TimeLock on Parallel Withdrawals and Borrows
Last updated
Last updated
Rather than directly transferring the withdrawn or borrowed funds to the user's wallet, a time-locked agreement is established.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.
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.
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.
Period Limit: The contract enforces a limit on the total amount that can be time-locked within a specific period.
Extra Waiting Period: An additional waiting period is imposed if the total amount time-locked within a period exceeds the defined limit.
Period Reset: The contract automatically resets the total amount in the current period and emits a PeriodReset event when the period has elapsed.
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.
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.
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). |
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). |
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. |
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. |
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 |
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 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.
Support for Multiple Asset Types: TimeLock supports ERC20, ERC721, and custom ERC721 assets, such as MoonBirds.
Secure Time-Locking: Assets can only be claimed by the intended beneficiary after the specified release time has passed.
Flexible Management by Governance: TimeLock allows ParaSpace TimeLock governance to freeze or unfreeze individual or all agreements.
Bulk Claiming: Beneficiaries can claim multiple agreements at once, improving efficiency and reducing gas costs.
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.
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.
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. |
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). |
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). |
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. |
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. |
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. |
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. |
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. |
function freezeAllAgreements() external onlyEmergencyAdminOrPoolAdmins
Freezes all agreements. Can only be called by an emergency admin or a pool admin.
function unfreezeAllAgreements() external onlyPoolAdmin
Unfreezes all agreements. Can only be called by a pool admin.
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. |
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. |
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. |
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). |
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). |
Implement a protocol limit
Status: Under consideration
Remove waiting times for small transactions
Status: Under consideration
Introduce custom calculations for Uniswap V3 (decrease liquidity)
Status: Under consideration
Develop custom calculations for rebasing tokens (account for amount changes during extended timelocks)
Status: Under consideration
Enable support for Punk and ETH withdrawals
Status: Under consideration
Add specialized functionality for BorrowApeAndStake and flash claim operations
Status: Under consideration
Establish different pool limit waiting times tiers
Status: Under consideration
Integrate decentralized consensus for TimeLock
Status: Under consideration
AirDrop Support
Status: Under consideration
