BaseVault

Inherits: ERC4626Upgradeable, ReentrancyGuardUpgradeable

Title: BaseVault

Abstract base ERC-4626 vault providing shared mechanics for all Venus fixed-term vault types: fundraising (time-bounded deposit window), interest computation, settlement (protocol fee waterfall), and core state machine transitions.

Subcontracts (InstitutionalLoanVault) inherit this and add type-specific logic. Deployed as EIP-1167 minimal proxy clones by the respective VaultController.

Solidity API

State Variables

BPS

uint256 public constant BPS = 10_000

MANTISSA_ONE

uint256 public constant MANTISSA_ONE = 1e18

YEAR

uint256 public constant YEAR = 365 days

_config

Immutable vault configuration set at initialization.

VaultConfig internal _config

_runtime

Runtime state that changes during the vault lifecycle.

VaultRuntime internal _runtime

vaultController

VaultController address — set to msg.sender during initialize.

address public vaultController

pauseLevel

Current pause level (Unpaused, Partial, Complete).

PauseLevel public pauseLevel

Functions

onlyController

Reverts if caller is not the VaultController.

modifier onlyController();

whenNotPaused

Reverts on any pause level (Partial or Complete). Used for general operations.

modifier whenNotPaused();

whenNotCompletelyPaused

Reverts only on Complete pause. Repay and liquidation remain available during Partial pause.

modifier whenNotCompletelyPaused();

closeVault

Transitions vault to Closed state. All operations are blocked after this point. Governance should only call this once all suppliers have withdrawn their funds.

Notes:

• error: InvalidState If vault is not in a terminal state (Matured/Failed/Liquidated).
• event: StateTransition Emitted for the terminal state -> Closed transition.
• event: VaultClosed Emitted with the previous terminal state.

function closeVault() external onlyController;

partialPause

Partial pause — blocks general operations (deposits, collateral, borrowing). Repay and liquidation remain available so positions can still be defended/resolved.

Note: event: PauseLevelSet

function partialPause() external onlyController;

completePause

Complete pause — blocks all operations including repay and liquidation.

Note: event: PauseLevelSet

function completePause() external onlyController;

unpause

Removes all pause restrictions.

Note: event: PauseLevelSet

function unpause() external onlyController;

sweep

Recovers any tokens stuck in the vault. Full balance is transferred.

Notes:

• error: NothingToSweep If the token balance is zero.
• event: TokensSwept

function sweep(address token) external onlyController;

Parameters

Name	Type	Description
token	address	Token address to sweep.

updateVaultState

Permissionless vault finalizer. Triggers state transitions and settlement.

function updateVaultState() external;

outstandingDebt

Total remaining debt. Decremented by repayments; zero when fully repaid.

function outstandingDebt() external view returns (uint256);

Returns

Name	Type	Description
<none>	uint256	Outstanding debt in supply asset units.

config

Returns the vault configuration.

function config() external view returns (VaultConfig memory);

Returns

Name	Type	Description
<none>	VaultConfig	Immutable VaultConfig struct set at initialization.

runtime

Returns the runtime state.

function runtime() external view returns (VaultRuntime memory);

Returns

Name	Type	Description
<none>	VaultRuntime	Mutable VaultRuntime struct tracking lifecycle progress.

state

Current vault lifecycle state.

function state() external view returns (VaultState);

Returns

Name	Type	Description
<none>	VaultState	Current VaultState enum value.

deposit

Deposits supply assets during the Fundraising window. Clamps to remaining capacity instead of reverting on excess.

Notes:

• error: InvalidState If vault is not in Fundraising state.
• error: ExceedsMaxCap If clamped deposit amount is zero (vault at capacity).

function deposit(uint256 assets, address receiver) public override returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	Requested deposit amount in supply asset units.
receiver	address	Address to receive minted shares.

Returns

Name	Type	Description
shares	uint256	Actual shares minted (may be less than requested if cap approached).

mint

Mints shares during the Fundraising window. Clamps to remaining capacity instead of reverting on excess.

Notes:

• error: InvalidState If vault is not in Fundraising state.
• error: ExceedsMaxCap If clamped share amount is zero (vault at capacity).

function mint(uint256 shares, address receiver) public override returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	Requested shares to mint.
receiver	address	Address to receive minted shares.

