Pool

This contract manages a pool of assets, allowing for the creation and redemption of bond and leverage tokens. It also handles distribution periods and interacts with an oracle for price information.

The Pool is the core contract for the Plaza protocol. The pool holds all underlying assets for a particular set of programmable derivatives and handles the issuance and burn of all programmable derivatives related to its specific strategy or underlying. The first pool on Plaza has a mix of Ethereum liquid staking and liquid restaking tokens as the underlying assets and splits the total return of those ETH-related assets into two products targeted at different investor profiles, bondETH - a stabilized profile that received a coupon in USDC every quarter, and levETH - levered exposure to ETH. In this case, the pool contract holds all the ETH-related assets and issues the bondETH and levETH tokens.

Inherits: Initializable, PausableUpgradeable, ReentrancyGuardUpgradeable, OracleReader, Validator

State Variables

POINT_EIGHT

uint256 private constant POINT_EIGHT = 800000;

POINT_TWO

uint256 private constant POINT_TWO = 200000;

COLLATERAL_THRESHOLD

uint256 private constant COLLATERAL_THRESHOLD = 1200000;

PRECISION

uint256 private constant PRECISION = 1000000;

BOND_TARGET_PRICE

uint256 private constant BOND_TARGET_PRICE = 100;

COMMON_DECIMALS

uint8 private constant COMMON_DECIMALS = 18;

SECONDS_PER_YEAR

uint256 private constant SECONDS_PER_YEAR = 365 days;

MIN_LIQUIDATION_THRESHOLD

uint256 private constant MIN_LIQUIDATION_THRESHOLD = 90;

poolFactory

Pool factory contract

PoolFactory public poolFactory;

fee

Fee amount

uint256 private fee;

feeBeneficiary

Fee beneficiary address

address public feeBeneficiary;

lastFeeClaimTime

Last fee claim time

uint256 private lastFeeClaimTime;

liquidationThreshold

Liquidation threshold denoting the maximum percentage of reserve tokens that can be sold in an auction.

uint256 private liquidationThreshold;

reserveToken

Reserve token address

address public reserveToken;

bondToken

Bond token contract

BondToken public bondToken;

lToken

Leverage token contract

LeverageToken public lToken;

couponToken

Coupon token address

address public couponToken;

sharesPerToken

Shares per bond token

uint256 private sharesPerToken;

distributionPeriod

Distribution period in seconds

uint256 private distributionPeriod;

auctionPeriod

Auction period in seconds

uint256 private auctionPeriod;

lastDistribution

Last distribution timestamp in seconds

uint256 private lastDistribution;

auctions

Mapping to store auction addresses by their index

mapping(uint256 => address) public auctions;

Functions

constructor

Note: oz-upgrades-unsafe-allow: constructor

constructor();

initialize

Initializes the contract with the given parameters.

function initialize(
    address _poolFactory,
    uint256 _fee,
    address _reserveToken,
    address _dToken,
    address _lToken,
    address _couponToken,
    uint256 _sharesPerToken,
    uint256 _distributionPeriod,
    address _feeBeneficiary,
    address _oracleFeeds
) public initializer;

Parameters

Name	Type	Description
_poolFactory	address	Address of the pool factory contract.
_fee	uint256	Fee percentage for the pool.
_reserveToken	address	Address of the reserve token.
_dToken	address	Address of the bond token.
_lToken	address	Address of the leverage token.
_couponToken	address	Address of the coupon token.
_sharesPerToken	uint256	Initial shares per bond per distribution period.
_distributionPeriod	uint256	Initial distribution period in seconds.
_feeBeneficiary	address
_oracleFeeds	address	Address of the OracleFeeds contract.

setLiquidationThreshold

Sets the liquidation threshold. Cannot be set below 90%.

function setLiquidationThreshold(uint256 _liquidationThreshold) external onlyRole(poolFactory.GOV_ROLE());

Parameters

Name	Type	Description
_liquidationThreshold	uint256	The new liquidation threshold value.

create

Creates new tokens by depositing reserve tokens.

function create(TokenType tokenType, uint256 depositAmount, uint256 minAmount)
    external
    whenNotPaused
    nonReentrant
    returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of token to create (BOND or LEVERAGE).
depositAmount	uint256	The amount of reserve tokens to deposit.
minAmount	uint256	The minimum amount of new tokens to receive.

