OrionVault
OrionVault
Modular asset management vault with asynchronous deposits and redemptions
manager
address manager
Vault manager
strategist
address strategist
Vault strategist
config
contract IOrionConfig config
OrionConfig contract
internalStateOrchestrator
contract IInternalStateOrchestrator internalStateOrchestrator
Internal state orchestrator
liquidityOrchestrator
contract ILiquidityOrchestrator liquidityOrchestrator
Liquidity orchestrator
depositAccessControl
address depositAccessControl
Deposit access control contract (address(0) = permissionless)
_vaultWhitelistedAssets
struct EnumerableSet.AddressSet _vaultWhitelistedAssets
Vault-specific whitelist of assets for intent validation
This is a subset of the protocol whitelist for higher auditability
_totalAssets
uint256 _totalAssets
Total assets under management (t_0) - denominated in underlying asset units
pendingVaultFees
uint256 pendingVaultFees
Pending vault fees [assets]
SHARE_DECIMALS
uint8 SHARE_DECIMALS
Share token decimals
YEAR_IN_SECONDS
uint32 YEAR_IN_SECONDS
Number of seconds in a year
BASIS_POINTS_FACTOR
uint16 BASIS_POINTS_FACTOR
Basis points factor (100% = 10_000)
MAX_MANAGEMENT_FEE
uint16 MAX_MANAGEMENT_FEE
Maximum management fee (3% = 300)
MAX_PERFORMANCE_FEE
uint16 MAX_PERFORMANCE_FEE
Maximum performance fee (30% = 3_000)
FeeType
Fee type
enum FeeType {
ABSOLUTE,
SOFT_HURDLE,
HARD_HURDLE,
HIGH_WATER_MARK,
HURDLE_HWM
}
FeeModel
Fee model
This struct is used to define the fee model for the vault
struct FeeModel {
enum OrionVault.FeeType feeType;
uint16 performanceFee;
uint16 managementFee;
uint256 highWaterMark;
}
feeModel
struct OrionVault.FeeModel feeModel
Fee model
newFeeRatesTimestamp
uint256 newFeeRatesTimestamp
Timestamp when new fee rates become effective
isDecommissioning
bool isDecommissioning
Flag indicating if the vault is in decommissioning mode
When true, intent is overridden to 100% underlying asset
onlyManager
modifier onlyManager()
Restricts function to only vault manager
onlyStrategist
modifier onlyStrategist()
Restricts function to only vault strategist
onlyLiquidityOrchestrator
modifier onlyLiquidityOrchestrator()
Restricts function to only liquidity orchestrator
onlyConfig
modifier onlyConfig()
Restricts function to only Orion Config contract
constructor
constructor() internal
Constructor that disables initializers for the implementation contract
__OrionVault_init
function __OrionVault_init(address manager_, address strategist_, contract IOrionConfig config_, string name_, string symbol_, uint8 feeType_, uint16 performanceFee_, uint16 managementFee_, address depositAccessControl_) internal
Initialize the vault
Parameters
| Name | Type | Description |
|---|---|---|
| manager_ | address | The address of the vault manager |
| strategist_ | address | The address of the vault strategist |
| config_ | contract IOrionConfig | The address of the OrionConfig contract |
| name_ | string | The name of the vault |
| symbol_ | string | The symbol of the vault |
| feeType_ | uint8 | The fee type |
| performanceFee_ | uint16 | The performance fee |
| managementFee_ | uint16 | The management fee |
| depositAccessControl_ | address | The address of the deposit access control contract (address(0) = permissionless) |
_initializeVaultWhitelist
function _initializeVaultWhitelist() internal
Initialize the vault whitelist with all protocol whitelisted assets
This sets the initial vault whitelist to match the protocol whitelist as a default. This can be overridden by the vault manager to set a subset of the protocol whitelist.
deposit
function deposit(uint256, address) public pure returns (uint256)
_Mints shares Vault shares to receiver by depositing exactly amount of underlying tokens.
- MUST emit the Deposit event.
- MAY support an additional flow in which the underlying tokens are owned by the Vault contract before the deposit execution, and are accounted for during deposit.
- MUST revert if all of assets cannot be deposited (due to deposit limit being reached, slippage, the user not approving enough underlying tokens to the Vault contract, etc).
