TimeLock on Parallel Withdrawals and Borrows

Rather than directly transferring the withdrawn or borrowed funds to the user's wallet, a time-locked agreement is established. This agreement specifies that the user has the right to receive certain assets after a designated release time. The funds are then transferred to a time-locked contract assigned to the user. This is done by the help of two smart contracts. TimeLockStrategy and TimeLock.

TimeLock Strategy

TimeLock Documentation

TimeLockStrategy is a smart contract implementation which calculates time-lock release times based on defined thresholds and wait times. It enforces limits on the total amount that can be time-locked in a given period and introduces an additional waiting period if this limit is exceeded.

Specs

1. Flexible Thresholds and Wait Times: DefaultTimeLockStrategy supports three tiers of time-lock amounts, each with a distinct wait time. These thresholds and wait times can be configured during contract deployment.

2. Period Limit: The contract enforces a limit on the total amount that can be time-locked within a specific period.

3. Extra Waiting Period: An additional waiting period is imposed if the total amount time-locked within a period exceeds the defined limit.

4. Period Reset: The contract automatically resets the total amount in the current period and emits a PeriodReset event when the period has elapsed.

Usage

1. Calculate Time-Lock Parameters: The calculateTimeLockParams function is called by the associated pool to determine the release time for a new time-lock agreement, based on the provided TimeLockFactorParams.

2. View Time-Lock Strategy Data: Users can call the getTimeLockStrategyData function to view the current state of the time-lock strategy, including thresholds, wait times, period limit, and total amount time-locked in the current period.

Smart Contract Data Structures and APIs

Data Structures

TimeLockParams

A struct representing the time lock parameters for an agreement.

Name	Type	Description
releaseTime	uint48	The timestamp when the locked asset can be claimed by the beneficiary.
actionType	TimeLockActionType	The action to perform on the locked asset (BORROW or WITHDRAW).

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TimeLockFactorParams

A struct representing the factor parameters for a time lock agreement.

Name	Type	Description
assetType	AssetType	The type of asset locked (ERC20 or ERC721).
asset	address	The contract address of the locked asset.
amount	uint256	The amount of the locked asset (for ERC20) or the token ID (for ERC721).

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TimeLockActionType

Enum representing the types of actions that can be performed on the locked asset.

Name	Value	Description
BORROW	0	Represents a borrow action on the locked asset.
WITHDRAW	1	Represents a withdraw action on the locked asset.

TimeLockStrategyData

A struct representing the current state of the time-lock strategy.

Name	Type	Description
minThreshold	uint256	The minimum threshold amount for applying time-lock.
midThreshold	uint256	The middle threshold amount for determining wait times.
minWaitTime	uint48	The minimum wait time for locked assets (applied when the amount is below the midThreshold).
midWaitTime	uint48	The middle wait time for locked assets.
maxWaitTime	uint48	The maximum wait time for locked assets (applied when the amount is above midThreshold).
poolPeriodWaitTime	uint48	The wait time for the entire pool during the current period.
poolPeriodLimit	uint256	The limit of locked assets allowed during the current period.
period	uint256	The current period number.
totalAmountInCurrentPeriod	uint128	The total amount of assets locked in the current period.
lastResetTimestamp	uint48	The timestamp of the last reset for the time-lock strategy.

Functions

calculateTimeLockParams

function calculateTimeLockParams(DataTypes.TimeLockFactorParams memory params) external returns (DataTypes.TimeLockParams memory)

Calculates the release time for a new time-lock agreement based on the provided TimeLockFactorParams (including AssetType, asset, and amount). Can only be called by the associated pool. Returns a TimeLockParams object with the calculated release time and TimeLockActionType (either BORROW or WITHDRAW).

