CosmWasm Vault Standard

A standard interface for tokenized vaults written in CosmWasm. This repo contains a set of ExecuteMsg and QueryMsg variants that should be implemented by a vault contract that adheres to this standard.

Vault Standard Fundamentals

There are a few things to know about the vault standard:

• Each vault has one specific token that is used for deposits, withdrawals and accounting. This token is called the base token.
• Each vault has a vault token that represents the users share in the vault. The number of vault tokens the user receives should be based on the the number of base tokens they deposit.

How to create a vault contract that adheres to this standard

To create a vault contract that adheres to the standard, all you need to do is import the VaultStandardExecuteMsg and VaultStandardQueryMsg enums and use them in the entrypoints of your contracts.

The VaultStandardExecuteMsg and VaultStandardQueryMsg enums define a set of variants that should be enough to cover most vault contract use cases, and all vaults that adhere to the standard must implement all of the provided default variants. If however your use case requires additional variants, please see the section on how to use extensions.

Description and specification of ExecuteMsg variants

Please refer to the API docs for a complete description of each variant.

How to use Extensions

If the standard set of ExecuteMsg and QueryMsg variants are not enough for your use case, you can include additional ones by defining an extension. The preferred way to do this is by creating a new enum that extends the exported VaultStandardExecuteMsg and VaultStandardQueryMsg enums. For example:

pub enum MyExtensionExecuteMsg {
    MyVariant1 { ... },
    MyVariant2 { ... },
}

This enum can then be included in an enum with all the Extensions that your vault uses and then be passed in as the generic argument T to VaultStandardExecuteMsg<T>. For example:

pub enum ExtensionExecuteMsg {
    MyExtension(MyExtensionExecuteMsg),
    Lockup(LockupExecuteMsg),
}

pub type ExecuteMsg = VaultStandardExecuteMsg<ExtensionExecuteMsg>;

Now you can use the ExecuteMsg enum in your contract entrypoints instead of the default VaultStandardExecuteMsg enum.

Included Extensions

The following extensions are included in this repo:

• Lockup
• ForceUnlock
• Keeper
• Cw4626

Each of these extensions are available in this repo via cargo features. To use them, you can import the crate with a feature flag like this:

cw-vault-standard = { version = "0.2.0", features = ["lockup", "force_unlock"] }

A short description of each extension can be found below.

Lockup

The lockup extension can be used to create vaults where the vault tokens are not immediately reedemable. Instead of normally calling the VaultStandardExecuteMsg::Redeem variant, the user has to call the Unlock variant on the Lockup extension ExecuteMsg and wait for a specified period of time before they can withdraw their base tokens via the WithdrawUnlocked variant.

ForceUnlock

The force unlock extension can be used to create a vault that also implements the Lockup extension, but where some whitelisted addresses are allowed to call the ForceUnlock variant on the extension ExecuteMsg and immediately unlock the vault tokens of the specified user. This is useful if the vault is used with leverage and a liquidator needs to be able to liquidate the tokens locked in the vault.

Keeper

The keeper extension can be used to add functionality for either whitelisted addresses or anyone to act as a "keeper" for the vault and call functions to perform jobs that need to be done to keep the vault running.

Cw4626

The Cw4626 extension is the only extension provided with in this repo that does not extend the standard VaultStandardExecuteMsg and VaultStandardQueryMsg enums by putting its variants inside of a VaultExtension variant. Instead it adds more variants at the top level, namely the variants from the CW20 standard This is inspired by the ERC-4626 standard on Ethereum and allows the vault to, instead of using a Cosmos native token as the vault token, have the vault contract be it's own vault token by also implementing the CW20 standard. This is useful if you are writing a vault on a chain that does not yet have the TokenFactory module available and can therefore not issue a Cosmos native token as the vault token.

Test Helpers

This repo also contains some test helpers in the packages/test-helpers directory. These helpers can be used to test vault contracts that adhere to the standard.

Compatibility

cw-vault-standard and cw-vault-standard-test-helpers packages have separate versions. The following table shows the compatibility between the two packages.