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Convertible Deposits: Yield Deposit Facility #147

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22af257
Revert "Remove YieldDepositFacility and tests"
0xJem Oct 6, 2025
5ccd05a
test: Restore DepositRedemptionVault tests using the YieldDepositFaci…
0xJem Oct 6, 2025
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4 changes: 4 additions & 0 deletions ROLES.md
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Expand Up @@ -16,6 +16,7 @@ This document describes the roles that are used in the Olympus protocol.
| admin | Heart | Reset the heartbeat, enable/disable the contract,set the distributor, set auction rewards |
| admin | MonoCooler | Allows setting parameters on the MonoCooler |
| admin | ReserveWrapper | Enable/disable contract |
| admin | YieldDepositFacility | Set yield fee, enable/disable contract |
| bondmanager_admin | BondManager | Create/close bond markets, set parameters |
| bridge_admin | CrossChainBridge | Allows configuring the CrossChainBridge |
| callback_admin | BondCallback | Administers the policy |
Expand All @@ -38,19 +39,22 @@ This document describes the roles that are used in the Olympus protocol.
| emergency | Heart | Disable the contract |
| emergency | MonoCooler | Allows enable/disable on the MonoCooler |
| emergency | ReserveWrapper | Disable contract |
| emergency | YieldDepositFacility | Disable the contract |
| emergency_restart | Emergency | Reactivates the TRSRY and/or MINTR modules |
| emergency_shutdown | Clearinghouse | Allows shutting down the protocol in an emergency |
| emergency_shutdown | Emergency | Deactivates the TRSRY and/or MINTR modules |
| heart | ConvertibleDepositFacility | Calls the execute() function |
| heart | EmissionManager | Calls the execute() function |
| heart | Operator | Call the operate() function |
| heart | ReserveMigrator | Allows migrating reserves from one reserve token to another |
| heart | YieldDepositFacility | Calls the execute() function |
| heart | YieldRepurchaseFacility | Creates a new YRF market |
| loan_consolidator_admin | LoanConsolidator | Allows configuring the LoanConsolidator |
| manager | ConvertibleDepositAuctioneer | Set tracking period, set tick step, enable/disable deposit periods |
| manager | DepositManager | Add asset definition, set asset deposit cap, add/enable/disable asset periods, set deposit reclaim rate |
| manager | DepositRedemptionVault | Set max borrow percentage, set interest rate, set claim default reward percentage |
| manager | Heart | Reset the heartbeat |
| manager | YieldDepositFacility | Set yield fee |
| operator_admin | Operator | Activate/deactivate the functionality |
| operator_policy | Operator | Set spreads, threshold factor, and cushion factor |
| operator_reporter | Operator | Report bond purchases |
Expand Down
518 changes: 518 additions & 0 deletions src/policies/deposits/YieldDepositFacility.sol
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129 changes: 129 additions & 0 deletions src/policies/interfaces/deposits/IYieldDepositFacility.sol
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@@ -0,0 +1,129 @@
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;

import {IERC20} from "src/interfaces/IERC20.sol";

/// @title IYieldDepositFacility
/// @notice Interface for the Yield Facility that can be used to mint yield-bearing deposits
interface IYieldDepositFacility {
// ========== EVENTS ========== //

event CreatedDeposit(
address indexed asset,
address indexed depositor,
uint256 indexed positionId,
uint8 periodMonths,
uint256 depositAmount
);

event ClaimedYield(address indexed asset, address indexed depositor, uint256 yield);

event YieldFeeSet(uint16 yieldFee);

event RateSnapshotTaken(address indexed vault, uint48 timestamp, uint256 rate);

// ========== ERRORS ========== //

error YDF_InvalidArgs(string reason_);

error YDF_NotOwner(uint256 positionId_);

error YDF_InvalidToken(address token_, uint8 periodMonths_);

error YDF_Unsupported(uint256 positionId_);

error YDF_NoRateSnapshot(address vault_, uint48 timestamp_);

// ========== DATA STRUCTURES ========== //

/// @notice Parameters for the {createPosition} function
///
/// @param asset The address of the asset
/// @param periodMonths The period of the deposit
/// @param amount The amount of asset to deposit
/// @param wrapPosition Whether the position should be wrapped
/// @param wrapReceipt Whether the receipt token should be wrapped
struct CreatePositionParams {
IERC20 asset;
uint8 periodMonths;
uint256 amount;
bool wrapPosition;
bool wrapReceipt;
}

