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Enzyme Protocol v4 (Sulu) - General Spec
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Enzyme Protocol v4 (Sulu) - General Spec
Intro
GitHub repo
Architecture
Persistent
Release
Users
End users
Administrators
Access Control Handoff
Topics
Fund Lifecycle
Holdings and Shares
External Positions
Staking Wrappers
Protocol Fee
Gas Relayer
Policies
Asset pricing
Known Risks & Mitigations
Fee formulas
ManagementFee
Performance Fee
External Interactions
Adapters
External Positions
Price Feeds
Governance
Governance Overview
The Enzyme Council
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Adapters
In order to exchange some of a fund's assets for other assets, an adapter generally integrates with one or more "integratees," i.e., endpoints at which to interact with a defi protocol such as Uniswap, Compound, ParaSawp, etc.

AaveAdapter

Integrates with Aave lending via aTokens.
Mainnet contracts:
  • LendingPoolAddressesProvider: 0xB53C1a33016B2DC2fF3653530bfF1848a515c8c5
Functions and considerations:
  • lend() - None
  • redeem() - None

CompoundAdapter

Integrates with Compound Finance's cTokens. Each cToken is its own integratee.
Mainnet contracts:
  • all cTokens, other than those with underlyings not supported in the Enzyme asset universe
Functions and considerations:
  • lend() - fund receives cToken , which triggers the VaultProxy to start accumulating COMP based on the amount lent.
  • redeem() - None
  • claimRewards() - None
Note that COMP is also claimable natively on Compound on behalf of the fund (by any user).

ConvexCurveLpStakingAdapter

Integrates with ConvexCurveLpStakingWrapper deployments to facilitate the staking of Curve LP tokens to Convex Finance.
Also provides convenience functions to LP on Curve and then stake on Convex in the same action, i.e., lendAndStake() and lendAndRedeem(). These actions use the same logic for LP'ing as the CurveLiquidityAdapter and thus have the same requirements and considerations.
Mainnet contracts:
  • AddressProvider (Curve): 0x0000000022D53366457F9d5E68Ec105046FC4383
  • all deployed ConvexCurveLpStakingWrapper instances
Functions and considerations:
  • claimRewards() - none
  • stake() - fund starts accruing $CVX, $CRV and pool rewards (if applicable) after action
  • unstake() - none
  • lendAndStake() - fund starts accruing $CVX, $CRV and pool rewards (if applicable) after action
  • unstakeAndRedeem() - redemption can be made for either an equal balance of underlying pool tokens (relative to pool proportions), or for a single asset in the pool
Claiming accrued rewards on behalf of any fund can also be accomplished outside of the adapter via the ConvexCurveLpStakingWrapper .

CurveExchangeAdapter

Integrates with Curve's universal interface for swapping between any assets in a given pool.
Mainnet contracts:
  • AddressProvider: 0x0000000022D53366457F9d5E68Ec105046FC4383
Functions and considerations:
  • takeOrder() : none

CurveLiquidityAdapter

Integrates with Curve pools that adhere to Curve's pool templates to allow liquidity provision-related actions, including staking to tokenized liquidity gauges (i.e., LiquidityGaugeV2 and later).
Mainnet contracts:
  • AddressProvider: 0x0000000022D53366457F9d5E68Ec105046FC4383
  • Minter : 0xd061D61a4d941c39E5453435B6345Dc261C2fcE0
  • all LP tokens and liquidity gauge tokens in the asset universe
Functions and considerations:
  • claimRewards() - none
  • lend() - none
  • redeem() - redemption can be made for either an equal balance of underlying pool tokens (relative to pool proportions), or for a single asset in the pool
  • stake() - fund starts accruing $CRV and pool rewards (if applicable) after action
  • unstake() - none
  • lendAndStake() - fund starts accruing $CRV and pool rewards (if applicable) after action
  • unstakeAndRedeem() - redemption can be made for either an equal balance of underlying pool tokens (relative to pool proportions), or for a single asset in the pool
Claiming accrued rewards can also be accomplished outside of the adapter through two mechanisms:
  • $CRV - must be claimed either through a call from the VaultProxy or by an account nominated via a call from the VaultProxy . We register all of these as approved vault calls.
  • pool rewards - can be claimed by any party at any time on behalf of the VaultProxy
Note on sidechains/L2s: earned $CRV is not paid via a Minter , but rather via the pool rewards mechanism described above.

FuseAdapter

Integrates with Fuse fTokens. Each fToken is its own integratee.
As a fork of Compound, all interactions are shared with the CompoundAdapter, other than a different mechanism for claiming rewards.
Mainnet contracts:
  • all fTokens, other than those with underlyings not supported in the Enzyme asset universe
Functions and considerations:
  • lend() - fund receives fToken , which triggers the VaultProxy to start accumulating any pool-specific rewards
  • redeem() - None
  • claimRewards() - None
Note that rewards are also claimable natively on Fuse on behalf of the fund (by any user).

