TinteroVault

Inherits: ITinteroVault, TinteroLoanFactory, ERC4626

Author: Ernesto García

An ERC4626 vault that receives an ERC20 token in exchange for shares and allocates these assets towards funding Loan contracts collateralized by tokenized ERC721 obligations. Idle capital is delegated to other addresses to maximize the yield of the vault’s assets.

The contract keeps track of the total assets in management by suming the total assets lent to Loan contracts and the total assets held by the vault, allowing owners to withdraw their assets at any time unless the vault does not have enough assets to cover the withdrawal (i.e. everything is lent out or delegated).

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Concepts

• Shares: The vault’s shares represent the ownership of the vault’s assets. They can be redeemed for the underlying assets if the vault has enough liquidity. They appreciate in value as the vault’s assets grow when Loan contracts are paid back.
• Assets: The vault’s assets are the ERC20 tokens lent to Loan contracts. They are used to fund Loan contracts and are returned to the vault plus interests when the Loan contracts are paid back.
• Loans: Loan contracts are created by the vault and have a list of ERC721-backed payments.
• Tranches: A tranche is a collection of Loan payments from whose payments are sent to a tranche recipient.
• Payments: A payment has a principal amount in ERC20 tokens that is due at the end of the maturity period and defaults after the grace period. Each one is backed by an ERC721 token.

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Requesting a Loan

Any user can permissionlessly request a Loan by calling requestLoan. The Loan contract is created by the vault and the Loan contract address is added to the vault’s list of authorized Loans. Must be funded by the vault by calling fundN.

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Vault Management

The vault is managed by an access manager instance that controls the permissions of critical vault’s functions. These functions include:

• askDelegation: Takes assets from the vault to use them in other protocols to maximize the yield of the vault’s assets.
• pushTranches: Adds a list of tranches to a Loan contract.
• fundN: Funds n payments from a Loan contract.
• repossess: Repossess a range of payments from a Loan contract and cancels it. The Vault will receive the ERC721 tokens and will cancel the tracked assets lent (absorbing the loss).
• upgradeLoan: Upgrades a Loan contract to a new implementation. Allows renegotiating the terms of the Loan contract.

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KYC and Accredited Investors

The mint and deposit functions are restricted to accredited investors that require a KYC check before providing liqudity. However, the withdraw and redeem functions are permissionless, so investors can withdraw their assets at any time as long as the vault has enough liquidity.

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State Variables

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_totalAssetsDelegated

uint256 private _totalAssetsDelegated;

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_delegatedTo

mapping(address delegate => uint256 assets) private _delegatedTo;

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_totalAssetsLent

uint256 private _totalAssetsLent;

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_lentTo

mapping(address loan => uint256 assets) private _lentTo;

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_loans

EnumerableSet.AddressSet private _loans;

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Functions

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onlyLoan

Reverts if the provided address is not a loan managed by this vault.

modifier onlyLoan(address loan);

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constructor

Constructor for Tintero Vault.

constructor(IERC20Metadata asset_, address authority_)
    ERC20(_prefix("Tinted ", asset_.name()), _prefix("t", asset_.symbol()))
    ERC4626(asset_)
    AccessManaged(authority_);

Parameters

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totalAssetsDelegated

The total amount of idle assets delegated.

function totalAssetsDelegated() public view returns (uint256);

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delegatedTo

The total amount of assets delegated to an address.

function delegatedTo(address delegate) public view returns (uint256);

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totalAssetsLent

The total amount of assets lent to Loan contracts.

function totalAssetsLent() public view returns (uint256);

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lentTo

The total amount of assets lent to a Loan contract.

function lentTo(address loan) public view returns (uint256);

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isLoan

Whether a Loan contract is managed by this vault.

function isLoan(address loan) public view returns (bool);

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totalAssets

See totalAssets.

function totalAssets() public view override(ERC4626, IERC4626) returns (uint256);

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maxWithdraw

The maximum amount of assets that can be withdrawn. This is the minimum between the owner’s max withdrawable assets and the vault’s asset balance.

function maxWithdraw(address owner) public view override(ERC4626, IERC4626) returns (uint256);