// ========== MINT ========== //

/// @notice Creates a position for a yield-bearing deposit
/// @dev The implementing contract is expected to handle the following:
/// - Validating that the asset is supported
/// - Depositing the asset into the deposit manager and minting the receipt token
/// - Creating a new position in the DEPOS module
///
/// @param params_ The parameters for the position creation
/// @return positionId The ID of the new position
/// @return receiptTokenId The ID of the receipt token
/// @return actualAmount The quantity of receipt tokens minted to the depositor
function createPosition(
CreatePositionParams calldata params_
) external returns (uint256 positionId, uint256 receiptTokenId, uint256 actualAmount);

/// @notice Deposits the given amount of the underlying asset in exchange for a receipt token. This function can be used to mint additional receipt tokens on a 1:1 basis, without creating a new position.
///
/// @param asset_ The address of the asset
/// @param periodMonths_ The period of the deposit
/// @param amount_ The amount of asset to deposit
/// @param wrapReceipt_ Whether the receipt token should be wrapped
/// @return receiptTokenId The ID of the receipt token
/// @return actualAmount The quantity of receipt tokens minted to the depositor
function deposit(
IERC20 asset_,
uint8 periodMonths_,
uint256 amount_,
bool wrapReceipt_
) external returns (uint256 receiptTokenId, uint256 actualAmount);

// ========== YIELD ========== //

/// @notice Preview the amount of yield that would be claimed for the given positions
/// @dev The implementing contract is expected to handle the following:
/// - Validating that `account_` is the owner of all of the positions
/// - Validating that token in the position is a supported receipt token
/// - Validating that all of the positions are valid
/// - Returning the total amount of yield that would be claimed
///
/// @param account_ The address to preview the yield for
/// @param positionIds_ An array of position ids that will be claimed
/// @return yield The amount of yield that would be claimed
/// @return asset The address of the asset that will be received
function previewClaimYield(
address account_,
uint256[] memory positionIds_
) external view returns (uint256 yield, IERC20 asset);

/// @notice Claims the yield for the given positions
/// @dev The implementing contract is expected to handle the following:
/// - Validating that the caller is the owner of all of the positions
/// - Validating that token in the position is a supported receipt token
/// - Validating that all of the positions are valid
/// - Transferring the yield to the caller
/// - Emitting an event
///
/// @param positionIds_ An array of position ids that will be claimed
/// @return yield The amount of yield that was claimed
function claimYield(uint256[] memory positionIds_) external returns (uint256 yield);

// ========== ADMIN FUNCTIONS ========== //

/// @notice Sets the percentage of yield that will be taken as a fee
/// @dev The implementing contract is expected to handle the following:
/// - Validating that the caller has the correct role
/// - Setting the yield fee
///
/// @param yieldFee_ The percentage of yield that will be taken as a fee, in terms of 100e2
function setYieldFee(uint16 yieldFee_) external;

/// @notice Returns the percentage of yield that will be taken as a fee
///
/// @return yieldFee The percentage of yield that will be taken as a fee, in terms of 100e2
function getYieldFee() external view returns (uint16 yieldFee);
}
56 changes: 26 additions & 30 deletions src/test/policies/DepositRedemptionVault/DepositRedemptionVaultTest.sol
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Expand Up @@ -11,6 +11,7 @@ import {IERC4626} from "src/interfaces/IERC4626.sol";
import {Kernel, Actions} from "src/Kernel.sol";
import {DepositRedemptionVault} from "src/policies/deposits/DepositRedemptionVault.sol";
import {ConvertibleDepositFacility} from "src/policies/deposits/ConvertibleDepositFacility.sol";
import {YieldDepositFacility} from "src/policies/deposits/YieldDepositFacility.sol";
import {OlympusTreasury} from "src/modules/TRSRY/OlympusTreasury.sol";
import {OlympusMinter} from "src/modules/MINTR/OlympusMinter.sol";
import {OlympusRoles} from "src/modules/ROLES/OlympusRoles.sol";
Expand All @@ -23,6 +24,7 @@ import {IEnabler} from "src/periphery/interfaces/IEnabler.sol";
import {IDepositManager} from "src/policies/interfaces/deposits/IDepositManager.sol";
import {IDepositRedemptionVault} from "src/policies/interfaces/deposits/IDepositRedemptionVault.sol";
import {IConvertibleDepositFacility} from "src/policies/interfaces/deposits/IConvertibleDepositFacility.sol";
import {IYieldDepositFacility} from "src/policies/interfaces/deposits/IYieldDepositFacility.sol";
import {IDepositFacility} from "src/policies/interfaces/deposits/IDepositFacility.sol";
import {ERC6909} from "@openzeppelin-5.3.0/token/ERC6909/draft-ERC6909.sol";
import {IPolicyAdmin} from "src/policies/interfaces/utils/IPolicyAdmin.sol";
Expand All @@ -32,7 +34,7 @@ contract DepositRedemptionVaultTest is Test {
Kernel public kernel;
DepositRedemptionVault public redemptionVault;
ConvertibleDepositFacility public cdFacility;
ConvertibleDepositFacility public cdFacilityTwo;
YieldDepositFacility public ydFacility;
OlympusTreasury public treasury;
OlympusMinter public minter;
OlympusRoles public roles;
Expand All @@ -42,7 +44,7 @@ contract DepositRedemptionVaultTest is Test {
ReceiptTokenManager public receiptTokenManager;

address public cdFacilityAddress;
address public cdFacilityTwoAddress;
address public ydFacilityAddress;

