feat: Vaults #874

tamtamchik · 2024-11-17T05:22:06Z

❗ 🚧 Under construction 🚧 ❗

Staking Vaults

New way of isolated staking, through separate vaults, with optional stETH liquidity

Support minting external backed stETH in Lido contract
Extract protocol accounting to separate contract (two-step, better precision)
StakingVault + VaultHub
Dashboard and Delegation for Vaults
VaultFactory

feat: devnet 0 for vaults

tests: restore and improve unit tests

test: integration tests on devnet 0

chore: add soft limits for external balance

Remove simulatedShareRate from report

chore: cleanup postTokenRebaseReceiver

TheDZhon

🚛

TheDZhon · 2024-12-11T08:13:08Z

contracts/0.8.25/vaults/StakingVault.sol

+        return address(VAULT_HUB);
+    }
+
+    receive() external payable {


⚠️ Here we have an attack scenario

This func accepts ether without updating valuation (and inOutDelta) and it's not possible to withdraw it back.
The more important thing is that while calling rebalance() it gets used to reduce inOutDelta allowing to underflow valuation()

TheDZhon · 2024-12-11T08:17:58Z

contracts/0.8.25/vaults/StakingVault.sol

+        $.report.inOutDelta = SafeCast.toInt128(_inOutDelta);
+        $.locked = SafeCast.toUint128(_locked);
+
+        try IReportReceiver(owner()).onReport(_valuation, _inOutDelta, _locked) {} catch (bytes memory reason) {


it has another purpose to allow non-revert 'soft' failure
⚠️ it has a different bug though: OOG should be handled differently

EOA check is needed also

TheDZhon · 2024-12-11T08:19:22Z

contracts/0.8.25/vaults/StakingVault.sol

+        $.locked = SafeCast.toUint128(_locked);
+
+        try IReportReceiver(owner()).onReport(_valuation, _inOutDelta, _locked) {} catch (bytes memory reason) {
+            emit OnReportFailed(address(this), reason);


maybe rename this event

TheDZhon · 2024-12-11T08:23:55Z

contracts/0.8.25/vaults/StakingVault.sol

+
+    event Funded(address indexed sender, uint256 amount);
+    event Withdrawn(address indexed sender, address indexed recipient, uint256 amount);
+    event DepositedToBeaconChain(address indexed sender, uint256 deposits, uint256 amount);


maybe should target pectra (array of amounts)

TheDZhon · 2024-12-11T08:26:05Z

contracts/0.8.25/vaults/StakingVault.sol

+    event Locked(uint256 locked);
+    event Reported(address indexed vault, uint256 valuation, int256 inOutDelta, uint256 locked);
+    event OnReportFailed(address vault, bytes reason);


here have three different approaches:

do not include the emitter contract (and it's fine indeed)

include the address but indexed

include non-indexed addr

let's use the first approach 🧠

TheDZhon · 2024-12-11T09:10:58Z

contracts/0.8.25/vaults/Dashboard.sol

+    /**
+     * @dev Modifier to fund the staking vault if msg.value > 0
+     */
+    modifier fundAndProceed() {


Suggested change

modifier fundAndProceed() {

modifier prefundable() {

TheDZhon · 2024-12-11T09:12:42Z

contracts/0.8.25/vaults/Dashboard.sol

+     * @dev Transfers ownership of the staking vault to a new owner
+     * @param _newOwner Address of the new owner
+     */
+    function _transferStVaultOwnership(address _newOwner) internal {


see the rename proposal above

TheDZhon · 2024-12-11T09:16:25Z

contracts/0.8.25/vaults/Dashboard.sol

+     * @dev Requests the exit of a validator from the staking vault
+     * @param _validatorPublicKey Public key of the validator to exit
+     */
+    function _requestValidatorExit(bytes calldata _validatorPublicKey) internal {


maybe plural for keys

TheDZhon · 2024-12-11T09:18:13Z

contracts/0.8.25/vaults/Dashboard.sol

+
+    // ==================== Errors ====================
+
+    /// @notice Error for zero address arguments


Suggested change

/// @notice Error for zero address arguments

/// @notice Error for zero value arguments

TheDZhon · 2024-12-11T09:22:14Z

contracts/0.8.25/vaults/Dashboard.sol

+    /// @notice Error when the withdrawable amount is insufficient.
+    /// @param withdrawable The amount that is withdrawable
+    /// @param requested The amount requested to withdraw
+    error InsufficientWithdrawableAmount(uint256 withdrawable, uint256 requested);


should have a view func to show withdrawable amount
for rebalance we also need a view to show what would happen

this error should be moved to Delegation not being used here at all (it seems)

