DebtAllocator.sol
Author: yearn.finance
This Debt Allocator is meant to be used alongside
a Yearn V3 vault to provide the needed triggers for a keeper
to perform automated debt updates for the vaults strategies.
Each allocator contract will serve one Vault and each strategy
that should be managed by this allocator will need to be added
manually by setting a targetRatio and maxRatio.
The allocator aims to allocate debt between the strategies
based on their set target ratios. Which are denominated in basis
points and represent the percent of total assets that specific
strategy should hold.
The trigger will attempt to allocate up to the maxRatio when
the strategy has minimumChange amount less than the targetRatio.
And will pull funds from the strategy when it has minimumChange
more than its maxRatio.
State Variables
MAX_BPS
uint256 internal constant MAX_BPS = 10_000;
factory
Address to get permissioned roles from.
address public immutable factory;
vault
Address of the vault this serves as allocator for.
address public vault;
minimumWait
Time to wait between debt updates in seconds.
uint256 public minimumWait;
minimumChange
The minimum amount denominated in asset that will
uint256 public minimumChange;
totalDebtRatio
Total debt ratio currently allocated in basis points.
uint256 public totalDebtRatio;
maxDebtUpdateLoss
Max loss to accept on debt updates in basis points.
uint256 public maxDebtUpdateLoss;
managers
Mapping of addresses that are allowed to update debt ratios.
mapping(address => bool) public managers;
_configs
Mapping of strategy => its config.
mapping(address => Config) internal _configs;
Functions
onlyGovernance
Make sure the caller is governance.
modifier onlyGovernance();
onlyManagers
Make sure the caller is governance or a manager.
modifier onlyManagers();
onlyKeepers
Make sure the caller is a keeper
modifier onlyKeepers();
_isGovernance
Check the Factories governance address.
function _isGovernance() internal view virtual;
_isManager
Check is either factories governance or local manager.
function _isManager() internal view virtual;
_isKeeper
Check is one of the allowed keepers.
function _isKeeper() internal view virtual;
constructor
constructor();
initialize
Initializes the debt allocator.
Should be called atomically after cloning.
function initialize(address _vault, uint256 _minimumChange) public virtual;
Parameters
| Name | Type | Description |
|---|---|---|
_vault | address | Address of the vault this allocates debt for. |
_minimumChange | uint256 | The minimum in asset that must be moved. |
update_debt
Debt update wrapper for the vault.
This can be used if a minimum time between debt updates is desired to be used for the trigger and to enforce a max loss. This contract must have the DEBT_MANAGER role assigned to them. The function signature matches the vault so no update to the call data is required. This will also run checks on losses realized during debt updates to assure decreases did not realize profits outside of the allowed range.
function update_debt(address _strategy, uint256 _targetDebt) public virtual onlyKeepers;
shouldUpdateDebt
Check if a strategy's debt should be updated.
This should be called by a keeper to decide if a strategies debt should be updated and if so by how much.
function shouldUpdateDebt(address _strategy) public view virtual returns (bool, bytes memory);
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | Address of the strategy to check. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | bool | . Bool representing if the debt should be updated. |
<none> | bytes | . Calldata if true or reason if false. |
increaseStrategyDebtRatio
Increase a strategies target debt ratio.
setStrategyDebtRatio functions will do all needed checks.
function increaseStrategyDebtRatio(address _strategy, uint256 _increase) external virtual;
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | The address of the strategy to increase the debt ratio for. |
_increase | uint256 | The amount in Basis Points to increase it. |
decreaseStrategyDebtRatio
Decrease a strategies target debt ratio.
function decreaseStrategyDebtRatio(address _strategy, uint256 _decrease) external virtual;
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | The address of the strategy to decrease the debt ratio for. |
_decrease | uint256 | The amount in Basis Points to decrease it. |
setStrategyDebtRatio
Sets a new target debt ratio for a strategy.