MockERC20 public ohm;
MockERC20 public reserveToken;
Expand Down Expand Up @@ -126,8 +128,8 @@ contract DepositRedemptionVaultTest is Test {
redemptionVault = new DepositRedemptionVault(address(kernel), address(depositManager));
cdFacility = new ConvertibleDepositFacility(address(kernel), address(depositManager));
cdFacilityAddress = address(cdFacility);
cdFacilityTwo = new ConvertibleDepositFacility(address(kernel), address(depositManager));
cdFacilityTwoAddress = address(cdFacilityTwo);
ydFacility = new YieldDepositFacility(address(kernel), address(depositManager));
ydFacilityAddress = address(ydFacility);
rolesAdmin = new RolesAdmin(kernel);

// Install modules
Expand All @@ -138,15 +140,15 @@ contract DepositRedemptionVaultTest is Test {
kernel.executeAction(Actions.ActivatePolicy, address(depositManager));
kernel.executeAction(Actions.ActivatePolicy, address(redemptionVault));
kernel.executeAction(Actions.ActivatePolicy, address(cdFacility));
kernel.executeAction(Actions.ActivatePolicy, address(cdFacilityTwo));
kernel.executeAction(Actions.ActivatePolicy, address(ydFacility));
kernel.executeAction(Actions.ActivatePolicy, address(rolesAdmin));

// Grant roles
rolesAdmin.grantRole(bytes32("cd_auctioneer"), auctioneer);
rolesAdmin.grantRole(bytes32("emergency"), emergency);
rolesAdmin.grantRole(bytes32("admin"), admin);
rolesAdmin.grantRole(bytes32("deposit_operator"), address(cdFacility));
rolesAdmin.grantRole(bytes32("deposit_operator"), address(cdFacilityTwo));
rolesAdmin.grantRole(bytes32("deposit_operator"), address(ydFacility));
rolesAdmin.grantRole(bytes32("heart"), HEART);
rolesAdmin.grantRole(bytes32("manager"), manager);

Expand All @@ -163,21 +165,21 @@ contract DepositRedemptionVaultTest is Test {
cdFacility.enable("");

vm.prank(admin);
cdFacilityTwo.enable("");
ydFacility.enable("");

// Register facilities in redemption vault
vm.prank(admin);
redemptionVault.authorizeFacility(address(cdFacility));

vm.prank(admin);
redemptionVault.authorizeFacility(address(cdFacilityTwo));
redemptionVault.authorizeFacility(address(ydFacility));

// Create receipt tokens
vm.startPrank(admin);

// Set the facility names
depositManager.setOperatorName(address(cdFacility), "cdf");
depositManager.setOperatorName(address(cdFacilityTwo), "cdg");
depositManager.setOperatorName(address(ydFacility), "ydf");

depositManager.addAsset(
IERC20(address(reserveToken)),
Expand All @@ -193,11 +195,11 @@ contract DepositRedemptionVaultTest is Test {
address(cdFacility)
);

// Enable the token/period/facility combo for the second facility
// Enable the token/period/facility combo for the YieldDepositFacility
depositManager.addAssetPeriod(
IERC20(address(reserveToken)),
PERIOD_MONTHS,
address(cdFacilityTwo)
address(ydFacility)
);

receiptTokenId = depositManager.getReceiptTokenId(
Expand All @@ -208,7 +210,7 @@ contract DepositRedemptionVaultTest is Test {

// Set the reclaim rate
cdFacility.setAssetPeriodReclaimRate(IERC20(address(reserveToken)), PERIOD_MONTHS, 90e2);
cdFacilityTwo.setAssetPeriodReclaimRate(IERC20(address(reserveToken)), PERIOD_MONTHS, 90e2);
ydFacility.setAssetPeriodReclaimRate(IERC20(address(reserveToken)), PERIOD_MONTHS, 90e2);
vm.stopPrank();

// Create a second receipt token
Expand All @@ -227,11 +229,11 @@ contract DepositRedemptionVaultTest is Test {
address(cdFacility)
);