TheDZhon

🚛 🚛 🚛

TheDZhon · 2024-12-12T08:22:08Z

contracts/0.8.25/vaults/Delegation.sol

+    // ==================== Constants ====================
+
+    uint256 private constant BP_BASE = 10000; // Basis points base (100%)
+    uint256 private constant MAX_FEE = BP_BASE; // Maximum fee in basis points (100%)


TOTAL_BASIS_POINTS

TheDZhon · 2024-12-12T08:25:12Z

contracts/0.8.25/vaults/Delegation.sol

+     * - vote on ownership transfer
+     * - vote on performance fee changes


maybe veto instead of approval (ET dynamics)
later

TheDZhon · 2024-12-12T08:28:05Z

contracts/0.8.25/vaults/Delegation.sol

+     * @notice Role for the Lido DAO.
+     * This can be the Lido DAO agent, EasyTrack or any other DAO decision-making system.
+     * Lido DAO can:
+     * - set the operator role


TheDZhon · 2024-12-12T08:28:58Z

contracts/0.8.25/vaults/Delegation.sol

+     * Lido DAO can:
+     * - set the operator role
+     * - vote on ownership transfer
+     */


what about VaultHub.connect?

another issue: vault should express a WILL to connect (two-step)

🧠 🧠 🧠 LDO staking

these comments might be not relevant to Delegation

TheDZhon · 2024-12-12T08:33:46Z

contracts/0.8.25/vaults/Delegation.sol

+     * Key master can:
+     * - deposit validators to the beacon chain
+     */
+    bytes32 public constant KEY_MASTER_ROLE = keccak256("Vault.Delegation.KeyMasterRole");


BEACON_CHAIN_DEPOSITOR_ROLE?

TheDZhon · 2024-12-12T09:28:55Z

contracts/0.8.25/vaults/Delegation.sol

+    function onReport(uint256 _valuation, int256 _inOutDelta, uint256 _locked) external {
+        if (msg.sender != address(stakingVault)) revert OnlyStVaultCanCallOnReportHook();
+
+        managementDue += (_valuation * managementFee) / 365 / BP_BASE;


⚠️ there is no timeElapsed (in case of missing reports e.g.)

TheDZhon · 2024-12-12T09:30:53Z

contracts/0.8.25/vaults/Delegation.sol

+        int256 unlocked = int256(stakingVault.valuation()) - int256(stakingVault.locked());
+        uint256 unreserved = unlocked >= 0 ? uint256(unlocked) : 0;


can query stakingVault.unlocked() instead

TheDZhon · 2024-12-12T09:37:15Z

contracts/0.8.25/vaults/Delegation.sol

+    modifier onlyIfVotedBy(bytes32[] memory _committee, uint256 _votingPeriod) {
+        bytes32 callId = keccak256(msg.data);
+        uint256 committeeSize = _committee.length;
+        uint256 votingStart = block.timestamp - _votingPeriod;


Suggested change

uint256 votingStart = block.timestamp - _votingPeriod;

uint256 votesVaildSince = block.timestamp - _votingPeriod;

TheDZhon · 2024-12-12T09:47:00Z

contracts/0.8.25/vaults/Delegation.sol

+    // ==================== Events ====================
+
+    /// @notice Emitted when a role member votes on a function requiring committee approval.
+    event RoleMemberVoted(address member, bytes32 role, uint256 timestamp, bytes data);


indexed fields?

TheDZhon · 2024-12-12T09:47:18Z

contracts/0.8.25/vaults/Delegation.sol

+    /// @notice Emitted when a role member votes on a function requiring committee approval.
+    event RoleMemberVoted(address member, bytes32 role, uint256 timestamp, bytes data);
+
+    // ==================== Errors ====================


fees not covered with event changes

integrated comments from #779

Fixing precision loss

TheDZhon

First lap finished 👍

TheDZhon · 2024-12-13T08:06:10Z

contracts/0.8.25/vaults/VaultFactory.sol

+
+import {IStakingVault} from "./interfaces/IStakingVault.sol";
+
+pragma solidity 0.8.25;


🚓 pragma should go before the imports

TheDZhon · 2024-12-13T08:06:54Z

contracts/0.8.25/vaults/VaultFactory.sol

+        uint256 managementFee;
+        uint256 performanceFee;


Suggested change

uint256 managementFee;

uint256 performanceFee;

uint256 managementFeeBP;

uint256 performanceFeeBP;

