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The logic (aka implementation) contract that the SaveTokenFactory uses to generate new SaveTokens with new interest-bearing asset and insurance token pairings.
SaveTokens are tokens that wrap together an interest-bearing asset and a commensurate amount of insurance tokens to create what we call a "self-insured asset".
The SaveTokenFactory contract is a clone factory, which deploys clones of the SaveToken logic (aka implementation) contract.
The SaveToken smart contract provides an interface to the Adapter contracts that execute actions on the interest-generating protocol and the insurance protocol used in a given SaveToken flavor. This interface allows for the following core functionality:
mintis the function called when a saver deposits into a type of SaveToken.
function mint(uint256 amount) external returns (uint256)
amount, the number of SaveTokens to mint
- returns: the number of SaveTokens minted
Mint, an event for indexing the number of SaveTokens minted
- outcome: mints SaveTokens, which are owned by
- 1.Determines the cost of the interest-bearing asset tokens
- 2.Determines the cost of the insurance tokens
- 3.Transfers the total amount of the underlying token (e.g., DAI, USDC, etc) necessary to mint the
- 4.Obtains the
insuranceTokensnecessary to mint the
amountof SaveTokens via the corresponding asset adapter (as registered in the SaveToken contract).
- 5.Mints the
amountof SaveTokens for
- 6.Updates balances
The caller of
approvethe SaveToken contract to transfer their underlying token (e.g., DAI, USDC, etc.).
mintmay not always equal the final
amountof SaveTokens minted. This is expected; it's due to very tiny discrepancies in the ways different interest-bearing asset and insurance token protocols round the amounts to mint. The difference is negligible (tiny fractions of a cent).
withdrawForUnderlyingAssetallows users to unbundle their SaveTokens and receive the underlying asset in return.
function withdrawForUnderlying(uint256 amount) external
amount, the number of SaveTokens to unbundle
WithdrawForUnderlyingAsset, an event for indexing the number of SaveTokens unbundled
- outcome: Transfers underlying tokens returned to the
- 1.Withdraws the underlying token in exchange for the interest-bearing asset token via the corresponding asset adapter (as registered in the SaveToken contract)
- 2.Exchanges the insurance token via the corresponding insurance adapter (as registered in the SaveToken contract) for the underlying token
- 3.Transfers the underlying token balance to
- 4.Updates balances
- 5.Burns the
amountof SaveTokens equal to the
amountof tokens that were unbundled
exerciseInsuranceallows users to exercise (aka make a claim on) their insurance, e.g. in case of an adverse financial event or a hack that reduces the value of the interest-bearing asset.
function exerciseInsurance(uint256 amount) external
amount, the number of SaveTokens on which to exercise insurance
ExerciseInsurance, an event for indexing the number of SaveTokens in which insurance was exercised
- outcome: Transfers underlying balance returned from insurance protocol to
- 1.The SaveToken contract will exercise its insurance tokens or make an insurance claim via the SaveToken's corresponding insurance adapter (as registered in the SaveToken contract) on the user's behalf
- 2.Upon receiving the balance returned from exercising insurance, the SaveToken contract will transfer the balance to
- 3.Updates balances
- 4.Burns the
amountof SaveTokens equal to the
amountof insurance tokens that were exercised
withdrawRewardallows users to withdraw all of the rewards tokens they've yielded through the corresponding interest-bearing asset protocol
function withdrawReward() external returns (uint256)
WithdrawReward, an event for indexing the number of reward tokens withdrawn
- returns: The
amountof reward tokens withdrawn
- outcome: Transfers all rewards tokens yielded to
- 1.Via the SaveToken's corresponding asset adapter (as registered in the SaveToken contract), the SaveToken contract will withdraw all of the rewards tokens they've yielded