NOTE: most implementations will require pre-approval of the Vault with the Vault’s underlying asset token._
mint
function mint(uint256, address) public pure returns (uint256)
_Mints exactly shares Vault shares to receiver by depositing amount of underlying tokens.
- MUST emit the Deposit event.
- MAY support an additional flow in which the underlying tokens are owned by the Vault contract before the mint execution, and are accounted for during mint.
- MUST revert if all of shares cannot be minted (due to deposit limit being reached, slippage, the user not approving enough underlying tokens to the Vault contract, etc).
NOTE: most implementations will require pre-approval of the Vault with the Vault’s underlying asset token._
redeem
function redeem(uint256 shares, address receiver, address owner) public returns (uint256)
_Burns exactly shares from owner and sends assets of underlying tokens to receiver.
- MUST emit the Withdraw event.
- MAY support an additional flow in which the underlying tokens are owned by the Vault contract before the redeem execution, and are accounted for during redeem.
- MUST revert if all of shares cannot be redeemed (due to withdrawal limit being reached, slippage, the owner not having enough shares, etc).
NOTE: some implementations will require pre-requesting to the Vault before a withdrawal may be performed. Those methods should be performed separately._
withdraw
function withdraw(uint256, address, address) public pure returns (uint256)
_Burns shares from owner and sends exactly assets of underlying tokens to receiver.
- MUST emit the Withdraw event.
- MAY support an additional flow in which the underlying tokens are owned by the Vault contract before the withdraw execution, and are accounted for during withdraw.
- MUST revert if all of assets cannot be withdrawn (due to withdrawal limit being reached, slippage, the owner not having enough shares, etc).
Note that some implementations will require pre-requesting to the Vault before a withdrawal may be performed. Those methods should be performed separately._
totalAssets
function totalAssets() public view returns (uint256)
_Returns the total amount of the underlying asset that is “managed” by Vault.
- SHOULD include any compounding that occurs from yield.
- MUST be inclusive of any fees that are charged against assets in the Vault.
- MUST NOT revert._
decimals
function decimals() public view virtual returns (uint8)
Override ERC4626 decimals to always use SHARE_DECIMALS regardless of underlying asset decimals
This ensures consistent 18-decimal precision for share tokens across all vaults
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint8 | SHARE_DECIMALS for all vault share tokens |
_decimalsOffset
function _decimalsOffset() internal view virtual returns (uint8)
Override ERC4626 decimals offset to match our custom decimals implementation
Since we override decimals() to return SHARE_DECIMALS, we need to override _decimalsOffset() to return the difference between SHARE_DECIMALS and underlying asset decimals
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint8 | The decimals offset for virtual shares/assets calculation |
convertToAssetsWithPITTotalAssets
function convertToAssetsWithPITTotalAssets(uint256 shares, uint256 pointInTimeTotalAssets, enum Math.Rounding rounding) public view returns (uint256)
Convert shares to assets with point in time total assets.
Parameters
| Name | Type | Description |
|---|---|---|
| shares | uint256 | The amount of shares to convert. |
| pointInTimeTotalAssets | uint256 | The point in time total assets. |
| rounding | enum Math.Rounding | The rounding mode. |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | The amount of assets. |
_convertToSharesWithPITTotalAssets
function _convertToSharesWithPITTotalAssets(uint256 assets, uint256 pointInTimeTotalAssets, uint256 snapshotTotalSupply, enum Math.Rounding rounding) internal view returns (uint256)
Internal version that uses a snapshot of totalSupply for batch processing
Parameters
| Name | Type | Description |
|---|---|---|
| assets | uint256 | The assets to convert |
| pointInTimeTotalAssets | uint256 | The point-in-time total assets |
| snapshotTotalSupply | uint256 | The snapshot of totalSupply at batch start |
| rounding | enum Math.Rounding | The rounding mode |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | The shares equivalent to the assets |
_convertToAssetsWithPITTotalAssets
function _convertToAssetsWithPITTotalAssets(uint256 shares, uint256 pointInTimeTotalAssets, uint256 snapshotTotalSupply, enum Math.Rounding rounding) internal view returns (uint256)
Internal version that uses a snapshot of totalSupply for batch processing
Parameters
| Name | Type | Description |
|---|---|---|
| shares | uint256 | The shares to convert |
| pointInTimeTotalAssets | uint256 | The point-in-time total assets |
| snapshotTotalSupply | uint256 | The snapshot of totalSupply at batch start |
| rounding | enum Math.Rounding | The rounding mode |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | The assets equivalent to the shares |
overrideIntentForDecommissioning
function overrideIntentForDecommissioning() external
Override intent to 100% underlying asset for decommissioning
Can only be called by the OrionConfig contract
implementation
function implementation() external view returns (address)
Returns the implementation address of this proxy contract
This function enables third-party protocol integrations to verify that the implementation address has not been modified unexpectedly. It reads the beacon address from the ERC-1967 storage slot and returns the implementation address from the beacon.
