Skip to main content

Description​

The AlchemistAllocator is a role-gated front controller for a specific Morpho V2 vault, allowing admins or operators to allocate and deallocate funds across the MYT’s strategy adapters. Supports direct allocations, swap-based allocations via 0x, and unwrap-and-swap deallocations. Allocation calls enforce cap limits (absolute, relative, and risk-based) via the StrategyClassifier, while deallocations do not enforce caps.

Note: AlchemistAllocator inherits from PermissionedProxy, which provides its access control system (admin and operator roles) and the selector allowlist used to control which calls can be forwarded. For details on these variables and functions, see PermissionedProxy.

Variables​

vault
strategyClassifier
  • Description - The immutable reference to the StrategyClassifier contract, which defines risk levels, global risk caps, and per-strategy caps. Used during allocation to enforce risk-based limits on how much capital can flow into a given strategy or risk class.
  • Type - IStrategyClassifier
  • Used By
  • Updated By - none. Set once on deployment.

Functions​

The allocation, deallocation, and setLiquidityAdapter functions require the caller to be either the admin or an active operator. That check is performed inline via require(msg.sender == admin || operators[msg.sender], "PD"). setMaxRate is admin-only through the inherited onlyAdmin modifier, which also reverts with "PD".

allocate(address adapter, uint256 amount)
  • Description - Allocates funds from the Morpho V2 vault into a specific MYT strategy adapter using a direct allocation (no swap).

    First validates that the allocation would not exceed absolute, relative, or risk-based caps via _validateCaps. Then constructs a VaultAdapterParams with ActionType.direct, encodes it, and calls vault.allocate(adapter, data, amount). The vault will invoke the adapter's allocate function under the hood.
    • @param adapter - The address of the MYT strategy adapter to allocate funds to.
    • @param amount - The amount of vault assets to allocate to the adapter, denominated in the underlying token backing the vault.
  • Visibility Specifier - external
  • State Mutability Specifier - nonpayable
  • Reverts
  • Emits - none
deallocate(address adapter, uint256 amount)
  • Description - Deallocates funds from a specific MYT strategy adapter back to the Morpho V2 vault using a direct deallocation (no swap). Does not enforce cap validation.

    Constructs a VaultAdapterParams with ActionType.direct, encodes it, and calls vault.deallocate(adapter, data, amount). The vault will invoke the adapter's deallocate function under the hood.
    • @param adapter - The address of the MYT strategy adapter to withdraw funds from.
    • @param amount - The amount of vault assets to deallocate from the adapter, denominated in the underlying token backing the vault.
  • Visibility Specifier - external
  • State Mutability Specifier - nonpayable
  • Reverts
    • With "PD" if msg.sender is not the admin or an active operator.
  • Emits - none
allocateWithSwap(address adapter, uint256 amount, bytes memory txData)
  • Description - Allocates funds from the Morpho V2 vault into a specific MYT strategy adapter using a DEX swap to convert between the vault's base asset and the token required by the strategy.

    First validates caps via _validateCaps. Then constructs a VaultAdapterParams with ActionType.swap and the provided swap calldata, encodes it, and calls vault.allocate(adapter, data, amount).
    • @param adapter - The address of the MYT strategy adapter to allocate funds to.
    • @param amount - The amount of vault assets to allocate.
    • @param txData - Encoded 0x swap calldata for the DEX trade.
  • Visibility Specifier - external
  • State Mutability Specifier - nonpayable
  • Reverts
  • Emits - none
deallocateWithSwap(address adapter, uint256 amount, bytes memory txData)
  • Description - Deallocates funds from a specific MYT strategy adapter back to the vault using a DEX swap. Does not enforce cap validation.

    Constructs a VaultAdapterParams with ActionType.swap and the provided swap calldata, encodes it, and calls vault.deallocate(adapter, data, amount).
    • @param adapter - The address of the MYT strategy adapter to withdraw funds from.
    • @param amount - The amount of vault assets to deallocate.
    • @param txData - Encoded 0x swap calldata for the DEX trade.
  • Visibility Specifier - external
  • State Mutability Specifier - nonpayable
  • Reverts
    • With "PD" if msg.sender is not the admin or an active operator.
  • Emits - none
deallocateWithUnwrapAndSwap(address adapter, uint256 amount, bytes memory txData, uint256 minIntermediateOut)
  • Description - Deallocates funds from a specific MYT strategy adapter back to the vault by first unwrapping a protocol-specific token, then swapping the intermediate token to the vault's base asset via a DEX. Does not enforce cap validation.

