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feat: add master vault
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‎contracts/tokenbridge/libraries/vault/IMasterVault.sol‎

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// SPDX-License-Identifier: Apache-2.0
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pragma solidity ^0.8.0;
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interface IMasterVault {
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function setSubVault(address subVault) external;
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}

‎contracts/tokenbridge/libraries/vault/IMasterVaultFactory.sol‎

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// SPDX-License-Identifier: Apache-2.0
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pragma solidity ^0.8.0;
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interface IMasterVaultFactory {
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event VaultDeployed(address indexed token, address indexed vault);
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event SubVaultSet(address indexed masterVault, address indexed subVault);
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function initialize(address _owner) external;
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function deployVault(address token) external returns (address vault);
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function calculateVaultAddress(address token) external view returns (address);
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function getVault(address token) external returns (address);
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function setSubVault(address masterVault, address subVault) external;
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}

‎contracts/tokenbridge/libraries/vault/MasterVault.sol‎

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// SPDX-License-Identifier: Apache-2.0
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pragma solidity ^0.8.0;
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import {ERC4626} from "@openzeppelin/contracts/token/ERC20/extensions/ERC4626.sol";
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import { IERC20, ERC20 } from "@openzeppelin/contracts/token/ERC20/ERC20.sol";
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import { Ownable } from "@openzeppelin/contracts/access/Ownable.sol";
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import {IERC20Metadata} from "@openzeppelin/contracts/token/ERC20/extensions/IERC20Metadata.sol";
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import {Math} from "@openzeppelin/contracts/utils/math/Math.sol";
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import {SafeERC20} from "@openzeppelin/contracts/token/ERC20/utils/SafeERC20.sol";
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contract MasterVault is ERC4626, Ownable {
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using SafeERC20 for IERC20;
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using Math for uint256;
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error TooFewSharesReceived();
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error TooManySharesBurned();
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error TooManyAssetsDeposited();
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error TooFewAssetsReceived();
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error SubVaultAlreadySet();
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error SubVaultCannotBeZeroAddress();
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error MustHaveSupplyBeforeSettingSubVault();
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error SubVaultAssetMismatch();
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error SubVaultExchangeRateTooLow();
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error NoExistingSubVault();
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error MustHaveSupplyBeforeSwitchingSubVault();
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error NewSubVaultExchangeRateTooLow();
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// todo: avoid inflation, rounding, other common 4626 vulns
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// we may need a minimum asset or master share amount when setting subvaults (bc of exchange rate calc)
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ERC4626 public subVault;
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// how many subVault shares one MV2 share can be redeemed for
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// initially 1 to 1
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// constant per subvault
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// changes when subvault is set
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uint256 public subVaultExchRateWad = 1e18;
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// note: the performance fee can be avoided if the underlying strategy can be sandwiched (eg ETH to wstETH dex swap)
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// maybe a simpler and more robust implementation would be for the owner to adjust the subVaultExchRateWad directly
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// this would also avoid the need for totalPrincipal tracking
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// however, this would require more trust in the owner
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uint256 public performanceFeeBps; // in basis points, e.g. 200 = 2% | todo a way to set this
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uint256 totalPrincipal; // total assets deposited, used to calculate profit
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event SubvaultChanged(address indexed oldSubvault, address indexed newSubvault);
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constructor(IERC20 _asset, string memory _name, string memory _symbol) ERC20(_name, _symbol) ERC4626(_asset) Ownable() {}
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function deposit(uint256 assets, address receiver, uint256 minSharesMinted) public returns (uint256) {
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uint256 shares = super.deposit(assets, receiver);
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if (shares < minSharesMinted) revert TooFewSharesReceived();
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return shares;
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}
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function withdraw(uint256 assets, address receiver, address _owner, uint256 maxSharesBurned) public returns (uint256) {
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uint256 shares = super.withdraw(assets, receiver, _owner);
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if (shares > maxSharesBurned) revert TooManySharesBurned();
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return shares;
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}
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function mint(uint256 shares, address receiver, uint256 maxAssetsDeposited) public returns (uint256) {
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uint256 assets = super.mint(shares, receiver);
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if (assets > maxAssetsDeposited) revert TooManyAssetsDeposited();
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return assets;
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}
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function redeem(uint256 shares, address receiver, address _owner, uint256 minAssetsReceived) public returns (uint256) {
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uint256 assets = super.redeem(shares, receiver, _owner);
