DebtAllocator
Inherits: Governance
Author: yearn.finance
This Debt Allocator is meant to be used alongside Yearn V3 vaults to provide the needed triggers for a keeper to perform automated debt updates for the vaults strategies.
Each vault that should be managed by this allocator will
need to be added by first setting a minimumChange for the
vault, which will act as the minimum amount of funds to move that will
trigger a debt update. Then adding each strategy by setting a
targetRatio and optionally a maxRatio.
The allocator aims to allocate debt between the strategies
based on their set target ratios. Which are denominated in basis
points and represent the percent of total assets that specific
strategy should hold (i.e 1_000 == 10% of the vaults totalAssets).
The trigger will attempt to allocate up to the maxRatio when
the strategy has minimumChange amount less than the targetRatio.
And will pull funds to the targetRatio when it has minimumChange
more than its maxRatio.*
State Variables
MAX_BPS
uint256 internal constant MAX_BPS = 10_000;
minimumWait
Time to wait between debt updates in seconds.
uint256 public minimumWait;
baseFeeProvider
Provider to read current block's base fee.
address public baseFeeProvider;
maxDebtUpdateLoss
Max loss to accept on debt updates in basis points.
uint256 public maxDebtUpdateLoss;
maxAcceptableBaseFee
Max the chains base fee can be during debt update.
uint256 public maxAcceptableBaseFee;
keepers
Mapping of addresses that are allowed to update debt.
mapping(address => bool) public keepers;
managers
Mapping of addresses that are allowed to update debt ratios.
mapping(address => bool) public managers;
_vaultConfigs
mapping(address => VaultConfig) internal _vaultConfigs;
_strategyConfigs
Mapping of vault => strategy => its config.
mapping(address => mapping(address => StrategyConfig)) internal _strategyConfigs;
Functions
onlyManagers
Make sure the caller is governance or a manager.
modifier onlyManagers();
onlyKeepers
Make sure the caller is a keeper
modifier onlyKeepers();
_isManager
Check is either factories governance or local manager.
function _isManager() internal view virtual;
_isKeeper
Check is one of the allowed keepers.
function _isKeeper() internal view virtual;
constructor
constructor() Governance(msg.sender);
initialize
Initialize the contract after being cloned.
Sets default values for the global variables.
function initialize(address _governance) external;
update_debt
Debt update wrapper for the vault.
This contract must have the DEBT_MANAGER role assigned to them.
This will also uses the maxUpdateDebtLoss during debt
updates to assure decreases did not realize profits outside
of the allowed range.
function update_debt(address _vault, address _strategy, uint256 _targetDebt) public virtual onlyKeepers;
shouldUpdateDebt
Check if a strategy's debt should be updated.
This should be called by a keeper to decide if a strategies debt should be updated and if so by how much.
function shouldUpdateDebt(address _vault, address _strategy) public view virtual returns (bool, bytes memory);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault to update. |
_strategy | address | Address of the strategy to check. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | bool | . Bool representing if the debt should be updated. |
<none> | bytes | . Calldata if true or reason if false. |
increaseStrategyDebtRatio
Increase a strategies target debt ratio.
setStrategyDebtRatio functions will do all needed checks.
function increaseStrategyDebtRatio(address _vault, address _strategy, uint256 _increase) external virtual;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | |
_strategy | address | The address of the strategy to increase the debt ratio for. |
_increase | uint256 | The amount in Basis Points to increase it. |
decreaseStrategyDebtRatio
Decrease a strategies target debt ratio.
function decreaseStrategyDebtRatio(address _vault, address _strategy, uint256 _decrease) external virtual;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | |
_strategy | address | The address of the strategy to decrease the debt ratio for. |
_decrease | uint256 | The amount in Basis Points to decrease it. |
setStrategyDebtRatio
Sets a new target debt ratio for a strategy.
This will default to a 20% increase for max debt.
function setStrategyDebtRatio(address _vault, address _strategy, uint256 _targetRatio) public virtual;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | |
_strategy | address | Address of the strategy to set. |
_targetRatio | uint256 | Amount in Basis points to allocate. |
setStrategyDebtRatio
Sets a new target debt ratio for a strategy.
A minimumChange for that strategy must be set first.
This is to prevent debt from being updated too frequently.
function setStrategyDebtRatio(address _vault, address _strategy, uint256 _targetRatio, uint256 _maxRatio)
public
virtual
onlyManagers;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
_strategy | address | Address of the strategy to set. |
_targetRatio | uint256 | Amount in Basis points to allocate. |
_maxRatio | uint256 | Max ratio to give on debt increases. |
removeStrategy
Remove a strategy from this debt allocator.
Will delete the full config for the strategy
function removeStrategy(address _vault, address _strategy) external virtual onlyManagers;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
_strategy | address | Address of the address ro remove. |
setMinimumChange
Set the minimum change variable for a strategy.
This is the minimum amount of debt to be added or pulled for it to trigger an update.
function setMinimumChange(address _vault, uint256 _minimumChange) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
_minimumChange | uint256 | The new minimum to set for the strategy. |
setPaused
Allows governance to pause the triggers.
function setPaused(address _vault, bool _status) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
_status | bool | Status to set the paused bool to. |
setMinimumWait
Set the minimum time to wait before re-updating a strategies debt.
