(uint256 shares) external view returns (uint256)

Returns corresponding assets (rounded down) for a given share amount. Takes into account performance and management fees.

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maxDeposit

function maxDeposit(address) external pure returns (uint256)

Returns the maximum amount of assets that can be deposited. Always returns 0 due to gate complexity.

maxMint

function maxMint(address) external pure returns (uint256)

Returns the maximum amount of shares that can be minted. Always returns 0 due to gate complexity.

maxWithdraw

function maxWithdraw(address) external pure returns (uint256)

Returns the maximum amount of assets that can be withdrawn. Always returns 0 due to gate complexity.

maxRedeem

function maxRedeem(address) external pure returns (uint256)

Returns the maximum amount of shares that can be redeemed. Always returns 0 due to gate complexity.

multicall

function multicall(bytes[] calldata data) external

Useful for EOAs to batch admin calls. Does not return anything, because accounts who would use the return data would be contracts, which can do the multicall themselves.

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Owner Functions

setOwner

function setOwner(address newOwner) external

Transfers ownership of the vault to newOwner. Only callable by the current owner.

setCurator

function setCurator(address newCurator) external

Sets the vault's Curator. Only callable by the owner.

setIsSentinel

function setIsSentinel(address account, bool newIsSentinel) external

Grants or revokes the Sentinel role for an account. Only callable by the owner.

setName

function setName(string memory newName) external

Sets the vault's name. Only callable by the owner.

setSymbol

function setSymbol(string memory newSymbol) external

Sets the vault's symbol. Only callable by the owner.

Curator Functions

The following functions are only callable by the Curator. Some are subject to a timelock while others are instant. The timelock process is:

1. Curator calls submit(bytes calldata data) with the ABI-encoded function call.
2. After the timelock expires, anyone can execute the function directly.

abdicate

function abdicate(bytes4 selector) external

Irreversibly disables the ability to submit a specific type of action.

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addAdapter

function addAdapter(address account) external

Adds a new adapter to the vault.

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decreaseAbsoluteCap

function decreaseAbsoluteCap(bytes memory idData, uint256 newAbsoluteCap) external

Decreases the absolute cap for an allocation target. The id is computed as keccak256(idData) where idData is the market-specific data identifying the allocation target.

Instant Action (also callable by a Sentinel)

Parameters:

decreaseRelativeCap

function decreaseRelativeCap(bytes memory idData, uint256 newRelativeCap) external

Decreases the relative cap for an allocation target. The id is computed as keccak256(idData) where idData is the market-specific data identifying the allocation target.

Instant Action (also callable by a Sentinel)

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decreaseTimelock

function decreaseTimelock(bytes4 selector, uint256 newDuration) external

Decreases a function's timelock duration. This action's timelock equals the current timelock of the function being decreased.

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increaseAbsoluteCap

function increaseAbsoluteCap(bytes memory idData, uint256 newAbsoluteCap) external

Increases the absolute cap for an allocation target. The id is computed as keccak256(idData) where idData is the market-specific data identifying the allocation target.

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increaseRelativeCap

function increaseRelativeCap(bytes memory idData, uint256 newRelativeCap) external

Increases the relative cap for an allocation target. The id is computed as keccak256(idData) where idData is the market-specific data identifying the allocation target.

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increaseTimelock

function increaseTimelock(bytes4 selector, uint256 newDuration) external

Increases a function's timelock duration.

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removeAdapter

function removeAdapter(address account) external

Removes an adapter from the vault.

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revoke

function revoke(bytes calldata data) external

Revokes a pending timelocked action.

Instant Action (also callable by a Sentinel)

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setAdapterRegistry

function setAdapterRegistry(address newAdapterRegistry) external

Sets the adapter registry contract. The function validates that the new registry approves all currently added adapters. If the new registry returns false for any existing adapter, the transaction will revert. This ensures that changing the registry doesn't invalidate adapters that are already in use. Timelocked Action

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setForceDeallocatePenalty

function setForceDeallocatePenalty(address adapter, uint256 newForceDeallocatePenalty) external

Sets the penalty for using forceDeallocate on a specific adapter.

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setIsAllocator

function setIsAllocator(address account, bool newIsAllocator) external

Grants or revokes the Allocator role for an account.

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setManagementFee

function setManagementFee(uint256 newManagementFee) external

Sets the vault's management fee.

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setManagementFeeRecipient

function setManagementFeeRecipient(address newManagementFeeRecipient) external

Sets the management fee recipient.

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setPerformanceFee

function setPerformanceFee(uint256 newPerformanceFee) external

Sets the vault's performance fee.

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setPerformanceFeeRecipient

function setPerformanceFeeRecipient(address newPerformanceFeeRecipient) external

Sets the performance fee recipient.

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setReceiveAssetsGate

function setReceiveAssetsGate(address newReceiveAssetsGate) external

Sets the contract for gating asset receipts.

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setReceiveSharesGate

function setReceiveSharesGate(address newReceiveSharesGate) external

Sets the contract for gating share receipts.

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setSendAssetsGate

function setSendAssetsGate(address newSendAssetsGate) external

Sets the contract for gating asset sends.

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setSendSharesGate

function setSendSharesGate(address newSendSharesGate) external

Sets the contract for gating share sends.

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submit

function submit(bytes calldata data) external

Submits a timelocked action for execution after the timelock period expires.

Parameters:

Allocator Functions

allocate

function allocate(address adapter, bytes memory data, uint256 assets) external

Allocates assets from the vault's idle pool to a specific adapter. The allocation is subject to the caps configured for the target market. Only callable by an Allocator.

