[Y4] - LogrisVaults

Logris Vaults are a pooled liquidity farming dApp that utilizes a leveraged Alchemix vault for the backend yield source. This enables gas efficient, hands-off, high yield without the customary risks of impermanent loss and liquidation that usually accompany high yields in Defi. If you want to learn how we can make you 8% holding your favorite LSDs, keep reading!

The system consists of two components. First, there is a Leverager that efficiently builds a position on Alchemix using flashloans rather than recursion. This can be used by externally owned accounts for individually maintained positions with a unique tax advantaged structure which I describe here: https://tokenomicsexplained.com/the-double-logris. Second, there is a pooled liquidity farming vault which is a standard ERC-4626 implementation. This looks and feels exactly like a Yearn vault but with the Alchemix DAO planning to serve as keepers for the system.

The Leverager has two flash loan paths. The first builds a leveraged position in the Alchemix vault. The second unwinds a leveraged position and withdraws the deposited assets. The contracts have been gas optimized by pulling all the heavy computation to a view function that can be called separately from the leverage or withdraw transactions. At the end of every transaction the Leverager holds no funds which enables us to potentially deploy patched versions of the Leverager without risking any customer funds at any time.

The Leveraged Vaults are simpler and more immutable. We took the strategy of keeping the contract holding the money as functionally minimized as possible so there would be less cause to ever have to ask users to migrate to a new contract. The Leverager address called by the Leveraged Vaults is designed to be patchable by admins but the Leveraged Vault itself is not a proxy contract. There's no chance of upgrading this to rug users if a UK court orders us to.

The contracts are mostly ready for review by the Alchemix devs. We have a thorough set of unit tests built in Foundry covering all the various code paths of what we've built. We just need to add on some security features such as whitelisted functions that weren't important for the buidl demo and make a Gitbook documenting the functions that can be merged with what they already have. The solidity code is the main deliverable of this buidl project.

Secondary to this we made a minimal frontend and have deployed it to a demo webserver alongside a fork of mainnet we have patched with our contract and whitelisted on the Alchemix system. This enables you to play around with this system using your existing Metamask wallet just by setting up a custom chain reference.