MultiVault

MultiVault top-level architecture

The MultiVault is designed to address the challenges of aggregating and managing various forms of restaking and yield sources. It builds upon the ERC4626Vault an extension of ERC4626 enhanced with features such as limits, whitelists, and locks for deposits and withdrawals.

Key Characteristics

• The MultiVault operates with a single specified asset, which is allocated across a set of subvaults.

• Subvaults leverage different protocols to maximize efficiency and abstraction in managing restaking and yield generation.

Protocol Support

To interact with restaking protocols like Symbiotic and EigenLayer, the following adapters are implemented:

• SymbioticAdapter

• EigenLayerAdapter

• EigenLayerWstETHAdapter

These adapters unify the interaction with various restaking protocols, abstracting away protocol-specific complexities. Additionally, a generic ERC4626Adapter is provided for compatibility with standard ERC4626 tokens.

Withdrawal Queues

The system includes dedicated withdrawal queue implementations for managing protocol-specific withdrawal processes:

• SymbioticWithdrawalQueue

• EigenLayerWithdrawalQueue

These queues handle withdrawals while adhering to the unique constraints of the respective protocols.

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MultiVault Operations

Subvault Types

Each MultiVault operates a collection of subvaults, currently supporting three types:

1. SYMBIOTIC

2. EIGEN_LAYER

3. ERC4626

To optimize yield, any unused assets during deposits or rebalances are transferred to the DefaultCollateral contract in the Symbiotic protocol as a fallback.

Asset Management Strategy

The RatiosStrategy is the core strategy contract, governing the distribution of assets between subvaults during deposits, withdrawals, and rebalances. It uses two parameters:

• minRatioD18: Minimum ratio of assets allocated to a subvault.

• maxRatioD18: Maximum ratio of assets allocated to a subvault.

The target allocation for each subvault is calculated using the following formulas:

• minAssets = multiVault.totalAssets() * subvaultRatios.minRatioD18 / 1e18

• maxAssets = multiVault.totalAssets() * subvaultRatios.maxRatioD18 / 1e18

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Detailed Operations

Deposits

When depositing assets into the MultiVault, token distribution across subvaults is performed in two stages:

1. Subvaults are filled to ensure staked assets ≥ min assets.

2. Remaining tokens are distributed to ensure staked assets ≤ max assets.

Deposit Prioritization:

1. staked assets < min assets

2. staked assets < max assets

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Withdrawals

The withdrawal process is structured into five stages:

1. Withdraw assets where staked assets > max assets.

2. Withdraw assets to ensure staked assets ≥ min assets.

3. Retrieve pending assets.

4. Withdraw claimable assets.

5. Withdraw remaining assets (0 < staked assets ≤ min assets).

Withdrawal Prioritization:

1. staked assets > max assets (Standard protocol withdrawal duration.)

2. staked assets > min assets (Standard protocol withdrawal duration.)

3. pending assets > 0 (Standard or shorter protocol withdrawal duration.)

4. claimable assets > 0 (Instant withdrawal.)

5. staked assets > 0 (Used only in exceptional cases to avoid strategy violations; standard protocol withdrawal duration.)

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Rebalances

During rebalancing in the MultiVault, the process for withdrawing and depositing tokens across subvaults is executed in four stages:

1. Initial Withdrawals: Tokens are withdrawn from all subvaults where staked assets > max assets, as well as all claimable assets. At the same time, the total shortfall of assets in subvaults required to meet the min ratios (i.e., where staked assets < min assets) is calculated. This value is referred to as totalRequired.

2. Fulfilling Shortfall: If totalRequired is less than the sum of liquid and pending assets, tokens are withdrawn from subvaults to ensure staked assets > min assets.

   All liquid assets, calculated as the sum of:

   • claimable assets

   • assets.balanceOf(multiVault)

   • defaultCollateral.balanceOf(multiVault)

   are redistributed among subvaults as follows:

3. Meeting Minimum Ratios: Tokens are deposited into subvaults to ensure staked assets ≥ min assets.

4. Fulfilling Maximum Ratios: Remaining tokens are deposited into subvaults to ensure staked assets ≤ max assets.

Rebalance Prioritization:

1. withdraw: claimable assets > 0, staked assets > max assets

2. withdraw staked assets > min assets && total required assets > pending assets + liquid assets

3. deposit: staked assets < min assets && liquid assets > 0

4. deposit: staked assets < max assets

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Protocol Integrations

Symbiotic Integration

The SymbioticAdapter is the main contract for interacting with the Symbiotic protocol. It handles:

• Token accounting and limits.

• Interaction with standard reward farms.

• Deposits and withdrawals.

When a SYMBIOTIC-type subvault is added (Symbiotic Vault), a corresponding SymbioticWithdrawalQueue is created (if not already present in adapter’s cache). This queue manages withdrawals using an epoch-based logic, allowing users to claim and transfer pending assets.

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EigenLayer Integration

The integration with the EigenLayer protocol is currently limited to strategy-based operations, as EigenPods are not yet supported. Despite the lack of a slashing mechanism, there remains a delay between a withdrawal request and the actual withdrawal of token.

The EigenLayerWithdrawalQueue is specifically designed to handle the complexities of the EigenLayer withdrawal process. Its key features include:

1. Pending Withdrawal Management:

   Each withdrawal request in EigenLayer requires manual handling and adherence to the protocol's delay. The queue ensures that:

   • Pending requests are processed sequentially.

   • Users cannot exceed the predefined limit of pending requests, preventing congestion.

2. Batch Claiming:

   • The queue allows batch claiming of completed withdrawal requests, but only up to a specified maximum per call. This feature balances protocol interaction efficiency and security, preventing abuse or OOG.

3. User-Focused Optimization:

   • Withdrawal requests are tracked per user, ensuring fairness and enabling claim prioritization based on request order.

Handling of wstETH and stETH

Since EigenLayer strategies utilize stETH (a rebasing token), a wstETH <-> stETH conversion layer has been implemented to enable compatibility within the Symbiotic protocol. The use of wstETH ensures the following:

• Unlike stETH, which periodically adjusts balances through rebasing, wstETH represents a wrapped, non-rebasing version of stETH, making it more stable for vault operations.

• MultiVaults leveraging EigenLayer strategies operate with wstETH, while the conversion layer handles the rebase adjustments internally, maintaining protocol compatibility.

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IsolatedEigenLayerVault

A significant challenge in EigenLayer is the operator limitation, which restricts the number of operators an address can interact with. To address this, IsolatedEigenLayerVaults were developed:

1. Operator-Strategy Pairing:

   • Each isolated vault is linked to a specific (strategy, operator) pair. This decoupling ensures scalability by avoiding operator limitations for a single address.

2. Factory-Based Creation:

   • Isolated vaults are created using dedicated factory contracts, such as:

     • IsolatedEigenLayerVault

     • IsolatedEigenLayerWstETHVault

3. Adapter-Driven Operations:

   • The EigenLayerAdapter interacts with these isolated vaults instead of directly managing EigenLayer strategies. This abstraction simplifies MultiVault operations while ensuring protocol compliance.

4. Validation on Addition:

   • When an EIGEN_LAYER-type subvault is added to a MultiVault, the system verifies that the corresponding isolated vault was created through the appropriate factory contract. This validation step ensures consistency and security across all interactions.