Returns

Name	Type	Description
<none>	uint256	amount of new tokens created.

create

Creates new tokens by depositing reserve tokens, with additional parameters for deadline and onBehalfOf for router support.

function create(TokenType tokenType, uint256 depositAmount, uint256 minAmount, uint256 deadline, address onBehalfOf)
    external
    whenNotPaused
    nonReentrant
    checkDeadline(deadline)
    returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of token to create (BOND or LEVERAGE).
depositAmount	uint256	The amount of reserve tokens to deposit.
minAmount	uint256	The minimum amount of new tokens to receive.
deadline	uint256	The deadline timestamp in seconds for the transaction to be executed.
onBehalfOf	address	The address to receive the new tokens.

Returns

Name	Type	Description
<none>	uint256	The amount of new tokens created.

_create

Creates new tokens by depositing reserve tokens, with additional parameters for deadline and onBehalfOf for router support.

function _create(TokenType tokenType, uint256 depositAmount, uint256 minAmount, address onBehalfOf)
    private
    returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of token to create (BOND or LEVERAGE).
depositAmount	uint256	The amount of reserve tokens to deposit.
minAmount	uint256	The minimum amount of new tokens to receive.
onBehalfOf	address	The address to receive the new tokens.

Returns

Name	Type	Description
<none>	uint256	The amount of new tokens created.

simulateCreate

Simulates the creation of new tokens without actually minting them.

function simulateCreate(TokenType tokenType, uint256 depositAmount) public view returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of token to simulate creating (BOND or LEVERAGE).
depositAmount	uint256	The amount of reserve tokens to simulate depositing.

Returns

Name	Type	Description
<none>	uint256	amount of new tokens that would be created.

getCreateAmount

Calculates the amount of new tokens to create based on the current pool state and oracle price.

function getCreateAmount(
    TokenType tokenType,
    uint256 depositAmount,
    uint256 bondSupply,
    uint256 levSupply,
    uint256 poolReserves,
    uint256 ethPrice,
    uint8 oracleDecimals
) public pure returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of token to create (BOND or LEVERAGE).
depositAmount	uint256	The amount of reserve tokens to deposit.
bondSupply	uint256	The current supply of bond tokens.
levSupply	uint256	The current supply of leverage tokens.
poolReserves	uint256	The current amount of reserve tokens in the pool.
ethPrice	uint256	The current ETH price from the oracle.
oracleDecimals	uint8	The number of decimals used by the oracle.

Returns

Name	Type	Description
<none>	uint256	amount of new tokens to create.

redeem

Redeems tokens for reserve tokens.

function redeem(TokenType tokenType, uint256 depositAmount, uint256 minAmount)
    public
    whenNotPaused
    nonReentrant
    returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of derivative token to redeem (BOND or LEVERAGE).
depositAmount	uint256	The amount of derivative tokens to redeem.
minAmount	uint256	The minimum amount of reserve tokens to receive.

Returns

Name	Type	Description
<none>	uint256	amount of reserve tokens received.

redeem

Redeems tokens for reserve tokens, with additional parameters.

function redeem(TokenType tokenType, uint256 depositAmount, uint256 minAmount, uint256 deadline, address onBehalfOf)
    external
    whenNotPaused
    nonReentrant
    checkDeadline(deadline)
    returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of derivative token to redeem (BOND or LEVERAGE).
depositAmount	uint256	The amount of derivative tokens to redeem.
minAmount	uint256	The minimum amount of reserve tokens to receive.
deadline	uint256	The deadline timestamp in seconds for the transaction to be executed.
onBehalfOf	address	The address to receive the reserve tokens.

Returns

Name	Type	Description
<none>	uint256	amount of reserve tokens received.

_redeem

Redeems tokens for reserve tokens, with additional parameters.

function _redeem(TokenType tokenType, uint256 depositAmount, uint256 minAmount, address onBehalfOf)
    private
    returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of derivative token to redeem (BOND or LEVERAGE).
depositAmount	uint256	The amount of derivative tokens to redeem.
minAmount	uint256	The minimum amount of reserve tokens to receive.
onBehalfOf	address	The address to receive the reserve tokens.

Returns

Name	Type	Description
<none>	uint256	amount of reserve tokens received.

simulateRedeem

Simulates the redemption of tokens without actually burning them.

function simulateRedeem(TokenType tokenType, uint256 depositAmount) public view returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of derivative token to simulate redeeming (BOND or LEVERAGE).
depositAmount	uint256	The amount of derivative tokens to simulate redeeming.