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if (assets < minAssetsReceived) revert TooFewAssetsReceived();
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return assets;
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}
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/// @notice Set a subvault. Can only be called if there is not already a subvault set.
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/// @param _subVault The subvault to set. Must be an ERC4626 vault with the same asset as this MasterVault.
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/// @param minSubVaultExchRateWad Minimum acceptable ratio (times 1e18) of new subvault shares to outstanding MasterVault shares after deposit.
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function setSubVault(ERC4626 _subVault, uint256 minSubVaultExchRateWad) external onlyOwner {
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if (address(subVault) != address(0)) revert SubVaultAlreadySet();
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_setSubVault(_subVault, minSubVaultExchRateWad);
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}
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/// @notice Revokes the current subvault, moving all assets back to MasterVault
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/// @param minAssetExchRateWad Minimum acceptable ratio (times 1e18) of assets received from subvault to outstanding MasterVault shares
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function revokeSubVault(uint256 minAssetExchRateWad) external onlyOwner {
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_revokeSubVault(minAssetExchRateWad);
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}
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function _setSubVault(ERC4626 _subVault, uint256 minSubVaultExchRateWad) internal {
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if (address(_subVault) == address(0)) revert SubVaultCannotBeZeroAddress();
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if (totalSupply() == 0) revert MustHaveSupplyBeforeSettingSubVault();
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if (address(_subVault.asset()) != address(asset())) revert SubVaultAssetMismatch();
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IERC20(asset()).safeApprove(address(_subVault), type(uint256).max);
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uint256 subShares = _subVault.deposit(totalAssets(), address(this));
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uint256 _subVaultExchRateWad = subShares.mulDiv(1e18, totalSupply(), Math.Rounding.Down);
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if (_subVaultExchRateWad < minSubVaultExchRateWad) revert SubVaultExchangeRateTooLow();
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subVaultExchRateWad = _subVaultExchRateWad;
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subVault = _subVault;
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emit SubvaultChanged(address(0), address(_subVault));
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}
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function _revokeSubVault(uint256 minAssetExchRateWad) internal {
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ERC4626 oldSubVault = subVault;
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if (address(oldSubVault) == address(0)) revert NoExistingSubVault();
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uint256 _totalSupply = totalSupply();
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uint256 assetReceived = oldSubVault.withdraw(oldSubVault.maxWithdraw(address(this)), address(this), address(this));
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uint256 effectiveAssetExchRateWad = assetReceived.mulDiv(1e18, _totalSupply, Math.Rounding.Down);
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if (effectiveAssetExchRateWad < minAssetExchRateWad) revert TooFewAssetsReceived();
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IERC20(asset()).safeApprove(address(oldSubVault), 0);
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subVault = ERC4626(address(0));
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subVaultExchRateWad = 1e18;
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emit SubvaultChanged(address(oldSubVault), address(0));
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}
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/// @notice Switches to a new subvault or revokes current subvault if newSubVault is zero address
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/// @param newSubVault The new subvault to switch to, or zero address to revoke current subvault
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/// @param minAssetExchRateWad Minimum acceptable ratio (times 1e18) of assets received from old subvault to outstanding MasterVault shares
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/// @param minNewSubVaultExchRateWad Minimum acceptable ratio (times 1e18) of new subvault shares to outstanding MasterVault shares after deposit
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function switchSubVault(ERC4626 newSubVault, uint256 minAssetExchRateWad, uint256 minNewSubVaultExchRateWad) external onlyOwner {
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_revokeSubVault(minAssetExchRateWad);
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if (address(newSubVault) != address(0)) {
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_setSubVault(newSubVault, minNewSubVaultExchRateWad);
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}
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}
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function masterSharesToSubShares(uint256 masterShares, Math.Rounding rounding) public view returns (uint256) {
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return masterShares.mulDiv(subVaultExchRateWad, 1e18, rounding);
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}
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function subSharesToMasterShares(uint256 subShares, Math.Rounding rounding) public view returns (uint256) {
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return subShares.mulDiv(1e18, subVaultExchRateWad, rounding);
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}
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/** @dev See {IERC4626-totalAssets}. */
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function totalAssets() public view virtual override returns (uint256) {
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ERC4626 _subVault = subVault;
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if (address(_subVault) == address(0)) {
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return super.totalAssets();
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}
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return _subVault.convertToAssets(_subVault.balanceOf(address(this)));
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}
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/** @dev See {IERC4626-maxDeposit}. */
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function maxDeposit(address) public view virtual override returns (uint256) {
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if (address(subVault) == address(0)) {
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return type(uint256).max;
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}
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return subVault.maxDeposit(address(this));
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}
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/** @dev See {IERC4626-maxMint}. */
