LeverageStrategiesManager

The LeverageStrategiesManager is a Venus periphery contract that enables users to enter and exit leveraged positions atomically using flash loans. It integrates with the Venus Comptroller’s flash loan functionality and the SwapHelper contract to execute complex leverage operations in a single transaction.

Version scope: This API reference follows venus-periphery v1.2.0. The deployed manager is an upgradeable proxy whose implementation fixes the Comptroller, SwapHelper, and unsupported vBNB address. Verify the current proxy implementation and dependencies before approving tokens or delegation.

Overview

Leverage operations in DeFi typically require multiple transactions: borrowing, swapping, and supplying assets. The LeverageStrategiesManager consolidates these into atomic operations using flash loans, eliminating intermediate exposure and reducing gas costs.

The contract supports five distinct leverage strategies:

Strategy	Description	Swap Required
`enterSingleAssetLeverage`	Amplify exposure to a single asset	No
`enterLeverage`	Enter leverage with collateral seed, borrow different asset	Yes
`enterLeverageFromBorrow`	Enter leverage using borrowed asset as seed	Yes
`exitSingleAssetLeverage`	Close single-asset leveraged position	No
`exitLeverage`	Close cross-asset leveraged position	Yes

Prerequisites

Before using the LeverageStrategiesManager, users must delegate account actions to the exact manager proxy for their network:

// On the Venus Comptroller
comptroller.updateDelegate(leverageStrategiesManagerAddress, true);

This delegation allows the contract to:

Borrow on behalf of the user
Mint vTokens on behalf of the user
Redeem vTokens on behalf of the user
Repay borrows on behalf of the user

Obtain leverageStrategiesManagerAddress from Deployed Contracts, not from an implementation address or the SwapHelper address. The delegation remains enabled until the user revokes it with updateDelegate(leverageStrategiesManagerAddress, false).

Inheritance

Ownable2StepUpgradeable - Two-step ownership transfer pattern
ReentrancyGuardUpgradeable - Reentrancy protection
IFlashLoanReceiver - Flash loan callback interface
ILeverageStrategiesManager - Contract interface

Immutable State Variables

Variable	Type	Description
`COMPTROLLER`	`IComptroller`	Venus Comptroller for market interactions and flash loan execution
`swapHelper`	`SwapHelper`	Token swap executor for cross-asset operations
`vBNB`	`IVToken`	vBNB market address (not supported for leverage operations)

Architecture

Transient Storage (EIP-1153)

The contract uses EIP-1153 transient storage to pass state between entry functions and flash loan callbacks. These values are automatically cleared at transaction end:

Variable	Type	Description
`operationType`	`OperationType`	Current operation being executed
`operationInitiator`	`address`	Original `msg.sender` of the entry function
`collateralMarket`	`IVToken`	Target collateral market
`collateralAmount`	`uint256`	Collateral seed or redeem amount
`borrowedAmountSeed`	`uint256`	User-provided borrowed asset seed
`minAmountOutAfterSwap`	`uint256`	Slippage protection threshold

Solidity API

initialize

Initializes two-step ownership and reentrancy protection on the manager proxy.

function initialize() external initializer

The implementation constructor fixes the Comptroller, SwapHelper, and vBNB addresses and disables initialization on the implementation. Verify that the deployed proxy has already been initialized.

enterSingleAssetLeverage

Enters a leveraged position using the same asset for collateral and borrowing. No swap is required.

function enterSingleAssetLeverage(
    IVToken _collateralMarket,
    uint256 _collateralAmountSeed,
    uint256 _collateralAmountToFlashLoan
) external

Parameters

Name	Type	Description
_collateralMarket	IVToken	The vToken market to use for both collateral and borrowing
_collateralAmountSeed	uint256	Amount of underlying tokens the user provides as initial capital
_collateralAmountToFlashLoan	uint256	Amount to flash loan for leverage amplification

Example

User has 10 ETH and wants 2x exposure:

Provide 10 ETH as seed
Flash loan 10 ETH
Supply 20 ETH as collateral
Final: 20 ETH collateral, 10 ETH debt (plus fees)

Events

SingleAssetLeverageEntered emitted on success
DustTransferred emitted if residual tokens remain