Returns

Name	Type	Description
<none>	uint256	amount of reserve tokens that would be received.

getRedeemAmount

Calculates the amount of reserve tokens to be redeemed for a given amount of bond or leverage tokens.

function getRedeemAmount(
    TokenType tokenType,
    uint256 depositAmount,
    uint256 bondSupply,
    uint256 levSupply,
    uint256 poolReserves,
    uint256 ethPrice,
    uint8 oracleDecimals
) public pure returns (uint256);

Parameters

Name	Type	Description
tokenType	TokenType	The type of derivative token being redeemed (BOND or LEVERAGE).
depositAmount	uint256	The amount of derivative tokens being redeemed.
bondSupply	uint256	The total supply of bond tokens.
levSupply	uint256	The total supply of leverage tokens.
poolReserves	uint256	The total amount of reserve tokens in the pool.
ethPrice	uint256	The current ETH price from the oracle.
oracleDecimals	uint8	The number of decimals used by the oracle.

Returns

Name	Type	Description
<none>	uint256	amount of reserve tokens to be redeemed.

startAuction

Starts an auction for the current period.

function startAuction() external;

transferReserveToAuction

Transfers reserve tokens to the current auction.

function transferReserveToAuction(uint256 amount) external virtual;

Parameters

Name	Type	Description
amount	uint256	The amount of reserve tokens to transfer.

distribute

Distributes coupon tokens to bond token holders. Can only be called after the distribution period has passed.

function distribute() external whenNotPaused;

getPoolInfo

Returns the current pool information.

function getPoolInfo() external view returns (PoolInfo memory info);

Returns

Name	Type	Description
info	PoolInfo	A struct containing various pool parameters and balances.

setDistributionPeriod

Sets the distribution period.

function setDistributionPeriod(uint256 _distributionPeriod) external NotInAuction onlyRole(poolFactory.GOV_ROLE());

Parameters

Name	Type	Description
_distributionPeriod	uint256	The new distribution period.

setAuctionPeriod

Sets the auction period.

function setAuctionPeriod(uint256 _auctionPeriod) external NotInAuction onlyRole(poolFactory.GOV_ROLE());

Parameters

Name	Type	Description
_auctionPeriod	uint256	The new auction period.

setSharesPerToken

Sets the shares per token.

function setSharesPerToken(uint256 _sharesPerToken) external NotInAuction onlyRole(poolFactory.GOV_ROLE());

Parameters

Name	Type	Description
_sharesPerToken	uint256	The new shares per token value.

setFee

Sets the fee for the pool.

function setFee(uint256 _fee) external onlyRole(poolFactory.GOV_ROLE());

Parameters

Name	Type	Description
_fee	uint256	The new fee value.

setFeeBeneficiary

Sets the fee beneficiary for the pool.

function setFeeBeneficiary(address _feeBeneficiary) external onlyRole(poolFactory.GOV_ROLE());

Parameters

Name	Type	Description
_feeBeneficiary	address	The address of the new fee beneficiary.

claimFees

Allows the fee beneficiary to claim the accumulated protocol fees.

function claimFees() public nonReentrant;

getFeeAmount

Returns the amount of fees to be claimed.

function getFeeAmount() internal view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The amount of fees to be claimed.

pause

Pauses the contract. Reverts any interaction except upgrade.

function pause() external onlyRole(poolFactory.GOV_ROLE());

unpause

Unpauses the contract.

function unpause() external onlyRole(poolFactory.GOV_ROLE());

onlyRole

Modifier to check if the caller has the specified role.

modifier onlyRole(bytes32 role);

Parameters

Name	Type	Description
role	bytes32	The role to check for.

NotInAuction

Modifier to prevent a function from being called during an ongoing auction.

modifier NotInAuction();

Events

SharesPerTokenChanged

Emitted when the shares per token value is changed.

event SharesPerTokenChanged(uint256 sharesPerToken);

Parameters

Name	Type	Description
sharesPerToken	uint256	New shares per token value

Distributed

Emitted when the distribution period is over and the shares have been distributed to the distributor.

event Distributed(uint256 amount, address distributor);

Parameters

Name	Type	Description
amount	uint256	Amount of distributed tokens
distributor	address	Address of the distributor

AuctionPeriodChanged

Emitted when the auction period is changed.

event AuctionPeriodChanged(uint256 oldPeriod, uint256 newPeriod);

Parameters

Name	Type	Description
oldPeriod	uint256	Old auction period
newPeriod	uint256	New auction period

