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const { BN, constants, expectEvent, expectRevert } = require('@openzeppelin/test-helpers');
const { expect } = require('chai');
const ERC20Decimals = artifacts.require('$ERC20DecimalsMock');
const ERC4626 = artifacts.require('$ERC4626');
const ERC4626Decimals = artifacts.require('$ERC4626DecimalsMock');
const parseToken = token => new BN(token).mul(new BN('1000000000000'));
const parseShare = share => new BN(share).mul(new BN('1000000000000000000'));
contract('ERC4626', function (accounts) {
const [holder, recipient, spender, other, user1, user2] = accounts;
const name = 'My Token';
const symbol = 'MTKN';
beforeEach(async function () {
this.token = await ERC20Decimals.new(name, symbol, 12);
this.vault = await ERC4626Decimals.new(name + ' Vault', symbol + 'V', this.token.address, 18);
await this.token.$_mint(holder, web3.utils.toWei('100'));
await this.token.approve(this.vault.address, constants.MAX_UINT256, { from: holder });
await this.vault.approve(spender, constants.MAX_UINT256, { from: holder });
});
it('metadata', async function () {
expect(await this.vault.name()).to.be.equal(name + ' Vault');
expect(await this.vault.symbol()).to.be.equal(symbol + 'V');
expect(await this.vault.decimals()).to.be.bignumber.equal('18');
expect(await this.vault.asset()).to.be.equal(this.token.address);
});
it('inherit decimals if from asset', async function () {
for (const decimals of [0, 9, 12, 18, 36].map(web3.utils.toBN)) {
const token = await ERC20Decimals.new('', '', decimals);
const vault = await ERC4626.new('', '', token.address);
expect(await vault.decimals()).to.be.bignumber.equal(decimals);
}
});
describe('empty vault: no assets & no shares', function () {
it('status', async function () {
expect(await this.vault.totalAssets()).to.be.bignumber.equal('0');
});
it('deposit', async function () {
expect(await this.vault.maxDeposit(holder)).to.be.bignumber.equal(constants.MAX_UINT256);
expect(await this.vault.previewDeposit(parseToken(1))).to.be.bignumber.equal(parseShare(1));
const { tx } = await this.vault.deposit(parseToken(1), recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: parseToken(1),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: parseShare(1),
});
});
it('mint', async function () {
expect(await this.vault.maxMint(holder)).to.be.bignumber.equal(constants.MAX_UINT256);
expect(await this.vault.previewMint(parseShare(1))).to.be.bignumber.equal(parseToken(1));
const { tx } = await this.vault.mint(parseShare(1), recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: parseToken(1),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: parseShare(1),
});
});
it('withdraw', async function () {
expect(await this.vault.maxWithdraw(holder)).to.be.bignumber.equal('0');
expect(await this.vault.previewWithdraw('0')).to.be.bignumber.equal('0');
const { tx } = await this.vault.withdraw('0', recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: '0',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: '0',
});
});
it('redeem', async function () {
expect(await this.vault.maxRedeem(holder)).to.be.bignumber.equal('0');
expect(await this.vault.previewRedeem('0')).to.be.bignumber.equal('0');
const { tx } = await this.vault.redeem('0', recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: '0',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: '0',
});
});
});
describe('partially empty vault: assets & no shares', function () {
beforeEach(async function () {
await this.token.$_mint(this.vault.address, parseToken(1)); // 1 token
});
it('status', async function () {
expect(await this.vault.totalAssets()).to.be.bignumber.equal(parseToken(1));
});
it('deposit', async function () {
expect(await this.vault.maxDeposit(holder)).to.be.bignumber.equal(constants.MAX_UINT256);
expect(await this.vault.previewDeposit(parseToken(1))).to.be.bignumber.equal(parseShare(1));
const { tx } = await this.vault.deposit(parseToken(1), recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: parseToken(1),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: parseShare(1),
});
});
it('mint', async function () {
expect(await this.vault.maxMint(holder)).to.be.bignumber.equal(constants.MAX_UINT256);
expect(await this.vault.previewMint(parseShare(1))).to.be.bignumber.equal(parseToken(1));
const { tx } = await this.vault.mint(parseShare(1), recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: parseToken(1),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: parseShare(1),
});
});
it('withdraw', async function () {
expect(await this.vault.maxWithdraw(holder)).to.be.bignumber.equal('0');
expect(await this.vault.previewWithdraw('0')).to.be.bignumber.equal('0');
const { tx } = await this.vault.withdraw('0', recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: '0',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: '0',
});
});
it('redeem', async function () {
expect(await this.vault.maxRedeem(holder)).to.be.bignumber.equal('0');
expect(await this.vault.previewRedeem('0')).to.be.bignumber.equal('0');
const { tx } = await this.vault.redeem('0', recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: '0',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: '0',
});
});
});
describe('partially empty vault: shares & no assets', function () {
beforeEach(async function () {
await this.vault.$_mint(holder, parseShare(1)); // 1 share
});
it('status', async function () {
expect(await this.vault.totalAssets()).to.be.bignumber.equal('0');
});
it('deposit', async function () {
expect(await this.vault.maxDeposit(holder)).to.be.bignumber.equal('0');
// Can deposit 0 (max deposit)
const { tx } = await this.vault.deposit(0, recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: 0,
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: 0,
});
// Cannot deposit more than 0