Returns

Name	Type	Description
assets	uint256	Actual supply assets pulled (may be less than requested if cap approached).

withdraw

Withdraws supply assets in terminal states. Advances state before checking max, enabling single-tx withdrawals when the vault is ready to transition (e.g. PendingSettlement -> Matured).

Notes:

• error: InvalidState If vault is not in a terminal state (Matured/Failed/Liquidated).
• error: ExceedsMaxCap If requested assets exceed the caller’s withdrawable balance.

function withdraw(
    uint256 assets,
    address receiver,
    address owner
) public override returns (uint256 shares);

Parameters

Name	Type	Description
assets	uint256	Amount of supply assets to withdraw.
receiver	address	Address to receive the assets.
owner	address	Share holder address.

Returns

Name	Type	Description
shares	uint256	Shares burned.

redeem

Redeems shares for supply assets in terminal states. Advances state before checking max, enabling single-tx redemptions when the vault is ready to transition (e.g. PendingSettlement -> Matured).

Notes:

• error: InvalidState If vault is not in a terminal state (Matured/Failed/Liquidated).
• error: ExceedsMaxCap If requested shares exceed the caller’s redeemable balance.

function redeem(
    uint256 shares,
    address receiver,
    address owner
) public override returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	Shares to redeem.
receiver	address	Address to receive the assets.
owner	address	Share holder address.

Returns

Name	Type	Description
assets	uint256	Supply assets returned.

totalAssets

State-dependent total assets backing outstanding shares.

Matured/Failed/Liquidated: settlementAmount (decremented on each withdrawal). All other states: totalRaised.

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

Returns

Name	Type	Description
<none>	uint256	Total assets in supply asset units.

maxDeposit

Remaining deposit capacity in supply asset units. Zero outside Fundraising state.

function maxDeposit(address /* receiver */) public view override returns (uint256);

Returns

Name	Type	Description
<none>	uint256	Maximum depositable amount.

maxMint

Share equivalent of maxDeposit.

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

Parameters

Name	Type	Description
receiver	address	Receiver address (passed through to maxDeposit).

Returns

Name	Type	Description
<none>	uint256	Maximum mintable shares.

maxWithdraw

Withdrawable supply asset amount for a supplier. Zero outside terminal states.

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

Parameters

Name	Type	Description
owner	address	Share holder address.

Returns

Name	Type	Description
<none>	uint256	Maximum withdrawable supply asset amount.

maxRedeem

Redeemable share amount for a supplier. Zero outside terminal states.

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

Parameters

Name	Type	Description
owner	address	Share holder address.

Returns

Name	Type	Description
<none>	uint256	Maximum redeemable share amount.

Events

StateTransition

event StateTransition(VaultState indexed from, VaultState indexed to, uint256 timestamp);

VaultClosed

event VaultClosed(VaultState state);

SettlementConfirmed

event SettlementConfirmed(uint256 settlementAmount, uint256 protocolFee, uint256 surplus);

ShortfallDetected

event ShortfallDetected(uint256 totalOwed, uint256 available);

PSRNotificationFailed

event PSRNotificationFailed(address indexed psr, bytes reason);

RaisedFundsClaimed

event RaisedFundsClaimed(uint256 amount);

Repaid

event Repaid(uint256 amount, uint256 remainingDebt);

PauseLevelSet

event PauseLevelSet(PauseLevel oldLevel, PauseLevel newLevel);

TokensSwept

event TokensSwept(address indexed token, address indexed recipient, uint256 amount);

Errors

InvalidState

error InvalidState();

SameStateTransition

error SameStateTransition();

BelowMinimumDepositAmount

error BelowMinimumDepositAmount();

ExceedsMaxCap

error ExceedsMaxCap();

Unauthorized

error Unauthorized();

AlreadyWithdrawn

error AlreadyWithdrawn();

NoOutstandingDebt

error NoOutstandingDebt();

ZeroRepayAmount

error ZeroRepayAmount();

NothingToSweep

error NothingToSweep();

PartiallyPaused

error PartiallyPaused();

CompletelyPaused

error CompletelyPaused();