    Constructs a VaultAdapterParams with ActionType.unwrapAndSwap, the provided swap calldata, and the minimum intermediate output, encodes it, and calls vault.deallocate(adapter, data, amount).
    • @param adapter - The address of the MYT strategy adapter to withdraw funds from.
    • @param amount - The amount of vault assets to deallocate.
    • @param txData - Encoded 0x swap calldata for the DEX trade.
    • @param minIntermediateOut - Minimum acceptable output from the unwrap step before the swap.
  • Visibility Specifier - external
  • State Mutability Specifier - nonpayable
  • Reverts
    • With "PD" if msg.sender is not the admin or an active operator.
  • Emits - none
setLiquidityAdapter(address adapter, bytes memory data)
  • Description - Sets the vault's liquidity adapter and the calldata the vault passes to it, by calling vault.setLiquidityAdapterAndData(adapter, data). The Morpho V2 vault allocates incoming deposits to the liquidity adapter and deallocates from it when a withdrawal exceeds the vault's idle balance, so this selects which strategy absorbs deposit and withdrawal flow. Passing the zero address as adapter turns that routing off. Does not enforce cap validation.
    • @param adapter - The address of the MYT strategy adapter to use as the liquidity adapter.
    • @param data - The ABI-encoded adapter data the vault forwards on those deposit and withdrawal calls. For MYT strategies this is an encoded VaultAdapterParams struct.
  • Visibility Specifier - external
  • State Mutability Specifier - nonpayable
  • Reverts
    • With "PD" if msg.sender is not the admin or an active operator.
  • Emits - none
setMaxRate(uint256 rate)
  • Description - Sets the vault's maximum interest accrual rate by calling vault.setMaxRate(rate). The Morpho V2 vault uses this value to bound how fast totalAssets can grow between accruals, which limits the share-price effect of donations and force-deallocate penalties.
    • @param rate - The new maximum rate, expressed as a WAD-scaled per-second rate. The vault rejects values above its MAX_MAX_RATE, which corresponds to 200% APR.
  • Visibility Specifier - external
  • State Mutability Specifier - nonpayable
  • Access Control - onlyAdmin
  • Reverts
    • With "PD" if msg.sender is not the admin.
    • MaxRateTooHigh() - if rate exceeds the vault's MAX_MAX_RATE. Propagated from the Morpho V2 vault call.
  • Emits - none

Internal Operations​

_validateCaps(address adapter, uint256 amount)
  • Description - Internal helper that enforces allocation limits before funds are moved into a strategy. It reads the strategy's absolute and relative caps from the vault, looks up the strategy's risk level and the matching global and local risk caps on the StrategyClassifier, and converts each percentage cap (WAD, 1e18 = 100%) into an asset amount using the vault's totalAssets. The checks then run in this order:

    1. Individual limit - set to the lower of the absolute cap and the asset value of the relative cap.
    2. Global risk cap - sums the current allocation of every adapter in the same risk class and reverts if amount on its own exceeds the remaining room under that class's global cap.
    3. Local risk cap (operators only) - when the caller is not the admin, the individual limit is lowered to the per-strategy cap from the StrategyClassifier if that is smaller.
    4. Individual check - reverts if the strategy's existing allocation plus amount exceeds the individual limit.

      The global check compares the requested amount alone against the remaining class capacity. The individual check compares the strategy's existing allocation plus amount against its limit.
    • @param adapter - The strategy adapter address.
    • @param amount - The amount proposed for allocation.
  • Visibility Specifier - internal
  • State Mutability Specifier - view
  • Reverts
  • Emits - none

Errors​

  • EffectiveCap(uint256 amount, uint256 limit) - An error which is used to indicate that a proposed allocation exceeds the effective cap limit. amount is the requested allocation and limit is the maximum allowed.