LogarithmVault

Inherits: Initializable, PausableUpgradeable, ManagedVault

Author: Logarithm Labs

The Logarithm Vault supplies depositor funds to a single connected strategy, with depositors receiving shares proportional to their contributions and paying entry fees to cover the strategy’s execution costs. Vault tokens are yield-bearing and can be redeemed at any time, enabling depositors to withdraw their initial investment plus any generated yield, while incurring exit fees to cover strategy-related costs. When idle assets are available in the vault, redemptions may proceed synchronously; otherwise, they occur asynchronously as funds are withdrawn from the strategy, involving interactions with asynchronous protocols like GMX and cross-chain systems such as HyperLiquid.

The withdrawable assets and redeemable shares are determined by the maxRequestWithdraw and maxRequestRedeem functions and are executed via requestWithdraw and requestRedeem. These functions return a unique withdrawal key that can be used to check the status and claimability of the withdraw request. Standard ERC4626-compliant functions — maxWithdraw, maxRedeem, withdraw, and redeem — remain available but operate exclusively with idle assets within the vault. LogarithmVault is an ERC4626-compliant, upgradeable vault with asynchronous redemption functionality, deployed through a beacon proxy pattern.

State Variables

LogarithmVaultStorageLocation

bytes32 private constant LogarithmVaultStorageLocation =
    0xa6bd21c53796194571f225e7dc34d762d966d8495887cd7c53f8cab2693cb800;

Functions

_getLogarithmVaultStorage

function _getLogarithmVaultStorage() private pure returns (LogarithmVaultStorage storage $);

onlySecurityManager

Reverts if the caller is not a security manager.

modifier onlySecurityManager();

initialize

function initialize(
    address owner_,
    address asset_,
    address priorityProvider_,
    uint256 entryCost_,
    uint256 exitCost_,
    string calldata name_,
    string calldata symbol_
) external initializer;

_setEntryCost

function _setEntryCost(uint256 value) internal;

_setExitCost

function _setExitCost(uint256 value) internal;

_setPriorityProvider

function _setPriorityProvider(address newProvider) internal;

setSecurityManager

Configures the security manager.

function setSecurityManager(address account) external onlyOwner;

Parameters

Name	Type	Description
account	address	The address of new security manager. A zero address means disabling security manager functions.

setStrategy

Configures the strategy. Note:

• Approve new strategy to manage asset of this vault infinitely.

• If there is an old strategy, revoke its asset approval after stopping the strategy.

function setStrategy(address _strategy) external onlyOwner;

setEntryCost

Configures new entry cost setting.

function setEntryCost(uint256 newEntryCost) external onlyOwner;

setExitCost

Configures new exit cost setting.

function setExitCost(uint256 newExitCost) external onlyOwner;

setPriorityProvider

Configures new priority provider.

function setPriorityProvider(address newProvider) external onlyOwner;

shutdown

Shutdown vault, where all deposit/mint are disabled while withdraw/redeem are still available.

function shutdown() external onlyOwner;

pause

Pauses Vault temporarily so that deposit and withdraw functions are disabled. This function is callable only by the security manager and is used if some unexpected behaviors from external protocols are spotted by the security manager.

function pause(bool stopStrategy) external onlySecurityManager whenNotPaused;

Parameters

Name	Type	Description
stopStrategy	bool	True means stopping strategy, otherwise pausing strategy.

unpause

Unpauses Vault while unpausing the connected strategy. This function is callable only by the security manager.

function unpause() external onlySecurityManager whenPaused;

maxRequestWithdraw

Returns the maximum amount of the underlying asset that can be requested to withdraw from the owner balance in the Vault, through a requestWithdraw call.

function maxRequestWithdraw(address owner) public view returns (uint256);

maxRequestRedeem

Returns the maximum amount of Vault shares that can be requested to redeem from the owner balance in the Vault, through a requestRedeem call.

function maxRequestRedeem(address owner) public view returns (uint256);

requestWithdraw

Requests to withdraw assets and returns a unique withdraw key if the requested asset amount is bigger than the idle assets. If idle assets are available in the Vault, they are withdrawn synchronously within the requestWithdraw call, while any shortfall amount remains pending for execution by the system.

