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A money market powered by Hyperdrive and Yearn.
Deploy and interact with contracts.
Deployed contract artifacts will be saved to ./deploy/${CHAIN_ID}/.
Deploy commands will currently fail if the appropriate directories have not been created. The following command can be run to create the directories:
mkdir -p deploy/${CHAIN_ID}/roleManagers \
&& mkdir -p deploy/${CHAIN_ID}/keeperContracts \
&& mkdir -p deploy/${CHAIN_ID}/strategies \
&& mkdir -p deploy/${CHAIN_ID}/vaults# Use a different chain id so deployment output files don't get overridden.
source .env && \
anvil \
--rpc-url $MAINNET_RPC_URL \
--chain-id 1234source .env && \
forge script script/DeployRoleManager.s.sol --rpc-url 0.0.0.0:8545 --broadcastsource .env && \
forge script script/DeployEverlongStrategyKeeper.s.sol --rpc-url 0.0.0.0:8545 --broadcastsource .env && \
NAME='<your_strategy_name>' \
HYPERDRIVE='<your_hyperdrive_address>' \
forge script script/DeployEverlongStrategy.s.sol --rpc-url 0.0.0.0:8545 --broadcastsource .env && \
STRATEGY_NAME='<name_of_a_deployed_strategy>' \
NAME='<your_vault>' \
SYMBOL='<your_vault_symbol>' \
CATEGORY=<your_category_number> \
forge script script/DeployVault.s.sol --rpc-url 0.0.0.0:8545 --broadcastVaults are built upon Yearn's TokenizedStrategy Framework which involves numerous mandatory and optional components.
The contracts below are common to all vaults.
- Handles assignment and validation of the various privileged roles in the system.
- Offers additional functionality via periphery contracts like
DebtAllocatorandAccountant. - Maintains a list of all vaults under control of the
RoleManager.
- Provides the needed triggers that enable a keeper to perform automated debt updates for the vault and its strategies.
- Enables specifying how much liquidity to deposit from a vault into each of its strategies.
- Can charge fees, issue refunds, and run a health check on any reported gains or losses during a strategy's report.
The contracts below are specific to Everlong vaults.
- A
TokenizedStrategythat converts deposited assets into long positions in Hyperdrive. - When longs become mature, they are sold and new longs are purchased with the proceeds.
- Immature longs will be sold to fulfill withdrawals/redemptions.
- A Yearn v3 Vault that deposits into an
EverlongStrategy. - Can maintain a set level of idle liquidity to service withdrawals/redemptions without forcing the strategy to sell immature longs.
- Future Plans: Deposit into multiple
EverlongStrategys to receive weighted average yields from each.
Multiple privileged roles are needed for the deployment, configuration, and maintenance of Everlong vaults and strategies. The roles and their uses are described below.
Deployer of the contracts. Does not have any elevated privileges.
Capable of making critical changes to a vault.
For our situation, we use the governance role to:
- Add strategies to the vault.
- Change the
max_debtfor a vault strategy. - Toggling
auto_allocatefor the vault. - Update the vault's fee and
maxLossconfiguration via theAccountant.
Capable of making minor operational changes to the vault and periphery contracts.
For our situation, we use the management role to:
- Set the vault's
profitMaxUnlockTime. - Set the
DebtAllocator'sminimumWait. - Set the
DebtAllocator'sminimumChange. - Set the
DebtAllocator'sstrategyDebtRatiofor a vault's strategy.
Capable of performing maintenance on a vault and its strategies.
For our situation, we use the keeper role to:
- Poll
tendTrigger()on strategies to check whether they need to be tended. - Call
tend()when a strategy needs to be tended. - Call
report()on a strategy to realize gains/losses and updatetotalAssetsfor the strategy. - Call
process_report()on the vault, for all strategies used by the vault, to realize gains/losses. This should be called on approximately the same frequency as the vault'sprofitMaxUnlockTime.
Vaults are build on top of Yearn's TokenizedStrategy Framework and leverages v3 Vaults to control idle liquidity (and eventually combine multiple strategies). Asset flow and role management across the various components is complex. Below are some diagrams to assist in clarifying how each component works with one another.
The diagram below outlines the interactions between components at various stages in the vault lifecycle (deposit, tend/report, and redeem).
sequenceDiagram
actor User
actor Keeper
participant Vault
participant Strategy
participant Hyperdrive
User->>Vault: call `deposit(..)`
Keeper-->>Vault: call `update_debt(..)`
Vault->>Strategy: transfer assets
Keeper-->>Strategy: call `tend()`
Strategy->>Hyperdrive: open positions
Keeper-->>Strategy: call `report()`
Keeper-->>Vault: call `process_report(vault,strategy)`
Note over Vault,Strategy: Vault/Strategy Profits Up-to-Date
User->>Vault: call `redeem(..)`
Vault->>Strategy: free funds
Strategy->>Hyperdrive: close positions
Strategy->>Vault: transfer assets
Vault->>User: transfer assets
Yearn vaults can allocate a configurable amount of liquidity to one or more strategies.
Allocating less than 100% of the vault's liquidity to strategies (like the
Single-Strategy vault shown below) results in maintained idle liquidity. This
idle liquidity is then used to service withdrawals without having to unwind
assets from the strategy, which reduces gas costs for the withdrawer and position
churn for the strategy.
Multi-Strategy vaults (like the one shown below) can diversify their debt allocation across multiple strategies and vaults in configurable ratios. New strategies can be added to existing vaults and the amount of debt allocated to each strategy can be updated at any time.
flowchart TD
A[Single-Strategy<br/>Everlong Vault<br/>Morpho wstETH USDC<br/>] -->|80% of Funds| B(Everlong Strategy<br/>Morpho wstETH USDC)
A -->|20% of Funds| C(Idle Liquidity)
D -->|33% of Funds| E(Everlong Strategy<br/>Moonwell USDC)
D -->|33% of Funds| F(Everlong Strategy<br/>Morpho WBTC USDC)
D[Multi-Strategy<br/>Everlong Vault<br/>USDC] -->|33% of Funds| B