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feat: add Seamless Morpho vaults to TVL #13129

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feat: add Seamless Morpho vaults to TVL #13129

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59 changes: 55 additions & 4 deletions projects/seamless/index.js
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Original file line number Diff line number Diff line change
@@ -1,9 +1,13 @@
const { aaveExports } = require("../helper/aave");
const { getLogs2 } = require("../helper/cache/getLogs");
const { sumTokens2 } = require("../helper/unwrapLPs");
const abi = require("./abis.json");
const { mergeExports } = require("../helper/utils");
const methodologies = require("../helper/methodologies");

const SEAMLESS_GOVERNOR_SHORT_TIMELOCK = "0x8768c789C6df8AF1a92d96dE823b4F80010Db294";
const MORPHO_VAULTS_FACTORY_v1_1 = "0xFf62A7c278C62eD665133147129245053Bbf5918";

const AAVE_ADDRESSES_PROVIDER_REGISTRY = "0x90C5055530C0465AbB077FA016a3699A3F53Ef99";
const AAVE_POOL_DATA_PROVIDER = "0x2A0979257105834789bC6b9E1B00446DFbA8dFBa";
const GEYSER_REGISTRY = "0xD5815fC3D736120d07a1fA92bA743c1167dA89d8";
Expand Down Expand Up @@ -44,7 +48,54 @@ async function geyserTvl(api) {

const baseAAVE = aaveExports("base", AAVE_ADDRESSES_PROVIDER_REGISTRY, undefined, [AAVE_POOL_DATA_PROVIDER], { v3: true });

module.exports = mergeExports([{
methodology: methodologies.lendingMarket,
base: baseAAVE,
}, { base: { tvl: geyserTvl } }]);
const SeamlesMorphoVaultsTVL = async (api) => {
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we can create a new sublisting for this, but how do these vaults work? can users borrow against their deposits here? other issue is, even if your team is curating the morpho vaults, the tvl belongs to morpho project. We are thinking of adding curator category to tackle this, but atm, we reject curator projects :(

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These vaults will lend assets to Morpho borrowing markets (rebalancing across markets to obtain the best risk adjusted yield), users cannot borrow against these assets as collateral, it's the same as other yield vaults like those on Yearn or Beefy that allocate to Aave, Compound, Morpho, etc. Seamless protocol in this case is the owner of these vaults NOT the curator. Seamless Protocol governance controls these vaults and earns the fees not Morpho, although we did deploy them using a factory contract that was deployed by Morpho vs forking or building from scratch a separate ERC4626 vault contract like other Seamless vault contracts.

const allVaults = (
await getLogs2({
api,
factory: MORPHO_VAULTS_FACTORY_v1_1,
eventAbi:
"event CreateMetaMorpho(address indexed metaMorpho, address indexed caller, address initialOwner, uint256 initialTimelock, address indexed asset, string name, string symbol, bytes32 salt)",
fromBlock: 24831748,
})
).map((log) => log.metaMorpho);

const allVaultOwners = await api.multiCall({
calls: allVaults,
abi: "function owner() public view returns (address)",
});

const seamlessMorphoVaults = allVaults.filter(
(_, i) =>
allVaultOwners[i].toLowerCase() ===
SEAMLESS_GOVERNOR_SHORT_TIMELOCK.toLowerCase()
);

const underlyingAssets = await api.multiCall({
calls: seamlessMorphoVaults,
abi: "function asset() public view returns (address)",
});
const totalAssets = await api.multiCall({
calls: seamlessMorphoVaults,
abi: "function totalAssets() public view returns (uint256)",
});

underlyingAssets.forEach((asset, i) => {
api.add(asset, totalAssets[i]);
});

return api.getBalances();
};

const methodology = `Counts the tokens deposited in Seamless Protocol owned vaults even when those vaults exist on other protocols (this is marked as double counted). Other sources of TVL are not double counted such as lending market TVL which follows uses the following methodology: ${methodologies.lendingMarket}`;

module.exports = mergeExports([
{
base: baseAAVE,
},
{ base: { tvl: geyserTvl } },
{
doublecounted: true,
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hmm, atm we dont support partial doublecounted tvl :(

base: { tvl: SeamlesMorphoVaultsTVL },
},
{ methodology },
]);
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