Call Params

Name	Type	Description
params	DataTypes.TimeLockFactorParams	TimeLockFactorParams object containing asset information

Return Values

Type	Description
DataTypes.TimeLockParams	TimeLockParams object with the calculated release time and action type

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getTimeLockStrategyData

function getTimeLockStrategyData() external view returns (TimeLockStrategyData memory)

Returns the current state of the time-lock strategy, including thresholds, wait times, period limit, and total amount time-locked in the current period. Returns a TimeLockStrategyData object containing the mentioned data.

Return Values

Type	Description
TimeLockStrategyData	Object containing the current state of the time-lock strategy

TimeLock Contract

TimeLock is a smart contract solution designed to facilitate the secure time-locking of assets, including ERC20, ERC721, and custom ERC721 tokens like MoonBirds. TimeLock enables users to create time-bound agreements, ensuring that assets are only accessible to the intended beneficiary after a predefined release time. The contract is managed by the ParaSpace TimeLock governance.

Specs

1. Support for Multiple Asset Types: TimeLock supports ERC20, ERC721, and custom ERC721 assets, such as MoonBirds.

2. Secure Time-Locking: Assets can only be claimed by the intended beneficiary after the specified release time has passed.

3. Flexible Management by Governance: TimeLock allows ParaSpace TimeLock governance to freeze or unfreeze individual or all agreements.

4. Bulk Claiming: Beneficiaries can claim multiple agreements at once, improving efficiency and reducing gas costs.

Usage

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1. Create a Time-Locked Agreement: Create a new agreement using the createAgreement function, specifying the asset type, action type, asset address, token IDs or amounts, beneficiary, and release time.

2. Claim Assets: The beneficiary can claim the assets using either the claim or claimMoonBirds functions when the release time is reached. Bulk claiming is supported for multiple agreements.

Smart Contract Data Structures and APIs

Data Structures

Agreement

A struct representing an asset lock agreement.

Name	Type	Description
assetType	AssetType	The type of asset locked (ERC20 or ERC721).
actionType	TimeLockActionType	The action to perform on the locked asset (BORROW or WITHDRAW).
asset	address	The contract address of the locked asset.
tokenIdsOrAmounts	uint256[]	An array of token IDs (ERC721) or a single-element array containing the amount (ERC20).
beneficiary	address	The address of the beneficiary who can claim the locked asset.
releaseTime	uint48	The timestamp when the locked asset can be claimed by the beneficiary.
isFrozen	bool	Indicates whether the agreement is frozen, preventing any claims.

TimeLockParams

A struct representing the time lock parameters for an agreement.

Name	Type	Description
releaseTime	uint48	The timestamp when the locked asset can be claimed by the beneficiary.
actionType	TimeLockActionType	The action to perform on the locked asset (BORROW or WITHDRAW).

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TimeLockFactorParams

A struct representing the factor parameters for a time lock agreement.

Name	Type	Description
assetType	AssetType	The type of asset locked (ERC20 or ERC721).
asset	address	The contract address of the locked asset.
amount	uint256	The amount of the locked asset (for ERC20) or the token ID (for ERC721).

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Functions

createAgreement

function createAgreement(DataTypes.AssetType assetType, DataTypes.TimeLockActionType actionType, address asset, uint256[] calldata tokenIdsOrAmounts, address beneficiary, uint48 releaseTime) external returns (uint256)

Creates a new asset lock agreement. Can only be called by the asset's xToken. Returns the agreement ID.

Name	Type	Description
assetType	DataTypes.AssetType	The type of asset locked (ERC20 or ERC721).
actionType	DataTypes.TimeLockActionType	The action to perform on the locked asset.
asset	address	The contract address of the locked asset.
tokenIdsOrAmounts	uint256[]	An array of token IDs (ERC721) or a single element array with the amount (ERC20).
beneficiary	address	The address that can claim the locked asset after the release time.
releaseTime	uint48	The timestamp when the asset can be claimed by the beneficiary.

Return Values

Type	Description
uint256	The agreement ID.

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claim

function claim(uint256[] calldata agreementIds) external

Claims the locked assets for the provided agreement IDs. Can only be called by the beneficiary and if the release time has passed.

