MetaMorphoStakingVaultAdapter

Inherits: AccessControl, ReentrancyGuard, IExternalStakingVault

Title: MetaMorphoStakingVaultAdapter

Adapter for MetaMorpho ERC-4626 vaults such as 0xBEEFE94c8aD530842bfE7d8B397938fFc1cb83b2.

Constants

GOVERNANCE_ROLE

bytes32 public constant GOVERNANCE_ROLE = keccak256("GOVERNANCE_ROLE")

VAULT_MANAGER_ROLE

bytes32 public constant VAULT_MANAGER_ROLE = keccak256("VAULT_MANAGER_ROLE")

USDC

IERC20 public immutable USDC

State Variables

metaMorphoVault

IERC4626 public metaMorphoVault

principalDeposited

uint256 public principalDeposited

Functions

constructor

Initializes MetaMorpho adapter dependencies and roles.

Configures governance/manager roles, immutable USDC reference, and validates that the MetaMorpho ERC-4626 vault's asset matches USDC.

Notes:

security: Validates non-zero dependencies and matching ERC-4626 asset.
validation: Reverts on zero address or asset mismatch.
state-changes: Initializes role assignments and adapter dependency pointers.
events: No events emitted by constructor.
errors: Reverts with ZeroAddress or InvalidAddress.
reentrancy: Not applicable - constructor only.
access: Public constructor.
oracle: No oracle dependencies.

constructor(address admin, address usdc_, address metaMorphoVault_) ;

Parameters

Name	Type	Description
`admin`	`address`	Admin address granted default-admin, governance, and manager roles.
`usdc_`	`address`	USDC token address.
`metaMorphoVault_`	`address`	MetaMorpho ERC-4626 vault address (asset must equal `usdc_`).

depositUnderlying

Deposits USDC into the MetaMorpho ERC-4626 vault and tracks principal.

Pulls USDC from caller, deposits into the ERC-4626 vault using a scoped approval, and increases tracked principal by the deposited amount.

Notes:

security: Restricted to VAULT_MANAGER_ROLE; protected by nonReentrant.
validation: Reverts on zero amount, insufficient deposit capacity, or zero-share outcome.
state-changes: Increases principalDeposited and updates the ERC-4626 vault position.
events: Emits downstream transfer/deposit events from dependencies.
errors: Reverts with InvalidAmount or InsufficientBalance on failed checks.
reentrancy: Protected by nonReentrant.
access: Restricted to vault manager role.
oracle: No oracle dependencies.

function depositUnderlying(uint256 usdcAmount)
    external
    override
    onlyRole(VAULT_MANAGER_ROLE)
    nonReentrant
    returns (uint256 sharesReceived);

Parameters

Name	Type	Description
`usdcAmount`	`uint256`	Amount of USDC to deposit (6 decimals).

Returns

Name	Type	Description
`sharesReceived`	`uint256`	MetaMorpho shares minted to this adapter.

withdrawUnderlying

Withdraws tracked principal from MetaMorpho and returns USDC to the caller.

Caps the withdrawal to tracked principal, redeems from the ERC-4626 vault, verifies the received amount, decreases tracked principal, then transfers USDC to the caller.

Notes:

security: Restricted to VAULT_MANAGER_ROLE; protected by nonReentrant.
validation: Reverts on zero amount, no tracked principal, insufficient liquidity, or shortfall.
state-changes: Decreases principalDeposited and updates the ERC-4626 vault position.
events: Emits downstream transfer/withdrawal events from dependencies.
errors: Reverts with InvalidAmount or InsufficientBalance on failed checks.
reentrancy: Protected by nonReentrant.
access: Restricted to vault manager role.
oracle: No oracle dependencies.

function withdrawUnderlying(uint256 usdcAmount)
    external
    override
    onlyRole(VAULT_MANAGER_ROLE)
    nonReentrant
    returns (uint256 usdcWithdrawn);

Parameters

Name	Type	Description
`usdcAmount`	`uint256`	Requested USDC amount (6 decimals).

Returns

Name	Type	Description
`usdcWithdrawn`	`uint256`	Actual USDC amount withdrawn and transferred to the caller.

harvestYieldToVault

Harvests accrued ERC-4626 share yield and transfers it as USDC to the caller (the vault).

Transfers the realized USDC to msg.sender (the vault) so the caller can apply its own distribution policy. Caps to the vault's liquid withdrawable amount and leaves tracked principal unchanged.

Notes:

security: Restricted to VAULT_MANAGER_ROLE; protected by nonReentrant.
validation: Returns zero when no yield is available; reverts only on downstream failures.
state-changes: Leaves principalDeposited unchanged; transfers realized USDC to the caller.
events: Emits downstream transfer events from dependencies.
errors: Reverts with InvalidAmount on withdrawal mismatch or downstream failures.
reentrancy: Protected by nonReentrant.
access: Restricted to vault manager role.
oracle: No oracle dependencies.

function harvestYieldToVault()
    external
    override
    onlyRole(VAULT_MANAGER_ROLE)
    nonReentrant
    returns (uint256 realizedYield);

Returns

Name	Type	Description
`realizedYield`	`uint256`	USDC yield harvested and transferred to the caller (6 decimals).

totalUnderlying

Returns the USDC value of this adapter's MetaMorpho shares.

Read helper used by QuantillonVault for exposure accounting; delegates to _totalUnderlying.

Notes:

security: Read-only helper.
validation: No input validation required.
state-changes: No state changes.
events: No events emitted.
errors: May revert if the downstream ERC-4626 read fails.
reentrancy: Not applicable for view function.
access: Public view.
oracle: No oracle dependencies.

function totalUnderlying() external view override returns (uint256 underlyingBalance);

Returns

Name	Type	Description
`underlyingBalance`	`uint256`	Underlying USDC-equivalent balance held via ERC-4626 shares.

setMetaMorphoVault

Updates the configured MetaMorpho ERC-4626 vault endpoint.

Governance maintenance hook; validates the new vault's asset matches USDC before swapping.

Notes:

security: Restricted to GOVERNANCE_ROLE.
validation: Reverts on zero address or asset mismatch with USDC.
state-changes: Updates metaMorphoVault pointer.
events: Emits MetaMorphoVaultUpdated.
errors: Reverts with ZeroAddress or InvalidAddress for invalid input.
reentrancy: No external calls after state change.
access: Restricted to governance role.
oracle: No oracle dependencies.

function setMetaMorphoVault(address newMetaMorphoVault) external onlyRole(GOVERNANCE_ROLE);

Parameters

Name	Type	Description
`newMetaMorphoVault`	`address`	New MetaMorpho ERC-4626 vault address.

_totalUnderlying

Returns the USDC-equivalent value of this adapter's MetaMorpho shares.

Converts the adapter's ERC-4626 share balance to assets via convertToAssets.

Notes:

security: Internal read-only helper.
validation: No input validation required.
state-changes: No state changes.
events: No events emitted.
errors: May revert if the downstream ERC-4626 read fails.
reentrancy: Not applicable for view function.
access: Internal.
oracle: No oracle dependencies.

function _totalUnderlying() internal view returns (uint256);

Returns

Name	Type	Description
`<none>`	`uint256`	Underlying USDC-equivalent amount held via ERC-4626 shares.

Events

MetaMorphoVaultUpdated

event MetaMorphoVaultUpdated(address indexed oldVault, address indexed newVault);