Strategy: Deposits and Redemptions

Multi-asset deposits

The strategy accepts multiple ERC-20 tokens for deposits. Each listed token has its own pricing converter (IAssetConverter) and optional deposit fee. There is no ERC-4626 deposit(assets, receiver); the token address is always an explicit parameter.

Deposit asset management

Deposit and mint entrypoints

All deposit/mint paths require deposit not paused and are nonReentrant. Blocklist checks run on both sender and receiver.

// Deposit exact token amount, receive shares
uint256 shares = strategy.deposit(token, assets, receiver);
 
// Deposit exact token amount with slippage guard (reverts if shares < minSharesOut)
uint256 shares = strategy.deposit(token, assets, receiver, minSharesOut);
 
// Mint exact share amount, pay required tokens
uint256 assets = strategy.mint(token, shares, receiver);
 
// Mint exact share amount with cost cap (reverts if assets > maxAssetsIn)
uint256 assets = strategy.mint(token, shares, receiver, maxAssetsIn);

Deposit flow (step by step)

1. Blocklist check on msg.sender and receiver.
2. Management fee auto-accrual: mints any pending management fee shares to treasury before supply changes. See Fee System.
3. safeTransferFrom(sender, strategy, assets): pulls the full gross amount from the sender.
4. Fee split: feeAssets = assets × depositFeeBps / 10_000 (ceiling). netAssets = assets - feeAssets.
   • If feeAssets > 0, transfers fee tokens to feeTreasury. Reverts StrategyDeposit_FeeTreasuryNotSet if treasury is not configured.
5. Convert: IAssetConverter(converter).toBaseUnits(netAssets, Floor) translates net deposit tokens into strategy base units.
6. Share mint: _convertToShares(baseUnits, Floor) → mints shares to receiver. Emits Deposit(sender, receiver, token, netAssets, shares, feeAssets).
7. Default shard routing: if defaultShard != address(0), transfers netAssets of the deposit token to the default shard. Emits DepositRoutedToDefaultShard. This is the primary mechanism for deploying freshly deposited capital.

Preview and conversion functions

Asset converters

Every listed deposit token requires an IAssetConverter to translate between token units and strategy base units (the underlying asset’s units).

interface IAssetConverter {
    function toBaseUnits(uint256 amount, Math.Rounding rounding) external view returns (uint256);
    function fromBaseUnits(uint256 amount, Math.Rounding rounding) external view returns (uint256);
}

Four concrete implementations are provided:

Accounting

Deposit shares and redemption assets are calculated from the strategy’s externally posted pricePerShare. See Accounting for the full NAV, conversion, and rate-limiter model.

Async redemptions

Redemptions are not immediate. Users burn shares upfront via requestRedeem; an operator with PAY_REDEMPTIONS_ROLE fulfils pending requests in a later transaction once the strategy has sufficient balance for the redemption asset available.

Lifecycle

requestRedeem

uint256 requestId = strategy.requestRedeem(shares, owner);

• Requires redeem not paused; nonReentrant.
• If msg.sender != owner, spends ERC-20 allowance from owner to msg.sender.
• Blocklist check on owner.
• Management fee auto-accrual before share burn.
• Redeem fee (if configured and feeTreasury is set): feeShares = shares × redeemFeeBps / 10_000 (ceiling). Fee shares are transferred from owner to feeTreasury. If feeShares >= shares, reverts AsyncRedemption_FeeSharesGreaterThanShares.
• netShares = shares - feeShares are burned from owner.
• pendingAssets = netShares × pricePerShare / 10^decimals() (floor) is recorded.
• A new requestId (monotonic from 1) is assigned and the request is stored.
• Emits RedeemRequested(requestId, owner, caller, pendingAssets, netShares, feeShares).

Pending request queries

fulfillRedeemRequests

strategy.fulfillRedeemRequests([requestId1, requestId2, ...]);

• Requires PAY_REDEMPTIONS_ROLE; nonReentrant.
• Not blocked by deposit pause, redeem pause, or ERC-20 transfer pause: payout always proceeds once queued.
• For each requestId:
  • Reverts AsyncRedemption_NothingToFulfill(requestId) if pendingAssets == 0.
  • Subtracts from global totalPendingShares and totalPendingAssets.
  • Deletes the request record.
  • safeTransfer(asset(), owner, pendingAssets) transfers directly to the request owner. No separate user claim step required.
  • Emits Redeem(operator, owner, assets, shares).
• Emits RedeemRequestsFulfilled(requestIds) after the batch.

Important: The strategy’s asset() balance must be sufficient at the time safeTransfer is called. If shards hold the assets off-chain, they must call pushToStrategy(asset, amount) before the operator calls fulfillRedeemRequests. The ERC-20 transfer will revert if the balance is insufficient.

Setting the redeem fee

strategy.setRedeemFeeBps(bps);   // DEFAULT_ADMIN_ROLE; bps < 10_000

A fee of 0 bps (or an unset treasury) means no shares are deducted.