This is only enforced per strategy.
function setMinimumWait(uint256 _minimumWait) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_minimumWait | uint256 | The minimum time in seconds to wait. |
setManager
Set if a manager can update ratios.
function setManager(address _address, bool _allowed) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_address | address | The address to set mapping for. |
_allowed | bool | If the address can call update_debt. |
setMaxDebtUpdateLoss
Set the max loss in Basis points to allow on debt updates.
Withdrawing during debt updates use redeem which allows for 100% loss.
This can be used to assure a loss is not realized on redeem outside the tolerance.
function setMaxDebtUpdateLoss(uint256 _maxDebtUpdateLoss) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_maxDebtUpdateLoss | uint256 | The max loss to accept on debt updates. |
setBaseFeeProvider
Used to set our baseFeeProvider, which checks the network's current base fee price to determine whether it is an optimal time to harvest or tend. This may only be called by governance.
function setBaseFeeProvider(address _baseFeeProvider) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_baseFeeProvider | address | Address of our baseFeeProvider |
setMaxAcceptableBaseFee
Set the max acceptable base fee.
This defaults to max uint256 and will need to be set for it to be used. Is denominated in gwei. So 50gwei would be set as 50e9.
function setMaxAcceptableBaseFee(uint256 _maxAcceptableBaseFee) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_maxAcceptableBaseFee | uint256 | The new max base fee. |
setKeeper
Set if a keeper can update debt.
function setKeeper(address _address, bool _allowed) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_address | address | The address to set mapping for. |
_allowed | bool | If the address can call update_debt. |
getStrategyConfig
Get a strategies full config.
Used for customizations by inheriting the contract.
function getStrategyConfig(address _vault, address _strategy) public view virtual returns (StrategyConfig memory);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
_strategy | address | Address of the strategy. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | StrategyConfig | The strategies current Config. |
getVaultConfig
Get a vaults full config.
Used for customizations by inheriting the contract.
function getVaultConfig(address _vault) public view virtual returns (VaultConfig memory);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | VaultConfig | The vaults current Config. |
totalDebtRatio
Get a vaults current total debt.
function totalDebtRatio(address _vault) external view virtual returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
minimumChange
Get a vaults minimum change required.
function minimumChange(address _vault) external view virtual returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
isPaused
Get the paused status of a vault
function isPaused(address _vault) public view virtual returns (bool);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
getStrategyTargetRatio
Get a strategies target debt ratio.
function getStrategyTargetRatio(address _vault, address _strategy) public view virtual returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
_strategy | address | Address of the strategy. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | uint256 | The strategies current targetRatio. |
getStrategyMaxRatio
Get a strategies max debt ratio.
function getStrategyMaxRatio(address _vault, address _strategy) public view virtual returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault |
_strategy | address | Address of the strategy. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | uint256 | The strategies current maxRatio. |
isCurrentBaseFeeAcceptable
Returns wether or not the current base fee is acceptable
based on the maxAcceptableBaseFee.
function isCurrentBaseFeeAcceptable() public view virtual returns (bool);
Returns
| Name | Type | Description |
|---|---|---|
<none> | bool | . If the current base fee is acceptable. |
Events
UpdatedBaseFeeProvider
An event emitted when the base fee provider is set.
event UpdatedBaseFeeProvider(address baseFeeProvider);
UpdateKeeper
An event emitted when a keeper is added or removed.
event UpdateKeeper(address indexed keeper, bool allowed);
UpdateMaxAcceptableBaseFee
An event emitted when the max base fee is updated.
event UpdateMaxAcceptableBaseFee(uint256 newMaxAcceptableBaseFee);
UpdateStrategyDebtRatio
An event emitted when a strategies debt ratios are Updated.
event UpdateStrategyDebtRatio(
address indexed vault,
address indexed strategy,
uint256 newTargetRatio,
uint256 newMaxRatio,
uint256 newTotalDebtRatio
);
StrategyChanged
An event emitted when a strategy is added or removed.
event StrategyChanged(address indexed vault, address indexed strategy, Status status);
UpdateMinimumChange
An event emitted when the minimum change is updated.
event UpdateMinimumChange(address indexed vault, uint256 newMinimumChange);
UpdatePaused
An even emitted when the paused status is updated.
event UpdatePaused(address indexed vault, bool indexed status);
UpdateMinimumWait
An event emitted when the minimum time to wait is updated.
event UpdateMinimumWait(uint256 newMinimumWait);
UpdateManager
An event emitted when a keeper is added or removed.
event UpdateManager(address indexed manager, bool allowed);
UpdateMaxDebtUpdateLoss
An event emitted when the max debt update loss is updated.
event UpdateMaxDebtUpdateLoss(uint256 newMaxDebtUpdateLoss);
Structs
StrategyConfig
Struct for each strategies info.
struct StrategyConfig {
bool added;
uint16 targetRatio;
uint16 maxRatio;
uint96 lastUpdate;
uint120 open;
}
VaultConfig
Struct to hold the vault's info.
struct VaultConfig {
bool paused;
uint128 minimumChange;
uint16 totalDebtRatio;
}
StrategyDebtInfo
Used during the shouldUpdateDebt to hold the data.
struct StrategyDebtInfo {
VaultConfig vaultConfig;
StrategyConfig strategyConfig;
uint256 vaultAssets;
uint256 targetDebt;
uint256 maxDebt;
uint256 currentIdle;
uint256 minIdle;
uint256 toChange;
}
Enums
Status
Status when a strategy is added or removed from the allocator.
enum Status {
NULL,
ADDED,
REMOVED
}