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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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External Positions
External positions interact with external protocols, just like adapters. Interactions via an ExternalPositionProxy instance and its library affect its value, while interactions via parser contracts only affect validations and the parsing of user input.

External Position Types

Each external position is associated with a "type" that is written to ExternalPositionProxy.EXTERNAL_POSITION_TYPE upon its deployment. This type (e.g., a Compound debt position) instructs the system as to which library and parser contracts to use with proxy interactions.
A vault can have many active external positions of the same type.
There are no globally-enforced limitations on the asset counts that can be managed within any external position. If the need for a such a limitation arises for particular external position types, then a limitation should be imposed by the parser contract for that type.

AaveDebtPosition

Handles creating (borrowing), managing, and repaying debt positions on Aave.
Aave aTokens are held as collateral directly within the ExternalPositionProxy instance, which acts as the owner of the CDP.
Currently only handles variable debt, not stable debt.
Mainnet contracts:
  • each aToken
  • LendingPoolAddressesProvider: 0xB53C1a33016B2DC2fF3653530bfF1848a515c8c5
  • ProtocolDataProvider : 0x057835Ad21a177dbdd3090bB1CAE03EaCF78Fc6d
Actions and considerations:
  • AddCollateral - None
  • RemoveCollateral - None
  • Borrow - Borrowing accrues stkAAVE to the ExternalPositionProxy
  • RepayBorrow - None
  • ClaimStkAave - None

CompoundDebtPosition

Handles creating (borrowing), managing, and repaying debt positions on Compound Finance.
Compound cTokens are held as collateral directly within the ExternalPositionProxy instance, which acts as the owner of the CDP.
Mainnet contracts:
  • each cToken supported by the CompoundPriceFeed
  • CompoundComptroller - 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B
Actions and considerations:
  • AddCollateral - Receives cTokens from the vault which accrues COMP to the ExternalPositionProxy
  • RemoveCollateral - None
  • Borrow - Borrowing accrues COMP to the ExternalPositionProxy
  • RepayBorrow - None
  • ClaimComp - None

ConvexVotingPosition

Handles vote-locking CVX for vlCVX, delegating voting power to a 3rd party, and claiming rewards from Convex and Votium.
Does not currently support actually voting, which can be easily be accomplished by delegating to a 3rd party and voting directly via Snapshot.
Note that this uses CvxLockerV2, the second locker implementation.
Mainnet contracts:
  • BaseRewardPool (cvxCrv staking) : 0x3Fe65692bfCD0e6CF84cB1E7d24108E434A7587e
  • ConvexToken : 0x4e3FBD56CD56c3e72c1403e103b45Db9da5B9D2B
  • CvxLockerV2: 0x72a19342e8F1838460eBFCCEf09F6585e32db86E
  • MultiMerkleStash (Votium): 0x378Ba9B73309bE80BF4C2c027aAD799766a7ED5A
  • vlCvxExtraRewardDistribution: 0x9B622f2c40b80EF5efb14c2B2239511FfBFaB702
Actions and considerations:
  • Lock - Starts accrual of cvxCRV rewards and any extra rewards
  • Relock - None
  • Withdraw - Stops accrual of cvxCRV rewards and any extra rewards
  • ClaimRewards - None
  • Delegate - None

LiquityDebtPosition

Handles borrowing LUSD using ETH as collateral on Liquity.
Mainnet contracts:
  • BorrowerOperations: 0x24179CD81c9e782A4096035f7eC97fB8B783e007
  • TroveManager : 0xA39739EF8b0231DbFA0DcdA07d7e29faAbCf4bb2
Actions and considerations:
  • OpenTrove - None
  • AddCollateral - None
  • RemoveCollateral - None
  • Borrow - None
  • RepayBorrow - None
  • CloseTrove - None

MapleLiquidityPosition

Handles lending on Maple Finance.
Mainnet contracts:
  • each Maple pool
  • MplRewardsFactory: 0x0155729EbCd47Cb1fBa02bF5a8DA20FaF3860535
  • PoolFactory : 0x2Cd79F7f8b38B9c0D80EA6B230441841A31537eC
Actions and considerations:
  • Lend - None
  • LendAndStake - Starts accrual of MPL rewards
  • IntendToRedeem - None
  • Redeem - Also claims all interest due
  • Stake - Starts accrual of MPL rewards
  • Unstake - Stops accrual of MPL rewards for the amount unstaked
  • UnstakeAndRedeem - Stops accrual of MPL rewards for the amount unstaked
  • ClaimInterest - None
  • ClaimRewards - None

TheGraphDelegationPosition

Handles delegating $GRT to indexers on The Graph.
Mainnet contracts:
  • GraphProxy: 0xf55041e37e12cd407ad00ce2910b8269b01263b9
Actions and considerations:
  • Delegate - Starts accruing $GRT rewards, and charges a flat delegation tax (currently 0.5%) on the delegated $GRT amount
  • Undelegate - Stops accruing $GRT rewards
  • Withdraw - None

UniswapV3LiquidityPosition

Handles minting, adding/removing liquidity, collecting fees, and burning UniswapV3 LP positions via Uniswap's NonfungiblePositionManager.
A minted nft representing a particular LP position (distinct fee, ticks, and token amounts) is owned by an ExternalPositionProxy of this type.
One such ExternalPositionProxy instance can own and manage multiple nfts of any token pairs (i.e., one fund can manage all of its NFTs in a single contract).
Mainnet contracts:
  • NonfungiblePositionManager - 0xC36442b4a4522E871399CD717aBDD847Ab11FE88
Actions and considerations:
  • Mint - None
  • AddLiquidity - None
  • RemoveLiquidity - None
  • Collect - None
  • Purge - None
​
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Contents
External Position Types
AaveDebtPosition
CompoundDebtPosition
ConvexVotingPosition
LiquityDebtPosition
MapleLiquidityPosition
TheGraphDelegationPosition
UniswapV3LiquidityPosition