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Ribbon v2

Ribbon v2 is the next version for Ribbon's Theta Vault product. It brings several major improvements to the vault and makes the vault operations decentralized.

v2 changes include:

  • Decentralization of Theta Vault operations
  • Improved capital efficiency (100% of vault funds are utilized)
  • No more withdrawal fees, switching to performance fee
  • Meta-Vault strategies by composing multiple Theta Vaults

Getting Started

First, install the dependencies with yarn:

yarn install

Next, we need to populate the .env file with these values.
Copy the .env.example -> .env and fill out the value.
Reach out to the team if you need help on these variables. The TEST_URI needs to be an archive node.

TEST_URI=
MAINNET_URI=
KOVAN_URI=
ETHERSCAN_API_KEY=
KOVAN_MNEMONIC=
MAINNET_MNEMONIC=
AVAX_URI=https://api.avax.network/ext/bc/C/rpc
FUJI_URI=https://mainnet.infura.io/v3/0bccea5795074895bdb92c62c5c3afba
AVAX_MNEMONIC=
FUJI_MNEMONIC=

Finally, we can run the tests:

# Run all the tests
yarn test

# Run specific test that matches the pattern -g
yarn run ts-mocha test/RibbonThetaYearnVault.ts --timeout 500000 -g 'rollToNextOption'

Deployment

Ribbon v2 uses hardhat-deploy to manage contract deployments to the blockchain.

To deploy all the contracts to Kovan, do

yarn deploy --network kovan

The deployment info is stored on disk and committed into Git. Next, we have to export out the deployed addresses in a parseable format for the frontend to use (JSON).

yarn export-deployments

Finally, we can verify the contracts on Etherscan:

yarn etherscan-verify --network kovan

Testing

Will run all tests on Ethereum mainnet and a subset of tests on Avax

yarn test

Runs Ethereum mainnet

yarn test:eth

Runs Avax testnet

yarn test:avax

Treasury

BAL (0x2a6B048eB15C7d4ddCa27db4f9A454196898A0Fe) PERP (0xe44eDF7aD1D434Afe3397687DD0A914674F2E405) SPELL (0x42cf874bBe5564EfCF252bC90829551f4ec639DC) BADGER (0x270F4a26a3fE5766CcEF9608718491bb057Be238) SAMB (0x1e2D05BD78bD50Eaa380Ef71F86430ED20301bF5)

  1. RibbonTreasuryVault 0xc92e6b70eb6456171d32c3b5904386c05ec983ff. This is the basic implementation and is currently used for PERP and BADGER. It uses VaultLifecycleTreasury at 0xcbd9a79caa0d354c9119039f5004dbcf23489c9a.
  2. RibbonTreasuryVault 0x1f2077b0a9efb0c6568396a115272401fa7d95f4. This is the edited implementation and differs from the above based on the differences described below. Used by BAL and SPELL. It uses VaultLifecycleTreasury at 0xe1d00f9bafea5aa40a2192af12b68af3d390afe2.

a. RibbonTreasuryVault.sol. 0x1f has the following additional function: setCurrentOtokenPremium

b. Comment on Vault.sol line 61. 0x1f: // Total amount of queued withdrawal shares from previous rounds (doesn't include the current round) vs 0xc9: // Amount locked for scheduled withdrawals;

c. IRibbonThetaVault.sol. 0x1f has the following additional function signatures: function depositFor(uint256 amount, address creditor) external; function initiateWithdraw(uint256 numShares) external; function completeWithdraw() external; function maxRedeem() external; function depositYieldTokenFor(uint256 amount, address creditor) external; function symbol() external view returns (string calldata);

In addition, the two differentVaultLifecycleTreasury for each implementation differs in ways b and c as described above.

  1. RibbonTreasuryVault 0x2e56d6e444ab148ec1375be108313aa759dfd248. This is the another edited implementation from basic implementation 1. It is deprecated and only used by SAMB. It uses VaultLifecycleTreasuryBare at 0xB4a1b54141cE6C70b40527CeBd6F00fF70d94eEf.