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function maxMint(address) public view virtual override returns (uint256) {
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uint256 subShares = subVault.maxMint(address(this));
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if (subShares == type(uint256).max) {
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return type(uint256).max;
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}
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return subSharesToMasterShares(subShares, Math.Rounding.Down);
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}
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/**
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* @dev Internal conversion function (from assets to shares) with support for rounding direction.
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*
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* Will revert if assets > 0, totalSupply > 0 and totalAssets = 0. That corresponds to a case where any asset
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* would represent an infinite amount of shares.
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*/
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function _convertToShares(uint256 assets, Math.Rounding rounding) internal view virtual override returns (uint256 shares) {
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ERC4626 _subVault = subVault;
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if (address(_subVault) == address(0)) {
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return super._convertToShares(assets, rounding);
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}
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uint256 subShares = rounding == Math.Rounding.Up ? _subVault.previewWithdraw(assets) : _subVault.previewDeposit(assets);
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return subSharesToMasterShares(subShares, rounding);
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}
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/**
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* @dev Internal conversion function (from shares to assets) with support for rounding direction.
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*/
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function _convertToAssets(uint256 shares, Math.Rounding rounding) internal view virtual override returns (uint256 assets) {
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ERC4626 _subVault = subVault;
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if (address(_subVault) == address(0)) {
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return super._convertToAssets(shares, rounding);
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}
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uint256 subShares = masterSharesToSubShares(shares, rounding);
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return rounding == Math.Rounding.Up ? _subVault.previewMint(subShares) : _subVault.previewRedeem(subShares);
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}
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function totalProfit() public view returns (uint256) {
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uint256 _totalAssets = totalAssets();
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return _totalAssets > totalPrincipal ? _totalAssets - totalPrincipal : 0;
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}
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/**
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* @dev Deposit/mint common workflow.
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*/
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function _deposit(
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address caller,
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address receiver,
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uint256 assets,
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uint256 shares
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) internal virtual override {
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super._deposit(caller, receiver, assets, shares);
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totalPrincipal += assets;
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ERC4626 _subVault = subVault;
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if (address(_subVault) != address(0)) {
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_subVault.deposit(assets, address(this));
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}
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}
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/**
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* @dev Withdraw/redeem common workflow.
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*/
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function _withdraw(
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address caller,
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address receiver,
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address _owner,
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uint256 assets,
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uint256 shares
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) internal virtual override {
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ERC4626 _subVault = subVault;
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if (address(_subVault) != address(0)) {
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_subVault.withdraw(assets, address(this), address(this));
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}
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////// PERF FEE STUFF //////
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// determine profit portion and principal portion of assets
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uint256 _totalProfit = totalProfit();
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// use shares because they are rounded up vs assets which are rounded down
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uint256 profitPortion = shares.mulDiv(_totalProfit, totalSupply(), Math.Rounding.Up);
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uint256 principalPortion = assets - profitPortion;
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// subtract principal portion from totalPrincipal
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totalPrincipal -= principalPortion;
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// send fee to owner (todo should be a separate beneficiary addr set by owner)
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if (performanceFeeBps > 0 && profitPortion > 0) {
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uint256 fee = profitPortion.mulDiv(performanceFeeBps, 10000, Math.Rounding.Up);
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// send fee to owner
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IERC20(asset()).safeTransfer(owner(), fee);
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// note subtraction
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assets -= fee;
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}
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////// END PERF FEE STUFF //////
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// call super._withdraw with remaining assets
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super._withdraw(caller, receiver, _owner, assets, shares);
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}
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}

