feat: locked yvUSD cooldown strategy and pending redemptions refactor

script/DeployLockedYvusdStrategy.s.sol

@@ -0,0 +1,72 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.30;
+
+import {IStrategy} from "../src/interfaces/IStrategy.sol";
+import {ICentralAPROracle} from "./interfaces/ICentralAPROracle.sol";
+import {ICommonReportTrigger} from "./interfaces/ICommonReportTrigger.sol";
+
+import {LockedYvusdFlexLenderStrategy} from "../src/integrations/LockedYvusdStrategy.sol";
+
+import "forge-std/Script.sol";
+
+// ---- Usage ----
+
+// deploy:
+// forge script script/DeployLockedYvusdStrategy.s.sol:DeployLockedYvusdStrategy --verify --slow --etherscan-api-key $KEY --rpc-url $RPC_URL --broadcast
+
+contract DeployLockedYvusdStrategy is Script {
+
+    // Market params
+    string public constant NAME = "Flex Locked yvUSD/USDC Lender";
+    address public constant LENDER = address(0); // TODO: Flex v2 Locked yvUSD/USDC Lender
+
+    // Yearn addresses
+    address public constant SMS = 0x16388463d60FFE0661Cf7F1f31a7D658aC790ff7; // sms mainnet
+    address public constant VAULT = 0x863687e4E9751b57F38b4B0ebA04744C72d0f7B8; // yvFlexUSDC mainnet
+    address public constant KEEPER = 0x604e586F17cE106B64185A7a0d2c1Da5bAce711E; // yHaaS mainnet
+    address public constant ACCOUNTANT = 0x5A74Cb32D36f2f517DB6f7b0A0591e09b22cDE69; // accountant mainnet
+
+    // Deployed contracts
+    address public constant EXIT_ROUTER = 0xe8a511403B0C83e7b85513e00Ed39996B48c2aeD;
+    address public constant FIXED_REPORT_TRIGGER = 0xb9F57B62Cbe9463da16E5b75e3B809321a0eA871;
+    address public constant STRATEGY_APR_ORACLE = 0xcB5A60AB76F3741204C87744ECFe0445C74Eb171;
+    ICentralAPROracle public constant CENTRAL_APR_ORACLE = ICentralAPROracle(0x1981AD9F44F2EA9aDd2dC4AD7D075c102C70aF92);
+    ICommonReportTrigger public constant COMMON_REPORT_TRIGGER = ICommonReportTrigger(0xf8dF17a35c88AbB25e83C92f9D293B4368b9D52D);
+
+    function run() public {
+        uint256 _pk = vm.envUint("DEPLOYER_PRIVATE_KEY");
+
+        // Derive deployer address from private key
+        address _deployerAddress = vm.addr(_pk);
+
+        require(_deployerAddress == address(0x000005281a2b04A182085D37cC9E6dD552795caa), "!johnny.flexmeow.eth");
+        require(LENDER != address(0), "!lender");
+        console.log("Deployer address: %s", _deployerAddress);
+
+        vm.startBroadcast(_pk);
+
+        // Deploy the Strategy. The deployer is management, keeper, and fee recipient until set below
+        IStrategy _strategy = IStrategy(address(new LockedYvusdFlexLenderStrategy(LENDER, EXIT_ROUTER, NAME)));
+
+        // Set up the Strategy
+        _strategy.setKeeper(KEEPER);
+        _strategy.setPerformanceFeeRecipient(ACCOUNTANT);
+        _strategy.setProfitMaxUnlockTime(0 days);
+        _strategy.setAllowed(VAULT, true);
+        _strategy.setPerformanceFee(0);
+        _strategy.setPendingManagement(SMS);
+
+        // Set APR oracle for the strategy
+        CENTRAL_APR_ORACLE.setOracle(address(_strategy), STRATEGY_APR_ORACLE);
+
+        // Set report trigger for the strategy
+        COMMON_REPORT_TRIGGER.setCustomStrategyTrigger(address(_strategy), FIXED_REPORT_TRIGGER);
+
+        console2.log("---------------------------------");
+        console2.log("Strategy: ", address(_strategy));
+        console2.log("---------------------------------");
+
+        vm.stopBroadcast();
+    }
+
+}

script/DeployStrategy.s.sol

@@ -17,13 +17,13 @@ import "forge-std/Script.sol";
 contract DeployStrategy is Script {
 
