Merge branch 'jun/PAG-C-01' into jun/PAG-M-04

src/IonPool.sol

@@ -478,7 +478,10 @@ contract IonPool is PausableUpgradeable, RewardToken {
         Ilk storage ilk = $.ilks[ilkIndex];
 
         uint256 _totalNormalizedDebt = ilk.totalNormalizedDebt;
-        if (_totalNormalizedDebt == 0 || block.timestamp == ilk.lastRateUpdate) {
+        // Because all interest that would have accrued during a pause is
+        // cancelled upon `unpause`, we return zero interest while markets are
+        // paused.
+        if (_totalNormalizedDebt == 0 || block.timestamp == ilk.lastRateUpdate || paused()) {
             // Unsafe cast OK
             // block.timestamp - ilk.lastRateUpdate will almost always be 0
             // here. The exception is on first borrow.

src/interfaces/IIonPool.sol

@@ -234,4 +234,5 @@ interface IIonPool {
     function getTotalUnderlyingClaims() external view returns (uint256);
     function getUnderlyingClaimOf(address user) external view returns (uint256);
     function extsload(bytes32 slot) external view returns (bytes32);
+    function balanceOfUnaccrued(address user) external view returns (uint256);
 }

src/token/RewardToken.sol

@@ -459,6 +459,14 @@ abstract contract RewardToken is
         return $._normalizedBalances[user].rayMulDown($.supplyFactor + totalSupplyFactorIncrease);
     }
 
+    /**
+     * @dev Current claim of the underlying token without accounting for interest to be accrued.
+     */
+    function balanceOfUnaccrued(address user) public view returns (uint256) {
+        RewardTokenStorage storage $ = _getRewardTokenStorage();
+        return $._normalizedBalances[user].rayMulDown($.supplyFactor);
+    }
+
     /**
      * @dev Accounting is done in normalized balances
      * @param user to get normalized balance of
@@ -519,9 +527,9 @@ abstract contract RewardToken is
             return 0;
         }
 
-        (uint256 totalSupplyFactorIncrease,,,,) = calculateRewardAndDebtDistribution();
+        (uint256 totalSupplyFactorIncrease, uint256 totalTreasuryMintAmount,,,) = calculateRewardAndDebtDistribution();
 
-        return _normalizedTotalSupply.rayMulDown($.supplyFactor + totalSupplyFactorIncrease);
+        return _normalizedTotalSupply.rayMulDown($.supplyFactor + totalSupplyFactorIncrease) + totalTreasuryMintAmount;
     }
 
     function normalizedTotalSupplyUnaccrued() public view returns (uint256) {

src/vault/Vault.sol

@@ -86,14 +86,22 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
         int256 assets;
     }
 
+    struct MarketsArgs {
+        IIonPool[] marketsToAdd;
+        uint256[] allocationCaps;
+        IIonPool[] newSupplyQueue;
+        IIonPool[] newWithdrawQueue;
+    }
+
     constructor(
         IERC20 _baseAsset,
         address _feeRecipient,
         uint256 _feePercentage,
         string memory _name,
         string memory _symbol,
         uint48 initialDelay,
-        address initialDefaultAdmin
+        address initialDefaultAdmin,
+        MarketsArgs memory marketsArgs
     )
         ERC4626(_baseAsset)
         ERC20(_name, _symbol)
@@ -105,6 +113,13 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
         feeRecipient = _feeRecipient;
 
         DECIMALS_OFFSET = uint8(_zeroFloorSub(uint256(18), IERC20Metadata(address(_baseAsset)).decimals()));
+
+        _addSupportedMarkets(
+            marketsArgs.marketsToAdd,
+            marketsArgs.allocationCaps,
+            marketsArgs.newSupplyQueue,
+            marketsArgs.newWithdrawQueue
+        );
     }
 
     /**
@@ -115,6 +130,7 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
      */
     function updateFeePercentage(uint256 _feePercentage) external onlyRole(OWNER_ROLE) {
         if (_feePercentage > RAY) revert InvalidFeePercentage();
+        _accrueFee();
         feePercentage = _feePercentage;
     }
 
@@ -138,13 +154,24 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
      * @param newWithdrawQueue Desired withdraw queue of IonPools for all resulting supported markets.
      */
     function addSupportedMarkets(
-        IIonPool[] calldata marketsToAdd,
-        uint256[] calldata allocationCaps,
-        IIonPool[] calldata newSupplyQueue,
-        IIonPool[] calldata newWithdrawQueue
+        IIonPool[] memory marketsToAdd,
+        uint256[] memory allocationCaps,
+        IIonPool[] memory newSupplyQueue,
+        IIonPool[] memory newWithdrawQueue
     )
-        public
+        external
         onlyRole(OWNER_ROLE)
+    {
+        _addSupportedMarkets(marketsToAdd, allocationCaps, newSupplyQueue, newWithdrawQueue);
+    }
+
+    function _addSupportedMarkets(
+        IIonPool[] memory marketsToAdd,
+        uint256[] memory allocationCaps,
+        IIonPool[] memory newSupplyQueue,
+        IIonPool[] memory newWithdrawQueue
+    )
+        internal
     {
         if (marketsToAdd.length != allocationCaps.length) revert MarketsAndAllocationCapLengthMustBeEqual();
 