TheDZhon · 2024-12-13T08:08:12Z

contracts/0.8.25/vaults/VaultFactory.sol

+
+pragma solidity 0.8.25;
+
+interface IDelegation {


why we don't import this interface though?

let's add the comment that it's intended (to hook up the particular interface strictly)

TheDZhon · 2024-12-13T08:09:28Z

contracts/0.8.25/vaults/VaultFactory.sol

+}
+
+contract VaultFactory is UpgradeableBeacon {
+    address public immutable delegationImpl;


Suggested change

address public immutable delegationImpl;

address public immutable DELEGATION_IMPL;

Why it's immutable?

should think about disentangling the beacon and factory (from Azat)

@loga4 (the problem is that it's impossible to upgrade the delegation for the factory)

TheDZhon · 2024-12-13T08:18:05Z

contracts/0.8.25/vaults/VaultFactory.sol

+        delegation.grantRole(delegation.LIDO_DAO_ROLE(), _lidoAgent);
+        delegation.grantRole(delegation.MANAGER_ROLE(), _initializationParams.manager);
+        delegation.grantRole(delegation.OPERATOR_ROLE(), _initializationParams.operator);
+        delegation.grantRole(delegation.DEFAULT_ADMIN_ROLE(), msg.sender);


scary though, let's add a comment that those roles above have their admins

⚠️ let's not rely on msg.sender and use input parameters instead to make the deployments automated without pain (suggested defaultAdmin above to replace msg.sender)

TheDZhon · 2024-12-13T08:22:51Z

contracts/0.8.25/vaults/VaultFactory.sol

+
+        delegation.initialize(address(this), address(vault));
+
+        delegation.grantRole(delegation.LIDO_DAO_ROLE(), _lidoAgent);


maybe LIDO_AGENT should be immutable for the factory

TheDZhon · 2024-12-13T08:24:56Z

contracts/0.8.25/vaults/VaultFactory.sol

+    /// @notice Creates a new StakingVault and Delegation contracts
+    /// @param _stakingVaultParams The params of vault initialization
+    /// @param _initializationParams The params of vault initialization
+    function createVault(


Suggested change

function createVault(

function createVaultWithDelegation(

TheDZhon · 2024-12-13T08:26:15Z

contracts/0.8.25/vaults/Delegation.sol

🧠 let's extract voting modifier to a library or extension for AC

TheDZhon · 2024-12-13T08:28:27Z

contracts/0.8.25/vaults/Delegation.sol

+ * @notice The term "fee" is used to express the fee percentage as basis points, e.g. 5%,
+ * while "due" is the actual amount of the fee, e.g. 1 ether
+ */
+contract Delegation is Dashboard, IReportReceiver {


Suggested change

contract Delegation is Dashboard, IReportReceiver {

contract Delegation is Dashboard, IReportReceiver, AssetRecoverer {

TheDZhon · 2024-12-13T08:31:12Z

contracts/0.8.25/vaults/VaultFactory.sol

+
+        emit VaultCreated(address(delegation), address(vault));
+        emit DelegationCreated(msg.sender, address(delegation));
+    }


🧠 role setup has dependencies on the Delegation internals which is not perfect

feat: add wstETH to locator

feat: vaults Devnet 1 – Holesky

# Conflicts: # hardhat.config.ts

VaultHub update

contracts/0.8.25/Accounting.sol

+    function _calculateFeesAndExternalEther(
+        ReportValues memory _report,
+        PreReportState memory _pre,
+        CalculatedValues memory _calculated
+    ) internal pure returns (uint256 sharesToMintAsFees, uint256 postExternalEther) {
+        // we are calculating the share rate equal to the post-rebase share rate
+        // but with fees taken as eth deduction
+        // and without externalBalance taken into account
+        uint256 shares = _pre.totalShares - _calculated.totalSharesToBurn - _pre.externalShares;
+        uint256 eth = _pre.totalPooledEther - _calculated.etherToFinalizeWQ - _pre.externalEther;
+
+        uint256 unifiedClBalance = _report.clBalance + _calculated.withdrawals;
+
+        // Don't mint/distribute any protocol fee on the non-profitable Lido oracle report
+        // (when consensus layer balance delta is zero or negative).
+        // See LIP-12 for details:
+        // https://research.lido.fi/t/lip-12-on-chain-part-of-the-rewards-distribution-after-the-merge/1625
+        if (unifiedClBalance > _calculated.principalClBalance) {
+            uint256 totalRewards = unifiedClBalance - _calculated.principalClBalance + _calculated.elRewards;
+            uint256 totalFee = _calculated.rewardDistribution.totalFee;
+            uint256 precision = _calculated.rewardDistribution.precisionPoints;
+            uint256 feeEther = (totalRewards * totalFee) / precision;
+            eth += totalRewards - feeEther;
+
+            // but we won't pay fees in ether, so we need to calculate how many shares we need to mint as fees
+            sharesToMintAsFees = (feeEther * shares) / eth;
+        } else {
+            uint256 clPenalty = _calculated.principalClBalance - unifiedClBalance;
+            eth = eth - clPenalty + _calculated.elRewards;
+        }
+
+        // externalBalance is rebasing at the same rate as the primary balance does
+        postExternalEther = (_pre.externalShares * eth) / shares;
+    }