     // Market params
-    string public constant NAME = "Flex ysyBOLD/USDC Lender";
-    address public constant ASSET = 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48; // USDC
-    address public constant LENDER = 0xf4996Ca4190A1a3e7CF19AbE2F6eb712abd4a03C; // Flex v2 ysyBOLD/USDC Lender
+    string public constant NAME = "Flex yvWETH-2/WETH Lender";
+    address public constant ASSET = 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2; // WETH
+    address public constant LENDER = 0x0d57098e501D68905fC4B0A3397f7D4Aa4889E36; // Flex v2 yvWETH-2/WETH Lender
 
     // Yearn addresses
     address public constant SMS = 0x16388463d60FFE0661Cf7F1f31a7D658aC790ff7; // sms mainnet
-    address public constant VAULT = 0x863687e4E9751b57F38b4B0ebA04744C72d0f7B8; // yvFlexUSDC mainnet
+    address public constant VAULT = 0xfaC55fAFD0b55BFb8dD41F735EfCc195adA9891F; // yvFlexWETH mainnet
     address public constant KEEPER = 0x604e586F17cE106B64185A7a0d2c1Da5bAce711E; // yHaaS mainnet
     address public constant ACCOUNTANT = 0x5A74Cb32D36f2f517DB6f7b0A0591e09b22cDE69; // accountant mainnet
 

script/DeployVault.s.sol

@@ -13,15 +13,15 @@ import "forge-std/Script.sol";
 
 contract DeployVault is Script {
 
-    string private constant NAME = "Flex USDC yVault";
-    string private constant SYMBOL = "yvFlexUSDC";
-    address private constant ASSET = 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48;
+    string private constant NAME = "Flex WETH yVault";
+    string private constant SYMBOL = "yvFlexWETH";
+    address private constant ASSET = 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2; // WETH
     address private constant SMS = 0x16388463d60FFE0661Cf7F1f31a7D658aC790ff7; // sms mainnet
     address private constant KEEPER = 0x604e586F17cE106B64185A7a0d2c1Da5bAce711E; // yHaaS mainnet
     address private constant ROLE_MANAGER = 0xb3bd6B2E61753C311EFbCF0111f75D29706D9a41;
 
-    // 3.0.4 Vault Factory
-    IVaultFactory private constant VAULT_FACTORY = IVaultFactory(0x770D0d1Fb036483Ed4AbB6d53c1C88fb277D812F);
+    // 3.1.0 Vault Factory
+    IVaultFactory private constant VAULT_FACTORY = IVaultFactory(0x310aC28ACF5E514abDbFF9Ab25e21f1bfe22bcAC);
 
     function run() public {
         uint256 _pk = vm.envUint("DEPLOYER_PRIVATE_KEY");
@@ -34,7 +34,7 @@ contract DeployVault is Script {
 
         vm.startBroadcast(_pk);
 
-        IVault _vault = IVault(VAULT_FACTORY.deploy_new_vault(ASSET, NAME, SYMBOL, _deployerAddress, 7 days));
+        IVault _vault = IVault(VAULT_FACTORY.deploy_new_vault(ASSET, NAME, SYMBOL, _deployerAddress, 4 days));
         _vault.set_role(_deployerAddress, 16383); // ADD_STRATEGY_MANAGER/DEPOSIT_LIMIT_MANAGER/MAX_DEBT_MANAGER/DEBT_MANAGER
         _vault.set_role(SMS, 16383); // ADD_STRATEGY_MANAGER/DEPOSIT_LIMIT_MANAGER/MAX_DEBT_MANAGER/DEBT_MANAGER
         _vault.set_role(KEEPER, 32); // REPORTING_MANAGER

script/README.md

@@ -2,14 +2,17 @@
 
 - Allocator Strategy APR Oracle (v1):  0x84D1AeC938D4b9F492c50A1b5218E77195899471
 - Allocator Strategy Factory (v1):  0x7A3B96E84156d22Cdb53CbfC0B035Ddd61805266
-- Allocator Strategy APR Oracle (v2):  0xcB5A60AB76F3741204C87744ECFe0445C74Eb171
-- Allocator Strategy Factory (v2):  0x1792348Fe3ebDdc0C6bB123aC24c094ac9D78252
+- Allocator Strategy APR Oracle:  0xcB5A60AB76F3741204C87744ECFe0445C74Eb171
+- Allocator Strategy Factory:  0x1792348Fe3ebDdc0C6bB123aC24c094ac9D78252
 - Exit Router:  0xe8a511403B0C83e7b85513e00Ed39996B48c2aeD
 
