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Vaults

The Vaults module in the Centrifuge protocol enables flexible, secure, and standards-compliant tokenized asset management through both synchronous and asynchronous vault implementations. It leverages a combination of Ethereum token standards such as ERC-4626, ERC-7540, and ERC-7575 to provide support for token deposits and redemptions, including multicall entry points and support for multiple input/output assets.

It builds on:

  • ERC-4626: Tokenized vaults for yield-bearing assets (synchronous behavior).
  • ERC-7540: Standard for asynchronous deposits/redemptions.
  • ERC-7575: Multitoken vaults - a single share token can be issued in exchange for multiple different underlying assets.

Contract Structure​

  • IVault: Root interface for all vault functionality.
  • IBaseVault: Common interface implemented by all vaults.
  • IAsyncRedeemVault: Interface for vaults supporting asynchronous redemptions.
  • IAsyncVault: Interface for vaults supporting full asynchronous behavior (deposits and redemptions).
  • BaseVault: Abstract contract providing base implementation shared across vault types.
  • BaseAsyncRedeemVault: Extends BaseVault, adds asynchronous redemption support.
  • BaseSyncDepositVault: Extends BaseVault, adds ERC-4626 deposit logic.

Vault implementations​

  • AsyncVault

    • Implements IAsyncVault
    • Fully asynchronous vault (ERC-7540 compliant)
    • Useful for real-world asset (RWA) use cases requiring delayed fulfillment of deposits/redemptions.

  • SyncDepositVault

    • Combines synchronous deposits (ERC-4626) with asynchronous redemptions (ERC-7540)
    • Hybrid vault that caters to different liquidity needs for depositing vs. redeeming.

Manager contracts​

  • AsyncRequestManager

    • Core engine for handling ERC-7540 asynchronous operations
    • Queues, executes, and manages state for async requests.

  • SyncManager

    • Handles standard ERC-4626 operations
    • Ensures consistent accounting and exchange rate logic.

Periphery​

  • VaultRouter

    • Multicall-enabled entry point for externally owned accounts (EOAs)
    • Routes deposit/redeem requests to appropriate vaults
    • Simplifies user interaction by abstracting vault-specific logic.

ERC-7575 Support​

Vaults in this module support ERC-7575, enabling:

  • A single share token can be exchanged for multiple accepted collateral assets.
  • Greater composability and flexibility in portfolio management.
  • Enhanced user experience for diversified asset deposits.