Vault

The vault contract is a single-asset pool, used by bots to take flash-loans. Depositors of tokens into flash loan vaults benefit from fees paid when their vault is accessed for flash loans; the greater the volume, the more fees generated. Flash loan vaults are a great source of yield with no impermanent loss.

Fees

There are three types of fees associated to the vaults, namely flash_loan_fee, protocol_fee and burn_fee. The flash_loan_fee remains in the vault, which makes the share's value of the liquidity provides to increase, benefiting all LPs.

The protocol_fee goes to the protocol, and it is to be collected by the Fee Collector contract of the Liquidity Hub. The protocol revenue is then distributed to WHALE stakers in the form of token buybacks.

The burn_fee is used to burn a portion of the tokens when a flash-loan takes place.

Feature toggle

Pools contain a feature toggle, containing the following properties: withdraw_enabled, deposit_enabled and flash_loan_enabled. Those features are ON by default, but could be changed via governance. They could be changed in different scenarios, the ones we could envision include for example if a critical bug is found in a given feature, it could be shut down while is being fixed to avoid exploits. Additionally, if for example liquidity is desired to be migrated to another pool, deposits could be disabled to prevent bots or users to deposit liquidity in the pool.

The code for the vault contract can be found here.

The following are the messages that can be executed on the vault:

Instantiate

Instantiates a vault. Includes providing information about the asset infos, token contract code id and fees among others.

{% tabs %} {% tab title="Native/IBC token" %}

{
  "owner": "inj1...",
  "asset_info": {
    "native_token": {
      "denom": "inj"
    }
  },
  "token_id": 123,
  "vault_fees": {
    "protocol_fee": {
      "share": "0.01"
    },
    "flash_loan_fee": {
      "share": "0.02"
    },
    "burn_fee": {
      "share": "0.01"
    }
  },
  "fee_collector_addr": "inj1...",
  "token_factory_lp": true
}

{% endtab %}

{% tab title="CW20 token" %}

{
  "owner": "juno1...",
  "asset_info": {
    "token": {
      "contract_addr": "juno1..."
    }
  },
  "token_id": 123,
  "vault_fees": {
    "protocol_fee": {
      "share": "0.01"
    },
    "flash_loan_fee": {
      "share": "0.02"
    },
    "burn_fee": {
      "share": "0.01"
    }
  },
  "fee_collector_addr": "juno1...",
  "token_factory_lp": true
}

{% endtab %} {% endtabs %}

Key	Type	Description
`owner`	String	Contract owner address
`asset_info`	AssetInfo	The asset info the vault shoudl manage
`token_id`	u64	The code ID of the liquidity token to instantiate
`vault_fees`	VaultFee	The fees used for the vault
`fee_collector_addr`	String	The address of the fee collector contract
`token_factory_lp`	bool	If true, the vault will use the token factory to create the LP token. If false, it will use a cw20 token instead

Migrate

Migrates the vault contract.

{}

ExecuteMsg

Deposit

Deposits an amount of the vault's asset. The vault issues to the sender an amount of LP tokens proportional to the shares of the deposited amount into the vault. Note that in case of depositing a cw20 token, the message increase_allowance should be called on the cw20 token contract before you can transfer cw20 tokens to the vault.

{
  "deposit": {
    "amount": "1000"
  }
}

Key	Type	Description
`amount`	Uint128	Amount to be deposited in the vault

Flashloan

Performs a flash loan operation, executing the provided message. The msg is a message in base64 of the operation to be executed with the flash loan.

{
  "flash_loan": {
    "amount": "1000",
    "msg": ""
  }
}

Key	Type	Description
`amount`	Uint128	Amount for the flash loan
`msg`	Binary	Message to be executed with the flash loan, encoded in base64

Collect protocol fees

Sends the accrued vault fees to the Fee Collector. This action can be triggered by anyone.

{
  "collect_protocol_fees": {}
}

Callback

This message triggers a CallbackMsg message, e.g. AfterTrade which makes sure the borrowed funds plus vault fees are returned after executing a flash loan. This message can only be called internally by the vault contract.

{
  "callback": {
    "after_trade": {
      "old_balance": "10000",
      "loan_amount": "10000"
    }
  }
}

Key	Type	Description
`after_trade`	CallbackMsg::AfterTrade	Callback parameters verified balances by the end of the flash loan execution

Update config

Updates the configuration of the vault.

{
  "update_config": {
    "flash_loan_enabled": true,
    "deposit_enabled": true,
    "withdraw_enabled": true,
    "new_owner": "inj1...",
    "new_vault_fees": {
      "protocol_fee": {
        "share": "0.01"
      },
      "flash_loan_fee": {
        "share": "0.02"
      },
      "burn_fee": {
        "share": "0.01"
      }
    },
    "new_fee_collector_addr": "inj1..."
  }
}

Key	Type	Description
`flash_loan_enabled`	Option<bool>	Toggle for the flash loan functionality
`deposit_enabled`	Option<bool>	Toggle for the deposit functionality
`withdraw_enabled`	Option<bool>	Toggle for the withdraw functionality
`new_owner`	Option<String>	New owner address
`new_vault_fees`	Option<VaultFee>	New vault fees
`new_fee_collector_addr`	Option<String>	New fee collector address

Withdraw

To withdraw from the vault, the user must burn the LP tokens they hold. To do that, the Send message from the cw20 token contract should be used together with the Cw20HookMsg::Withdraw message.