 ** Yearn Allocator **
 
 - yvFlexUSDC:  0x863687e4E9751b57F38b4B0ebA04744C72d0f7B8
+- yvFlexWETH:  0xfaC55fAFD0b55BFb8dD41F735EfCc195adA9891F
 - yvUSD/USDC Strategy (v1):  0x467Ce10870747372968ba98463A1d9af9Fb27751
 - siUSD/USDC Strategy (v1):  0x1231310e5F68398dfE929Cc43ce65c1B871eb2C8
-- yvUSD/USDC Strategy (v2):  0x7501EAE6b5C2Cb0A6EDAC908E3A679B20eDd737b
-- ysyBOLD/USDC Strategy (v2):  0xDd58AeFE74585DA2C7Ad3D3dF0F3aeEAb05b5176
+- yvUSD/USDC Strategy:  0x7501EAE6b5C2Cb0A6EDAC908E3A679B20eDd737b
+- ysyBOLD/USDC Strategy:  0xDd58AeFE74585DA2C7Ad3D3dF0F3aeEAb05b5176
+- yvcrvUSD-2/USDC Strategy:  0xC818A0Be1BB2cE820CfdefAD5f890667e885f39d
+- yvWETH-2/WETH Strategy:  0x7E4a6A89583e117C641aB3ce8897209800A3F2E3

src/Strategy.sol

@@ -101,7 +101,14 @@ contract FlexLenderStrategy is BaseHealthCheck {
     function availableDepositLimit(
         address _owner
     ) public view override returns (uint256) {
-        return Math.min(super.availableDepositLimit(_owner), LENDER.maxDeposit(address(this)));
+        // The Lender's deposit limit
+        uint256 _lenderDepositLimit = LENDER.maxDeposit(address(this));
+
+        // Subtract any idle asset we have
+        _lenderDepositLimit -= Math.min(asset.balanceOf(address(this)), _lenderDepositLimit);
+
+        // Cap by the base's limit
+        return Math.min(super.availableDepositLimit(_owner), _lenderDepositLimit);
     }
 
     /// @inheritdoc BaseStrategy
@@ -111,8 +118,8 @@ contract FlexLenderStrategy is BaseHealthCheck {
         // If a `_proceedsReceiver` is set, there is no limit
         if (_proceedsReceiver != address(0)) return type(uint256).max;
 
-        // Otherwise only what can be withdrawn from idle liquidity
-        return asset.balanceOf(address(this)) + asset.balanceOf(address(LENDER));
+        // Otherwise only what can be withdrawn from idle liquidity, capped by what our Lender shares are worth
+        return asset.balanceOf(address(this)) + Math.min(asset.balanceOf(address(LENDER)), LENDER.maxWithdraw(address(this)));
     }
 
     // ============================================================================================

src/integrations/CooldownStrategy.sol

@@ -2,6 +2,7 @@
 pragma solidity 0.8.30;
 
 import {IERC20, IERC4626} from "@openzeppelin/contracts/interfaces/IERC4626.sol";
+import {Math} from "@openzeppelin/contracts/utils/math/Math.sol";
 
 import {BaseStrategy, ERC20, FlexLenderStrategy} from "../Strategy.sol";
 
@@ -18,15 +19,21 @@ abstract contract CooldownFlexLenderStrategy is FlexLenderStrategy {
     /// @notice WAD constant
     uint256 internal constant _WAD = 1e18;
 
+    /// @notice Pending amount below which reports are not blocked, for rounding dust the protocol leaves behind
+    uint256 public immutable PENDING_DUST;
+
     /// @notice Collateral token
     IERC4626 public immutable COLLATERAL;
 
     // ============================================================================================
     // Storage
     // ============================================================================================
 
-    /// @notice Asset amount queued for redemption in the collateral's protocol
-    uint256 public pendingRedemptions;
+    /// @notice Whether reports ignore the pending redemptions, an escape hatch for management
+    bool public ignorePending;
+
+    /// @notice Collateral taken in kind and not unwound yet. Storage var and not `balanceOf()` to avoid donations issues
+    uint256 public takenInKind;
 