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | address | The address of the implementation contract |
requestDeposit
function requestDeposit(uint256 assets) external
Submit an asynchronous deposit request.
No share tokens are minted immediately. The specified amount of underlying tokens is transferred to the liquidity orchestrator for centralized liquidity management.
Parameters
| Name | Type | Description |
|---|---|---|
| assets | uint256 | The amount of the underlying asset to deposit. |
cancelDepositRequest
function cancelDepositRequest(uint256 amount) external
Cancel a previously submitted deposit request.
Allows LPs to withdraw their funds before any share tokens are minted. The request must still have enough balance remaining to cover the cancellation. Funds are returned from the liquidity orchestrator to the LP.
Parameters
| Name | Type | Description |
|---|---|---|
| amount | uint256 | The amount of funds to withdraw. |
requestRedeem
function requestRedeem(uint256 shares) external
Submit a redemption request.
No share tokens are burned immediately. The specified amount of share tokens is transferred to the vault.
Parameters
| Name | Type | Description |
|---|---|---|
| shares | uint256 | The amount of the share tokens to withdraw. |
cancelRedeemRequest
function cancelRedeemRequest(uint256 shares) external
Cancel a previously submitted redemption request.
Allows LPs to recover their share tokens before any burning occurs. The request must still have enough shares remaining to cover the cancellation. Share tokens are returned from the vault.
Parameters
| Name | Type | Description |
|---|---|---|
| shares | uint256 | The amount of share tokens to recover. |
vaultWhitelist
function vaultWhitelist() external view returns (address[])
Get the vault whitelist
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | address[] | The array of whitelisted asset addresses for this vault. |
updateStrategist
function updateStrategist(address newStrategist) external
Update the strategist address
The strategist is responsible for setting allocation logic for the vault's assets. This function enables managers to update the strategist. Strategist can be a smart contract or an address. It is the FULL responsibility of the manager to ensure the strategist is capable of performing its duties.
Parameters
| Name | Type | Description |
|---|---|---|
| newStrategist | address | The new strategist address. |
setDepositAccessControl
function setDepositAccessControl(address newDepositAccessControl) external
Set deposit access control contract
Only callable by vault manager It is the FULL responsibility of the vault manager to ensure the deposit access control is capable of performing its duties.
