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Vault

The Vault contract is a minimal proxy implementation that holds vested tokens and enables voting power delegation for governance-enabled vesting schedules. Each vesting in TokenVestingManagerVotes deploys its own Vault instance using the EIP-1167 clone pattern.

Overview​

contract Vault is IVault

Key Features:

  • Individual token custody for each vesting schedule
  • ERC5805 voting integration for governance participation
  • Minimal proxy deployment using EIP-1167 for gas efficiency
  • Secure delegation of voting power while tokens remain vested
  • Direct integration with governance frameworks

Architecture:

  • Deployed as minimal proxy clones from a single implementation
  • Initialized with specific token, beneficiary, and vesting manager
  • Holds tokens until they are claimed or revoked
  • Enables voting power delegation independent of token ownership

Deployment Pattern​

// Vault Implementation (deployed once)
address vaultImplementation = new Vault();

// Clone deployment (for each vesting)
address vaultProxy = Clones.clone(vaultImplementation);
IVault(vaultProxy).initialize(tokenAddress, beneficiary, vestingManager);

State Variables​

address public token;           // ERC20 token address (must implement IERC5805)
address public beneficiary;     // Current vesting recipient
address public vestingManager;  // TokenVestingManagerVotes contract
address public delegates;       // Current voting power delegate
bool private _initialized;     // Initialization status

Initialization​

initialize​

function initialize(
    address token_,
    address beneficiary_,
    address vestingManager_
) external onlyIfNotInitialized

Initializes a cloned Vault contract with specific parameters.

Parameters:

  • token_: ERC20 token contract address (must implement IERC5805)
  • beneficiary_: Address of the vesting recipient
  • vestingManager_: Address of the TokenVestingManagerVotes contract

Requirements:

  • Can only be called once per Vault instance
  • All addresses must be non-zero
  • Token must implement IERC5805 interface for voting

Access: Anyone (but can only be called once)

Note: This function is called automatically during vesting creation.

Token Management Functions​

release​

Releases the vested tokens to the beneficiary

function release(uint256 amount) external override returns (uint256 released);

Parameters

NameTypeDescription
amountuint256The amount of tokens to release

Returns

NameTypeDescription
releaseduint256The amount of tokens released

revoke​

Revokes the vested tokens and transfers them to the beneficiary

function revoke(uint256 amount) external override;

Parameters

NameTypeDescription
amountuint256The amount of tokens to revoke

withdrawFee​

function withdrawFee(uint256 amount) external override returns (uint256 withdrawn);

changeBeneficiary​

Change the beneficiary of the vault

function changeBeneficiary(address newBeneficiary) external override;

Parameters

NameTypeDescription
newBeneficiaryaddressThe address of the new beneficiary

delegate​

function delegate(address delegatee) external override;

getVotes​

function getVotes(address account) external view override returns (uint256);

getPastVotes​

function getPastVotes(address account, uint256 timepoint) external view override returns (uint256);

getClockMode​

function getClockMode() external view override returns (string memory);

getClock​

function getClock() external view override returns (uint48);

balance​

function balance() external view override returns (uint256);

Error Handling​

Vault-Specific Errors:

  • VaultUnauthorized(): Caller is not the vesting manager
  • VaultAlreadyInitialized(): Attempting to initialize already initialized Vault
  • VaultZeroAddressDelegate(): Attempting to delegate to zero address
  • InvalidAddress(): Zero address provided during initialization

Security Considerations​

Access Control​

  • Only vesting manager can call management functions
  • Initialization can only happen once
  • Beneficiary changes require manager authorization

Token Safety​

  • Uses SafeERC20 for all token transfers
  • Validates all address parameters during initialization
  • Prevents reentrancy through single-use initialization

Delegation Security​

  • Delegation doesn't transfer token ownership
  • Voting power can be reclaimed by changing delegation
  • Claimed tokens automatically lose Vault voting power

Governance Framework Compatibility​

OpenZeppelin Governor​

// Vaults automatically work with OpenZeppelin Governor
contract MyGovernor is Governor {
    // Vault voting power is automatically included in governance
    function getVotes(address account, uint256 blockNumber)
        public view override returns (uint256) {
        return token.getPastVotes(account, blockNumber);
    }
}

Compound Governor​

  • Implements required getVotes and getPastVotes functions
  • Compatible with historical voting power queries
  • Supports both block number and timestamp-based voting

Custom Governance Systems​

  • Flexible query interface for current and historical voting power
  • Direct access to delegation state
  • Compatible with snapshot-based voting mechanisms

⚠️ Important Notes​

  • Each Vault is a separate contract with isolated risk
  • Delegation affects all tokens in the Vault
  • Only the vesting manager can call management functions
  • Claimed tokens lose Vault-based voting power
  • Token must implement IERC5805 for governance functionality

🗳️ Governance Advantages​

  • Immediate voting power upon token funding
  • Isolated governance participation per vesting
  • Compatible with standard governance frameworks
  • Flexible delegation without token transfers
  • Historical voting power tracking for governance decisions