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Overview

Credit Account V3 is a minimal contract that serves as a proxy for user interactions with external protocols. Each credit account represents a single leveraged position owned by a user. The account can hold multiple tokens as collateral and execute calls to whitelisted protocols through adapters. Contract Location: contracts/credit/CreditAccountV3.sol Interface: ICreditAccountV3.sol

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Key Features

  • Lightweight proxy for leveraged positions
  • Token transfer functionality (restricted to credit manager)
  • External contract execution (restricted to credit manager)
  • Emergency rescue functionality (restricted to account factory)
  • Immutable connection to credit manager and account factory

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State Variables

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Immutable Variables

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version
uint256
Contract version (always returns 3_10)
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contractType
bytes32
Contract type identifier (always returns "CREDIT_ACCOUNT")
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factory
address
Account factory that deployed this credit account
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creditManager
address
Credit manager this account is connected to

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Functions

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safeTransfer

function safeTransfer(
    address token,
    address to,
    uint256 amount
) external
Transfers tokens from the credit account to a specified address.
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token
address
required
Token to transfer
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to
address
required
Transfer recipient
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amount
uint256
required
Amount to transfer
Only callable by the credit manager. Uses SafeERC20 for safe transfers.

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execute

function execute(
    address target,
    bytes calldata data
) external returns (bytes memory result)
Executes a function call from the credit account to a target contract.
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target
address
required
Contract to call
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data
bytes
required
Calldata to pass to the target contract
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result
bytes
Returns the result of the function call
Only callable by the credit manager. The target contract must be whitelisted.
This function is used by adapters to interact with external protocols on behalf of the credit account.

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rescue

function rescue(
    address target,
    bytes calldata data
) external
Executes a function call for emergency token recovery.
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target
address
required
Contract to call
​
data
bytes
required
Calldata to pass to the target contract
Only callable by the account factory. This function is used to rescue funds that were accidentally left on the account after closure.

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Access Control

The credit account implements strict access control through modifiers:

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creditManagerOnly

Ensures the function caller is the connected credit manager.
  • Applied to: safeTransfer(), execute()
  • Reverts with: CallerNotCreditManagerException

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factoryOnly

Ensures the function caller is the account factory.
  • Applied to: rescue()
  • Reverts with: CallerNotAccountFactoryException

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Architecture

Credit accounts follow a minimal proxy pattern:
  1. Deployment: Created by the account factory when a user opens a position
  2. Ownership: Tracked in the credit manager, not stored in the account itself
  3. Lifecycle: Returned to the factory pool when closed, can be reused for new positions
  4. Execution: All actions are initiated through the credit manager and credit facade

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Constructor

constructor(address _creditManager)
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_creditManager
address
required
Credit manager to connect this account to
The constructor sets both the credit manager and factory (from msg.sender) as immutable variables.

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Security Considerations

Credit accounts should NEVER hold tokens or positions after closure. Any remaining assets can only be recovered through the factory’s rescue() function.

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Key Security Features:

  1. Immutable Connections: Credit manager and factory addresses cannot be changed
  2. Restricted Access: Only credit manager can transfer tokens and execute calls
  3. No Direct User Access: Users cannot call credit account functions directly
  4. Emergency Recovery: Factory can rescue accidentally left tokens

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Example Usage

Credit accounts are not called directly by users. Here’s how they’re used internally:

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Token Transfer (Internal)

// Called by Credit Manager
creditAccount.safeTransfer(
    USDC,
    pool,
    repaymentAmount
);

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Protocol Execution (Internal)

// Called by Credit Manager via Adapter
bytes memory result = creditAccount.execute(
    uniswapRouter,
    abi.encodeCall(
        IUniswapV3Router.exactInputSingle,
        (swapParams)
    )
);

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Emergency Rescue (Internal)

// Called by Account Factory for token recovery
creditAccount.rescue(
    token,
    abi.encodeCall(
        IERC20.transfer,
        (receiver, amount)
    )
);

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Gas Optimization

Credit Account V3 is designed for minimal gas usage:
  • No Storage: Only immutable variables (stored in bytecode)
  • Simple Logic: Minimal validation, relies on credit manager for checks
  • Reusable: Accounts are recycled via the factory to save deployment costs
  • Efficient ABI: Uses abicoder v1 for smaller bytecode
  • Credit Manager V3: Controls all credit account operations
  • Credit Facade V3: User interface for account management
  • Account Factory: Deploys and recycles credit accounts
  • Adapters: Enable interactions with external protocols

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Implementation Notes

Credit Account V3 uses OpenZeppelin’s SafeERC20 library and Address.functionCall for safe external interactions.

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Dependencies

import {IERC20} from "@openzeppelin/contracts/token/ERC20/IERC20.sol";
import {SafeERC20} from "@1inch/solidity-utils/contracts/libraries/SafeERC20.sol";
import {Address} from "@openzeppelin/contracts/utils/Address.sol";

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Common Patterns

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Checking Credit Account Ownership

// Get the account owner from credit manager
address owner = creditManager.getBorrowerOrRevert(creditAccount);
require(msg.sender == owner, "Not account owner");

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Safe Token Operations

// Credit manager ensures token is allowed
creditAccount.safeTransfer(token, recipient, amount);

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Adapter Calls

// Credit manager sets account as active
creditManager.setActiveCreditAccount(creditAccount);

// Adapter executes via credit account
creditAccount.execute(target, callData);

// Credit manager unsets active account
creditManager.setActiveCreditAccount(INACTIVE_CREDIT_ACCOUNT_ADDRESS);

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