Parameters
| Name | Type | Description |
|---|---|---|
| newDepositAccessControl | address | Address of the new access control contract (address(0) = permissionless) |
updateVaultWhitelist
function updateVaultWhitelist(address[] assets) external
Update the vault whitelist
Parameters
| Name | Type | Description |
|---|---|---|
| assets | address[] | The new whitelist of assets. |
updateFeeModel
function updateFeeModel(uint8 feeType, uint16 performanceFee, uint16 managementFee) external
Update the fee model parameters with cooldown protection
Only vault manager can update fee model parameters Performance and management fees are capped by protocol limits New fees take effect after cooldown period to protect depositors
Parameters
| Name | Type | Description |
|---|---|---|
| feeType | uint8 | The fee type (0=ABSOLUTE, 1=HURDLE, 2=HIGH_WATER_MARK, 3=HURDLE_HWM) |
| performanceFee | uint16 | The performance fee |
| managementFee | uint16 | The management fee |
_activeFeeModel
function _activeFeeModel() internal view returns (struct OrionVault.FeeModel)
Returns the active fee model (old during cooldown, new after)
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | struct OrionVault.FeeModel | The currently active fee model |
_validateIntentAssets
function _validateIntentAssets(address[] assets) internal view
Validate that all assets in an intent are whitelisted for this vault
Parameters
| Name | Type | Description |
|---|---|---|
| assets | address[] | Array of asset addresses to validate |
vaultFee
function vaultFee(uint256 activeTotalAssets) external view returns (uint256 managementFee, uint256 performanceFee)
Calculate the vault's fee based on total assets
Warning: Calling this function mid-epoch may return inaccurate results since fees are calculated based on the full epoch duration
Parameters
| Name | Type | Description |
|---|---|---|
| activeTotalAssets | uint256 |
Return Values
| Name | Type | Description |
|---|---|---|
| managementFee | uint256 | The management fee amount in underlying asset units |
| performanceFee | uint256 | The performance fee amount in underlying asset units |
_managementFeeAmount
function _managementFeeAmount(uint256 feeTotalAssets) internal view returns (uint256)
Calculate management fee amount
Parameters
| Name | Type | Description |
|---|---|---|
| feeTotalAssets | uint256 | The total assets to calculate management fee for |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | The management fee amount in underlying asset units |
_performanceFeeAmount
function _performanceFeeAmount(uint256 feeTotalAssets) internal view returns (uint256)
Calculate performance fee amount
Performance fee calculation depends on the FeeType
Parameters
| Name | Type | Description |
|---|---|---|
| feeTotalAssets | uint256 | The total assets to calculate performance fee for |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | The performance fee amount in underlying asset units |
_getBenchmark
function _getBenchmark(enum OrionVault.FeeType feeType) internal view returns (uint256 benchmark, uint256 divisor)
Get benchmark value based on fee model type
Parameters
| Name | Type | Description |
|---|---|---|
| feeType | enum OrionVault.FeeType | The fee type to get benchmark for |
Return Values
| Name | Type | Description |
|---|---|---|
| benchmark | uint256 | The benchmark value |
| divisor | uint256 | The divisor value |
_getHurdlePrice
function _getHurdlePrice(uint256 currentSharePrice) internal view returns (uint256)
Get hurdle price amount based on configured risk-free rate
Parameters
| Name | Type | Description |
|---|---|---|
| currentSharePrice | uint256 | The current share price to calculate hurdle from |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | The hurdle price |
claimVaultFees
function claimVaultFees(uint256 amount) external
Claim accrued vault fees
Parameters
| Name | Type | Description |
|---|---|---|
| amount | uint256 | The amount of vault fees to claim |
pendingDeposit
function pendingDeposit(uint256 fulfillBatchSize) external view returns (uint256)
Get total pending deposit amount across all users
This returns asset amounts, not share amounts
Parameters
| Name | Type | Description |
|---|---|---|
| fulfillBatchSize | uint256 | The maximum number of requests to process per fulfill call |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | Total pending deposits denominated in underlying asset units (e.g., USDC, ETH) |
pendingRedeem
function pendingRedeem(uint256 fulfillBatchSize) external view returns (uint256)
Get total pending redemption shares across all users
This returns share amounts, not underlying asset amounts
Parameters
| Name | Type | Description |
|---|---|---|
| fulfillBatchSize | uint256 | The maximum number of requests to process per fulfill call |
Return Values
| Name | Type | Description |
|---|---|---|
| [0] | uint256 | Total pending redemptions denominated in vault share units |
accrueVaultFees
function accrueVaultFees(uint256 managementFee, uint256 performanceFee) external
Accrue vault fees for a specific epoch
Parameters
| Name | Type | Description |
|---|---|---|
| managementFee | uint256 | The amount of management fees to accrue in underlying asset units |
| performanceFee | uint256 | The amount of performance fees to accrue in underlying asset units |
fulfillDeposit
function fulfillDeposit(uint256 depositTotalAssets) external
Process all pending deposit requests and mint shares to depositors
Parameters
| Name | Type | Description |
|---|---|---|
| depositTotalAssets | uint256 | The total assets associated with the deposit requests |
fulfillRedeem
function fulfillRedeem(uint256 redeemTotalAssets) external
Process all pending redemption requests and burn shares from redeemers
Parameters
| Name | Type | Description |
|---|---|---|
| redeemTotalAssets | uint256 | The total assets associated with the redemption requests |