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maxRedeem

The maximum amount of shares that can be redeemed. This is the minimum between the owner’s max redeemable shares and the vault’s asset balance.

function maxRedeem(address owner) public view override(ERC4626, IERC4626) returns (uint256);

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deposit

Deposit assets. Restricted to accredited investors.

function deposit(uint256 assets, address receiver) public override(ERC4626, IERC4626) restricted returns (uint256);

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mint

Mints shares. Restricted to accredited investors.

function mint(uint256 shares, address receiver) public override(ERC4626, IERC4626) restricted returns (uint256);

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askDelegation

Delegates assets to an address.

function askDelegation(uint256 amount) external restricted;

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refundDelegation

Refunds delegated assets from an address.

function refundDelegation(uint256 amount) external;

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forceRefundDelegation

Forces the vault to take back delegated assets from a delegate if they deposit them back.

function forceRefundDelegation(address delegate, uint256 amount) external;

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requestLoan

*Creates a new instance of a Loan contract with the provided parameters.

Requirements:

• The loan MUST NOT have been created.
• Those of SafeERC20.safeIncreaseAllowance.
• Those of Loan#pushPayments.*

function requestLoan(
    address collateralCollection,
    address beneficiary,
    uint24 defaultThreshold,
    PaymentLib.Payment[] calldata payments,
    uint256[] calldata collateralTokenIds,
    bytes32 salt
) external;

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pushPayments

*Adds a list of payments to a Loan contract. Calls Loan#pushPayments.

Requirements:

• The loan MUST be created by this vault.
• Those of SafeERC20.safeIncreaseAllowance.
• Those of Loan#pushPayments.*

function pushPayments(ITinteroLoan loan, uint256[] calldata collateralTokenIds, PaymentLib.Payment[] calldata payments)
    external
    onlyLoan(address(loan));

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onDebit

*Debits an outstanding principal from a Loan contract. Must be called by the Loan contract when a payment is either:

• Repaid (value is accrued through interest)
• Repossessed (value is lost)*

function onDebit(uint256 principal) external onlyLoan(msg.sender);

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pushTranches

*Adds a list of tranches to a Loan contract. Calls Loan#pushTranches.

Requirements:

• The loan MUST be created by this vault.
• Those of Loan#pushTranches.*

function pushTranches(ITinteroLoan loan, uint96[] calldata paymentIndexes, address[] calldata recipients)
    external
    restricted
    onlyLoan(address(loan));

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fundN

*Funds n payments from a Loan contract. Calls Loan#fundN.

Requirements:

• The loan MUST be created by this vault.

function fundN(ITinteroLoan loan, uint256 n) external restricted onlyLoan(address(loan));

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repossess

*Repossess a range of payments from a Loan contract. Calls Loan#repossess.

Requirements:

• The loan MUST be created by this vault.
• The receiver must implement IERC721Receiver to receive the collateral (if contract).
• Those of Loan#repossess.*

function repossess(ITinteroLoan loan, uint256 start, uint256 end, address receiver)
    external
    restricted
    onlyLoan(address(loan));

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upgradeLoan

*Upgrades a Loan contract to a new implementation. Calls Loan#upgradeLoan.

Requirements:

• The loan MUST be created by this vault.
• Those of Loan#upgradeLoan.*

function upgradeLoan(ITinteroLoan loan, address newImplementation, bytes calldata data)
    external
    restricted
    onlyLoan(address(loan));

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_refundDelegation

Refunds delegated assets from an address.

function _refundDelegation(address delegate, uint256 amount) internal;

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_pushPayments

Pushes a list of payments to a Loan contract and increases its allowance accordingly.

function _pushPayments(ITinteroLoan loan, uint256[] calldata collateralTokenIds, PaymentLib.Payment[] calldata payments)
    internal;

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_decimalsOffset

Virtual offset to defend against inflation attacks. See https://docs.openzeppelin.com/contracts/5.x/erc4626#defending_with_a_virtual_offset

function _decimalsOffset() internal pure virtual override returns (uint8);

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_prefix

Prefixes a string with a given prefix.

function _prefix(string memory _p, string memory _str) internal pure returns (string memory);