     // ============================================================================================
     // Constructor
@@ -48,6 +55,30 @@ abstract contract CooldownFlexLenderStrategy is FlexLenderStrategy {
 
         // Make sure the auction starting price buffer is 0
         require(DUTCH_DESK.starting_price_buffer_percentage() == _WAD, "!buffer");
+
+        // Set the dust to half the asset's decimals, e.g. 0.001 USDC or 1e9 ETH
+        PENDING_DUST = 10 ** (asset.decimals() / 2);
+    }
+
+    // ============================================================================================
+    // Public view functions
+    // ============================================================================================
+
+    /// @notice Asset value taken in kind that is not back yet, loose collateral plus whatever is
+    ///         queued in the collateral's protocol, read live
+    function pendingRedemptions() public view virtual returns (uint256);
+
+    // ============================================================================================
+    // Management functions
+    // ============================================================================================
+
+    /// @notice Set whether reports ignore the pending redemptions
+    /// @dev Only callable by management
+    /// @param _ignorePending Whether to ignore the pending redemptions
+    function setIgnorePending(
+        bool _ignorePending
+    ) external onlyManagement {
+        ignorePending = _ignorePending;
     }
 
     // ============================================================================================
@@ -70,13 +101,7 @@ abstract contract CooldownFlexLenderStrategy is FlexLenderStrategy {
 
         // Take the kicked auction, receiving the collateral in kind
         uint256 _auctionId = pendingAuctionId;
-        if (AUCTION.is_active(_auctionId)) AUCTION.take(_auctionId);
-    }
-
-    /// @notice Zero out the pending redemptions accounting
-    /// @dev Only callable by management
-    function zeroPendingRedemptions() external onlyManagement {
-        pendingRedemptions = 0;
+        if (AUCTION.is_active(_auctionId)) takenInKind += AUCTION.take(_auctionId);
     }
 
     // ============================================================================================
@@ -100,8 +125,8 @@ abstract contract CooldownFlexLenderStrategy is FlexLenderStrategy {
 
     /// @inheritdoc BaseStrategy
     function _harvestAndReport() internal view override returns (uint256) {
-        // Block reports until in-flight cooldowns are claimed
-        require(pendingRedemptions == 0, "!cooldown");
+        // Block reports until everything taken in kind is back as asset, unless management says otherwise
+        require(ignorePending || pendingRedemptions() <= PENDING_DUST, "!cooldown");
         return super._harvestAndReport();
     }
 

src/integrations/FxSaveStrategy.sol

@@ -7,7 +7,7 @@ import {ICurveStableSwap} from "../interfaces/ICurveStableSwap.sol";
 import {IFxSave} from "../interfaces/IFxSave.sol";
 import {IFxUSDBasePool} from "../interfaces/IFxUSDBasePool.sol";
 
-import {CooldownFlexLenderStrategy, ERC20} from "./CooldownStrategy.sol";
+import {CooldownFlexLenderStrategy, ERC20, Math} from "./CooldownStrategy.sol";
 
 /// @title fxSAVE Flex Lender Strategy
 /// @author Flex
@@ -29,6 +29,9 @@ contract FxSaveFlexLenderStrategy is CooldownFlexLenderStrategy {
     /// @notice Scales an 18-decimals fxBASE amount valued by the 18-decimals nav to 6-decimals asset terms
     uint256 internal constant _NAV_TO_ASSET_SCALE = 1e30;
 
+    /// @notice Scales an 18-decimals fxUSD amount to 6-decimals asset terms
+    uint256 internal constant _FXUSD_TO_ASSET_SCALE = 1e12;
+
     /// @notice USDC token
     address public constant USDC = 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48;
 
@@ -41,6 +44,16 @@ contract FxSaveFlexLenderStrategy is CooldownFlexLenderStrategy {
     /// @notice Curve USDC/fxUSD pool
     ICurveStableSwap public constant CURVE_POOL = ICurveStableSwap(0x5018BE882DccE5E3F2f3B0913AE2096B9b3fB61f);
 
+    // ============================================================================================
+    // Storage
+    // ============================================================================================
+
+    /// @notice fxBASE assets queued in fxBASE's redemption queue
+    uint256 public queuedBaseAssets;
+
+    /// @notice fxUSD claimed from the queue and not swapped yet. Storage var and not `balanceOf()` to avoid donations issues
+    uint256 public claimedFxusd;
+
     // ============================================================================================
     // Constructor
     // ============================================================================================
@@ -61,6 +74,20 @@ contract FxSaveFlexLenderStrategy is CooldownFlexLenderStrategy {
         FXUSD.forceApprove(address(CURVE_POOL), type(uint256).max);
     }
 
