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Entrypoint for the Morpho Vaults

• v1.1 repository
• v1.0 repository

Market

Those following 3 elements are defined in the Morpho related section.

• MarketParams struct,

• market struct,

• Id of markets.

Also we have:

      struct MarketAllocation {
          MarketParams marketParams;
          uint256 assets;
      }

External Functions

deposit

function deposit(uint256 assets, address receiver) public override returns (uint256 shares) {}

Deposits assets of underlying token into the vault to mint vault shares to receiver.

Parameters:

Return Values:

mint

function mint(uint256 shares, address receiver) public override returns (uint256 assets) {}

Mints exactly shares vault shares to receiver by depositing underlying tokens into the vault.

Parameters:

Return Values:

withdraw

function withdraw(uint256 assets, address receiver, address owner) public override returns (uint256 shares) {}

Withdraws assets of underlying token by burning vault shares of owner, and sends the withdrawn assets to receiver.

msg.sender must be authorized to manage owner's vault balance.

Parameters:

Return Values:

redeem

function redeem(uint256 shares, address receiver, address owner) public override returns (uint256 assets) {}

Burns exactly shares vault shares from owner and sends the withdrawn assets of underlying tokens to receiver.

msg.sender must be authorized to manage owner's vault balance.

Parameters:

Return Values:

acceptTimelock

function acceptTimelock() external;

Accepts the pending timelock.

This function is timelocked, which means timelock must have passed since the pending timelock submission for this function to be successfully called.

acceptGuardian

function acceptGuardian() external afterTimelock(pendingGuardian.validAt) {}

Accepts the pending guardian.

This function is timelocked, which means timelock must have passed since the pending guardian submission for this function to be successfully called.

acceptCap

function acceptCap(MarketParams memory marketParams) external;

Accepts the pending cap of the market defined by marketParams.

This function is timelocked, which means timelock must have passed since the pending cap submission for this function to be successfully called.

Parameters:

skim

function skim(address token) external {}

Skims the vault token balance to skimRecipient.

Parameters:

The following functions are inheriting the IERC4626 interface

OnlyOwner Functions

setName (v1.1)

function setName(string memory newName) external onlyOwner {}

Sets the vault's name to newName.

Parameters:

setSymbol (v1.1)

function setSymbol(string memory newSymbol) external onlyOwner {}

Sets the vault's symbol to newSymbol.

Parameters:

setCurator

function setCurator(address newCurator) external onlyOwner {};

Sets curator to newCurator.

Parameters:

setIsAllocator

function setIsAllocator(address newAllocator, bool newIsAllocator) external onlyOwner {};

Sets newAllocator as an allocator or not (newIsAllocator).

Parameters:

setSkimRecipient

function setSkimRecipient(address newSkimRecipient) external onlyOwner {};

Sets skimRecipient to newSkimRecipient.

Parameters:

submitTimelock

function submitTimelock(uint256 newTimelock) external onlyOwner {};

Submits a newTimelock.

• Warning: Reverts if a timelock is already pending. Revoke the pending timelock to overwrite it.

• In case the new timelock is higher than the current one, the timelock is set immediately.

Parameters:

setFee

function setFee(uint256 newFee) external onlyOwner {};

Sets the fee to newFee.

Parameters:

setFeeRecipient

function setFeeRecipient(address newFeeRecipient) external onlyOwner {};

Sets feeRecipient to newFeeRecipient.

Parameters:

submitGuardian

function submitGuardian(address newGuardian) external onlyOwner {};

Submits a newGuardian.

• Warning: a malicious guardian could disrupt the vault's operation, and would have the power to revoke any pending guardian.

• In case there is no guardian, the gardian is set immediately.

• Warning: Submitting a gardian will overwrite the current pending gardian.

Parameters:

onlyCuratorRole Functions

Note that owner and curator has the onlyCuratorRole.

submitCap

function submitCap(MarketParams memory marketParams, uint256 newSupplyCap) external onlyCuratorRole {};

Submits a newSupplyCap for the market defined by marketParams.

• Warning: Reverts if a cap is already pending. Revoke the pending cap to overwrite it.

• Warning: Reverts if a market removal is pending.