Burns shares from owner and sends exactly assets of underlying tokens to receiver if the idle assets is enough. If the idle assets is not enough, creates a withdraw request with the shortfall assets while sending the idle assets to receiver.

function requestWithdraw(uint256 assets, address receiver, address owner) public virtual returns (bytes32);

Returns

Name	Type	Description
<none>	bytes32	The withdraw key that is used in the claim function.

requestRedeem

Requests to redeem shares and returns a unique withdraw key if the derived asset amount is bigger than the idle assets. If idle assets are available in the Vault, they are withdrawn synchronously within the requestWithdraw call, while any shortfall amount remains pending for execution by the system.

Burns exactly shares from owner and sends assets of underlying tokens to receiver if the idle assets is enough, If the idle assets is not enough, creates a withdraw request with the shortfall assets while sending the idle assets to receiver.

function requestRedeem(uint256 shares, address receiver, address owner) public virtual returns (bytes32);

Returns

Name	Type	Description
<none>	bytes32	The withdraw key that is used in the claim function.

_requestWithdraw

requestWithdraw/requestRedeem common workflow.

function _requestWithdraw(
    address caller,
    address receiver,
    address owner,
    uint256 assetsToRequest,
    uint256 sharesToRequest
) internal virtual returns (bytes32);

processPendingWithdrawRequests

Processes pending withdraw requests with idle assets.

This is a decentralized function that can be called by anyone.

function processPendingWithdrawRequests() public returns (uint256);

Returns

Name	Type	Description
<none>	uint256	The assets used to process pending withdraw requests.

claim

Claims a withdraw request if it is executed.

function claim(bytes32 withdrawRequestKey) public virtual returns (uint256);

Parameters

Name	Type	Description
withdrawRequestKey	bytes32	The withdraw key that was returned by requestWithdraw/requestRedeem.

isClaimable

Tells if the withdraw request is claimable or not.

function isClaimable(bytes32 withdrawRequestKey) external view returns (bool);

Parameters

Name	Type	Description
withdrawRequestKey	bytes32	The withdraw key that was returned by requestWithdraw/requestRedeem.

isPrioritized

Tells if the owner is prioritized to withdraw.

function isPrioritized(address owner) public view returns (bool);

idleAssets

The underlying asset amount in this vault that is free to withdraw or utilize.

function idleAssets() public view returns (uint256);

totalPendingWithdraw

The underlying asset amount requested to withdraw, that is not executed yet.

function totalPendingWithdraw() public view returns (uint256);

getWithdrawKey

Derives a unique withdraw key based on the user’s address and his/her nonce.

function getWithdrawKey(address user, uint256 nonce) public view returns (bytes32);

totalAssets

See {IERC4626-totalAssets}.

function totalAssets() public view virtual override returns (uint256 assets);

previewDeposit

See {IERC4626-previewDeposit}.

function previewDeposit(uint256 assets) public view virtual override returns (uint256);

previewMint

See {IERC4626-previewMint}.

function previewMint(uint256 shares) public view virtual override returns (uint256);

previewWithdraw

See {IERC4626-previewWithdraw}.

function previewWithdraw(uint256 assets) public view virtual override returns (uint256);

previewRedeem

See {IERC4626-previewRedeem}.

function previewRedeem(uint256 shares) public view virtual override returns (uint256);

maxDeposit

See {IERC4626-maxDeposit}.

function maxDeposit(address receiver) public view virtual override returns (uint256);

maxMint

See {IERC4626-maxMint}.

function maxMint(address receiver) public view virtual override returns (uint256);

maxWithdraw

This is limited by the idle assets.

