MetaVaultWrapper

The MetaVaultWrapper is the user-facing contract for MetaVaults. It implements ERC-7540 (asynchronous deposit/redeem), ERC-7575, and ERC-165. Wrapper shares are ERC-20 tokens representing the depositor's pro-rata claim on the underlying infrastructure vault.

The wrapper delegates asset custody to an infrastructure vault (AsyncVault) and maintains its own epoch tracking to correctly account for per-user request balances.

The implementation is maintained in Spectra's private MetaVault contracts repository.

Methods

requestDeposit

function requestDeposit(
    uint256 assets,
    address controller,
    address owner
) external nonReentrant whenNotPaused returns (uint256 requestId)

Requests a deposit of assets (underlying token) into the MetaVault. Assets are transferred from owner to the wrapper and forwarded to the infrastructure vault. The request is recorded for the current epoch.

If the controller has a claimable deposit from a previous epoch, it is automatically claimed first.

msg.sender must be owner or an approved operator of owner. The owner must approve the wrapper for the underlying asset before calling this function.

Input Parameter	Type	Description
`assets`	uint256	Amount of underlying assets to deposit. Must be > 0.
`controller`	address	Address that the deposit request is recorded for
`owner`	address	Address that the assets are transferred from

Return Parameter	Type	Description
`requestId`	uint256	Always returns 0 (request ID is not used in this implementation)

decreaseDepositRequest

function decreaseDepositRequest(uint256 assets) external nonReentrant whenNotPaused

Decreases the caller's pending deposit request by assets. The assets are refunded to msg.sender.

Input Parameter	Type	Description
`assets`	uint256	Amount of assets to remove from the pending request. Must be > 0 and ≤ pending balance.

deposit

function deposit(
    uint256 assets,
    address receiver,
    address controller
) external nonReentrant whenNotPaused returns (uint256 shares)

Claims all claimable shares for the controller from a previously settled deposit request. Wrapper shares are minted to receiver.

The assets parameter is not used — all claimable shares are always claimed in full.

Input Parameter	Type	Description
`assets`	uint256	Not used (included for ERC-7540 interface compliance)
`receiver`	address	Address that will receive the minted wrapper shares
`controller`	address	Address whose claimable deposit is being claimed

Return Parameter	Type	Description
`shares`	uint256	Amount of wrapper shares minted to `receiver`

requestRedeem

function requestRedeem(
    uint256 shares,
    address controller,
    address owner
) external nonReentrant whenNotPaused returns (uint256 requestId)

Requests a redemption of shares (wrapper shares). Shares are burned from owner and the equivalent infrastructure vault shares are queued for redemption.

If the controller has a claimable redeem from a previous epoch, it is automatically claimed first.

Input Parameter	Type	Description
`shares`	uint256	Amount of wrapper shares to redeem. Must be > 0.
`controller`	address	Address that the redeem request is recorded for
`owner`	address	Address that the shares are burned from

Return Parameter	Type	Description
`requestId`	uint256	Always returns 0

decreaseRedeemRequest

function decreaseRedeemRequest(uint256 shares) external nonReentrant whenNotPaused

Decreases the caller's pending redeem request by shares. The shares are minted back to msg.sender.

Input Parameter	Type	Description
`shares`	uint256	Amount of shares to remove from the pending request. Must be > 0 and ≤ pending balance.

redeem

function redeem(
    uint256 shares,
    address receiver,
    address controller
) public nonReentrant whenNotPaused returns (uint256 assets)

Claims all claimable assets for the controller from a previously settled redeem request. Assets are transferred to receiver.

The shares parameter is not used — all claimable assets are always claimed in full.

Input Parameter	Type	Description
`shares`	uint256	Not used (included for ERC-7540 interface compliance)
`receiver`	address	Address that will receive the underlying assets
`controller`	address	Address whose claimable redeem is being claimed

Return Parameter	Type	Description
`assets`	uint256	Amount of underlying assets transferred to `receiver`

setOperator

function setOperator(address operator, bool approved) external returns (bool)

Approves or revokes operator to act on behalf of msg.sender for deposit/redeem operations.

Input Parameter	Type	Description
`operator`	address	Address to approve/revoke as operator
`approved`	bool	`true` to approve, `false` to revoke

updateEpochID

function updateEpochID() external

Synchronizes the wrapper's internal epoch ID with the infrastructure vault's current epoch. Called automatically by requestDeposit, deposit, requestRedeem, and redeem, but can also be called manually.