contracts/0.8.25/interfaces/ILido.sol

+interface ILido {
+    function getSharesByPooledEth(uint256) external view returns (uint256);
+
+    function getPooledEthByShares(uint256) external view returns (uint256);
+
+    function getPooledEthBySharesRoundUp(uint256) external view returns (uint256);
+
+    function transferFrom(address, address, uint256) external;
+
+    function transferSharesFrom(address, address, uint256) external returns (uint256);
+
+    function rebalanceExternalEtherToInternal() external payable;
+
+    function getTotalPooledEther() external view returns (uint256);
+
+    function getExternalEther() external view returns (uint256);
+
+    function getExternalShares() external view returns (uint256);
+
+    function mintExternalShares(address, uint256) external;
+
+    function burnExternalShares(uint256) external;
+
+    function getMaxMintableExternalShares() external view returns (uint256);
+
+    function getTotalShares() external view returns (uint256);
+
+    function getBeaconStat()
+        external
+        view
+        returns (uint256 depositedValidators, uint256 beaconValidators, uint256 beaconBalance);
+
+    function processClStateUpdate(
+        uint256 _reportTimestamp,
+        uint256 _preClValidators,
+        uint256 _reportClValidators,
+        uint256 _reportClBalance
+    ) external;
+
+    function collectRewardsAndProcessWithdrawals(
+        uint256 _reportTimestamp,
+        uint256 _reportClBalance,
+        uint256 _adjustedPreCLBalance,
+        uint256 _withdrawalsToWithdraw,
+        uint256 _elRewardsToWithdraw,
+        uint256 _lastWithdrawalRequestToFinalize,
+        uint256 _simulatedShareRate,
+        uint256 _etherToLockOnWithdrawalQueue
+    ) external;
+
+    function emitTokenRebase(
+        uint256 _reportTimestamp,
+        uint256 _timeElapsed,
+        uint256 _preTotalShares,
+        uint256 _preTotalEther,
+        uint256 _postTotalShares,
+        uint256 _postTotalEther,
+        uint256 _sharesMintedAsFees
+    ) external;
+
+    function mintShares(address _recipient, uint256 _sharesAmount) external;
+
+    function burnShares(address _account, uint256 _sharesAmount) external;
+}


contracts/0.8.25/vaults/Dashboard.sol

+    function _burn(uint256 _amountOfShares) internal {
+        STETH.transferSharesFrom(msg.sender, address(vaultHub), _amountOfShares);
+        vaultHub.burnSharesBackedByVault(address(stakingVault), _amountOfShares);
+    }


contracts/0.8.25/vaults/VaultHub.sol

+    function transferAndBurnSharesBackedByVault(address _vault, uint256 _amountOfShares) external {
+        STETH.transferSharesFrom(msg.sender, address(this), _amountOfShares);
+
+        burnSharesBackedByVault(_vault, _amountOfShares);
+    }


