VaultAdapter

Git Source

Inherits: ERC4626, Ownable2Step, IYieldAdapter

Title: VaultAdapter

ERC4626-compliant wrapper that deposits into a Morpho vault for yield.

Interchangeable with other yield adapters. Only accepts deposits from SyntheticSplitter.

Note: security-contact: contact@plether.com

Constants

VAULT

Morpho vault (ERC4626) that generates yield.

IERC4626 public immutable VAULT

SPLITTER

SyntheticSplitter authorized to deposit.

address public immutable SPLITTER

Functions

constructor

Deploys adapter targeting a Morpho vault.

constructor(
    IERC20 _asset,
    address _vault,
    address _owner,
    address _splitter
) ERC4626(_asset) ERC20("Vault Yield Wrapper", "vyUSDC") Ownable(_owner);

Parameters

Name	Type	Description
`_asset`	`IERC20`	Underlying asset (USDC).
`_vault`	`address`	Morpho vault address (must have same underlying asset).
`_owner`	`address`	Admin address for rescue operations.
`_splitter`	`address`	SyntheticSplitter authorized to deposit.

maxWithdraw

Maximum USDC withdrawable by owner.

Does not cap by VAULT.maxWithdraw() — Morpho Vault V2 returns 0 for all max* functions due to its gate system. Actual liquidity is enforced at withdrawal time.

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

maxRedeem

Maximum adapter shares redeemable by owner.

See maxWithdraw for rationale on not delegating to vault.

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

maxDeposit

Maximum USDC depositable.

See maxWithdraw for rationale on not delegating to vault.

function maxDeposit(
    address
) public view override returns (uint256);

maxMint

Maximum adapter shares mintable.

See maxWithdraw for rationale on not delegating to vault.

function maxMint(
    address
) public view override returns (uint256);

totalAssets

Returns total USDC value of this adapter’s vault position.

function totalAssets() public view override returns (uint256);

Returns

Name	Type	Description
`<none>`	`uint256`	Total assets held in the Morpho vault, converted from vault shares.

_deposit

Deposits assets to Morpho vault after ERC4626 share minting.

function _deposit(
    address caller,
    address receiver,
    uint256 assets,
    uint256 shares
) internal override;

Parameters

Name	Type	Description
`caller`	`address`	Must be SPLITTER.
`receiver`	`address`	Receiver of adapter shares.
`assets`	`uint256`	Amount of USDC to deposit.
`shares`	`uint256`	Amount of adapter shares minted.

_withdraw

Withdraws assets from Morpho vault before ERC4626 share burning.

function _withdraw(
    address caller,
    address receiver,
    address owner,
    uint256 assets,
    uint256 shares
) internal override;

Parameters

Name	Type	Description
`caller`	`address`	Caller requesting withdrawal.
`receiver`	`address`	Receiver of withdrawn USDC.
`owner`	`address`	Owner of adapter shares being burned.
`assets`	`uint256`	Amount of USDC to withdraw.
`shares`	`uint256`	Amount of adapter shares burned.

accrueInterest

No-op — Morpho vault accrues interest on underlying markets during deposit/withdraw.

View functions (totalAssets, convertToAssets) may lag by a few blocks of unaccrued interest across the vault’s markets. This is negligible for an actively-used vault and self-corrects on the next state-changing interaction.

function accrueInterest() external;

rescueToken

Recovers stuck tokens (excluding the underlying asset and vault shares).

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

Parameters

Name	Type	Description
`token`	`address`	Token to rescue.
`to`	`address`	Recipient address.

claimRewards

Claims rewards from an external distributor (Merkl, URD, etc.).

Reward tokens land in this contract; use rescueToken() to extract them.

function claimRewards(
    address target,
    bytes calldata data
) external onlyOwner;

Parameters

Name	Type	Description
`target`	`address`	Distributor contract to call.
`data`	`bytes`	ABI-encoded call data for the claim function.

Errors

VaultAdapter__OnlySplitter

Thrown when caller is not the SyntheticSplitter.

error VaultAdapter__OnlySplitter();

VaultAdapter__InvalidAddress

Thrown when a zero address is provided.

error VaultAdapter__InvalidAddress();

VaultAdapter__InvalidVault

Thrown when vault’s underlying asset doesn’t match this adapter’s asset.

error VaultAdapter__InvalidVault();

VaultAdapter__CannotRescueUnderlying

Thrown when attempting to rescue the underlying asset.

error VaultAdapter__CannotRescueUnderlying();

VaultAdapter__CannotRescueVaultShares

Thrown when attempting to rescue vault share tokens.

error VaultAdapter__CannotRescueVaultShares();

VaultAdapter__CallFailed

Thrown when a reward claim call fails.

error VaultAdapter__CallFailed();

VaultAdapter__ForbiddenTarget

Thrown when claimRewards targets a forbidden address.

error VaultAdapter__ForbiddenTarget();

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