Access Requirements

User must have delegated to this contract via Comptroller.updateDelegate

Errors

ZeroFlashLoanAmount if _collateralAmountToFlashLoan is zero
MarketNotListed if market is not listed in Comptroller
VBNBNotSupported if the market is vBNB
NotAnApprovedDelegate if user has not delegated to this contract
AccrueInterestFailed if interest accrual fails on the market
EnterMarketFailed if entering the market fails
OperationCausesLiquidation if pre/post position is unsafe

enterLeverage

Enters a leveraged position by providing collateral seed and borrowing a different asset. The borrowed asset is swapped to collateral.

function enterLeverage(
    IVToken _collateralMarket,
    uint256 _collateralAmountSeed,
    IVToken _borrowedMarket,
    uint256 _borrowedAmountToFlashLoan,
    uint256 _minAmountOutAfterSwap,
    bytes calldata _swapData
) external

Parameters

Name	Type	Description
_collateralMarket	IVToken	The vToken market to supply collateral to
_collateralAmountSeed	uint256	Amount of collateral underlying the user provides
_borrowedMarket	IVToken	The vToken market to borrow from
_borrowedAmountToFlashLoan	uint256	Amount of borrowed asset to flash loan
_minAmountOutAfterSwap	uint256	Minimum collateral tokens expected from swap (slippage protection)
_swapData	bytes	Encoded swap data from Venus Swap API

Example

User has 1,000 USDC and wants 3x USDC exposure:

Provide 1,000 USDC as collateral seed
Flash loan 2,000 USDT
Swap 2,000 USDT → ~2,000 USDC
Supply 3,000 USDC as collateral
Final: 3,000 USDC collateral, 2,000 USDT debt (plus fees)

Events

LeverageEntered emitted on success
DustTransferred emitted for residual collateral and borrowed tokens

Access Requirements

User must have delegated to this contract via Comptroller.updateDelegate

Errors

ZeroFlashLoanAmount if _borrowedAmountToFlashLoan is zero
IdenticalMarkets if collateral and borrowed markets are the same
MarketNotListed if either market is not listed in Comptroller
VBNBNotSupported if either market is vBNB
NotAnApprovedDelegate if user has not delegated to this contract
AccrueInterestFailed if interest accrual fails on either market
EnterMarketFailed if entering either market fails
SlippageExceeded if swap output is below _minAmountOutAfterSwap
TokenSwapCallFailed if swap execution reverts
OperationCausesLiquidation if position becomes unsafe

enterLeverageFromBorrow

Enters a leveraged position by providing the borrowed asset as seed. Both seed and flash loan are swapped to collateral.

function enterLeverageFromBorrow(
    IVToken _collateralMarket,
    IVToken _borrowedMarket,
    uint256 _borrowedAmountSeed,
    uint256 _borrowedAmountToFlashLoan,
    uint256 _minAmountOutAfterSwap,
    bytes calldata _swapData
) external

Parameters

Name	Type	Description
_collateralMarket	IVToken	The vToken market to supply collateral to
_borrowedMarket	IVToken	The vToken market providing the seed and flash loan
_borrowedAmountSeed	uint256	Amount of borrowed asset the user provides as seed
_borrowedAmountToFlashLoan	uint256	Amount of borrowed asset to flash loan
_minAmountOutAfterSwap	uint256	Minimum collateral tokens expected from swap
_swapData	bytes	Encoded swap data (must account for seed + flash loan amount)

Example

User has 1 ETH and wants leveraged USDC exposure:

Provide 1 ETH as seed
Flash loan 2 ETH
Swap 3 ETH → ~6,000 USDC
Supply 6,000 USDC as collateral
Final: 6,000 USDC collateral, 2 ETH debt (plus fees)

Events

LeverageEnteredFromBorrow emitted on success
DustTransferred emitted for residual tokens

Access Requirements

User must have delegated to this contract

Errors

ZeroFlashLoanAmount if _borrowedAmountToFlashLoan is zero
MarketNotListed if either market is not listed in Comptroller
VBNBNotSupported if either market is vBNB
NotAnApprovedDelegate if user has not delegated to this contract
AccrueInterestFailed if interest accrual fails on either market
EnterMarketFailed if entering either market fails
SlippageExceeded if swap output is below _minAmountOutAfterSwap
TokenSwapCallFailed if swap execution reverts
OperationCausesLiquidation if position becomes unsafe

exitSingleAssetLeverage

Closes or reduces a single-asset leveraged position. Flash loans the asset to repay debt, then redeems collateral to cover the flash loan.