The following should be sent to the LP (CW20 token) contract.

{
  "send": {
    "contract": "vault_contract",
    "amount": "1000",
    "msg": "ewogICJ3aXRoZHJhdyI6IHt9Cn0="
  }
}

where ewogICJ3aXRoZHJhdyI6IHt9Cn0= is the base64 encoded message:

{
  "withdraw": {}
}

Key	Type	Description
`contract`	String	Vault contract address
`amount`	String	Amount of LP tokens to be withdrawn
`msg`	Binary	The `Cw20HookMsg::Withdraw` message

Queries

Config

Retrieves the configuration of the contract in a Config response.

{% tabs %} {% tab title="Query" %}

{
  "config": {}
}

{% endtab %}

{% tab title="Response (Config)" %}

{
  "owner": "juno1...",
  "asset_info": {
    "native_token": {
      "denom": "ujuno"
    }
  },
  "flash_loan_enabled": true,
  "deposit_enabled": true,
  "withdraw_enabled": true,
  "lp_asset": {
    "native_token": {
      "denom": "factory/migaloo1.../uLP"
    }
  },
  "fee_collector_addr": "juno1...",
  "fees": {
    "protocol_fee": {
      "share": "0.001"
    },
    "flash_loan_fee": {
      "share": "0.002"
    },
    "burn_fee": {
      "share": "0.001"
    }
  }
}

Key	Type	Description
`owner`	Addr	The owner of the vault
`asset_info`	AssetInfo	The asset info the vault manages
`flash_loan_enabled`	bool	If flash-loans are enabled
`deposit_enabled`	bool	If deposits are enabled
`withdraw_enabled`	bool	If withdrawals are enabled
`lp_asset`	AssetInfo	The LP Asset
`fee_collector_addr`	Addr	The address of the fee collector
`fees`	VaultFee	The fees associated with this vault

{% endtab %} {% endtabs %}

Get payback amount

Retrieves the Uint128 amount that must be sent back to the contract to pay off a loan taken out, in a PaybackAmountResponse response.

{% tabs %} {% tab title="Query" %}

{
  "get_payback_amount": {
    "amount": "10000"
  }
}

Key	Type	Description
`amount`	Uint128	Amount that must be sent back to the contract to pay off a loan taken out

{% endtab %}

{% tab title="Response (PaybackAmountResponse)" %}

{
  "payback_amount": "10030",
  "protocol_fee": "10",
  "flash_loan_fee": "20",
  "burn_fee": "20"
}

Key	Type	Description
`payback_amount`	Uint128	The total amount that must be returned. Equivalent to `amount` + `protocol_fee` + `flash_loan_fee`
`protocol_fee`	Uint128	The amount of fee paid to the protocol
`flash_loan_fee`	Uint128	The amount of fee paid to vault holders
`burn_fee`	Uint128	Fees that would be burned, if any, by executing a flashloan

{% endtab %} {% endtabs %}

Protocol fees

Retrieves the protocol fees on the vault. If all_time is true, it will return the fees collected since the inception of the vault. On the other hand, if all_time is set to false, only the fees that has been accrued by the vault but not collected by the fee collector will be returned.

{% tabs %} {% tab title="Query" %}

{
  "protocol_fees": {
    "all_time": false
  }
}

Key	Type	Description
`all_time`	bool	If `true`, will return the all time collected fees

{% endtab %}

{% tab title="Response (ProtocolFeesResponse)" %}

{
  "fees": {
    "info": {
      "native_token": {
        "denom": "ujuno"
      }
    },
    "amount": "47516"
  }
}

Key	Type	Description
`fees`	Asset	Fees collected accrued the vault

{% endtab %} {% endtabs %}

Burned fees

Retrieves the fees that have been burned by vault.

{% tabs %} {% tab title="Query" %}

{
  "burned_fees": {}
}

{% endtab %}

{% tab title="Response (ProtocolFeesResponse)" %}

{
  "fees": {
    "info": {
      "native_token": {
        "denom": "uhuahua"
      }
    },
    "amount": "47516"
  }
}

Key	Type	Description
`fees`	Asset	Fees burned by the vault

{% endtab %} {% endtabs %}

Share

Retrieves the share of the assets stored in the vault that a given amount of lp tokens is entitled to in a Uint128 response.

{% tabs %} {% tab title="Query" %}

{
  "share": {
    "amount": "1000"
  }
}

Key	Type	Description
`amount`	Uint128	Amount of LP tokens to calculate the share of the assets stored in the vault

{% endtab %}

{% tab title="Response (Uint128)" %}

{
  "data": "10002558"
}

Key	Type	Description
`data`	Uint128	The share of assets sotred in the vault that the given `amount` of LP tokens is entitled to

{% endtab %} {% endtabs %}

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vault.md

vault.md

Vault

Fees

Feature toggle

Instantiate

Migrate

ExecuteMsg

Deposit

Flashloan

Collect protocol fees

Callback

Update config

Withdraw

Queries

Config

Get payback amount

Protocol fees

Burned fees

Share

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Vault

Fees

Feature toggle

Instantiate

Migrate

ExecuteMsg

Deposit

Flashloan

Collect protocol fees

Callback

Update config

Withdraw

Queries

Config

Get payback amount

Protocol fees

Burned fees

Share