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Oracle and Rate Provider System

Why there are two pricing layers

The system separates:

  • Vault valuation layer: share value and totalAssets pricing.
  • Asset conversion layer: conversion between base asset and supported input/output assets.

This allows independent control of NAV pricing and token conversion logic.

Vault valuation layer

UltraVaultOracle

Provides base/quote prices and quote retrieval:

  • setPrice: instant updates
  • scheduleLinearPriceUpdate: gradual linear updates over a vesting period
  • getQuote: compute quote amount using current (possibly vested) price

UltraVault.totalAssets() relies on oracle quote of:

  • inAmount = totalSupply()
  • base = share token
  • quote = vault asset

VaultPriceManager

Operational controller that updates oracle prices and enforces guardrails:

  • per-vault jump limit (max update-to-update move)
  • per-vault drawdown limit (max fall from high-water mark)
  • admin-per-vault authorization model

If update breaches limits, manager attempts to pause the vault.

Intended update policy

Operationally, share price updates are expected to be vested in almost all cases.

  • linear vesting updates are the default path
  • instant updates are expected to remain mainly for drawdown handling
  • this supports smoother user experience while preserving fast downside reflection

Asset conversion layer

UltraVaultRateProvider

Maps each supported asset to either:

  • pegged conversion (decimals normalization only), or
  • external IRateProvider conversion contract

Used by vault conversion paths:

  • _convertToUnderlying(asset, assets)
  • _convertFromUnderlying(asset, baseAssets)

This supports multi-asset deposits/redeems while preserving base accounting.

Operational flow summary

  1. User can deposit/redeem in supported asset.
  2. Vault converts asset amount to/from base accounting units using rate provider.
  3. Vault share valuation uses oracle price feed for totalAssets.
  4. Price manager can enforce movement limits and pause on suspicious moves.

Design assumptions and caveats

  • Vault operators perform internal strategy PnL and yield calculations, then publish updated share prices regularly.
  • Oracle values may include off-chain assessments and conservative estimates.
  • Conversion correctness depends on each configured external rate provider.