function exitSingleAssetLeverage(
    IVToken _collateralMarket,
    uint256 _collateralAmountToFlashLoan
) external

Parameters

Name	Type	Description
_collateralMarket	IVToken	The vToken market for both collateral and debt
_collateralAmountToFlashLoan	uint256	Amount to flash loan for debt repayment

Example

User has 20 ETH collateral and 10 ETH debt:

Flash loan 10 ETH
Repay 10 ETH debt
Redeem ~10 ETH (plus fees) from collateral
Final: ~10 ETH collateral, 0 debt

Events

SingleAssetLeverageExited emitted on success
DustTransferred emitted for residual tokens

Access Requirements

User must have delegated to this contract

Errors

ZeroFlashLoanAmount if flash loan amount is zero
MarketNotListed if market is not listed in Comptroller
VBNBNotSupported if the market is vBNB
NotAnApprovedDelegate if user has not delegated to this contract
AccrueInterestFailed if interest accrual fails on the market
InsufficientFundsToRepayFlashloan if redemption insufficient for repayment
OperationCausesLiquidation if final position is unsafe

exitLeverage

Closes or reduces a cross-asset leveraged position. Flash loans borrowed asset to repay debt, redeems collateral, and swaps to cover the flash loan.

function exitLeverage(
    IVToken _collateralMarket,
    uint256 _collateralAmountToRedeemForSwap,
    IVToken _borrowedMarket,
    uint256 _borrowedAmountToFlashLoan,
    uint256 _minAmountOutAfterSwap,
    bytes calldata _swapData
) external

Parameters

Name	Type	Description
_collateralMarket	IVToken	The vToken market holding user’s collateral
_collateralAmountToRedeemForSwap	uint256	Amount of collateral to redeem and swap
_borrowedMarket	IVToken	The vToken market where user has debt
_borrowedAmountToFlashLoan	uint256	Amount to flash loan for debt repayment
_minAmountOutAfterSwap	uint256	Minimum borrowed tokens expected from swap
_swapData	bytes	Encoded swap data

Example

User has 3,000 USDC collateral and 1 ETH debt:

Flash loan 1 ETH
Repay 1 ETH debt
Redeem 2,000 USDC from collateral
Swap 2,000 USDC → ~1 ETH (plus fees)
Final: ~1,000 USDC collateral, 0 ETH debt

Events

LeverageExited emitted on success
DustTransferred emitted for residual tokens

Access Requirements

User must have delegated to this contract

Errors

ZeroFlashLoanAmount if flash loan amount is zero
IdenticalMarkets if collateral and borrowed markets are the same
MarketNotListed if either market is not listed in Comptroller
VBNBNotSupported if either market is vBNB
NotAnApprovedDelegate if user has not delegated to this contract
AccrueInterestFailed if interest accrual fails on either market
SlippageExceeded if swap output is below minimum
InsufficientFundsToRepayFlashloan if swap output insufficient for repayment
OperationCausesLiquidation if final position is unsafe

executeOperation

Flash loan callback invoked by the Comptroller. Routes execution to the appropriate handler based on operationType.

function executeOperation(
    IVToken[] calldata vTokens,
    uint256[] calldata amounts,
    uint256[] calldata premiums,
    address initiator,
    address onBehalf,
    bytes calldata param
) external override nonReentrant returns (bool success, uint256[] memory repayAmounts)

Parameters

Name	Type	Description
vTokens	IVToken[]	Array with the borrowed vToken market (single element)
amounts	uint256[]	Array with the borrowed underlying amount (single element)
premiums	uint256[]	Array with the flash loan fee amount (single element)
initiator	address	Address that initiated the flash loan (must be this contract)
onBehalf	address	User for whom debt will be opened
param	bytes	Encoded auxiliary data for the operation

Access Requirements

Only callable by the Comptroller

Errors

UnauthorizedExecutor if caller is not Comptroller
InitiatorMismatch if initiator is not this contract
OnBehalfMismatch if onBehalf does not match operationInitiator
FlashLoanAssetOrAmountMismatch if arrays length is not 1
InvalidExecuteOperation if operation type is unknown

sweepToken

Transfers the manager’s full balance of an ERC-20 token to its current owner. This is a recovery function, not a user refund path.

function sweepToken(address token) external onlyOwner nonReentrant

Access Requirements

Current contract owner only

Security Considerations

The call transfers the entire token balance and has no protected-token list or lifecycle condition. Integrations should avoid leaving balances on the manager and should verify the live proxy owner before relying on recovery.