DistributionRollOver

Emitted when the distribution period is rolled over. This happens when the auction did not acquire the required amount of coupon tokens for the corresponding number of underlying assets.

event DistributionRollOver(uint256 period, uint256 sharesPerToken);

Parameters

Name	Type	Description
period	uint256	Distribution period
sharesPerToken	uint256	Shares per token

DistributionPeriodChanged

Emitted when the distribution period is changed.

event DistributionPeriodChanged(uint256 oldPeriod, uint256 newPeriod);

Parameters

Name	Type	Description
oldPeriod	uint256	Old distribution period
newPeriod	uint256	New distribution period

TokensCreated

Emitted when new Plaza derivatives are created.

event TokensCreated(
    address caller, address onBehalfOf, TokenType tokenType, uint256 depositedAmount, uint256 mintedAmount
);

Parameters

Name	Type	Description
caller	address	Address of the caller
onBehalfOf	address	Address of the recipient, if not the caller
tokenType	TokenType	Type of the token created
depositedAmount	uint256	Amount of deposited underlying tokens
mintedAmount	uint256	Amount of minted tokens

TokensRedeemed

Emitted when Plaza derivatives are redeemed.

event TokensRedeemed(
    address caller, address onBehalfOf, TokenType tokenType, uint256 depositedAmount, uint256 redeemedAmount
);

Parameters

Name	Type	Description
caller	address	Address of the caller
onBehalfOf	address	Address of the recipient, if not the caller
tokenType	TokenType	Type of the token to redeem for
depositedAmount	uint256	Amount of deposited underlying tokens
redeemedAmount	uint256	Amount of redeemed tokens

FeeClaimed

Emitted when fees are claimed.

event FeeClaimed(address beneficiary, uint256 amount);

Parameters

Name	Type	Description
beneficiary	address	Address of the beneficiary
amount	uint256	Amount of claimed fees

FeeChanged

Emitted when the fee amount is changed.

event FeeChanged(uint256 oldFee, uint256 newFee);

Parameters

Name	Type	Description
oldFee	uint256	Old fee value
newFee	uint256	New fee value

LiquidationThresholdChanged

Emitted when the liquidation threshold is changed.

event LiquidationThresholdChanged(uint256 oldThreshold, uint256 newThreshold);

Parameters

Name	Type	Description
oldThreshold	uint256	Old liquidation threshold value
newThreshold	uint256	New liquidation threshold value

Errors

MinAmount

Error thrown when amount is below minimum required

error MinAmount();

ZeroAmount

Error thrown when amount is zero

error ZeroAmount();

FeeTooHigh

Error thrown when fee is set too high

error FeeTooHigh();

AccessDenied

Error thrown when caller doesn't have required access

error AccessDenied();

NoFeesToClaim

Error thrown when there are no fees to claim

error NoFeesToClaim();

NotBeneficiary

Error thrown when caller is not the beneficiary

error NotBeneficiary();

ZeroDebtSupply

Error thrown when debt supply is zero

error ZeroDebtSupply();

AuctionIsOngoing

Error thrown when auction is currently ongoing

error AuctionIsOngoing();

ZeroLeverageSupply

Error thrown when leverage supply is zero

error ZeroLeverageSupply();

CallerIsNotAuction

Error thrown when caller is not the auction contract

error CallerIsNotAuction();

DistributionPeriod

Error thrown when distribution period is invalid

error DistributionPeriod();

AuctionPeriodPassed

Error thrown when auction period has passed

error AuctionPeriodPassed();

AuctionNotSucceeded

Error thrown when auction has not succeeded

error AuctionNotSucceeded();

AuctionAlreadyStarted

Error thrown when auction has already started

error AuctionAlreadyStarted();

LiquidationThresholdTooLow

Error thrown when liquidation threshold is set too low

error LiquidationThresholdTooLow();

DistributionPeriodNotPassed

Error thrown when distribution period has not passed yet

error DistributionPeriodNotPassed();

Structs

PoolInfo

Struct containing information about the pool's current state.

struct PoolInfo {
    uint256 fee;
    uint256 reserve;
    uint256 bondSupply;
    uint256 levSupply;
    uint256 sharesPerToken;
    uint256 currentPeriod;
    uint256 lastDistribution;
    uint256 distributionPeriod;
    uint256 auctionPeriod;
    address feeBeneficiary;
}

Enums

TokenType

Enum representing the types of tokens that can be created or redeemed.

enum TokenType {
    BOND,
    LEVERAGE
}