@@ -167,8 +194,8 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
             }
         }
 
-        updateSupplyQueue(newSupplyQueue);
-        updateWithdrawQueue(newWithdrawQueue);
+        _updateSupplyQueue(newSupplyQueue);
+        _updateWithdrawQueue(newWithdrawQueue);
     }
 
     /**
@@ -211,16 +238,20 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
                 ++i;
             }
         }
-        updateSupplyQueue(newSupplyQueue);
-        updateWithdrawQueue(newWithdrawQueue);
+        _updateSupplyQueue(newSupplyQueue);
+        _updateWithdrawQueue(newWithdrawQueue);
     }
 
     /**
      * @notice Update the order of the markets in which user deposits are supplied.
      * @dev Each IonPool in the queue must be part of the `supportedMarkets` set.
      * @param newSupplyQueue The new supply queue ordering.
      */
-    function updateSupplyQueue(IIonPool[] calldata newSupplyQueue) public onlyRole(ALLOCATOR_ROLE) {
+    function updateSupplyQueue(IIonPool[] memory newSupplyQueue) external onlyRole(ALLOCATOR_ROLE) {
+        _updateSupplyQueue(newSupplyQueue);
+    }
+
+    function _updateSupplyQueue(IIonPool[] memory newSupplyQueue) internal {
         _validateQueueInput(newSupplyQueue);
 
         supplyQueue = newSupplyQueue;
@@ -233,7 +264,11 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
      * @dev The IonPool in the queue must be part of the `supportedMarkets` set.
      * @param newWithdrawQueue The new withdraw queue ordering.
      */
-    function updateWithdrawQueue(IIonPool[] calldata newWithdrawQueue) public onlyRole(ALLOCATOR_ROLE) {
+    function updateWithdrawQueue(IIonPool[] memory newWithdrawQueue) external onlyRole(ALLOCATOR_ROLE) {
+        _updateWithdrawQueue(newWithdrawQueue);
+    }
+
+    function _updateWithdrawQueue(IIonPool[] memory newWithdrawQueue) internal {
         _validateQueueInput(newWithdrawQueue);
 
         withdrawQueue = newWithdrawQueue;
@@ -249,7 +284,7 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
      * The above rule enforces that the queue must have all and only the elements in the `supportedMarkets` set.
      * @param queue The queue being validated.
      */
-    function _validateQueueInput(IIonPool[] calldata queue) internal view {
+    function _validateQueueInput(IIonPool[] memory queue) internal view {
         uint256 _supportedMarketsLength = supportedMarkets.length();
         uint256 queueLength = queue.length;
 
@@ -343,6 +378,8 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
                 // to the user from the previous function scope.
                 if (pool != IDLE) {
                     pool.withdraw(address(this), transferAmt);
+                } else {
+                    currentIdleDeposits -= transferAmt;
                 }
 
                 totalWithdrawn += transferAmt;
@@ -372,6 +409,8 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
                 // contract.
                 if (pool != IDLE) {
                     pool.supply(address(this), transferAmt, new bytes32[](0));
+                } else {
+                    currentIdleDeposits += transferAmt;
                 }
 
                 totalSupplied += transferAmt;
@@ -421,12 +460,16 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
 
                 // For the IDLE pool, decrement the accumulator at the end of this
                 // loop, but no external interactions need to be made as the assets
-                // are already on this contract' balance.
+                // are already on this contract' balance. If the pool supply
+                // reverts, simply skip to the next iteration.
                 if (pool != IDLE) {
-                    pool.supply(address(this), toSupply, new bytes32[](0));
+                    try pool.supply(address(this), toSupply, new bytes32[](0)) {
+                        assets -= toSupply;
+                    } catch { }
+                } else {
+                    assets -= toSupply;
                 }
 
-                assets -= toSupply;
                 if (assets == 0) return;
             }
 
@@ -458,12 +501,17 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
                 uint256 toWithdraw = Math.min(withdrawable, assets);
 