await expectRevert.unspecified(this.vault.previewDeposit(parseToken(1)));
await expectRevert(
this.vault.deposit(parseToken(1), recipient, { from: holder }),
'ERC4626: deposit more than max',
);
});
it('mint', async function () {
expect(await this.vault.maxMint(holder)).to.be.bignumber.equal(constants.MAX_UINT256);
expect(await this.vault.previewMint(parseShare(1))).to.be.bignumber.equal('0');
const { tx } = await this.vault.mint(parseShare(1), recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: '0',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: parseShare(1),
});
});
it('withdraw', async function () {
expect(await this.vault.maxWithdraw(holder)).to.be.bignumber.equal('0');
expect(await this.vault.previewWithdraw('0')).to.be.bignumber.equal('0');
await expectRevert.unspecified(this.vault.previewWithdraw('1'));
const { tx } = await this.vault.withdraw('0', recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: '0',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: '0',
});
});
it('redeem', async function () {
expect(await this.vault.maxRedeem(holder)).to.be.bignumber.equal(parseShare(1));
expect(await this.vault.previewRedeem(parseShare(1))).to.be.bignumber.equal('0');
const { tx } = await this.vault.redeem(parseShare(1), recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: '0',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: parseShare(1),
});
});
});
describe('full vault: assets & shares', function () {
beforeEach(async function () {
await this.token.$_mint(this.vault.address, parseToken(1)); // 1 tokens
await this.vault.$_mint(holder, parseShare(100)); // 100 share
});
it('status', async function () {
expect(await this.vault.totalAssets()).to.be.bignumber.equal(parseToken(1));
});
it('deposit', async function () {
expect(await this.vault.maxDeposit(holder)).to.be.bignumber.equal(constants.MAX_UINT256);
expect(await this.vault.previewDeposit(parseToken(1))).to.be.bignumber.equal(parseShare(100));
const { tx } = await this.vault.deposit(parseToken(1), recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: parseToken(1),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: parseShare(100),
});
});
it('mint', async function () {
expect(await this.vault.maxMint(holder)).to.be.bignumber.equal(constants.MAX_UINT256);
expect(await this.vault.previewMint(parseShare(1))).to.be.bignumber.equal(parseToken(1).divn(100));
const { tx } = await this.vault.mint(parseShare(1), recipient, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: holder,
to: this.vault.address,
value: parseToken(1).divn(100),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: recipient,
value: parseShare(1),
});
});
it('withdraw', async function () {
expect(await this.vault.maxWithdraw(holder)).to.be.bignumber.equal(parseToken(1));
expect(await this.vault.previewWithdraw(parseToken(1))).to.be.bignumber.equal(parseShare(100));
const { tx } = await this.vault.withdraw(parseToken(1), recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: parseToken(1),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: parseShare(100),
});
});
it('withdraw with approval', async function () {
await expectRevert(
this.vault.withdraw(parseToken(1), recipient, holder, { from: other }),
'ERC20: insufficient allowance',
);
await this.vault.withdraw(parseToken(1), recipient, holder, { from: spender });
});
it('redeem', async function () {
expect(await this.vault.maxRedeem(holder)).to.be.bignumber.equal(parseShare(100));
expect(await this.vault.previewRedeem(parseShare(100))).to.be.bignumber.equal(parseToken(1));
const { tx } = await this.vault.redeem(parseShare(100), recipient, holder, { from: holder });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: recipient,
value: parseToken(1),
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: holder,
to: constants.ZERO_ADDRESS,
value: parseShare(100),
});
});
it('redeem with approval', async function () {
await expectRevert(
this.vault.redeem(parseShare(100), recipient, holder, { from: other }),
'ERC20: insufficient allowance',
);
await this.vault.redeem(parseShare(100), recipient, holder, { from: spender });
});
});
/// Scenario inspired by solmate ERC4626 tests:
/// https://github.com/transmissions11/solmate/blob/main/src/test/ERC4626.t.sol
it('multiple mint, deposit, redeem & withdrawal', async function () {
// test designed with both asset using similar decimals
this.token = await ERC20Decimals.new(name, symbol, 18);
this.vault = await ERC4626.new(name + ' Vault', symbol + 'V', this.token.address);
await this.token.$_mint(user1, 4000);
await this.token.$_mint(user2, 7001);
await this.token.approve(this.vault.address, 4000, { from: user1 });
await this.token.approve(this.vault.address, 7001, { from: user2 });
// 1. Alice mints 2000 shares (costs 2000 tokens)
{
const { tx } = await this.vault.mint(2000, user1, { from: user1 });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: user1,
to: this.vault.address,
value: '2000',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: user1,
value: '2000',
});
expect(await this.vault.previewDeposit(2000)).to.be.bignumber.equal('2000');
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('2000');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('0');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('2000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('0');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('2000');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('2000');
}
// 2. Bob deposits 4000 tokens (mints 4000 shares)
{
const { tx } = await this.vault.mint(4000, user2, { from: user2 });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: user2,
to: this.vault.address,
value: '4000',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: user2,
value: '4000',
});
expect(await this.vault.previewDeposit(4000)).to.be.bignumber.equal('4000');