// Enable the token/period/facility combo for the second facility
// Enable the token/period/facility combo for the YieldDepositFacility
depositManager.addAssetPeriod(
IERC20(address(reserveTokenTwo)),
PERIOD_MONTHS,
address(cdFacilityTwo)
address(ydFacility)
);

receiptTokenIdTwo = depositManager.getReceiptTokenId(
Expand All @@ -242,11 +244,7 @@ contract DepositRedemptionVaultTest is Test {

// Set the reclaim rate
cdFacility.setAssetPeriodReclaimRate(IERC20(address(reserveTokenTwo)), PERIOD_MONTHS, 90e2);
cdFacilityTwo.setAssetPeriodReclaimRate(
IERC20(address(reserveTokenTwo)),
PERIOD_MONTHS,
90e2
);
ydFacility.setAssetPeriodReclaimRate(IERC20(address(reserveTokenTwo)), PERIOD_MONTHS, 90e2);
vm.stopPrank();

// Authorize the redemption vault to interact with CD Facility
Expand Down Expand Up @@ -432,14 +430,12 @@ contract DepositRedemptionVaultTest is Test {
) internal returns (uint256 positionId) {
uint256 actualAmount;

vm.prank(auctioneer);
(positionId, , actualAmount) = cdFacilityTwo.createPosition(
IConvertibleDepositFacility.CreatePositionParams({
vm.prank(account_);
(positionId, , actualAmount) = ydFacility.createPosition(
IYieldDepositFacility.CreatePositionParams({
asset: iReserveToken,
periodMonths: PERIOD_MONTHS,
depositor: account_,
amount: amount_,
conversionPrice: CONVERSION_PRICE,
wrapPosition: false,
wrapReceipt: false
})
Expand Down Expand Up @@ -641,11 +637,11 @@ contract DepositRedemptionVaultTest is Test {
_;
}

// modifier givenYieldFee(uint16 yieldFee_) {
// vm.prank(admin);
// ydFacility.setYieldFee(yieldFee_);
// _;
// }
modifier givenYieldFee(uint16 yieldFee_) {
vm.prank(admin);
ydFacility.setYieldFee(yieldFee_);
_;
}

modifier givenDepositPeriodEnded(uint48 elapsed_) {
vm.warp(YIELD_EXPIRY + elapsed_);
Expand All @@ -654,7 +650,7 @@ contract DepositRedemptionVaultTest is Test {

function _takeRateSnapshot() internal {
vm.prank(HEART);
cdFacilityTwo.execute();
ydFacility.execute();
}

modifier givenRateSnapshotTaken() {
Expand Down
8 changes: 4 additions & 4 deletions src/test/policies/DepositRedemptionVault/authorizeFacility.t.sol
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Expand Up @@ -107,23 +107,23 @@ contract DepositRedemptionVaultAuthorizeFacilityTest is DepositRedemptionVaultTe
function test_multipleFacilities()
public
givenFacilityIsDeauthorized(cdFacilityAddress)
givenFacilityIsDeauthorized(address(cdFacilityTwo))
givenFacilityIsDeauthorized(address(ydFacility))
{
// Authorize first facility
vm.prank(admin);
redemptionVault.authorizeFacility(cdFacilityAddress);

// Authorize second facility
vm.prank(admin);
redemptionVault.authorizeFacility(address(cdFacilityTwo));
redemptionVault.authorizeFacility(address(ydFacility));

// Assert both facilities are registered
assertTrue(
redemptionVault.isAuthorizedFacility(cdFacilityAddress),
"First facility should be registered"
);
assertTrue(
redemptionVault.isAuthorizedFacility(address(cdFacilityTwo)),
redemptionVault.isAuthorizedFacility(address(ydFacility)),
"Second facility should be registered"
);

Expand All @@ -135,7 +135,7 @@ contract DepositRedemptionVaultAuthorizeFacilityTest is DepositRedemptionVaultTe
if (facilities[i] == cdFacilityAddress) {
foundFirst = true;
}
if (facilities[i] == address(cdFacilityTwo)) {
if (facilities[i] == address(ydFacility)) {
foundSecond = true;
}
}
Expand Down
2 changes: 1 addition & 1 deletion src/test/policies/DepositRedemptionVault/deauthorizeFacility.t.sol
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Expand Up @@ -152,7 +152,7 @@ contract DepositRedemptionVaultDeauthorizeFacilityTest is DepositRedemptionVault
vm.prank(admin);
redemptionVault.deauthorizeFacility(cdFacilityAddress);
vm.prank(admin);
redemptionVault.deauthorizeFacility(cdFacilityTwoAddress);
redemptionVault.deauthorizeFacility(ydFacilityAddress);

// Assert all facilities are deauthorized
assertFalse(
Expand Down
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