                 // For the `IDLE` pool, they are already on this contract's
-                // balance. Update `assets` accumulator but don't actually transfer.
+                // balance. Update `assets` accumulator but don't actually
+                // transfer. If the pool withdraw reverts, simply skip to the
+                // next iteration.
                 if (pool != IDLE) {
-                    pool.withdraw(address(this), toWithdraw);
+                    try pool.withdraw(address(this), toWithdraw) {
+                        assets -= toWithdraw;
+                    } catch { }
+                } else {
+                    assets -= toWithdraw;
                 }
 
-                assets -= toWithdraw;
                 if (assets == 0) return;
             }
 
@@ -705,9 +753,7 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
 
     function _deposit(address caller, address receiver, uint256 assets, uint256 shares) internal override {
         super._deposit(caller, receiver, assets, shares);
-
         _supplyToIonPool(assets);
-
         _updateLastTotalAssets(lastTotalAssets + assets);
     }
 
@@ -750,7 +796,12 @@ contract Vault is ERC4626, Multicall, AccessControlDefaultAdminRules, Reentrancy
         (feeShares, newTotalAssets) = _accruedFeeShares();
         newTotalSupply = totalSupply() + feeShares;
 
-        assets = _convertToAssetsWithTotals(balanceOf(owner), newTotalSupply, newTotalAssets, Math.Rounding.Floor);
+        uint256 shareBalances = balanceOf(owner);
+        if (owner == feeRecipient) {
+            shareBalances += feeShares;
+        }
+
+        assets = _convertToAssetsWithTotals(shareBalances, newTotalSupply, newTotalAssets, Math.Rounding.Floor);
 
         assets -= _simulateWithdrawIon(assets);
     }

src/vault/VaultFactory.sol

@@ -3,13 +3,16 @@ pragma solidity 0.8.21;
 
 import { Vault } from "./Vault.sol";
 import { IERC20 } from "openzeppelin-contracts/contracts/interfaces/IERC20.sol";
+import { SafeERC20 } from "openzeppelin-contracts/contracts/token/ERC20/utils/SafeERC20.sol";
 
 /**
  * @title Ion Lending Vault Factory
  * @author Molecular Labs
  * @notice Factory contract for deploying Ion Lending Vaults.
  */
 contract VaultFactory {
+    using SafeERC20 for IERC20;
+
     // --- Events ---
 
     event CreateVault(
@@ -25,7 +28,13 @@ contract VaultFactory {
     // --- External ---
 
     /**
-     * @notice Deploys a new Ion Lending Vault.
+     * @notice Deploys a new Ion Lending Vault. Transfers the `initialDeposit`
+     * amount of the base asset from the caller initiate the first deposit to
+     * the vault. The minimum `initialDeposit` is 1e3. If less, this call would
+     * underflow as it will always burn 1e3 shares of the total shares minted to
+     * defend against inflation attacks.
+     * @dev The 1e3 initial deposit amount was chosen to defend against
+     * inflation attacks, referencing the UniV2 LP token implementation.
      * @param baseAsset The asset that is being lent out to IonPools.
      * @param feeRecipient Address that receives the accrued manager fees.
      * @param feePercentage Fee percentage to be set.
@@ -34,6 +43,8 @@ contract VaultFactory {
      * @param initialDelay The initial delay for default admin transfers.
      * @param initialDefaultAdmin The initial default admin for the vault.
      * @param salt The salt used for CREATE2 deployment.
+     * @param marketsArgs Arguments for the markets to be added to the vault.
+     * @param initialDeposit The initial deposit to be made to the vault.
      */
     function createVault(
         IERC20 baseAsset,
@@ -43,16 +54,25 @@ contract VaultFactory {
         string memory symbol,
         uint48 initialDelay,
         address initialDefaultAdmin,
-        bytes32 salt
+        bytes32 salt,
+        Vault.MarketsArgs memory marketsArgs,
+        uint256 initialDeposit
     )
         external
         returns (Vault vault)
     {
-        // TODO use named args syntax
         vault = new Vault{ salt: salt }(
-            baseAsset, feeRecipient, feePercentage, name, symbol, initialDelay, initialDefaultAdmin
+            baseAsset, feeRecipient, feePercentage, name, symbol, initialDelay, initialDefaultAdmin, marketsArgs
         );
 
+        baseAsset.safeTransferFrom(msg.sender, address(this), initialDeposit);
+        baseAsset.approve(address(vault), initialDeposit);
+        uint256 sharesMinted = vault.deposit(initialDeposit, address(this));
+
+        // The factory keeps 1e3 shares to reduce inflation attack vector.
+        // Effectively burns this amount of shares by locking it in the factory.
+        vault.transfer(msg.sender, sharesMinted - 1e3);
+
         emit CreateVault(address(vault), baseAsset, feeRecipient, feePercentage, name, symbol, initialDefaultAdmin);
     }
 }