Architecture
Last updated
Last updated
Scoped permissions may be delegated to a human manager EOA responsible to execute the strategy and handle operations on behalf of depositors. It does so without directly interacting with funds and through only executing premissioned actions.
Scoped permissions for execution may be delegated to a script. Script may be deployed as:
On-chain contract
Off-chain script (or ML/AI computation)
In both cases, Rethink provides an environment with minimal trust assumptions (contract or script will not be able to execute transactions outside of the scope of permissions).
Responsible for deploying all relevant smart contracts that together enable OIVs (Rethink Fund Contract, Rethink NAV Calculator Contract, Safe Custody Contract, OZ Governor Contract, and Zodiac Roles Modifier).
Rethink Fund Contract settles the deposit and redemption requests upon updated NAV calculation and automates fee distribution.
Rethink NAV Calculator Contract calculates the net asset value (NAV) of all types of underlying positions:
NAV Liquid Spot
NAV Illiquid
NAV NFT
NAV DeFi Composable
It requires an approved NAV calculation method for each position.
The Safe Core Contracts (aka. Smart Accounts) is the most trusted custody contract standard in DeFi. It's responsible for the custody of all underlying positions of an OIV. Operations execution is handled either through governance directly or delegated permissions for a manager through Safe Role Mod. The owner of the custody contract is a governance contract.
Rethink OIVs are compatible with alternative governance standards (including optimistic governor contracts or standard multisig).
Using Open Zeppelin Governor primitives for on-chain governance for a given OIV. The following parameters are governed through governance tokens.
Management Fee
Performance Fee
Hurdle Rate
Entrance Fee
Exit Fee
Fee recipient address for every fee type
Whitelist
Governance token
OIV token representing the value of underlying positions is recommended to be used for OIV governance token.
Alternatively, other tokens can be added as governance tokens controlling the OIV governance. This is especially useful in the context of existing DAOs looking to migrate their treasury to completely decentralized and non-custodial infrastructure.
Voting delay (in blocks)
Voting period (in blocks)
Proposal threshold
Quorum (%)
Manager address
Target address
Associated permissions
The Zodiac Roles Modifier enables to define roles with specific permissions and assign them to the Manager. These roles can independently interact with approved addresses, functions, and variables they've been given access to, bypassing default execution through governance. Permissions are delegated though governance.
Zodiac Pilot is a Chrome extension that enables users to simulate, record, and batch dApp transactions on behalf of an OIV. If Managers have all required permissions, Zodiac Pilot enables them to batch execute the transaction. Users without permissions can use Zodiac Pilot to create an OIV proposal.
