evU - tower

CW4626 Escher Vault – Overview

Purpose

The CW4626 Escher Vault is a CosmWasm vault (ERC-4626 inspired) designed for the U token as its underlying. It automates liquidity provisioning, staking, incentive claiming, and redemptions, while exposing a familiar deposit/mint/withdraw/redeem interface.

Roles

  • Manager

    • Bonds underlying U into LP/staking.

    • Executes add/remove liquidity.

    • Swaps and claims incentives.

  • Oracle

    • Updates the price map for LP other-side assets and incentive tokens.

  • Marketing

    • Uses CW20-base’s built-in marketing messages (e.g., name, symbol, logo).

Key Components

  • Underlying Token – Native U, basis for deposits/withdrawals and accounting.

  • Share Token – CW20 vault shares (same decimals as U).

  • Pool – The vault strategy centers on the eU pool, where U is converted to eU and deployed for liquidity and staking.

  • Incentives – The vault earns rewards in U, eU, and BABY.

  • Oracle Prices – Map of token_address → Decimal price in terms of U.

    • Must include:

      • eU

      • U

      • BABY

Fees

  • Entry Fee – Applied on deposit/mint.

    • A percentage of gross shares is minted to the fee recipient.

    • PreviewDeposit returns net user shares after fee deduction.

Core Flows

Deposit / Mint

  1. User deposits U.

  2. Vault calculates gross shares from total_assets / total_shares.

  3. Shares are split into:

    • user_shares → depositor.

    • fee_shares → fee recipient.

Bond

  • Manager moves a portion of U into the eU pool (via hub).

  • Converts U into eU and LP positions with slippage control and unique salt.

Add Liquidity

  • Manager pairs U/eU as needed.

  • Mints LP shares and deposits them into the incentives contract.

Claim Incentives

  • Manager claims accumulated rewards (U, eU, BABY) back into the vault.

Redemption (Two-Step)

  1. request_redeem

    • Locks user shares.

    • Returns preview of expected asset distribution (U + eU + BABY), valued via oracle.

  2. complete_redemption

    • Manager unwinds positions.

    • Assets distributed to user.

    • Locked shares burned.

Queries

  • Standard:

    • Asset, TotalAssets, ConvertToShares/Assets, MaxDeposit/Mint/Withdraw/Redeem

    • PreviewDeposit (net), PreviewMint, ExchangeRate

  • Oracle:

    • OraclePrices, OracleTokensList

  • Positions & Incentives:

    • LPPosition, AllPendingIncentives

  • Redemptions:

    • Request by ID

    • User redemption requests

    • Redemption stats

Exchange Rate

exchange_rate = total_assets / total_shares

  • Includes U + eU + BABY rewards (valued via oracle).

  • Excludes locked shares to maintain fair PPS.

Access Control

  • manager and oracle role vectors maintained on-chain.

  • Only authorized addresses may call privileged endpoints.

Safety & Validation

  • Oracle prices must be strictly positive and cover U, eU, and BABY.

  • Slippage tolerance enforced in liquidity operations.

  • salt validated to prevent replay.

Instantiate Fields (Examples)

  • managers, oracles

  • underlying_token = U

  • share_name/symbol/marketing

  • pool = eU

  • incentives[] = [U, eU, BABY]

  • tower_incentives, lp, slippage_tolerance, staking_contract

  • entry_fee_rate, entry_fee_recipient

Events (Examples)

  • oracle_update_prices

  • deposit (with user_shares_minted, fee_shares_minted, entry_fee_rate)

  • bond / add_liquidity / remove_liquidity

  • request_redemption / complete_redemption

  • claim_incentives

Operational Notes

  • Oracle must initialize prices for U, eU, and BABY before vault operations.

  • Preview endpoints simulate expected outcomes; real results may differ slightly.

  • If entry_fee_recipient = depositor, all shares accrue to the same account.

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