View Methods

getInfraVault

function getInfraVault() public view returns (address)

Returns the address of the underlying infrastructure vault.

isOperator

function isOperator(address controller, address operator) external view returns (bool status)

Returns whether operator is approved to act on behalf of controller.

totalVaultShares

function totalVaultShares() public view returns (uint256)

Returns the total infrastructure vault shares held by the wrapper.

epochId

function epochId() external view returns (uint256)

Returns the current epoch ID from the infrastructure vault.

lastUserDepositRequestEpoch

function lastUserDepositRequestEpoch(address user) external view returns (uint256)

Returns the epoch ID of the user's last deposit request.

lastUserRedeemRequestEpoch

function lastUserRedeemRequestEpoch(address user) external view returns (uint256)

Returns the epoch ID of the user's last redeem request.

convertToShares

function convertToShares(uint256 assets) public view returns (uint256 shares)

Converts assets to wrapper shares using the last settled epoch rate.

convertToShares

function convertToShares(uint256 assets, uint256 requestID) external view returns (uint256 shares)

Converts assets to wrapper shares using a specific epoch rate.

convertToAssets

function convertToAssets(uint256 shares) public view returns (uint256 assets)

Converts wrapper shares to assets using the last settled epoch rate.

convertToAssets

function convertToAssets(uint256 shares, uint256 requestID) external view returns (uint256 assets)

Converts wrapper shares to assets using a specific epoch rate.

maxDeposit

function maxDeposit(address receiver) public view returns (uint256 maxAssets)

Returns the maximum amount the receiver can claim via deposit. Returns 0 if paused or if the user's last deposit request is for the current (unsettled) epoch.

maxRedeem

function maxRedeem(address owner) public view returns (uint256 maxShares)

Returns the maximum amount the owner can claim via redeem. Returns 0 if paused or if the user's last redeem request is for the current (unsettled) epoch.

pendingDepositRequest

function pendingDepositRequest(uint256 requestId, address controller) external view returns (uint256 assets)

Returns the amount of assets the controller has pending in the current epoch's deposit queue.

claimableDepositRequest

function claimableDepositRequest(uint256 requestId, address controller) external view returns (uint256 assets)

Returns the amount of assets the controller can claim from a settled deposit request.

pendingRedeemRequest

function pendingRedeemRequest(uint256 requestId, address controller) external view returns (uint256 shares)

Returns the amount of shares the controller has pending in the current epoch's redeem queue.

claimableRedeemRequest

function claimableRedeemRequest(uint256 requestID, address controller) external view returns (uint256 shares)

Returns the amount of shares the controller can claim from a settled redeem request.

totalAssets

function totalAssets() public view returns (uint256)

Returns an estimate of the wrapper's total assets using the last settled epoch rate: convertToAssets(totalSupply()).

decimals

function decimals() public view returns (uint8)

Returns the decimals of the underlying asset.

function share() external view returns (address)

Returns the address of the share token (the wrapper itself). ERC-7575 compliance.

supportsInterface

function supportsInterface(bytes4 interfaceId) public view returns (bool)

Returns true for IERC165, IERC7540, IERC7575, IERC7540Deposit, IERC7540Redeem, and IERC7540Operator.

previewDeposit, previewRedeem, previewWithdraw, and previewMint are not implemented and will revert, as specified by ERC-7540 for asynchronous vaults.

Events

DepositRequest

event DepositRequest(
    address indexed controller,
    address indexed owner,
    uint256 indexed requestId,
    address sender,
    uint256 assets
)

Emitted when a deposit request is created.

RedeemRequest

event RedeemRequest(
    address indexed controller,
    address indexed owner,
    uint256 indexed requestId,
    address sender,
    uint256 shares
)

Emitted when a redeem request is created.

OperatorSet

event OperatorSet(address indexed controller, address indexed operator, bool approved)

Emitted when an operator approval is set or revoked.

DecreaseDepositRequest

event DecreaseDepositRequest(
    uint256 indexed epochId,
    address indexed owner,
    uint256 indexed previousRequestedAssets,
    uint256 newRequestedAssets
)

Emitted when a deposit request is decreased.

DecreaseRedeemRequest

event DecreaseRedeemRequest(
    uint256 indexed epochId,
    address indexed owner,
    uint256 indexed previousRequestedShares,
    uint256 newRequestedShares
)

Emitted when a redeem request is decreased.

ClaimPendingDeposit

event ClaimPendingDeposit(
    uint256 indexed epochId,
    uint256 indexed assetsClaimed,
    uint256 indexed wrapperSharesReceived
)

Emitted when the wrapper claims pending deposits from the infrastructure vault.

ClaimPendingRedeem

event ClaimPendingRedeem(
    uint256 indexed epochId,
    uint256 indexed wrapperSharesClaimed,
    uint256 indexed assetsReceived
)

Emitted when the wrapper claims pending redeems from the infrastructure vault.

MetaVaultWrapperInitialized

event MetaVaultWrapperInitialized(
    address indexed owner,
    address indexed infraVault,
    address indexed wrapper
)

Emitted when the wrapper is initialized.

Errors

Error	Description
`ZeroAddress()`	An address parameter is `address(0)`
`ZeroAssets()`	Assets amount is 0
`ZeroShares()`	Shares amount is 0
`ERC7540InvalidOperator()`	Caller is not the owner or an approved operator
`ZeroDecreaseAmount()`	Decrease amount is 0
`DecreaseAmountExceedsPending(uint256 pendingAmount, uint256 decreaseAmount)`	Decrease amount exceeds the pending balance
`InvalidUnderlying()`	Underlying asset does not match the infrastructure vault's asset
`NoClaimAvailable(address owner)`	No settled request available to claim

MetaVaultWrapper

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