Events

Event	Parameters	Description
`SingleAssetLeverageEntered`	user, collateralMarket, collateralAmountSeed, collateralAmountToFlashLoan	Single-asset leverage position opened
`LeverageEntered`	user, collateralMarket, collateralAmountSeed, borrowedMarket, borrowedAmountToFlashLoan	Cross-asset leverage position opened with collateral seed
`LeverageEnteredFromBorrow`	user, collateralMarket, borrowedMarket, borrowedAmountSeed, borrowedAmountToFlashLoan	Cross-asset leverage position opened with borrowed seed
`LeverageExited`	user, collateralMarket, collateralAmountToRedeemForSwap, borrowedMarket, borrowedAmountToFlashLoan	Cross-asset leverage position closed
`SingleAssetLeverageExited`	user, collateralMarket, collateralAmountToFlashLoan	Single-asset leverage position closed
`DustTransferred`	recipient, token, amount	Residual tokens transferred after operation
`TokensSwept`	token, recipient, amount	Owner recovered the manager’s full token balance

Security Considerations

Access Control

Delegate Requirement: All operations verify the user has delegated to this contract via Comptroller.updateDelegate()
Flash Loan Callback: executeOperation validates msg.sender is the Comptroller
Initiator Validation: Callback verifies initiator == address(this) to prevent unauthorized triggers
OnBehalf Validation: Callback verifies onBehalf == operationInitiator for user consistency

Reentrancy Protection

The executeOperation function is protected by OpenZeppelin’s nonReentrant modifier, preventing reentrant calls during flash loan callback execution.

Slippage Protection

All swap operations accept a minAmountOutAfterSwap parameter. The transaction reverts with SlippageExceeded if the swap output falls below this threshold.

Account Safety

Enter operations perform pre-checks to ensure the user is not already at liquidation risk
All operations perform post-checks to verify the final position is healthy
Exit operations skip the initial liquidity pre-check because they begin by reducing debt, but they also redeem collateral to settle the flash loan. The contract therefore still performs a final account-liquidity check; an exit is not assumed safe solely because debt decreased.

Dust Handling

After every operation, any residual token balances are transferred back to the user:

Collateral dust → User
Borrowed dust (all operations) → User

Deployment

See Deployed Contracts for current addresses.

Integration

For Users

Enable Delegation: Resolve the network’s manager proxy from Deployed Contracts, then call Comptroller.updateDelegate(leverageStrategiesManagerAddress, true)
Approve Tokens: Grant token spending approval to LeverageStrategiesManager for collateral tokens
Execute Operations: Call the appropriate entry function with parameters
Revoke When Finished: Call Comptroller.updateDelegate(leverageStrategiesManagerAddress, false) when the manager no longer needs to act for the account

For Developers

LeverageStrategiesManager exposes a clear interface for integration:

interface ILeverageStrategiesManager {
    function enterSingleAssetLeverage(
        IVToken _collateralMarket,
        uint256 _collateralAmountSeed,
        uint256 _collateralAmountToFlashLoan
    ) external;

    function enterLeverage(
        IVToken _collateralMarket,
        uint256 _collateralAmountSeed,
        IVToken _borrowedMarket,
        uint256 _borrowedAmountToFlashLoan,
        uint256 _minAmountOutAfterSwap,
        bytes calldata _swapData
    ) external;

    function exitSingleAssetLeverage(
        IVToken _collateralMarket,
        uint256 _collateralAmountToFlashLoan
    ) external;

    function exitLeverage(
        IVToken _collateralMarket,
        uint256 _collateralAmountToRedeemForSwap,
        IVToken _borrowedMarket,
        uint256 _borrowedAmountToFlashLoan,
        uint256 _minAmountOutAfterSwap,
        bytes calldata _swapData
    ) external;
}

Swap API Integration

Cross-asset operations (enterLeverage, enterLeverageFromBorrow, exitLeverage) require signed swap data from the Venus Swap API:

Request a swap quote from the API with source and destination tokens
Receive encoded multicall parameters with backend signature
Pass the signed _swapData to the entry function

Audits

Published LeverageStrategiesManager audit reports are indexed in the venus-periphery v1.2.0 release. Check each report’s scope and reviewed commit against the current proxy implementation.