function maxWithdraw(address owner) public view virtual override returns (uint256);

maxRedeem

This is limited by the idle assets.

function maxRedeem(address owner) public view virtual override returns (uint256);

_deposit

If there are pending withdraw requests, the deposited assets is used to process them. And disables harvesting of the performance fee as a core logarithm vault doesn’t have the functionality.

function _deposit(address caller, address receiver, uint256 assets, uint256 shares) internal virtual override;

_withdraw

Disables harvesting of the performance fee as a core logarithm vault doesn’t have the functionality.

function _withdraw(address caller, address receiver, address owner, uint256 assets, uint256 shares) internal override;

_calcProcessedAssets

Calculates the processed withdrawal assets.

function _calcProcessedAssets(
    uint256 _idleAssets,
    uint256 _processedWithdrawAssets,
    uint256 _accRequestedWithdrawAssets
) internal pure returns (uint256 remainingAssets, uint256 processedAssets);

Parameters

Name	Type	Description
_idleAssets	uint256	The idle assets available for processing withdraw requests.
_processedWithdrawAssets	uint256	The value of processedWithdrawAssets storage variable.
_accRequestedWithdrawAssets	uint256	The value of accRequestedWithdrawAssets storage variable.

Returns

Name	Type	Description
remainingAssets	uint256	The remaining asset amount after processing
processedAssets	uint256	The processed asset amount

_isWithdrawRequestExecuted

Executable state of withdraw request

function _isWithdrawRequestExecuted(bool isPrioritizedAccount, uint256 accRequestedWithdrawAssetsOfRequest)
    internal
    view
    returns (bool isExecuted, bool isLast);

Parameters

Name	Type	Description
isPrioritizedAccount	bool	Tells if account is prioritized for withdrawal
accRequestedWithdrawAssetsOfRequest	uint256	The accRequestedWithdrawAssets storage value of withdraw request

Returns

Name	Type	Description
isExecuted	bool	Tells whether a request is executed or not
isLast	bool	Tells whether a request is last or not

_useNonce

Uses nonce of the specified user and increase it

function _useNonce(address user) internal returns (uint256);

_costOnRaw

Calculates the cost that should be added to an amount assets that does not include cost. Used in IERC4626-mint and {IERC4626-withdraw} operations.

function _costOnRaw(uint256 assets, uint256 costRate) private pure returns (uint256);

_costOnTotal

Calculates the cost part of an amount assets that already includes cost. Used in IERC4626-deposit and {IERC4626-redeem} operations.

function _costOnTotal(uint256 assets, uint256 costRate) private pure returns (uint256);

strategy

The address of strategy that uses the underlying asset of this vault.

function strategy() public view returns (address);

priorityProvider

The priority provider address which provides the prioritized accounts. For example, the addresses of logarithm meta vaults are prioritized to withdraw. Prioritizing of withdraw means that their withdraw requests are processed before the other normal withdraw requests.

function priorityProvider() public view returns (address);

entryCost

The entry cost percent that is charged when depositing.

Denominated in 18 decimals.

function entryCost() public view returns (uint256);

exitCost

The exit cost percent that is charged when withdrawing.

Denominated in 18 decimals.

function exitCost() public view returns (uint256);

assetsToClaim

The underlying asset amount that is in Vault and reserved to claim for the executed withdraw requests.

function assetsToClaim() public view returns (uint256);

accRequestedWithdrawAssets

The accumulated underlying asset amount requested to withdraw by the normal users.

function accRequestedWithdrawAssets() public view returns (uint256);

processedWithdrawAssets

The accumulated underlying asset amount processed for the normal withdraw requests.

function processedWithdrawAssets() public view returns (uint256);

prioritizedAccRequestedWithdrawAssets

The accumulated underlying asset amount requested to withdraw by the prioritized users.

function prioritizedAccRequestedWithdrawAssets() public view returns (uint256);

prioritizedProcessedWithdrawAssets

The accumulated underlying asset amount processed for the prioritized withdraw requests.

