SyntheticSplitter

Git Source

Inherits: ISyntheticSplitter, Ownable2Step, Pausable, ReentrancyGuard

Title: SyntheticSplitter

Core protocol contract for minting/burning synthetic plDXY tokens.

Accepts USDC collateral to mint equal amounts of plDXY-BEAR + plDXY-BULL tokens. Minted USDC stays local; a permissionless deployToAdapter() pushes excess above the 10% buffer into the yield adapter. Three lifecycle states: ACTIVE → PAUSED → SETTLED.

Note: security-contact: contact@plether.com

Constants

BEAR

SyntheticToken public immutable BEAR

BULL

SyntheticToken public immutable BULL

USDC

IERC20 public immutable USDC

ORACLE

AggregatorV3Interface public immutable ORACLE

CAP

uint256 public immutable CAP

USDC_DECIMALS

uint256 private constant USDC_DECIMALS = 6

USDC_MULTIPLIER

uint256 public constant USDC_MULTIPLIER = 10 ** (18 + 8 - USDC_DECIMALS)

BUFFER_PERCENT

uint256 public constant BUFFER_PERCENT = 10

ORACLE_TIMEOUT

uint256 public constant ORACLE_TIMEOUT = 24 hours

TIMELOCK_DELAY

uint256 public constant TIMELOCK_DELAY = 7 days

HARVEST_REWARD_BPS

uint256 public constant HARVEST_REWARD_BPS = 10

MIN_SURPLUS_THRESHOLD

uint256 public constant MIN_SURPLUS_THRESHOLD = 50 * 10 ** USDC_DECIMALS

MIN_DEPLOY_AMOUNT

uint256 public constant MIN_DEPLOY_AMOUNT = 100 * 10 ** USDC_DECIMALS

SEQUENCER_UPTIME_FEED

AggregatorV3Interface public immutable SEQUENCER_UPTIME_FEED

SEQUENCER_GRACE_PERIOD

uint256 public constant SEQUENCER_GRACE_PERIOD = 1 hours

State Variables

yieldAdapter

IERC4626 public yieldAdapter

pendingAdapter

address public pendingAdapter

adapterActivationTime

uint256 public adapterActivationTime

treasury

address public treasury

staking

address public staking

pendingFees

FeeConfig public pendingFees

feesActivationTime

uint256 public feesActivationTime

lastUnpauseTime

uint256 public lastUnpauseTime

isLiquidated

bool public isLiquidated

liquidationTimestamp

uint256 public liquidationTimestamp

Functions

constructor

Deploys the SyntheticSplitter and creates plDXY-BEAR and plDXY-BULL tokens.

constructor(
    address _oracle,
    address _usdc,
    address _yieldAdapter,
    uint256 _cap,
    address _treasury,
    address _sequencerUptimeFeed
) Ownable(msg.sender);

Parameters

previewMint

Simulates a mint to see required USDC input

function previewMint(
    uint256 mintAmount
) external view returns (uint256 usdcRequired, uint256 depositToAdapter, uint256 keptInBuffer);

Parameters

Returns

mint

Mint plDXY-BEAR and plDXY-BULL tokens by depositing USDC collateral.

function mint(
    uint256 amount
) external nonReentrant whenNotPaused;

Parameters

mintWithPermit

Mint plDXY-BEAR and plDXY-BULL tokens with a USDC permit signature (gasless approval).

function mintWithPermit(
    uint256 amount,
    uint256 deadline,
    uint8 v,
    bytes32 r,
    bytes32 s
) external nonReentrant whenNotPaused;

Parameters

_mintCore

function _mintCore(
    uint256 amount
) internal;

previewBurn

Simulates a burn to see USDC return

function previewBurn(
    uint256 burnAmount
) external view returns (uint256 usdcRefund, uint256 withdrawnFromAdapter);

Parameters

Returns

burn

Burn plDXY-BEAR and plDXY-BULL tokens to redeem USDC collateral.

function burn(
    uint256 amount
) external nonReentrant;

Parameters

_withdrawFromAdapter

Withdraws USDC from yield adapter with redeem fallback.

function _withdrawFromAdapter(
    uint256 amount
) internal;

Parameters

triggerLiquidation

Locks the protocol into liquidated state when price >= CAP.

Permissionless. Prevents system revival if price drops after breach.

function triggerLiquidation() external nonReentrant;

emergencyRedeem

Emergency redemption when protocol is liquidated (price >= CAP).

Only burns plDXY-BEAR tokens at CAP price. plDXY-BULL becomes worthless.

function emergencyRedeem(
    uint256 amount
) external nonReentrant;

Parameters

ejectLiquidity

Emergency exit: withdraws all funds from yield adapter.

Bypasses timelock. Auto-pauses protocol. Use if adapter is compromised.

function ejectLiquidity() external onlyOwner;

withdrawFromAdapter

Withdraws a specific amount from yield adapter while paused.

Requires protocol to be paused. Use for gradual liquidity extraction when full ejectLiquidity() fails due to adapter liquidity constraints.

function withdrawFromAdapter(
    uint256 amount
) external nonReentrant onlyOwner;

Parameters

deployToAdapter

Deploys excess local USDC to the yield adapter.

