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

setLiquidationThreshold

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

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

Parameters

create

Creates new tokens by depositing reserve tokens.

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

Parameters

Returns

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

Returns

_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

Returns

simulateCreate

Simulates the creation of new tokens without actually minting them.

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

Parameters

Returns

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

Returns

redeem

Redeems tokens for reserve tokens.

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

Parameters

Returns

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

Returns

_redeem

Redeems tokens for reserve tokens, with additional parameters.

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

Parameters

Returns

simulateRedeem

Simulates the redemption of tokens without actually burning them.

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

Parameters

Returns

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

Returns

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

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

setDistributionPeriod

Sets the distribution period.

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

Parameters

setAuctionPeriod

Sets the auction period.

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

Parameters

setSharesPerToken

Sets the shares per token.

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

Parameters

setFee

Sets the fee for the pool.

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

Parameters

setFeeBeneficiary

Sets the fee beneficiary for the pool.

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

Parameters

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

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

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

Distributed

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

event Distributed(uint256 amount, address distributor);

Parameters

AuctionPeriodChanged

Emitted when the auction period is changed.

event AuctionPeriodChanged(uint256 oldPeriod, uint256 newPeriod);

Parameters

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

DistributionPeriodChanged

Emitted when the distribution period is changed.

event DistributionPeriodChanged(uint256 oldPeriod, uint256 newPeriod);

Parameters

TokensCreated

Emitted when new Plaza derivatives are created.

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

Parameters

TokensRedeemed

Emitted when Plaza derivatives are redeemed.

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

Parameters

FeeClaimed

Emitted when fees are claimed.

event FeeClaimed(address beneficiary, uint256 amount);

Parameters

FeeChanged

Emitted when the fee amount is changed.

event FeeChanged(uint256 oldFee, uint256 newFee);

Parameters

LiquidationThresholdChanged

Emitted when the liquidation threshold is changed.

event LiquidationThresholdChanged(uint256 oldThreshold, uint256 newThreshold);

Parameters

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
}