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('2000');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('4000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('2000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('4000');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('6000');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('6000');
}
// 3. Vault mutates by +3000 tokens (simulated yield returned from strategy)
await this.token.$_mint(this.vault.address, 3000);
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('2000');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('4000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('3000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('6000');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('6000');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('9000');
// 4. Alice deposits 2000 tokens (mints 1333 shares)
{
const { tx } = await this.vault.deposit(2000, user1, { from: user1 });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: user1,
to: this.vault.address,
value: '2000',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: user1,
value: '1333',
});
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('3333');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('4000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('4999');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('6000');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('7333');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('11000');
}
// 5. Bob mints 2000 shares (costs 3001 assets)
// NOTE: Bob's assets spent got rounded up
// NOTE: Alices's vault assets got rounded up
{
const { tx } = await this.vault.mint(2000, user2, { from: user2 });
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: user2,
to: this.vault.address,
value: '3001',
});
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: constants.ZERO_ADDRESS,
to: user2,
value: '2000',
});
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('3333');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('6000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('5000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('9000');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('9333');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('14001');
}
// 6. Vault mutates by +3000 tokens
// NOTE: Vault holds 17001 tokens, but sum of assetsOf() is 17000.
await this.token.$_mint(this.vault.address, 3000);
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('3333');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('6000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('6071');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('10929');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('9333');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('17001');
// 7. Alice redeem 1333 shares (2428 assets)
{
const { tx } = await this.vault.redeem(1333, user1, user1, { from: user1 });
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: user1,
to: constants.ZERO_ADDRESS,
value: '1333',
});
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: user1,
value: '2428',
});
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('2000');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('6000');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('3643');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('10929');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('8000');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('14573');
}
// 8. Bob withdraws 2929 assets (1608 shares)
{
const { tx } = await this.vault.withdraw(2929, user2, user2, { from: user2 });
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: user2,
to: constants.ZERO_ADDRESS,
value: '1608',
});
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: user2,
value: '2929',
});
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('2000');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('4392');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('3643');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('8000');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('6392');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('11644');
}
// 9. Alice withdraws 3643 assets (2000 shares)
// NOTE: Bob's assets have been rounded back up
{
const { tx } = await this.vault.withdraw(3643, user1, user1, { from: user1 });
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: user1,
to: constants.ZERO_ADDRESS,
value: '2000',
});
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: user1,
value: '3643',
});
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('0');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('4392');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('0');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('8001');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('4392');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('8001');
}
// 10. Bob redeem 4392 shares (8001 tokens)
{
const { tx } = await this.vault.redeem(4392, user2, user2, { from: user2 });
expectEvent.inTransaction(tx, this.vault, 'Transfer', {
from: user2,
to: constants.ZERO_ADDRESS,
value: '4392',
});
expectEvent.inTransaction(tx, this.token, 'Transfer', {
from: this.vault.address,
to: user2,
value: '8001',
});
expect(await this.vault.balanceOf(user1)).to.be.bignumber.equal('0');
expect(await this.vault.balanceOf(user2)).to.be.bignumber.equal('0');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user1))).to.be.bignumber.equal('0');
expect(await this.vault.convertToAssets(await this.vault.balanceOf(user2))).to.be.bignumber.equal('0');
expect(await this.vault.totalSupply()).to.be.bignumber.equal('0');
expect(await this.vault.totalAssets()).to.be.bignumber.equal('0');
}
});
});