This will default to a 20% increase for max debt.
function setStrategyDebtRatio(address _strategy, uint256 _targetRatio) public virtual;
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | Address of the strategy to set. |
_targetRatio | uint256 | Amount in Basis points to allocate. |
setStrategyDebtRatio
Sets a new target debt ratio for a strategy.
A minimumChange for that strategy must be set first.
This is to prevent debt from being updated too frequently.
function setStrategyDebtRatio(address _strategy, uint256 _targetRatio, uint256 _maxRatio) public virtual onlyManagers;
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | Address of the strategy to set. |
_targetRatio | uint256 | Amount in Basis points to allocate. |
_maxRatio | uint256 | Max ratio to give on debt increases. |
removeStrategy
Remove a strategy from this debt allocator.
Will delete the full config for the strategy
function removeStrategy(address _strategy) external virtual onlyManagers;
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | Address of the address ro remove. |
setMinimumChange
Set the minimum change variable for a strategy.
This is the minimum amount of debt to be added or pulled for it to trigger an update.
function setMinimumChange(uint256 _minimumChange) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_minimumChange | uint256 | The new minimum to set for the strategy. |
setMaxDebtUpdateLoss
Set the max loss in Basis points to allow on debt updates.
Withdrawing during debt updates use redeem which allows for 100% loss.
This can be used to assure a loss is not realized on redeem outside the tolerance.
function setMaxDebtUpdateLoss(uint256 _maxDebtUpdateLoss) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_maxDebtUpdateLoss | uint256 | The max loss to accept on debt updates. |
setMinimumWait
Set the minimum time to wait before re-updating a strategies debt.
This is only enforced per strategy.
function setMinimumWait(uint256 _minimumWait) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_minimumWait | uint256 | The minimum time in seconds to wait. |
setManager
Set if a manager can update ratios.
function setManager(address _address, bool _allowed) external virtual onlyGovernance;
Parameters
| Name | Type | Description |
|---|---|---|
_address | address | The address to set mapping for. |
_allowed | bool | If the address can call update_debt. |
getConfig
Get a strategies full config.
Used for customizations by inheriting the contract.
function getConfig(address _strategy) public view virtual returns (Config memory);
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | Address of the strategy. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | Config | The strategies current Config. |
getStrategyTargetRatio
Get a strategies target debt ratio.
function getStrategyTargetRatio(address _strategy) external view virtual returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | Address of the strategy. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | uint256 | The strategies current targetRatio. |
getStrategyMaxRatio
Get a strategies max debt ratio.
function getStrategyMaxRatio(address _strategy) external view virtual returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
_strategy | address | Address of the strategy. |
Returns
| Name | Type | Description |
|---|---|---|
<none> | uint256 | The strategies current maxRatio. |
Events
UpdateStrategyDebtRatio
An event emitted when a strategies debt ratios are Updated.
event UpdateStrategyDebtRatio(
address indexed strategy, uint256 newTargetRatio, uint256 newMaxRatio, uint256 newTotalDebtRatio
);
StrategyChanged
An event emitted when a strategy is added or removed.
event StrategyChanged(address indexed strategy, Status status);
UpdateMinimumWait
An event emitted when the minimum time to wait is updated.
event UpdateMinimumWait(uint256 newMinimumWait);
UpdateMinimumChange
An event emitted when the minimum change is updated.
event UpdateMinimumChange(uint256 newMinimumChange);
UpdateManager
An event emitted when a keeper is added or removed.
event UpdateManager(address indexed manager, bool allowed);
UpdateMaxDebtUpdateLoss
An event emitted when the max debt update loss is updated.
event UpdateMaxDebtUpdateLoss(uint256 newMaxDebtUpdateLoss);
Structs
Config
Struct for each strategies info.
struct Config {
bool added;
uint16 targetRatio;
uint16 maxRatio;
uint96 lastUpdate;
uint120 open;
}
Enums
Status
Status when a strategy is added or removed from the allocator.
enum Status {
NULL,
ADDED,
REMOVED
}