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feat: update timelock logic
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@tamtamchik
tamtamchik committed Feb 6, 2025
1 parent dd67b36 commit ebd830d
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Showing 6 changed files with 195 additions and 68 deletions.
10 changes: 9 additions & 1 deletion contracts/0.8.25/Accounting.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -69,6 +69,8 @@ contract Accounting is VaultHub {
uint256 postTotalPooledEther;
/// @notice amount of ether to be locked in the vaults
uint256[] vaultsLockedEther;
/// @notice amount of ether to be locked in the vaults
uint256[] vaultsThresholdEther;
/// @notice amount of shares to be minted as vault fees to the treasury
uint256[] vaultsTreasuryFeeShares;
/// @notice total amount of shares to be minted as vault fees to the treasury
Expand Down Expand Up @@ -225,7 +227,12 @@ contract Accounting is VaultHub {

// Calculate the amount of ether locked in the vaults to back external balance of stETH
// and the amount of shares to mint as fees to the treasury for each vaults
(update.vaultsLockedEther, update.vaultsTreasuryFeeShares, update.totalVaultsTreasuryFeeShares) =
(
update.vaultsLockedEther,
update.vaultsThresholdEther,
update.vaultsTreasuryFeeShares,
update.totalVaultsTreasuryFeeShares
) =
_calculateVaultsRebase(
update.postTotalShares,
update.postTotalPooledEther,
Expand Down Expand Up @@ -339,6 +346,7 @@ contract Accounting is VaultHub {
_report.vaultValues,
_report.inOutDeltas,
_update.vaultsLockedEther,
_update.vaultsThresholdEther,
_update.vaultsTreasuryFeeShares
);

Expand Down
8 changes: 4 additions & 4 deletions contracts/0.8.25/vaults/Dashboard.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -168,11 +168,11 @@ contract Dashboard is Permissions {
}

/**
* @notice Returns the force withdrawal unlock time of the vault.
* @return The force withdrawal unlock time as a uint40.
* @notice Returns the time when the vault became unbalanced.
* @return The time when the vault became unbalanced as a uint40.
*/
function forceWithdrawalUnlockTime() external view returns (uint40) {
return vaultSocket().forceWithdrawalUnlockTime;
function unbalancedSince() external view returns (uint40) {
return vaultSocket().unbalancedSince;
}

/**
Expand Down
1 change: 0 additions & 1 deletion contracts/0.8.25/vaults/StakingVault.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -307,7 +307,6 @@ contract StakingVault is IStakingVault, OwnableUpgradeable {

ERC7201Storage storage $ = _getStorage();
if (owner() == msg.sender || (_valuation < $.locked && msg.sender == address(VAULT_HUB))) {

$.inOutDelta -= int128(int256(_ether));

emit Withdrawn(msg.sender, address(VAULT_HUB), _ether);
Expand Down
88 changes: 52 additions & 36 deletions contracts/0.8.25/vaults/VaultHub.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -49,9 +49,9 @@ abstract contract VaultHub is PausableUntilWithRoles {
uint16 treasuryFeeBP;
/// @notice if true, vault is disconnected and fee is not accrued
bool isDisconnected;
/// @notice timestamp when the vault can force withdraw in case it is unbalanced
/// @notice timestamp when the vault became unbalanced
/// @dev 0 if the vault is currently balanced
uint40 forceWithdrawalUnlockTime;
uint40 unbalancedSince;
// ### we have 64 bits left in this slot
}

Expand All @@ -73,7 +73,7 @@ abstract contract VaultHub is PausableUntilWithRoles {
uint256 internal constant CONNECT_DEPOSIT = 1 ether;

/// @notice Time-lock for force validator withdrawal
uint256 public constant FORCE_WITHDRAWAL_TIMELOCK = 3 days;
uint40 public constant FORCE_WITHDRAWAL_TIMELOCK = 3 days;