function prioritizedProcessedWithdrawAssets() public view returns (uint256);

withdrawRequests

Returns the state of a withdraw request for the withdrawKey.

function withdrawRequests(bytes32 withdrawKey) public view returns (WithdrawRequest memory);

nonces

Returns a nonce of a user that are reserved to generate the next withdraw key.

function nonces(address user) public view returns (uint256);

securityManager

The address of security manager who is responsible for pausing/unpausing vault.

function securityManager() public view returns (address);

isShutdown

When this vault is shutdown, only withdrawals are available. It can’t be reverted.

function isShutdown() public view returns (bool);

Events

WithdrawRequested

Emitted when a new withdraw/redeem request is created.

event WithdrawRequested(
    address indexed caller,
    address indexed receiver,
    address indexed owner,
    bytes32 withdrawKey,
    uint256 assets,
    uint256 shares
);

Parameters

Name	Type	Description
caller	address	The address of withdraw requestor.
receiver	address	The address who receives the withdraw assets.
owner	address	The address of owner who was requested to withdraw.
withdrawKey	bytes32	The bytes32 value that identifies the withdraw request.
assets	uint256	The asset amount that is requested to withdraw.
shares	uint256	The share amount that is burnt.

Claimed

Emitted when a withdraw request gets claimed.

event Claimed(address indexed claimer, bytes32 withdrawKey, uint256 assets);

Parameters

Name	Type	Description
claimer	address	The address who claimed the withdraw request.
withdrawKey	bytes32	The bytes32 withdraw key identifying a withdraw request.
assets	uint256	The asset amount that is claimed.

Shutdown

Emitted when this vault get shutdown.

event Shutdown(address account);

Parameters

Name	Type	Description
account	address	The address who shutdown this vault.

SecurityManagerUpdated

Emitted when a new security manager is set.

event SecurityManagerUpdated(address account, address newManager);

Parameters

Name	Type	Description
account	address	The address who changed the security manager.
newManager	address	The address of new security manager.

StrategyUpdated

Emitted when a new strategy is set.

event StrategyUpdated(address account, address newStrategy);

Parameters

Name	Type	Description
account	address	The address who changed strategy to a new one.
newStrategy	address	The address of a new strategy.

EntryCostUpdated

Emitted when the entry cost configuration is changed.

event EntryCostUpdated(address account, uint256 newEntryCost);

Parameters

Name	Type	Description
account	address	The address who changed the entry cost configuration.
newEntryCost	uint256	The value of the new entry cost configuration.

ExitCostUpdated

Emitted when the exit cost configuration is changed.

event ExitCostUpdated(address account, uint256 newExitCost);

Parameters

Name	Type	Description
account	address	The address who changed the exit cost configuration.
newExitCost	uint256	The value of the new exit cost configuration.

PriorityProviderUpdated

Emitted when the priority provider address is changed.

event PriorityProviderUpdated(address account, address newPriorityProvider);

Parameters

Name	Type	Description
account	address	The address who changed the priority provider.
newPriorityProvider	address	The address of new priority provider.

Structs

WithdrawRequest

A struct describing an user’s withdraw request.

struct WithdrawRequest {
    uint256 requestedAssets;
    uint256 accRequestedWithdrawAssets;
    uint256 requestTimestamp;
    address owner;
    address receiver;
    bool isClaimed;
}

LogarithmVaultStorage

struct LogarithmVaultStorage {
    address strategy;
    uint256 entryCost;
    uint256 exitCost;
    uint256 assetsToClaim;
    uint256 accRequestedWithdrawAssets;
    uint256 processedWithdrawAssets;
    mapping(address => uint256) nonces;
    mapping(bytes32 => WithdrawRequest) withdrawRequests;
    address priorityProvider;
    uint256 prioritizedAccRequestedWithdrawAssets;
    uint256 prioritizedProcessedWithdrawAssets;
    address securityManager;
    bool shutdown;
}