Name	Type	Description
agreementIds	uint256[]	An array of agreement IDs to claim.

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claimMoonBirds

function claimMoonBirds(uint256[] calldata agreementIds) external

Claims the locked MoonBird ERC721 tokens for the provided agreement IDs. Can only be called by the beneficiary and if the release time has passed.

Name	Type	Description
agreementIds	uint256[]	An array of agreement IDs to claim.

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freezeAgreement

function freezeAgreement(uint256 agreementId) external onlyEmergencyAdminOrPoolAdmins

Freezes a specific agreement. Can only be called by an emergency admin or a pool admin.

Name	Type	Description
agreementId	uint256	The ID of the agreement to freeze.

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unfreezeAgreement

function unfreezeAgreement(uint256 agreementId) external onlyPoolAdmin

Unfreezes a specific agreement. Can only be called by a pool admin.

Name	Type	Description
agreementId	uint256	The ID of the agreement to unfreeze.

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freezeAllAgreements

function freezeAllAgreements() external onlyEmergencyAdminOrPoolAdmins

Freezes all agreements. Can only be called by an emergency admin or a pool admin.

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unfreezeAllAgreements

function unfreezeAllAgreements() external onlyPoolAdmin

Unfreezes all agreements. Can only be called by a pool admin.

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getAgreement

function getAgreement(uint256 agreementId) external view returns (Agreement memory agreement)

Returns the Agreement struct for a specific agreement ID.

Name	Type	Description
agreementId	uint256	The ID of the agreement to get.

Return Values

Type	Description
Agreement	The Agreement struct for the specified agreement ID.

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Events

AgreementCreated

Emitted when a new agreement is created.

Name	Type	Description
agreementId	uint256	The ID of the newly created agreement.
assetType	DataTypes.AssetType	The type of asset locked (ERC20 or ERC721).
actionType	DataTypes.TimeLockActionType	The action to perform on the locked asset.
asset	address	The contract address of the locked asset.
tokenIdsOrAmounts	uint256[]	An array of token IDs (ERC721) or a single element array with the amount (ERC20).
beneficiary	address	The address that can claim the locked asset after the release time.
releaseTime	uint48	The timestamp when the asset can be claimed by the beneficiary.

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AgreementClaimed

Emitted when an agreement is claimed and deleted.

Name	Type	Description
agreementId	uint256	The ID of the claimed agreement.
assetType	DataTypes.AssetType	The type of asset locked (ERC20 or ERC721).
actionType	DataTypes.TimeLockActionType	The action to perform on the locked asset.
asset	address	The contract address of the locked asset.
tokenIdsOrAmounts	uint256[]	An array of token IDs (ERC721) or a single element array with the amount (ERC20).
beneficiary	address	The address that claimed the locked asset.

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AgreementFrozen

Emitted when an agreement is frozen or unfrozen.

Name	Type	Description
agreementId	uint256	The ID of the frozen or unfrozen agreement.
isFrozen	bool	A boolean indicating if the agreement is frozen (true) or unfrozen (false).

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TimeLockFrozen

Emitted when all agreements are frozen or unfrozen.

Name	Type	Description
isFrozen	bool	A boolean indicating if all agreements are frozen (true) or unfrozen (false).

TimeLock V2 Suggestions:

1. Implement a protocol limit

   • Status: Under consideration

2. Remove waiting times for small transactions

   • Status: Under consideration

3. Introduce custom calculations for Uniswap V3 (decrease liquidity)

   • Status: Under consideration

4. Develop custom calculations for rebasing tokens (account for amount changes during extended timelocks)

   • Status: Under consideration

5. Enable support for Punk and ETH withdrawals

   • Status: Under consideration

6. Add specialized functionality for BorrowApeAndStake and flash claim operations

   • Status: Under consideration

7. Establish different pool limit waiting times tiers

   • Status: Under consideration

8. Integrate decentralized consensus for TimeLock

   • Status: Under consideration

9. AirDrop Support

   • Status: Under consideration