/// @notice Lido stETH contract
IStETH public immutable STETH;
Expand Down Expand Up @@ -166,7 +166,7 @@ abstract contract VaultHub is PausableUntilWithRoles {
uint16(_reserveRatioThresholdBP),
uint16(_treasuryFeeBP),
false, // isDisconnected
0 // forceWithdrawalUnlockTime
0 // unbalancedSince
);
$.vaultIndex[_vault] = $.sockets.length;
$.sockets.push(vr);
Expand Down Expand Up @@ -233,10 +233,11 @@ abstract contract VaultHub is PausableUntilWithRoles {
if (vaultSharesAfterMint > shareLimit) revert ShareLimitExceeded(_vault, shareLimit);

uint256 reserveRatioBP = socket.reserveRatioBP;
uint256 maxMintableShares = _maxMintableShares(_vault, reserveRatioBP, shareLimit);
uint256 valuation = IStakingVault(_vault).valuation();
uint256 maxMintableShares = _maxMintableShares(valuation, reserveRatioBP, shareLimit);

if (vaultSharesAfterMint > maxMintableShares) {
revert InsufficientValuationToMint(_vault, IStakingVault(_vault).valuation());
revert InsufficientValuationToMint(_vault, valuation);
}

socket.sharesMinted = uint96(vaultSharesAfterMint);
Expand Down Expand Up @@ -272,7 +273,7 @@ abstract contract VaultHub is PausableUntilWithRoles {

STETH.burnExternalShares(_amountOfShares);

_updateUnbalancedState(_vault, socket);
_vaultAssessment(_vault, socket);

emit BurnedSharesOnVault(_vault, _amountOfShares);
}
Expand All @@ -293,7 +294,8 @@ abstract contract VaultHub is PausableUntilWithRoles {

VaultSocket storage socket = _connectedSocket(_vault);

uint256 threshold = _maxMintableShares(_vault, socket.reserveRatioThresholdBP, socket.shareLimit);
uint256 valuation = IStakingVault(_vault).valuation();
uint256 threshold = _maxMintableShares(valuation, socket.reserveRatioThresholdBP, socket.shareLimit);
uint256 sharesMinted = socket.sharesMinted;
if (sharesMinted <= threshold) {
// NOTE!: on connect vault is always balanced
Expand All @@ -316,13 +318,12 @@ abstract contract VaultHub is PausableUntilWithRoles {
// reserveRatio = BPS_BASE - maxMintableRatio
// X = (mintedStETH * BPS_BASE - vault.valuation() * maxMintableRatio) / reserveRatio

uint256 amountToRebalance = (mintedStETH * TOTAL_BASIS_POINTS -
IStakingVault(_vault).valuation() * maxMintableRatio) / reserveRatioBP;
uint256 amountToRebalance = (mintedStETH * TOTAL_BASIS_POINTS - valuation * maxMintableRatio) / reserveRatioBP;

// TODO: add some gas compensation here
IStakingVault(_vault).rebalance(amountToRebalance);

// NB: check _updateUnbalancedState is calculated in rebalance() triggered from the `StakingVault`.
// NB: check _updateUnbalancedSince is calculated in rebalance() triggered from the `StakingVault`.
}

/// @notice rebalances the vault by writing off the amount of ether equal
Expand All @@ -341,8 +342,7 @@ abstract contract VaultHub is PausableUntilWithRoles {

STETH.rebalanceExternalEtherToInternal{value: msg.value}();

// Check if vault is still unbalanced after rebalance
_updateUnbalancedState(msg.sender, socket);
_vaultAssessment(msg.sender, socket);

emit VaultRebalanced(msg.sender, sharesToBurn);
}
Expand All @@ -351,29 +351,31 @@ abstract contract VaultHub is PausableUntilWithRoles {
/// @param _vault vault address
/// @return bool whether the vault can force withdraw
function canForceValidatorWithdrawal(address _vault) public view returns (bool) {
uint40 forceWithdrawalUnlockTime = _connectedSocket(_vault).forceWithdrawalUnlockTime;
uint40 unbalancedSince = _connectedSocket(_vault).unbalancedSince;

if (forceWithdrawalUnlockTime == 0) return false;
if (unbalancedSince == 0) return false;

return block.timestamp >= forceWithdrawalUnlockTime;
return block.timestamp >= unbalancedSince + FORCE_WITHDRAWAL_TIMELOCK;
}

/// @notice forces validator withdrawal from the beacon chain in case the vault is unbalanced
/// @param _vault vault address
/// @param _pubkeys pubkeys of the validators to withdraw
function forceValidatorWithdrawal(address _vault, bytes calldata _pubkeys) external payable {
if (msg.value == 0) revert ZeroArgument("msg.value");
if (_vault == address(0)) revert ZeroArgument("_vault");
if (_pubkeys.length == 0) revert ZeroArgument("_pubkeys");