• In case the new cap is lower than the current one, the cap is set immediately.

Parameters:

submitMarketRemoval

function submitMarketRemoval(Id id) external onlyCuratorRole {};

Submits a forced market removal from the vault, eventually losing all funds supplied to the market.

• Funds can be recovered by enabling this market again and withdrawing from it (using reallocate), but funds will be distributed pro-rata to the shares at the time of withdrawal, not at the time of removal.

• This forced removal is expected to be used as an emergency process in case a market constantly reverts. To softly remove a sane market, the curator role is expected to bundle a reallocation that empties the market first (using reallocate), followed by the removal of the market (using updateWithdrawQueue).

• Warning: Removing a market with non-zero supply will instantly impact the vault's price per share.

• Warning: Reverts for non-zero cap or if there is a pending cap. Successfully submitting a zero cap will prevent such reverts.

Parameters:

onlyAllocatorRole Functions

Note that owner, curator and an address that has been set as an allocator has the onlyAllocatorRole.

setSupplyQueue

function setSupplyQueue(Id[] calldata newSupplyQueue) external onlyAllocatorRole {};

Sets supplyQueue to newSupplyQueue.

Parameters:

updateWithdrawQueue

function updateWithdrawQueue(uint256[] calldata indexes) external onlyAllocatorRole {};

Updates the withdraw queue. Some markets can be removed, but no market can be added.

• Removing a market requires the vault to have 0 supply on it, or to have previously submitted a removal for this market (with the function submitMarketRemoval).

• Warning: Anyone can supply on behalf of the vault so the call to updateWithdrawQueue that expects a market to be empty can be griefed by a front-run. To circumvent this, the allocator can simply bundle a reallocation that withdraws max from this market with a call to updateWithdrawQueue.

• Warning: Removing a market with supply will decrease the fee accrued until one of the functions updating lastTotalAssets is triggered (deposit/mint/withdraw/redeem/setFee/setFeeRecipient).

• Warning: updateWithdrawQueue is not idempotent. Submitting twice the same tx will change the queue twice.

Parameters:

reallocate

function reallocate(MarketAllocation[] calldata allocations) external onlyAllocatorRole {};

Reallocates the vault's liquidity so as to reach a given allocation of assets on each given market.

• The allocator can withdraw from any market, even if it's not in the withdraw queue, as long as the loan token of the market is the same as the vault's asset.

• The behavior of the reallocation can be altered by state changes, including:

  • Deposits on the vault that supplies to markets that are expected to be supplied to during reallocation.
  • Withdrawals from the vault that withdraws from markets that are expected to be withdrawn from during reallocation.
  • Donations to the vault on markets that are expected to be supplied to during reallocation.
  • Withdrawals from markets that are expected to be withdrawn from during reallocation.

• Sender is expected to pass assets = type(uint256).max with the last MarketAllocation of allocations to supply all the remaining withdrawn liquidity, which would ensure that totalWithdrawn = totalSupplied.

Parameters:

onlyGuardianRole Functions

Note that owner and guardian has the onlyAllocatorRole.

revokePendingTimelock

function revokePendingTimelock() external onlyGuardianRole {};

Revokes the pending timelock.

• Does not revert if there is no pending timelock.

revokePendingGuardian

function revokePendingGuardian() external onlyGuardianRole {};

Revokes the pending guardian.

onlyCuratorOrGuardianRole Functions

Note that owner, curator and guardian has the onlyAllocatorRole.

revokePendingCap

function revokePendingCap(Id id) external onlyCuratorOrGuardianRole {};

Revokes the pending cap of the market defined by id.

• Does not revert if there is no pending cap.

Parameters:

revokePendingMarketRemoval

function revokePendingMarketRemoval(Id id) external onlyCuratorOrGuardianRole {};

Revokes the pending removal of the market defined by id.

• Does not revert if there is no pending market removal.

Parameters:

Below is a list of the different Errors that can be thrown when executing transactions on Morpho Vaults.

E.g: One can try to execute an action on Morpho Vaults' contracts, and get:

reverted with an unrecognized custom error (return data: 0x46fedb57)

According to the following tables, this is an error that emitted the AboveMaxTimelock() function.