Cover vault shares

Covering vault shares means depositing yield-bearing vault shares into an Insured Vault to activate insurance coverage. The Insured Vault holds the deposited shares, issues covered shares representing the insured position, and streams the insurance premium from accrued yield. Coverage remains active and auto-renews while covered shares are held.

The code snippets on this page use Smokehouse USDC as a concrete example: the user deposits bbqUSDC yield-vault shares and receives OC-bbqUSDC covered shares in return.

Request a deposit

requestDeposit submits an asynchronous deposit request to cover vault shares.

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

Parameters

Name	Type	Description
assets	uint256	Amount of yield-vault shares to deposit.
controller	address	Controller for the resulting covered shares (user wallet).
owner	address	Owner of the yield-vault shares being deposited (user wallet).

Returns

Name	Type	Description
requestId	uint256	Always 0, deposits are controller-aggregated.

Example

// Approve the Insured Vault to spend bbqUSDC.
bbqUSDC.approve(address(metavault), 10_000e18);

// Request to deposit 10,000 bbqUSDC.
metavault.requestDeposit(10_000e18, msg.sender, msg.sender);

Notes

• Deposits are controller-aggregated: all pending deposits for the same controller share a single requestId of 0. New requests add to the existing pending amount.

• owner must equal msg.sender.

• Only authorized bundlers may set controller != owner to operate on behalf of another user.

• Insured Vaults enforce a minimum request threshold and requests below this amount revert. Please read minimumRequestAssets() to get the minimum amount in the yield-vault underlying e.g. USDC.

Cancel a deposit request

cancelDepositRequest cancels a pending deposit request and refunds the yield-vault shares synchronously in a single transaction.

function cancelDepositRequest(uint256 requestId, address controller, address receiver)
    external returns (uint256 assets);

Parameters

Name	Type	Description
requestId	uint256	Always use 0, deposits are controller-aggregated.
controller	address	Controller whose pending request to cancel (user wallet).
receiver	address	Recipient of the refunded yield-vault shares.

Returns

Name	Type	Description
assets	uint256	Yield-vault shares refunded.

Example

// Cancel and receive bbqUSDC back immediately.
metavault.cancelDepositRequest(0, msg.sender, msg.sender);

Check pending deposits

pendingDepositRequest returns the total yield-vault shares pending settlement for a controller.

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

Parameters

Name	Type	Description
requestId	uint256	Always use 0, deposits are controller-aggregated.
controller	address	Controller (user wallet) to query.

Returns

Name	Type	Description
pendingAssets	uint256	Yield-vault shares pending coverage.

Example

uint256 assetsPending = metavault.pendingDepositRequest(0, msg.sender);

Settlement

Deposit requests are typically batch-settled within 2 Ethereum blocks (~30 seconds). During settlement, the Insured Vault pre-mints OC-bbqUSDC covered shares and holds them on behalf of the controller. Coverage activates at this point. The shares then need to be delivered to the user's wallet via one of two paths:

Keeper push

This is the default and preferred UX.

The keeper calls pushDepositShares to claim and deliver OC-bbqUSDC directly to the user's wallet.

User claim

Alternatively, the user can claim settled deposits themselves. Use claimableDepositRequest to check the settled amount, then call deposit or mint to claim.

claimableDepositRequest returns the settled asset amount available to claim.

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

Parameters

Name	Type	Description
requestId	uint256	Always use 0, deposits are controller-aggregated.
controller	address	Controller (user wallet) to query.

Returns

Name	Type	Description
claimableAssets	uint256	Settled yield-vault shares available to claim.

Example

uint256 assetsClaimable = metavault.claimableDepositRequest(0, msg.sender);

Claim by assets

deposit claims covered shares from settled deposit requests by specifying the asset amount to consume.

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

Parameters

Name	Type	Description
assets	uint256	Settled yield-vault share amount to claim.
receiver	address	Recipient of the minted covered shares (user wallet).
controller	address	Controller authorized to claim (user wallet).

Returns

Name	Type	Description
shares	uint256	Amount of covered shares minted.

Example

// Claim all settled assets as covered shares.
uint256 assetsClaimable = metavault.claimableDepositRequest(0, msg.sender);
metavault.deposit(assetsClaimable, msg.sender, msg.sender);

Claim by shares

mint claims an exact amount of covered shares from settled deposit requests.

function mint(uint256 shares, address receiver, address controller)
    external returns (uint256 assets);

Parameters

Name	Type	Description
shares	uint256	Exact amount of covered shares to mint.
receiver	address	Recipient of the minted covered shares (user wallet).
controller	address	Controller authorized to claim (user wallet).

Returns

Name	Type	Description
assets	uint256	Yield-vault shares consumed.

Example

// Mint an exact number of covered shares.
metavault.mint(5_000e18, msg.sender, msg.sender);