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Documentation Index

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Use this file to discover all available pages before exploring further.

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Overview

This page documents all major releases and changes to the Reserve Folio protocol. Each version brings new features, improvements, and bug fixes.
For detailed technical changes, see the GitHub releases.

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Current Version: 5.0.0

Release 5.0.0

Latest release with expanded governance controls and optimistic governance support.

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New Features

Added by: REBALANCE_MANAGERThe REBALANCE_MANAGER can now specify full weight ranges when starting a rebalance, providing more flexibility in basket composition during rebalancing operations.Impact: Enables more sophisticated rebalancing strategies.
Configurable by: REBALANCE_MANAGERGovernance can now set maximum auction sizes to control the scale of individual auctions during rebalancing.Use Cases:
  • Limit exposure to slippage
  • Manage MEV risk
  • Control rebalancing pace
Configurable by: DEFAULT_ADMIN_ROLENew ability to disable permissionless bids and restrict all trading to trusted fillers only.Benefits:
  • Enhanced MEV protection
  • More predictable execution
  • Integration with professional market makers
Trade-off: Reduced liveness guarantees (depends on trusted fillers being available).
Configurable by: DEFAULT_ADMIN_ROLEGovernance can now change the Folio’s name after deployment.Use Cases:
  • Rebranding
  • Clarifying Folio purpose
  • Updating to reflect strategy changes

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Optimistic Governance

StakingVault.burn()

New Function: Burn staked tokens for optimistic governance slashingEnables optimistic governance patterns where malicious or incorrect governance proposals can be challenged and lead to slashing of proposer stakes.Related: Pairs with optimistic governance frameworks to secure fast governance actions.

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Previous Releases

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Release 4.0.0 - Basket Auctions

Major Architecture Update

Released: June 2025Theme: Rebalance targets and basket-level auctionsAudit: Trail of Bits, Pashov Audit Group

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Key Changes

The Folio is now integrated with Trusted Fillers framework.Capabilities:
  • Async fillers can compete in auctions
  • Better prices through professional market makers
  • All auction limitations still apply
Supported Fillers:
  • CoW Swap (initial integration)
Configuration: Can be enabled/disabled by governance per Folio.
Rebalancing is now managed via rebalance targets instead of individual token pairs.New Structure:
  • Set of tokens with target weights
  • Single active rebalance at a time
  • Basket-level optimization
Role Change: AUCTION_APPROVER → REBALANCE_MANAGERBenefits:
  • More efficient rebalancing
  • Better portfolio-level optimization
  • Simpler governance interface
Note: Folio itself remains unchanged; claims are still pro-rata during mint/redeem.
Complete redesign of auction system around rebalance targets.New Features:
  • Auctions started based on token targets in rebalance
  • AUCTION_LAUNCHER provides up-to-date prices
  • Improved rebalancing performance
  • Better price discovery
Migration: Non-compatible with v2.0.0/3.0.0 auction system.
Old Behavior: Fee inflation calculated every blockNew Behavior: Fee inflation accounted for every 24 hoursImpact:
  • ✅ No change in effective fees
  • ✅ Mathematically equivalent
  • ✅ Reduced gas costs
  • ✅ More flexibility for future improvements

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Deprecated Features

Removed in 4.0.0:
  • AUCTION_APPROVER role (replaced by REBALANCE_MANAGER)
  • Dust limits (replaced by rebalance target system)
  • Individual repeatable auctions (replaced by basket-level approach)

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Release 3.0.0 - Skipped

Status: Developed but never deployedFeature: Individual repeatable auctions against target weightsReason for Skip: Architecture evolved to basket-level approach in 4.0.0 before 3.0.0 was deployed.

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Release 2.0.0 - Repeatable Auctions

Repeatable Auctions

Released: April 2025Theme: Auction repetition and dust managementAudit: Trail of Bits

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Key Changes

Governance can now specify the number of times an auction can be repeated.Features:
  • Set repeat count when approving auctions
  • Auctions run until repeat limit or lot exhaustion
  • Same parameters used for all repetitions
Use Cases:
  • Large rebalances over time
  • Gradual position building/unwinding
  • DCA-style execution
Governance can specify minimum “valuable” token amounts.Capabilities:
  • Prevent removal of tokens below dust threshold
  • Limit auction sizes to avoid dust remainders
  • Set by admin or rebalance managers
Purpose:
  • Prevent griefing with tiny amounts
  • Maintain meaningful token balances
  • Improve UX for mint/redeem
Minters can specify minimum output amount.Features:
  • Protect against fee changes between tx submission and inclusion
  • Revert if output below minimum
  • Output must be non-zero
Purpose: Slippage protection for minters.

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Release 1.0.0 - Initial Release

Initial Release

Released: December 2024Theme: Non-repeatable pairwise auctionsAudit: Trust SecurityGitHub: r1.0.0

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Initial Features

Core Folio

  • ERC20 portfolio tokens
  • Pro-rata mint/redeem
  • Multi-asset baskets
  • Fee structure

Governance

  • FolioGovernor
  • Three-role system
  • Timelock protection
  • Role-based access control

Auctions

  • Dutch auction mechanism
  • Exponential price decay
  • Pairwise token swaps
  • Price range controls

Staking

  • StakingVault
  • Multi-reward tokens
  • Unstaking delays
  • Governance voting power

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Version Compatibility

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Upgrade Paths

1

1.0.0 → 2.0.0

Compatible: Generally compatible, adds featuresAction Required: Update to use repeatable auctions and dust limits
2

2.0.0 → 4.0.0

Breaking Changes: Major architecture changeAction Required:
  • Migrate from pairwise to basket auctions
  • Update AUCTION_APPROVER to REBALANCE_MANAGER
  • Remove dust limit configurations
  • Reconfigure auction parameters
3

4.0.0 → 5.0.0

Compatible: Adds features, no breaking changesAction Required: Optional adoption of new features

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Contract Addresses

Contract addresses vary by deployment and chain. Check the official deployment documentation for specific addresses.

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Migration Guides

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Migrating to 5.0.0

1

Review New Features

Determine which new features are relevant:
  • Max auction sizes
  • Trusted filler restrictions
  • Full weight ranges
2

Update Governance Parameters

Configure new parameters through governance proposals.
3

Test Optimistic Governance

If using optimistic governance, test StakingVault.burn() on testnet.
4

Deploy Upgrade

Follow standard upgrade procedures through governance.

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Migrating from 2.0.0 to 4.0.0

This is a major migration requiring significant governance action.
1

Understand Architecture Changes

Study the rebalance target system and basket-level auction approach.
2

Map Old to New Roles

Update role assignments:
  • AUCTION_APPROVER → REBALANCE_MANAGER
3

Reconfigure Rebalancing

Design rebalance targets to replace dust limits and individual auction approvals.
4

Test Thoroughly

Extensive testing on testnet before mainnet deployment.
5

Coordinate Upgrade

Plan governance votes and upgrade timeline.

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Upcoming Features

Future Work / Not Implemented Yet
Planned Feature: Way to claim rewards via delegatecallUse Case: Enable claiming of rewards (e.g., AERO from staked Aerodrome positions) without unwrapping.Workaround: Currently requires autocompounding layers (Beefy, Yearn) to hold yield-bearing positions.Status: Under consideration for future release.
Planned Features:
  • NFT-based governance
  • ERC20 fair launch system
Purpose: Provide more governance options beyond token-based voting.Status: Under consideration for future release.

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Release History Timeline

Security Audits

Audit reports for each version

GitHub Releases

Detailed release notes and tags

Migration Guides

Detailed upgrade procedures

Breaking Changes

Version compatibility information

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