+    // ============================================================================================
+    // Public view functions
+    // ============================================================================================
+
+    /// @inheritdoc CooldownFlexLenderStrategy
+    function pendingRedemptions() public view override returns (uint256 _pending) {
+        // Claimed fxUSD, 1:1 with the asset
+        _pending = claimedFxusd / _FXUSD_TO_ASSET_SCALE;
+
+        // fxSAVE taken in kind and the queued fxBASE assets, valued via fxBASE's nav
+        uint256 _baseAssets = COLLATERAL.convertToAssets(takenInKind) + queuedBaseAssets;
+        if (_baseAssets > 0) _pending += _baseAssets * FXBASE.nav() / _NAV_TO_ASSET_SCALE;
+    }
+
     // ============================================================================================
     // Cooldown
     // ============================================================================================
@@ -69,19 +96,22 @@ contract FxSaveFlexLenderStrategy is CooldownFlexLenderStrategy {
     /// @dev Only callable by management
     /// @dev Requests accumulate, but every request resets the unlock clock for the whole queued amount
     /// @param _shares The amount of fxSAVE to unwind, capped by the loose balance
-    /// @return _pendingAssets The amount of asset queued in fxBASE's redemption queue
+    /// @return The amount of asset queued in fxBASE's redemption queue
     function initiateCooldown(
         uint256 _shares
-    ) external onlyManagement returns (uint256 _pendingAssets) {
+    ) external onlyManagement returns (uint256) {
         // Cap the shares by the loose collateral balance
         _shares = _capToBalance(COLLATERAL, _shares);
 
+        // Consume the collateral taken in kind variable
+        takenInKind -= Math.min(_shares, takenInKind);
+
         // fxSAVE --> fxBASE, queued for redemption
         uint256 _baseAssets = IFxSave(address(COLLATERAL)).requestRedeem(_shares);
+        queuedBaseAssets += _baseAssets;
 
-        // Record the queued amount, valued in asset terms via fxBASE's nav
-        _pendingAssets = _baseAssets * FXBASE.nav() / _NAV_TO_ASSET_SCALE;
-        pendingRedemptions += _pendingAssets;
+        // Valued in asset terms via fxBASE's nav
+        return _baseAssets * FXBASE.nav() / _NAV_TO_ASSET_SCALE;
     }
 
     /// @notice Claim the queued redemption from fxBASE once the cooldown passed
@@ -90,10 +120,10 @@ contract FxSaveFlexLenderStrategy is CooldownFlexLenderStrategy {
     /// @return _assetsOut The amount of asset received
     /// @return _fxusdOut The amount of fxUSD received
     function claimCooldown() external onlyManagement returns (uint256 _assetsOut, uint256 _fxusdOut) {
-        require(pendingRedemptions > 0, "!pending");
+        require(queuedBaseAssets > 0, "!pending");
 
         // The claim always empties the queue
-        pendingRedemptions = 0;
+        queuedBaseAssets = 0;
 
         // Claim the whole queued amount
         uint256 _preAssetBalance = asset.balanceOf(address(this));
@@ -102,6 +132,9 @@ contract FxSaveFlexLenderStrategy is CooldownFlexLenderStrategy {
         _assetsOut = asset.balanceOf(address(this)) - _preAssetBalance;
         _fxusdOut = FXUSD.balanceOf(address(this)) - _preFxusdBalance;
         require(_assetsOut + _fxusdOut > 0, "!assets");
+
+        // Record the claimed fxUSD
+        claimedFxusd += _fxusdOut;
     }
 
     /// @notice Swap loose fxUSD to the asset through Curve
@@ -116,6 +149,9 @@ contract FxSaveFlexLenderStrategy is CooldownFlexLenderStrategy {
         // Cap the amount by the loose fxUSD balance
         _amount = _capToBalance(FXUSD, _amount);
 
+        // Consume the claimed fxUSD variable
+        claimedFxusd -= Math.min(_amount, claimedFxusd);
+
         // fxUSD --> asset
         return CURVE_POOL.exchange(_FXUSD_INDEX, _USDC_INDEX, _amount, _minOut);
     }