‎contracts/tokenbridge/libraries/vault/MasterVaultFactory.sol‎

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// SPDX-License-Identifier: Apache-2.0
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pragma solidity ^0.8.0;
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import "@openzeppelin/contracts/utils/Create2.sol";
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import "@openzeppelin/contracts-upgradeable/access/OwnableUpgradeable.sol";
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import "@openzeppelin/contracts/token/ERC20/extensions/IERC20Metadata.sol";
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import "./IMasterVault.sol";
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import "./IMasterVaultFactory.sol";
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import "./MasterVault.sol";
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contract MasterVaultFactory is IMasterVaultFactory, OwnableUpgradeable {
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error ZeroAddress();
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function initialize(address _owner) public initializer {
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_transferOwnership(_owner);
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}
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function deployVault(address token) public returns (address vault) {
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if (token == address(0)) {
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revert ZeroAddress();
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}
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IERC20Metadata tokenMetadata = IERC20Metadata(token);
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string memory name = string(abi.encodePacked("Master ", tokenMetadata.name()));
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string memory symbol = string(abi.encodePacked("m", tokenMetadata.symbol()));
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bytes memory bytecode = abi.encodePacked(
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type(MasterVault).creationCode,
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abi.encode(token, name, symbol)
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);
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vault = Create2.deploy(0, bytes32(0), bytecode);
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emit VaultDeployed(token, vault);
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}
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function calculateVaultAddress(address token) public view returns (address) {
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IERC20Metadata tokenMetadata = IERC20Metadata(token);
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string memory name = string(abi.encodePacked("Master ", tokenMetadata.name()));
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string memory symbol = string(abi.encodePacked("m", tokenMetadata.symbol()));
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bytes32 bytecodeHash = keccak256(
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abi.encodePacked(
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type(MasterVault).creationCode,
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abi.encode(token, name, symbol)
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)
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);
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return Create2.computeAddress(bytes32(0), bytecodeHash);
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}
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function getVault(address token) external returns (address) {
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address vault = calculateVaultAddress(token);
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if (vault.code.length == 0) {
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return deployVault(token);
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}
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return vault;
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}
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// todo: consider a method to enable bridge owner to transfer specific master vault ownership to new address
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function setSubVault(
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address masterVault,
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address subVault
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) external onlyOwner {
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IMasterVault(masterVault).setSubVault(subVault);
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emit SubVaultSet(masterVault, subVault);
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}
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}

‎contracts/tokenbridge/test/MockSubVault.sol‎

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// SPDX-License-Identifier: Apache-2.0
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pragma solidity ^0.8.0;
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import {ERC4626} from "@openzeppelin/contracts/token/ERC20/extensions/ERC4626.sol";
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import {ERC20} from "@openzeppelin/contracts/token/ERC20/ERC20.sol";
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import {IERC20} from "@openzeppelin/contracts/token/ERC20/IERC20.sol";
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contract MockSubVault is ERC4626 {
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constructor(
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IERC20 _asset,
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string memory _name,
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string memory _symbol
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) ERC20(_name, _symbol) ERC4626(_asset) {}
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function totalAssets() public view override returns (uint256) {
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return IERC20(asset()).balanceOf(address(this));
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}
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}

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