Treasury

Git Source

1. Overview

The Treasury contract implements a secure, upgradeable vesting mechanism for managing and distributing both ETH and ERC20 tokens to beneficiaries according to a linear vesting schedule. The contract serves as the financial backbone for the Lendefi DAO, controlling the release of funds over time with appropriate governance controls.

2. Contract Architecture

The contract inherits from multiple OpenZeppelin upgradeable contracts to provide a robust foundation:

• AccessControlUpgradeable: Role-based permission system

• PausableUpgradeable: Emergency pause functionality

• UUPSUpgradeable: Secure upgrade pattern

• ReentrancyGuardUpgradeable: Protection against reentrancy attacks

Key components include:

1. Vesting System: Linear vesting over 3 years (1095 days)

2. Role-Based Access Control: Different roles for different responsibilities

3. Pausable Functionality: Emergency pause/unpause capabilities

4. Upgrade Mechanism: Controlled contract upgrades with version tracking

3. Role-Based Access Control

The contract implements four main roles:

• DEFAULT_ADMIN_ROLE: Assigned to "guardian", manages other roles

• MANAGER_ROLE: Assigned to "timelock", controls fund releases

• PAUSER_ROLE: Can pause/unpause contract operations

• UPGRADER_ROLE: Can authorize contract upgrades

This separation of concerns is a security best practice, limiting the power of any single entity.

4. Detailed Feature Analysis

4.1 Vesting Schedule

The vesting schedule is initialized with:

• Start time: 180 days before contract initialization

• Duration: 1095 days (3 years)

• Vesting formula: Linear vesting based on elapsed time

This creates an immediate partial vesting at contract initialization (180 days worth), followed by continuous vesting over the remaining period.

4.2 Fund Release Mechanism

Two separate methods handle fund releases:

• ETH release: Protected with nonReentrant modifier

• ERC20 release: Uses SafeERC20 for secure transfers

Both functions:

1. Verify the caller has the MANAGER_ROLE

2. Check the contract is not paused

3. Validate the recipient address is not zero

4. Ensure the requested amount is within vested limits

5. Update release accounting

6. Transfer funds and emit events

4.3 Upgrade Mechanism

The contract uses the UUPS (Universal Upgradeable Proxy Standard) pattern:

• Restricted to UPGRADER_ROLE

• Version tracking with automatic incrementation

• Storage gap for future upgrades

• Events emitted on upgrades

5. Security Assessment

5.1 Strengths

1. Comprehensive Access Control: Well-implemented role-based permissions

2. Reentrancy Protection: For ETH transfers

3. Pausability: Emergency controls for unforeseen issues

4. SafeERC20: Protection against malicious tokens

5. Storage Gap: Future-proofing for upgrades

6. Input Validation: Checks for zero addresses and vested amounts

7. Accurate Vesting Calculations: Correctly implements linear vesting

5.2 Concerns and Recommendations

High Severity

No high severity issues identified.

Inherits: ITREASURY, Initializable, PausableUpgradeable, AccessControlUpgradeable, ReentrancyGuardUpgradeable, UUPSUpgradeable

Vesting contract: initialRelease + (36 month duration)

Offers flexible withdrawal schedule (gas efficient)

Implements secure and upgradeable DAO treasury with linear vesting

Notes:

• security-contact: [e-mail]

• oz-upgrades:

State Variables

PAUSER_ROLE

AccessControl Pauser Role

bytes32 internal constant PAUSER_ROLE = keccak256("PAUSER_ROLE");

MANAGER_ROLE

AccessControl Manager Role

bytes32 internal constant MANAGER_ROLE = keccak256("MANAGER_ROLE");

UPGRADER_ROLE

AccessControl Upgrader Role

bytes32 internal constant UPGRADER_ROLE = keccak256("UPGRADER_ROLE");

_released

ETH amount released so far

uint256 private _released;

_start

start timestamp

uint64 private _start;

_duration

duration seconds

uint64 private _duration;

version

UUPS version

uint32 public version;

_erc20Released

token amounts released so far

mapping(address token => uint256) private _erc20Released;

__gap

upgrade gap

uint256[50] private __gap;

Functions

constructor

Note: oz-upgrades-unsafe-allow: constructor

constructor();

receive

solidity receive function

receive() external payable virtual;

initialize

Initializes the UUPS contract

function initialize(address guardian, address timelock) external initializer;

Parameters

Name	Type	Description
guardian	address	admin address
timelock	address	address of timelock contract

pause

Emergency function to pause contract operations

Pauses all token transfers and releases.

