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Security

Introduction

The Vault is designed to issue tokens proportional to amount of funds the user deposits. It's meant to issue new tokens or burn existing tokens only when all the fund values are updated. Vault uses TradeExecutor contracts to invest the user funds in various protocols. The funds of mainnet TradeExecutor are updated on a block by block basis. While those interact with other L2 protocols, the funds are updated by keeper in order to process deposits/withdrawals.

Contract Details

- Key Functionalities
  • deposit - Mint to new vault tokens representing user's share of funds.
  • withdraw - Burn the vault tokens and transfer the amount to user's wallet.
  • depositIntoExecutor - Deposits funds into the executor contract to be used for making trades on protocol
  • withdrawFromExecutor - Withdraw funds from executor in order to process user withdrawal request.
  • collectFees - Calims the fees from the yield generated on user funds to governance.

Roles

Role Name
Access
Description
Governance
Mutable by current Governance role
Allows to add/remove new TradeExecutors on vault . Update any new addresses on batcher and keeper.
Keeper
Mutable by Governance role
Main operation is move funds across the current TradeExecutors on vault.

Mechanisms & Concepts

The vault contract is responsible for issuing erc20 tokens representing user share based on the total funds it holds. The vault also keeps the track of funds invested in trade executors. So trade executor funds should be updated before processing any deposits or withdrawals. vault computes the yield it generated between different harvest cycles to process the fees. Keeper maintains the list of TradeExecutors and batcher makes sure there is always enough collateral on vault to process any user withdrawals.

Gotchas

When trade executor funds are updated incorrectly the users might be issued an incorrect amount of tokens. This can be prevented by updating the trade executor funds before processing the deposit and simulating the txn on the new update.

Failure Modes

  • In case of emergency, the deposits/withdrawals are disabled by taking the vault in emergency mode with setEmergencyMode function.
  • All the funds will be recalled from TradeExecutors to vault to reduce attack impact.
  • Only Governance can enable back the deposits/withdrawals after an emergency.

Trust Assumptions

We assume that for TradeExecutors that move funds to L2 protocols, their funds are updated correctly by Keeper as they aren't available solutions to update the state of l2 contract funds. We are exploring solutions with layerZero and anyswap call for this to prevent centralization risk.