TheDZhon

🥹 👍

contracts/0.4.24/StETH.sol

contracts/0.4.24/Lido.sol

tamtamchik and others added 30 commits October 23, 2024 16:25

chore: fix some errors for contract verifications

d4c9deb

refactor: safecast and renames

897e48a

feat: fundAndProceed modifier

b7d3062

fix: onReport hook

ff62933

refactor: some renaming

c509f1d

test: set up vault test

e5eac5e

refactor: rename Vault->StakingVault

24c7410

fix: restore holesky state file

49afced

chore: move testnet defaults

a98f97e

chore: better naming

878e619

Merge pull request #27 from lidofinance/feat/devnet-0-deploy

2a82f01

feat: devnet 0 for vaults

Merge pull request #26 from lidofinance/feat/tests

3e55a97

tests: restore and improve unit tests

refactor: use vaulthub itself instead of interface

d64faa8

test: fund wip

7e28470

feat: transfer ownership to new delegator

ab9f0f0

chore: devnet 0 deployment

9f3761e

chore: add support for running integration tests on devnet

e6e7a2c

ci: run integration on holesky devnet 0

a80d3f9

Merge pull request #28 from lidofinance/test/holesky

e590772

test: integration tests on devnet 0

chore: better naming and more comments

33047cc

fix: fix tests

06ade6e

Merge pull request #24 from lidofinance/feat/external-mint-limits

a307d1b

chore: add soft limits for external balance

Merge pull request #16 from lidofinance/feat/no-simulated-rate

f89a394

Remove simulatedShareRate from report

chore: cleanup postTokenRebaseReceiver

03174d0

chore: extract IPostTokenRebaseReceiver

cac61bd

fix: tests

fa14fd5

Merge pull request #29 from lidofinance/feat/cleanup

813c890

chore: cleanup postTokenRebaseReceiver

fix: remove fee constants

79dabfd

fix: check fees

7aab2c3

fix: improve naming

a7b2421

tamtamchik added 3 commits December 10, 2024 14:00

feat: add wstETH to locator

2c31ba1

chore: fix tests and types

e94cd96

chore: updated devnet setup

1fad723

TheDZhon reviewed Dec 11, 2024

View reviewed changes

folkyatina added 2 commits December 11, 2024 20:17

fix: various accounting bugs on migration to shares

953f5e6

chore: names and formatting

4875492

TheDZhon reviewed Dec 12, 2024

View reviewed changes

tamtamchik added solidity issues/tasks related to smart contract code next-upgrade Things to pickup for the next protocol upgrade vaults labels Dec 12, 2024

folkyatina added 5 commits December 12, 2024 13:44

chore: formatting and comments

a4e4ad1

fix: add event for externalShares change

8b023e5

chore: comments

7ca3cdc

integrated comments from #779

test: fix tests

f229b7a

Merge pull request #891 from lidofinance/precision-loss

5c40f69

Fixing precision loss

TheDZhon reviewed Dec 13, 2024

View reviewed changes

tamtamchik and others added 11 commits December 13, 2024 12:32

feat: add LDO holder for staking interface needs

2427c02

chore: add BeaconProxy to deploy for verification purposes

2114611

Merge pull request #898 from lidofinance/feat/locator-wsteth

ca89ffc

feat: add wstETH to locator

Merge pull request #890 from lidofinance/feat/vaults-devnet

2963755

feat: vaults Devnet 1 – Holesky

Merge branch 'develop' into feat/vaults

204260e

# Conflicts: # hardhat.config.ts

feat: rebalance shortcut in Lido

7d3047d

test: improve external share tests

4daff2d

chore: improve comments and some bits

168d025

fix: revert mintburning if paused

cb6ed42

fix: simplify external shares accounting

611ce3a

Merge pull request #892 from lidofinance/vaulthub-after-review

39c155f

VaultHub update

github-advanced-security bot found potential problems Dec 18, 2024

View reviewed changes

TheDZhon reviewed Dec 18, 2024

View reviewed changes

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		// ==================== Errors ====================

		/// @notice Error for zero address arguments

	/// @notice Error for zero address arguments
	/// @notice Error for zero value arguments

		* - vote on ownership transfer
		* - vote on performance fee changes

		int256 unlocked = int256(stakingVault.valuation()) - int256(stakingVault.locked());
		uint256 unreserved = unlocked >= 0 ? uint256(unlocked) : 0;

	uint256 votingStart = block.timestamp - _votingPeriod;
	uint256 votesVaildSince = block.timestamp - _votingPeriod;


		import {IStakingVault} from "./interfaces/IStakingVault.sol";

		pragma solidity 0.8.25;

	address public immutable delegationImpl;
	address public immutable DELEGATION_IMPL;


		delegation.initialize(address(this), address(vault));

		delegation.grantRole(delegation.LIDO_DAO_ROLE(), _lidoAgent);

	contract Delegation is Dashboard, IReportReceiver {
	contract Delegation is Dashboard, IReportReceiver, AssetRecoverer {

feat: Vaults #874

Are you sure you want to change the base?

feat: Vaults #874

Conversation

tamtamchik commented Nov 17, 2024 • edited by folkyatina Loading

❗ 🚧 Under construction 🚧 ❗

Staking Vaults

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tamtamchik commented Nov 17, 2024 •

edited by folkyatina

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