Documentation Index
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Overview
The MorphoVaultV1Adapter contract enables Morpho Vault V2 to allocate assets to Morpho Vaults V1 (also known as MetaMorpho). This adapter provides a simple interface for depositing into and withdrawing from V1 vaults while managing rewards through a skim mechanism.
This adapter is designed and audited specifically for Morpho Vaults V1 (versions V1.0 and V1.1). Integration with other vaults must be carefully assessed from a security standpoint.
- Must only be used with Morpho Vaults V1 protected against inflation attacks with an initial deposit
- Must not be used with a Morpho Vault V1 that has a market with an IRM that can re-enter the parent vault or adapter
- Morpho Vaults V1.1 do not realize bad debt, so Morpho Vaults V2 supplying to them will not realize corresponding bad debt
- Losses corresponding to rounding errors are realizable
- Shares of the Morpho Vault V1 cannot be skimmed (only other tokens)
Contract details
License: GPL-2.0-or-later
Solidity version: 0.8.28
State variables
Immutable variables
factory
address public immutable factory
parentVault
address public immutable parentVault
morphoVaultV1
address public immutable morphoVaultV1
adapterId
bytes32 public immutable adapterId
keccak256(abi.encode("this", address(this))).
Storage variables
skimRecipient
address public skimRecipient
Constructor
constructor(address _parentVault, address _morphoVaultV1)
The address of the parent Morpho Vault V2
The address of the Morpho Vault V1 to integrate with
The constructor verifies that the asset of the parent vault matches the asset of the Morpho Vault V1.
View functions
ids
function ids() public view returns (bytes32[] memory)
Array containing a single element: the adapter ID
allocation
function allocation() public view returns (uint256)
The allocation amount from the parent vault
realAssets
function realAssets() external view returns (uint256)
The preview redemption value of the adapter’s shares, or 0 if allocation is 0
Functions
setSkimRecipient
function setSkimRecipient(address newSkimRecipient) external
The new skim recipient address
skim
function skim(address token) external
The token address to skim (cannot be Morpho Vault V1 shares)
Cannot skim Morpho Vault V1 shares. Attempting to do so will revert with CannotSkimMorphoVaultV1Shares().
allocate
function allocate(
bytes memory data,
uint256 assets,
bytes4,
address
) external returns (bytes32[] memory, int256)
Amount of assets to allocate (deposit)
The adapter’s allocation IDs
The change in allocation amount (new allocation - old allocation)
This function does not emit any events because the IDs logged in the parent vault are sufficient.
deallocate
function deallocate(
bytes memory data,
uint256 assets,
bytes4,
address
) external returns (bytes32[] memory, int256)
Amount of assets to deallocate (withdraw)
The adapter’s allocation IDs
The change in allocation amount (new allocation - old allocation)
This function does not emit any events because the IDs logged in the parent vault are sufficient.
Events
SetSkimRecipient
event SetSkimRecipient(address indexed newSkimRecipient)
Skim
event Skim(address indexed token, uint256 assets)
The address of the token that was skimmed
The amount of tokens skimmed
Errors
AssetMismatch
Thrown during construction if the parent vault’s asset does not match the Morpho Vault V1’s asset.
CannotSkimMorphoVaultV1Shares
error CannotSkimMorphoVaultV1Shares()
InvalidData
Thrown when non-empty data is provided to allocate or deallocate functions.
NotAuthorized
Thrown when the caller is not authorized to perform the operation.