VaultSocket storage socket = _connectedSocket(_vault);

uint256 threshold = _maxMintableShares(_vault, socket.reserveRatioThresholdBP, socket.shareLimit);
uint256 valuation = IStakingVault(_vault).valuation();
uint256 threshold = _maxMintableShares(valuation, socket.reserveRatioThresholdBP, socket.shareLimit);
if (socket.sharesMinted <= threshold) {
revert AlreadyBalanced(_vault, socket.sharesMinted, threshold);
}

if (!canForceValidatorWithdrawal(_vault)) {
revert ForceWithdrawalTimelockActive(_vault, socket.forceWithdrawalUnlockTime);
revert ForceWithdrawalTimelockActive(_vault, socket.unbalancedSince + FORCE_WITHDRAWAL_TIMELOCK);
}

IStakingVault(_vault).forceValidatorWithdrawal{value: msg.value}(_pubkeys);
Expand Down Expand Up @@ -403,7 +405,12 @@ abstract contract VaultHub is PausableUntilWithRoles {
uint256 _preTotalShares,
uint256 _preTotalPooledEther,
uint256 _sharesToMintAsFees
) internal view returns (uint256[] memory lockedEther, uint256[] memory treasuryFeeShares, uint256 totalTreasuryFeeShares) {
) internal view returns (
uint256[] memory lockedEther,
uint256[] memory thresholdEther,
uint256[] memory treasuryFeeShares,
uint256 totalTreasuryFeeShares
) {
/// HERE WILL BE ACCOUNTING DRAGON

// \||/
Expand All @@ -424,6 +431,7 @@ abstract contract VaultHub is PausableUntilWithRoles {

treasuryFeeShares = new uint256[](length);
lockedEther = new uint256[](length);
thresholdEther = new uint256[](length);

for (uint256 i = 0; i < length; ++i) {
VaultSocket memory socket = $.sockets[i + 1];
Expand All @@ -444,6 +452,9 @@ abstract contract VaultHub is PausableUntilWithRoles {
(mintedStETH * TOTAL_BASIS_POINTS) / (TOTAL_BASIS_POINTS - socket.reserveRatioBP),
CONNECT_DEPOSIT
);

// Minimum amount of ether that should be in the vault to avoid unbalanced state
thresholdEther[i] = (mintedStETH * TOTAL_BASIS_POINTS) / (TOTAL_BASIS_POINTS - socket.reserveRatioThresholdBP);
}
}
}
Expand Down Expand Up @@ -472,7 +483,7 @@ abstract contract VaultHub is PausableUntilWithRoles {

// TODO: optimize potential rewards calculation
uint256 potentialRewards = ((chargeableValue * (_postTotalPooledEther * _preTotalShares)) /
(_postTotalSharesNoFees * _preTotalPooledEther) - chargeableValue);
(_postTotalSharesNoFees * _preTotalPooledEther) - chargeableValue);
uint256 treasuryFee = (potentialRewards * _socket.treasuryFeeBP) / TOTAL_BASIS_POINTS;

treasuryFeeShares = (treasuryFee * _preTotalShares) / _preTotalPooledEther;
Expand All @@ -482,6 +493,7 @@ abstract contract VaultHub is PausableUntilWithRoles {
uint256[] memory _valuations,
int256[] memory _inOutDeltas,
uint256[] memory _locked,
uint256[] memory _thresholds,
uint256[] memory _treasureFeeShares
) internal {
VaultHubStorage storage $ = _getVaultHubStorage();
Expand All @@ -496,7 +508,8 @@ abstract contract VaultHub is PausableUntilWithRoles {
socket.sharesMinted += uint96(treasuryFeeShares);
}

_updateUnbalancedState(socket.vault, socket);
_epicrisis(_valuations[i], _thresholds[i], socket);