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deallocate

function deallocate(address adapter, bytes memory data, uint256 assets) external

Deallocates assets from an adapter back to the vault's idle pool. Also callable by a Sentinel.

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setLiquidityAdapterAndData

function setLiquidityAdapterAndData(address newLiquidityAdapter, bytes memory newLiquidityData) external

Sets the default adapter for handling user deposits and withdrawals.

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setMaxRate

function setMaxRate(uint256 newMaxRate) external

Sets the maximum rate at which totalAssets can grow. A curator-controlled parameter that caps how quickly totalAssets can grow, useful for implementing fixed-rate distributions or preventing unrealistic yield spikes.

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Gating Functions

Gates are optional external smart contracts that implement access control for the vault. The vault supports four independent gates: receiveSharesGate, sendSharesGate, receiveAssetsGate, and sendAssetsGate.

Gates are separate smart contracts that you (or the curator) must deploy independently. They are not part of the vault contract itself. The curator configures them using functions like setReceiveSharesGate, setSendSharesGate, etc.

Each gate contract must implement a function that returns bool to indicate whether an account is allowed to perform the action. The vault calls these gates during transfers and deposits/withdrawals to enforce access control.

canReceiveShares

function canReceiveShares(address account) public view returns (bool)

Checks if an account can receive shares based on the receive shares gate.

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canSendShares

function canSendShares(address account) public view returns (bool)

Checks if an account can send shares based on the send shares gate.

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canReceiveAssets

function canReceiveAssets(address account) public view returns (bool)

Checks if an account can receive assets based on the receive assets gate. The vault itself is always allowed.

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canSendAssets

function canSendAssets(address account) public view returns (bool)

Checks if an account can send assets based on the send assets gate.

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View Functions

totalAssets

function totalAssets() external view returns (uint256)

Returns the total amount of underlying assets held by the vault, including both idle assets and assets allocated to adapters.

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adaptersLength

function adaptersLength() external view returns (uint256)

Returns the number of adapters currently added to the vault.

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absoluteCap

function absoluteCap(bytes32 id) external view returns (uint256)

Returns the absolute cap for a given allocation id. The id is computed as keccak256(idData) where idData is the market-specific data identifying the allocation target.

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relativeCap

function relativeCap(bytes32 id) external view returns (uint256)

Returns the relative cap for a given allocation id. The id is computed as keccak256(idData) where idData is the market-specific data identifying the allocation target.

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allocation

function allocation(bytes32 id) external view returns (uint256)

Returns the current allocation amount for a given id. The id is computed as keccak256(idData) where idData is the market-specific data identifying the allocation target.

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owner

function owner() external view returns (address)

Returns the current owner address of the vault.

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curator

function curator() external view returns (address)

Returns the current curator address of the vault.

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isSentinel

function isSentinel(address account) external view returns (bool)

Checks if an account has the Sentinel role.

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isAllocator

function isAllocator(address account) external view returns (bool)

Checks if an account has the Allocator role.

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receiveSharesGate

function receiveSharesGate() external view returns (address)

Returns the address of the receive shares gate contract.

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sendSharesGate

function sendSharesGate() external view returns (address)

Returns the address of the send shares gate contract.

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receiveAssetsGate

function receiveAssetsGate() external view returns (address)

Returns the address of the receive assets gate contract.

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sendAssetsGate

function sendAssetsGate() external view returns (address)

Returns the address of the send assets gate contract.

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adapterRegistry

function adapterRegistry() external view returns (address)

Returns the address of the adapter registry contract.

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adapters

function adapters(uint256 index) external view returns (address)

Returns the adapter address at a specific index (index list retrievable via the adaptersLength function).

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isAdapter

function isAdapter(address account) external view returns (bool)

Checks if an account is a registered adapter.

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liquidityAdapter

function liquidityAdapter() external view returns (address)

Returns the default adapter used for handling user deposits and withdrawals.

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liquidityData

function liquidityData() external view returns (bytes memory)

Returns the data associated with the liquidity adapter.

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forceDeallocatePenalty

function forceDeallocatePenalty(address adapter) external view returns (uint256)

Returns the penalty for using forceDeallocate on a specific adapter.

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virtualShares

function virtualShares() external view returns (uint256)

Returns the virtual shares used for avoiding initial share inflation attacks.

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firstTotalAssets

function firstTotalAssets() external view returns (uint256)

Returns the total assets after the first interest accrual of the current transaction. Used to prevent bypassing relative caps with flashloans.

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_totalAssets

function _totalAssets() external view returns (uint128)

Returns the internal cached total assets value.

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lastUpdate

function lastUpdate() external view returns (uint64)

Returns the timestamp of the last interest accrual.

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maxRate

function maxRate() external view returns (uint64)

Returns the maximum rate at which totalAssets can grow.

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performanceFee

function performanceFee() external view returns (uint96)

Returns the current performance fee.

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performanceFeeRecipient

function performanceFeeRecipient() external view returns (address)

Returns the recipient address of performance fees.

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managementFee

function managementFee() external view returns (uint96)

Returns the current management fee.

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managementFeeRecipient

function managementFeeRecipient() external view returns (address)

Returns the recipient address of management fees.

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timelock

function timelock(bytes4 selector) external view returns (uint256)

Returns the timelock duration for a specific function selector.

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abdicated

function abdicated(bytes4 selector) external view returns (bool)

Checks if the curator has abdicated the ability to submit a specific action.

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executableAt

function executableAt(bytes memory data) external view returns (uint256)

Returns the timestamp when a submitted timelocked action becomes executable.

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DOMAIN_SEPARATOR

function DOMAIN_SEPARATOR() external view returns (bytes32)

Returns the EIP-712 domain separator used for permit signatures.

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