Permissionless keeper function. Pushes USDC above the 10% buffer target into the adapter. Returns 0 silently when nothing to deploy (keeper-friendly).

function deployToAdapter() external nonReentrant whenNotPaused returns (uint256 deployed);

Returns

_deployExcess

Pushes local USDC above the 10% buffer target into the yield adapter.

function _deployExcess() internal;

previewHarvest

Previews yield harvest amounts and eligibility.

function previewHarvest()
    external
    view
    returns (
        bool canHarvest,
        uint256 totalSurplus,
        uint256 callerReward,
        uint256 treasuryShare,
        uint256 stakingShare
    );

Returns

harvestYield

Permissionless yield harvesting with automatic redeployment.

Pays surplus from local buffer first, only hits adapter for the remainder. After distribution, deploys any remaining excess to the adapter. Distributes: 0.1% to caller, 20% of remaining to treasury, 80% of remaining to staking.

function harvestYield() external nonReentrant whenNotPaused;

_checkLiveness

Enforces 7-day cooldown after unpause for governance actions.

function _checkLiveness() internal view;

proposeFeeReceivers

Propose new fee receiver addresses (7-day timelock).

function proposeFeeReceivers(
    address _treasury,
    address _staking
) external onlyOwner;

Parameters

finalizeFeeReceivers

Finalize pending fee receiver change after timelock expires.

function finalizeFeeReceivers() external onlyOwner;

proposeAdapter

Propose a new yield adapter (7-day timelock).

function proposeAdapter(
    address _newAdapter
) external onlyOwner;

Parameters

finalizeAdapter

Finalize adapter migration after timelock. Migrates all funds atomically.

function finalizeAdapter() external nonReentrant onlyOwner;

pause

Pause the protocol. Blocks minting and harvesting.

function pause() external onlyOwner;

unpause

Unpause the protocol. Starts 7-day governance cooldown.

function unpause() external onlyOwner;

rescueToken

Rescue accidentally sent tokens. Cannot rescue core assets.

function rescueToken(
    address token,
    address to
) external onlyOwner;

Parameters

currentStatus

Returns the current protocol lifecycle status.

function currentStatus() external view override returns (Status);

Returns

getSystemStatus

Returns comprehensive system metrics for dashboards.

function getSystemStatus() external view returns (SystemStatus memory status);

Returns

_getTotalLiabilities

Calculates total liabilities based on BEAR supply at CAP price.

function _getTotalLiabilities() internal view returns (uint256);

_getTotalAssets

Calculates total assets (local USDC + adapter value).

function _getTotalAssets() internal view returns (uint256);

_requireSolventIfPaused

Reverts if paused and insolvent (assets < liabilities).

function _requireSolventIfPaused() internal view;

_getOraclePrice

Oracle price validation using OracleLib.

function _getOraclePrice() internal view returns (uint256);

Events

Minted

event Minted(address indexed user, uint256 amount);

Burned

event Burned(address indexed user, uint256 amount);

AdapterProposed

event AdapterProposed(address indexed newAdapter, uint256 activationTime);

AdapterMigrated

event AdapterMigrated(address indexed oldAdapter, address indexed newAdapter, uint256 transferredAmount);

LiquidationTriggered

event LiquidationTriggered(uint256 price);

EmergencyRedeemed

event EmergencyRedeemed(address indexed user, uint256 amount);

YieldHarvested

event YieldHarvested(uint256 totalSurplus, uint256 treasuryAmt, uint256 stakingAmt);

FeesProposed

event FeesProposed(address indexed treasury, address indexed staking, uint256 activationTime);

FeesUpdated

event FeesUpdated(address indexed treasury, address indexed staking);

EmergencyEjected

event EmergencyEjected(uint256 amountRecovered);

DeployedToAdapter

event DeployedToAdapter(address indexed caller, uint256 amount);

AdapterWithdrawn

event AdapterWithdrawn(uint256 requested, uint256 withdrawn);

TokenRescued

event TokenRescued(address indexed token, address indexed to, uint256 amount);

Errors

Splitter__ZeroAddress

error Splitter__ZeroAddress();

Splitter__InvalidCap

error Splitter__InvalidCap();

Splitter__ZeroAmount

error Splitter__ZeroAmount();

Splitter__ZeroRefund

error Splitter__ZeroRefund();

Splitter__AdapterNotSet

error Splitter__AdapterNotSet();

Splitter__LiquidationActive

error Splitter__LiquidationActive();

Splitter__NotLiquidated

error Splitter__NotLiquidated();

Splitter__TimelockActive

error Splitter__TimelockActive();

Splitter__InvalidProposal

error Splitter__InvalidProposal();

Splitter__NoSurplus

error Splitter__NoSurplus();

Splitter__GovernanceLocked

error Splitter__GovernanceLocked();

Splitter__InsufficientHarvest

error Splitter__InsufficientHarvest();

Splitter__AdapterWithdrawFailed

error Splitter__AdapterWithdrawFailed();

Splitter__Insolvent

error Splitter__Insolvent();

Splitter__NotPaused

error Splitter__NotPaused();

Splitter__CannotRescueCoreAsset

error Splitter__CannotRescueCoreAsset();

Splitter__MigrationLostFunds

error Splitter__MigrationLostFunds();

Splitter__InvalidAdapter

error Splitter__InvalidAdapter();

Splitter__PermitFailed

error Splitter__PermitFailed();

Structs

FeeConfig

struct FeeConfig {
    address treasuryAddr;
    address stakingAddr;
}

SystemStatus

struct SystemStatus {
    uint256 currentPrice;
    uint256 capPrice;
    bool liquidated;
    bool isPaused;
    uint256 totalAssets; // Local + Adapter
    uint256 totalLiabilities; // Bear Supply * CAP
    uint256 collateralRatio; // Basis points
    uint256 adapterAssets; // USDC value held in yield adapter
}