Architecture

Manager Role

Human Manager

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.

Automation Script / AI

Scoped permissions for execution may be delegated to a script. Script may be deployed as:

1. On-chain contract

2. 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).

Factory Contract

Responsible for deploying all relevant smart contracts that together enable OIVs (Admin Contract, NAV Calculator Contract, Safe Custody Contract, OZ Governor Contract, and Zodiac Roles Modifier).

Admin Contract

Admin Contract settles the deposit and redemption requests upon updated NAV calculation, automates fee distribution, and optionally enables whitelist.

Fee Parameters (upgradable)

• Management Fee

• Performance Fee

  • Hurdle Rate

• Entrance Fee

• Exit Fee

• Fee recipient address for every fee type

Whitelist (upgradable)

NAV Calculator Contract

NAV Calculator Contract calculates the net asset value (NAV) of all types of underlying positions:

• NAV Liquid Spot

• NAV Illiquid

• NAV DeFi Composable

It requires an approved NAV calculation method for each position.

Safe Contract

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.

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.

Governance Parameters (non-upgradable)

• 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

• Voting period

• Proposal threshold

• Quorum (%)

Zodiac Roles Modifier

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 Roles Modifier Parameters (upgradable)

• Manager address

• Target address

  • Associated permissions