IStakingVault(socket.vault).report(_valuations[i], _inOutDeltas[i], _locked[i]);
}
Expand All @@ -517,21 +530,25 @@ abstract contract VaultHub is PausableUntilWithRoles {
}
}

function _updateUnbalancedState(address _vault, VaultSocket storage _socket) internal {
uint256 threshold = _maxMintableShares(_vault, _socket.reserveRatioThresholdBP, _socket.shareLimit);
bool isUnbalanced = _socket.sharesMinted > threshold;
uint40 currentUnlockTime = _socket.forceWithdrawalUnlockTime;
/// @notice Evaluates if vault's valuation meets minimum threshold and marks it as unbalanced if below threshold
function _vaultAssessment(address _vault, VaultSocket storage _socket) internal {
uint256 valuation = IStakingVault(_vault).valuation();
uint256 threshold = (_socket.sharesMinted * TOTAL_BASIS_POINTS) / (TOTAL_BASIS_POINTS - _socket.reserveRatioThresholdBP);

_epicrisis(valuation, threshold, _socket);
}

if (isUnbalanced) {
if (currentUnlockTime == 0) {
uint40 newUnlockTime = uint40(block.timestamp + FORCE_WITHDRAWAL_TIMELOCK);
_socket.forceWithdrawalUnlockTime = newUnlockTime;
emit VaultBecameUnbalanced(_vault, newUnlockTime);
/// @notice Updates vault's unbalanced state based on if valuation is above/below threshold
function _epicrisis(uint256 _valuation, uint256 _threshold, VaultSocket storage _socket) internal {
if (_valuation < _threshold) {
if (_socket.unbalancedSince == 0) {
_socket.unbalancedSince = uint40(block.timestamp);
emit VaultBecameUnbalanced(address(_socket.vault), _socket.unbalancedSince + FORCE_WITHDRAWAL_TIMELOCK);
}
} else {
if (currentUnlockTime != 0) {
_socket.forceWithdrawalUnlockTime = 0;
emit VaultBecameBalanced(_vault);
if (_socket.unbalancedSince != 0) {
_socket.unbalancedSince = 0;
emit VaultBecameBalanced(address(_socket.vault));
}
}
}
Expand All @@ -549,9 +566,8 @@ abstract contract VaultHub is PausableUntilWithRoles {

/// @dev returns total number of stETH shares that is possible to mint on the provided vault with provided reserveRatio
/// it does not count shares that is already minted, but does count shareLimit on the vault
function _maxMintableShares(address _vault, uint256 _reserveRatio, uint256 _shareLimit) internal view returns (uint256) {
uint256 maxStETHMinted = (IStakingVault(_vault).valuation() * (TOTAL_BASIS_POINTS - _reserveRatio)) /
TOTAL_BASIS_POINTS;
function _maxMintableShares(uint256 _valuation, uint256 _reserveRatio, uint256 _shareLimit) internal view returns (uint256) {
uint256 maxStETHMinted = (_valuation * (TOTAL_BASIS_POINTS - _reserveRatio)) / TOTAL_BASIS_POINTS;

return Math256.min(STETH.getSharesByPooledEth(maxStETHMinted), _shareLimit);
}
Expand Down
22 changes: 11 additions & 11 deletions test/0.8.25/vaults/dashboard/dashboard.test.ts
View file
Original file line number Diff line number Diff line change
Expand Up @@ -179,7 +179,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -190,7 +190,7 @@ describe("Dashboard.sol", () => {
expect(await dashboard.reserveRatioBP()).to.equal(sockets.reserveRatioBP);
expect(await dashboard.thresholdReserveRatioBP()).to.equal(sockets.reserveRatioThresholdBP);
expect(await dashboard.treasuryFee()).to.equal(sockets.treasuryFeeBP);
expect(await dashboard.forceWithdrawalUnlockTime()).to.equal(sockets.forceWithdrawalUnlockTime);
expect(await dashboard.unbalancedSince()).to.equal(sockets.unbalancedSince);
});
});

Expand All @@ -217,7 +217,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -240,7 +240,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -261,7 +261,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -282,7 +282,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 0n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand Down Expand Up @@ -311,7 +311,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -338,7 +338,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -362,7 +362,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -384,7 +384,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand All @@ -409,7 +409,7 @@ describe("Dashboard.sol", () => {
reserveRatioThresholdBP: 800n,
treasuryFeeBP: 500n,
isDisconnected: false,
forceWithdrawalUnlockTime: 0n,
unbalancedSince: 0n,
};

await hub.mock__setVaultSocket(vault, sockets);
Expand Down
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