xPYT

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Permissionless auto-compounding vault for Timeless perpetual yield tokens

Errors

Error_InsufficientOutput

error Error_InsufficientOutput()

Error_InvalidMultiplierValue

error Error_InvalidMultiplierValue()

Error_ConsultTwapOracleFailed

error Error_ConsultTwapOracleFailed()

Events

Pound

event Pound(address sender, address pounderRewardRecipient, uint256 yieldAmount, uint256 pytCompounded, uint256 pounderReward)

Enums

PreviewPoundErrorCode

enum PreviewPoundErrorCode {
  OK,
  TWAP_FAIL,
  INSUFFICIENT_OUTPUT
}

Constants

ONE

uint256 ONE

The base unit for fixed point decimals.

Immutable parameters

gate

contract Gate gate

The Gate associated with the PYT.

vault

address vault

The vault associated with the PYT.

nyt

contract NegativeYieldToken nyt

The NYT associated with the PYT.

minOutputMultiplier

uint256 minOutputMultiplier

The minimum acceptable ratio between the NYT output in pound() and the expected NYT output based on the TWAP. Scaled by ONE.

pounderRewardMultiplier

uint256 pounderRewardMultiplier

The proportion of the yield claimed in pound() to give to the caller as reward. Scaled by ONE.

assetBalance

uint256 assetBalance

The recorded balance of the deposited asset.

This is used instead of asset.balanceOf(address(this)) to prevent attackers from atomically increasing the vault share value and thus exploiting integrated lending protocols.

Public functions

pound

function pound(address pounderRewardRecipient) external virtual returns (uint256 yieldAmount, uint256 pytCompounded, uint256 pounderReward)

Claims the yield earned by the PYT held and sells the claimed NYT into more PYT.

Part of the claimed yield is given to the caller as reward, which incentivizes MEV bots to perform the auto-compounding for us.

Name	Type	Description
pounderRewardRecipient	address	The address that will receive the caller reward

Name	Type	Description
yieldAmount	uint256	The amount of PYT & NYT claimed as yield
pytCompounded	uint256	The amount of PYT distributed to xPYT holders
pounderReward	uint256	The amount of caller reward given, in PYT

previewPound

function previewPound() external returns (enum xPYT.PreviewPoundErrorCode errorCode, uint256 yieldAmount, uint256 pytCompounded, uint256 pounderReward)

Previews the result of calling pound()

Name	Type	Description
errorCode	enum xPYT.PreviewPoundErrorCode	The end state of pound()
yieldAmount	uint256	The amount of PYT & NYT claimed as yield
pytCompounded	uint256	The amount of PYT distributed to xPYT holders
pounderReward	uint256	The amount of caller reward given, in PYT

sweep

function sweep(address receiver) external virtual returns (uint256 shares)

Uses the extra asset balance of the xPYT contract to mint shares

Name	Type	Description
receiver	address	The recipient of the minted shares

Name	Type	Description
shares	uint256	The amount of shares minted

totalAssets

function totalAssets() public view virtual returns (uint256)

beforeWithdraw

function beforeWithdraw(uint256 assets, uint256) internal virtual

afterDeposit

function afterDeposit(uint256 assets, uint256) internal virtual

Internal functions

_getTwapQuote

function _getTwapQuote(uint256 nytAmountIn) internal view virtual returns (bool success, uint256 xPytAmountOut)

Consults the TWAP oracle to get a quote for how much xPYT will be received from swapping nytAmountIn NYT.

Name	Type	Description
nytAmountIn	uint256	The amount of NYT to swap

Name	Type	Description
success	bool	True if the call to the TWAP oracle was successful, false otherwise
xPytAmountOut	uint256	The amount of xPYT that will be received from the swap

_swap

function _swap(uint256 nytAmountIn) internal virtual returns (uint256 xPytAmountOut)

Swaps nytAmountIn NYT into xPYT using the underlying DEX

Name	Type	Description
nytAmountIn	uint256	The amount of NYT to swap

Name	Type	Description
xPytAmountOut	uint256	The amount of xPYT received from the swap

_quote

function _quote(uint256 nytAmountIn) internal virtual returns (uint256 xPytAmountOut)

Gets a quote from the underlying DEX for swapping nytAmountIn NYT into xPYT

Name	Type	Description
nytAmountIn	uint256	The amount of NYT to swap

Name	Type	Description
xPytAmountOut	uint256	The amount of xPYT that will be received from the swap