Governance parameters

Protocol Governance parameters

Protocol Governance manages the global parameters of the protocol.

Parameter
Description
Unit
Default value

maxTokensPerVault

Maximum different tokens that a vault can manage

#

10

governanceDelay

The delay that has to pass for updating a certain class of params (delayed)

secs

86400

protocolTreasury

The treasury address for protocol fees

address

forceAllowMask

If a bit in this mask is set, the permission is allowed for all addresses

bitmask (uint256)

0

withdrawLimit

The maximum withdrawal per block. The hardcoded minimum value is 200_000 USD

USD

200_000

unitPrices

Token price estimates, used for withdrawLimit. For new token can be set immediately, for updates a cool-down period of 14 days is used.

address (token) => units of token per 1 USD

USDC => 10 ^ 6 ETH => 10 ^ 18 / 3000 BTC => 10 ^ 8 / 45000

Vault Governances parameters

Any Vault kind is governed by a Vault Governance contract. This contract is responsible for governing the parameters for this Vault kind. There are several types of parameters of any governance.

  • InternalParams are parameters common for all Vault Governances, to be staged in a constructor of a corresponding Vault Governance and to be updated with a delay by the Governance of the protocol, which are:

Parameter
Description

protocolGovernance

Governance of the protocol (ProtocolGovernance)

registry

Vault registry of the protocol (VaultRegistry)

singleton

Singleton instance of a certain Vault kind, serving as a prototype for all vaults of the Vault Group

  • delayedStrategyParams are parameters different for each Vault Governance and for each vault instance (typically being some parameters of the strategy set for an ERC20RootVault instance of this strategy), which may be updated with a delay by a Strategist or Governance

  • protocolPerVaultParams are parameters different for each Vault Governance and for each vault instance (typically being some protocol parameters of a single vault), which may be updated with a delay by the Governance

  • protocolParams are parameters common for all vaults of the Vault kind, which may be updated immediately by the Governance

  • delayedProtocolParams are parameters common for all vaults of the Vault kind, which may be updated with a delay by the Governance

  • operatorParams are parameters common for all vaults of the Vault kind, which may be updated immediately by a Strategist or Governance

Getting and setting parameters

There are, therefore, three types of parameters that are to be stated for all vaults of the Vault kind, and three types of parameters that are unique for each vault. These unique parameters are to be set and get not for a vault's address, but for a vault's NFT in the VaultRegistry. An example of getting (the same works for setting) parameters having just the address of a vault:

  1. Take a deployed VaultRegistry contract and call nftForVault(address), where address is the address of your vault. If the address is correct, you get an NFT nft

  2. Take a corresponding Vault Governance contract and get the wanted parameters. For example, if your vault is ERC20RootVault, you can take the ERC20RootVaultGovernance deployed contract and call delayedStrategyParams(nft), getting stated strategyParams for this vault

Note that a Vault Governance may not have any parameters of some type.

Here are the parameters of Vault Governances we currently have.

Aave VaultGovernance

delayedProtocolParams:

Parameter
Description

lendingPool

Aave lending pool

estimatedAaveAPY

Aave APY estimation for calculating tvl range

UniV3 VaultGovernance

delayedProtocolParams:

Parameter
Description

positionManager

UniV3 position manager

oracle

Oracle used for UniV3 price estimating

Yearn VaultGovernance

delayedProtocolParams:

Parameter
Description

yearnVaultRegistry

Yearn vault registry

As can be seen, Vault kinds on top of the other protocols have only delayedProtocolParams in which we set some basic addresses connected with those protocols which are needed to be called for all instances of this Vault kind.

ERC20 VaultGovernance and Euclidean Protocol VaultGovernance have no parameters.

ERC20Root VaultGovernance

You might want to see what ERC20Root Vault serves for.

strategyParams:

Parameter
Description

tokenLimitPerAddress

LP tokens limit per address

tokenLimit

LP tokens limit for a whole Vault System

delayedStrategyParams:

Parameter
Description

strategyTreasury

Address of the treasury used for collecting management fees

strategyPerformanceTreasury

Address of the treasury used for collecting performance fees

privateVault

If true, only allowed depositors may deposit to this vault

managementFee

Management fees rate (multiplied by DENOMINATOR = 10910^9)

performanceFee

Performance fees rate (multiplied by DENOMINATOR = 10910^9)

depositCallbackAddress

Address of callback function after deposit (to make some actions by subvaults in responde to a deposit)

withdrawCallbackAddress

Address of callback function after deposit (to make some actions by subvaults in responde to a withdraw)

protocolPerVaultParams:

Parameter
Description

protocolFee

Protocol fees rate (multiplied by DENOMINATOR = 10910^9)

delayedProtocolParams:

Parameter
Description

managementFeeChargeDelay

The minimal interval between management fee charges, in seconds

oracle

Oracle for getting token prices in this Vault System

operatorParams:

Parameter
Description

disableDeposit

If true, disable deposit for all ERC20Root vaults

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