IdleAdapter

Integrates with the Idle Finance's IdleToken contracts using the functions available in V4 of its protocol.
Mainnet contracts: each IdleToken
Functions and considerations:
  • approveAssets() - can only be used for rewards tokens that are assets in the Enzyme asset universe
  • claimRewards() - claimed rewards tokens are sent to the Vault, but are not reported as incomingAssets, and thus are not emitted in an event, not run through policy management, and are not added as tracked assets
  • lend() - none
  • redeem() - any call to redeem() will also claim all rewards tokens; these rewards tokens are sent to the vault, but are not reported as incomingAssets, and thus are not emitted in an event, not run through policy management, and are not added as tracked assets
Unclaimed rewards transfer to the recipient during ERC20 transfer calls, rather than auto-checkpointing as other protocols do.

OlympusV2Adapter

Integrates with Olympus V2 to stake and unstake OHM for sOHM.
Mainnet contracts:
  • StakingContract - 0xB63cac384247597756545b500253ff8E607a8020
Functions and considerations:
  • stake() - none
  • unstake() - none

ParaSwapV5Adapter

Integrates with ParaSwap (v5) via the AugustusSwapper. Incorporates asset approvals via the TokenTransferProxy.
Mainnet contracts:
  • AugustusSwapper: 0xDEF171Fe48CF0115B1d80b88dc8eAB59176FEe57
  • TokenTransferProxy: 0x216B4B4Ba9F3e719726886d34a177484278Bfcae
Functions and considerations:
  • takeOrder() - None

PoolTogetherV4Adapter

Integrates with PoolTogether (v4).
Mainnet contracts:
  • all ptTokens, other than those with underlyings not supported in the Enzyme asset universe
Functions and considerations:
  • claimRewards() - none
  • lend() - fund is entered in the PoolTogether drawings for the lent token, and must actively claim winnings. This must be monitored by managers, off-chain.
  • redeem() - none
Notes:
  • Claiming accrued winnings can also be accomplished via claimRewards() (required if the manager wants to use the gas relayer for the tx cost), or via the PoolTogether PrizeDistributor directly (open to any caller for any winner).
  • When transferring ptTokens, the recipient's received amount is only entered into the lottery if they have previously specified a delegate (either themself or a third party). If the recipient has not yet specified a delegate, they must do so in a separate call via PoolTogether contracts. This should be taken into consideration by fund managers and investors, as investors that receive ptTokens from a shares redemption will need to choose a delegate to be entered into drawings, if they have not yet done so.

SynthetixAdapter

[Deprecated. Can currently only be used to purge already-held synths into sUSD]
Integrates with Synthetix via SNX.
Mainnet contracts:
  • SNX: 0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F
Functions and considerations:
  • takeOrder() - None
  • redeem() - None

UniswapV2ExchangeAdapter

Integrates with UniswapV2 for trading.
Mainnet contracts:
  • UniswapV2Router2: 0x7a250d5630B4cF539739dF2C5dAcb4c659F2488D
Functions and considerations:
  • takeOrder() - None

UniswapV2LiquidityAdapter

Integrates with UniswapV2 for liquidity provision and redemption.
Mainnet contracts:
  • UniswapV2Factory: 0x5C69bEe701ef814a2B6a3EDD4B1652CB9cc5aA6f
  • UniswapV2Router2: 0x7a250d5630B4cF539739dF2C5dAcb4c659F2488D
Functions and considerations:
  • lend() - None
  • redeem() - None

UniswapV3Adapter

Integrates with UniswapV3 for trading (not LP)
Mainnet contracts:
  • SwapRouter : 0xE592427A0AEce92De3Edee1F18E0157C05861564
Functions and considerations:
  • takeOrder() - None

YearnVaultV2Adapter

Integrates with Yearn vault v2 instances
Mainnet contracts:
  • all Yearn vault v2 instances
Functions and considerations:
  • lend() - none
  • redeem() - none
Note that while all Yearn vault v2 instances adhere to the same interface, each individual instance uses one of many particular versioned implementations (see v2.registry.ychad.eth). Only the adapter interactions with expected behaviors of interface functions can be realistically audited.

ZeroExV2Adapter

Integrates with the 0x Protocol. This adapter limits orders to makers approved by the Enzyme Council.
Mainnet contracts:
  • Exchange: 0x080bf510fcbf18b91105470639e9561022937712
  • ERC20Proxy: 0x95e6f48254609a6ee006f7d493c8e5fb97094cef
Functions and considerations:
  • takeOrder() - none
Fee formulas - Previous
Performance Fee
Next - External Interactions
External Positions
Last modified 2mo ago
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Contents
AaveAdapter
CompoundAdapter
ConvexCurveLpStakingAdapter
CurveExchangeAdapter
CurveLiquidityAdapter
FuseAdapter
IdleAdapter
OlympusV2Adapter
ParaSwapV5Adapter
PoolTogetherV4Adapter
SynthetixAdapter
UniswapV2ExchangeAdapter
UniswapV2LiquidityAdapter
UniswapV3Adapter
YearnVaultV2Adapter
ZeroExV2Adapter