Notes:

• requires-role: PAUSER_ROLE

• events-emits: {Paused} from PausableUpgradeable

function pause() external onlyRole(PAUSER_ROLE);

unpause

Resumes normal contract operations after pause

Unpauses token transfers and releases.

Notes:

• requires-role: PAUSER_ROLE

• events-emits: {Unpaused} from PausableUpgradeable

function unpause() external onlyRole(PAUSER_ROLE);

release

Allows the manager to release vested ETH to a beneficiary

Release the native token (ether) that have already vested.

Notes:

• requires-role: MANAGER_ROLE

• requires: Contract must not be paused

• requires: Amount must not exceed vested amount

• requires: Beneficiary address must not be zero

• security: non-reentrant

• access: restricted to MANAGER_ROLE

• events-emits: {EtherReleased}

function release(address to, uint256 amount) external nonReentrant whenNotPaused onlyRole(MANAGER_ROLE);

Parameters

Name	Type	Description
to	address	The address that will receive the vested ETH
amount	uint256	The amount of ETH to release

release

Allows the manager to release vested tokens to a beneficiary

Release the ERC20 tokens that have already vested.

Notes:

• requires-role: MANAGER_ROLE

• requires: Contract must not be paused

• requires: Amount must not exceed vested amount

• requires: Token address must not be zero

• requires: Beneficiary address must not be zero

• access: restricted to MANAGER_ROLE

• events-emits: {ERC20Released}

function release(address token, address to, uint256 amount) external whenNotPaused onlyRole(MANAGER_ROLE);

Parameters

Name	Type	Description
token	address	The address of the ERC20 token to release
to	address	The address that will receive the vested tokens
amount	uint256	The amount of tokens to release

start

Getter for the start timestamp.

function start() public view virtual returns (uint256);

Returns

Name	Type	Description
<none>	uint256	start timestamp

duration

Getter for the vesting duration.

function duration() public view virtual returns (uint256);

Returns

Name	Type	Description
<none>	uint256	duration seconds

end

Getter for the end timestamp.

function end() public view virtual returns (uint256);

Returns

Name	Type	Description
<none>	uint256	end timnestamp

released

Getter for the amount of eth already released

function released() public view virtual returns (uint256);

Returns

Name	Type	Description
<none>	uint256	amount of ETH released so far

released

Getter for the amount of token already released

function released(address token) public view virtual returns (uint256);

Parameters

Name	Type	Description
token	address	address

Returns

Name	Type	Description
<none>	uint256	amount of tokens released so far

releasable

Getter for the amount of releasable eth.

function releasable() public view virtual returns (uint256);

Returns

Name	Type	Description
<none>	uint256	amount of vested ETH

releasable

Getter for the amount of vested ERC20 tokens.

function releasable(address token) public view virtual returns (uint256);

Parameters

Name	Type	Description
token	address	address

Returns

Name	Type	Description
<none>	uint256	amount of vested tokens

_authorizeUpgrade

function _authorizeUpgrade(address newImplementation) internal override onlyRole(UPGRADER_ROLE);

vestedAmount

Calculates the amount of ETH that has already vested. Default implementation is a linear vesting curve.

function vestedAmount(uint64 timestamp) internal view virtual returns (uint256);

Parameters

Name	Type	Description
timestamp	uint64	current timestamp

Returns

Name	Type	Description
<none>	uint256	amount ETH vested

vestedAmount

Calculates the amount of tokens that has already vested. Default implementation is a linear vesting curve.

function vestedAmount(address token, uint64 timestamp) internal view virtual returns (uint256);

Parameters

Name	Type	Description
token	address	address of token
timestamp	uint64	current timestamp

Returns

Name	Type	Description
<none>	uint256	amount vested

_vestingSchedule

Virtual implementation of the vesting formula. This returns the amount vested, as a function of time, for an asset given its total historical allocation.

function _vestingSchedule(uint256 totalAllocation, uint64 timestamp) internal view virtual returns (uint256);

Parameters

Name	Type	Description
totalAllocation	uint256	initial amount
timestamp	uint64	current timestamp

Returns

Name	Type	Description
<none>	uint256	amount vested