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FeeWrapperDeployer

An example deployer contract that creates “fee wrapper” VaultV2 instances. A fee wrapper is a VaultV2 that wraps an existing MetaMorpho vault (Vault V1) and allows charging additional performance or management fees on top of it.

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Overview

The FeeWrapperDeployer demonstrates a specific VaultV2 configuration pattern:
  • Single adapter - Uses only a MorphoVaultV1Adapter pointing to an underlying MetaMorpho vault
  • Fixed underlying vault - The adapter configuration is permanently locked (abdicated)
  • Configurable fees - Owner can set performance and management fees
  • Automatic routing - Deposits and withdrawals automatically flow through the underlying vault
This is an example implementation, not the only way to configure a fee wrapper. You can customize the deployment process based on your requirements.

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Fixed configuration

The following aspects are permanently fixed after deployment:
  • addAdapter function is abdicated - Cannot add more adapters
  • removeAdapter function is abdicated - Cannot remove the adapter
  • Single MorphoVaultV1Adapter pointing to the child vault

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Configurable aspects

The vault owner retains control over:
  • Performance and management fees
  • Fee recipients
  • Timelocks for curator functions
  • Caps (absolute and relative)
  • Sentinels and allocators
  • Gates (receive/send shares and assets)
  • Max rate
  • Liquidity adapter and data
  • Name and symbol
  • Owner and curator addresses
  • Force deallocate penalties

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Function

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createFeeWrapper

function createFeeWrapper(
    address morphoVaultV2Factory,
    address morphoVaultV1AdapterFactory,
    address owner,
    bytes32 salt,
    address childVault
) external returns (address)
Creates and configures a fee wrapper VaultV2.
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morphoVaultV2Factory
address
required
The VaultV2Factory address for deploying the wrapper vault
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morphoVaultV1AdapterFactory
address
required
The MorphoVaultV1AdapterFactory address for creating the adapter
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owner
address
required
The address that will receive ownership and control of the fee wrapper
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salt
bytes32
required
Salt for CREATE2 deployment of the wrapper vault
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childVault
address
required
The underlying MetaMorpho vault address to wrap
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return
address
The address of the newly deployed fee wrapper vault

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Deployment process

The createFeeWrapper function performs these steps:
1

Deploy wrapper vault

Creates a new VaultV2 with this contract as temporary owner for configuration
2

Set curator

Makes this contract the curator to enable configuration functions
3

Create and add adapter

  • Creates a MorphoVaultV1Adapter for the child vault
  • Submits and executes addAdapter transaction
4

Abdicate adapter functions

  • Abdicates addAdapter - permanently prevents adding new adapters
  • Abdicates removeAdapter - permanently prevents removing adapters
5

Configure allocators

  • Adds deployer as temporary allocator
  • Adds owner as allocator
6

Set caps

  • Sets absolute cap to type(uint128).max (unlimited)
  • Sets relative cap to WAD (100%)
7

Configure liquidity

  • Sets the adapter as liquidity adapter
  • Sets max rate to MAX_MAX_RATE
8

Transfer ownership

  • Removes deployer as allocator
  • Adds owner as sentinel
  • Transfers curator role to owner
  • Transfers ownership to owner

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Usage example

// Deploy the fee wrapper deployer
FeeWrapperDeployer deployer = new FeeWrapperDeployer();

// Create a fee wrapper for an existing MetaMorpho vault
address feeWrapper = deployer.createFeeWrapper(
    vaultV2FactoryAddress,
    morphoVaultV1AdapterFactoryAddress,
    ownerAddress,
    keccak256("my-fee-wrapper"),
    existingMetaMorphoVaultAddress
);

// Owner can now configure fees
IVaultV2(feeWrapper).setPerformanceFee(0.1e18); // 10% performance fee
IVaultV2(feeWrapper).setManagementFee(0.02e18); // 2% annual management fee

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Post-deployment configuration

After deployment, the owner should:
  1. Set fee parameters: 
    vault.setPerformanceFee(performanceFeeWad);
vault.setManagementFee(managementFeeWad);
vault.setPerformanceFeeRecipient(feeRecipient);
vault.setManagementFeeRecipient(feeRecipient);
  2. Configure timelocks (if desired): 
    vault.increaseTimelock(vault.setPerformanceFee.selector, 7 days);
vault.increaseTimelock(vault.setManagementFee.selector, 7 days);
  3. Set gates (if needed for access control): 
    vault.setReceiveSharesGate(gateAddress);
vault.setSendAssetsGate(gateAddress);
  4. Customize metadata: 
    vault.setName("Fee Wrapper USDC Vault");
vault.setSymbol("fwUSDC");

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Use cases

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Protocol revenue generation

Protocols can wrap existing high-performing MetaMorpho vaults and charge a small fee for providing a branded experience or additional services: 
// Wrap a popular USDC vault with 1% performance fee
address protocolVault = deployer.createFeeWrapper(
    factory,
    adapterFactory,
    protocolTreasury,
    salt,
    popularUSDCVault
);

IVaultV2(protocolVault).setPerformanceFee(0.01e18); // 1%
IVaultV2(protocolVault).setPerformanceFeeRecipient(protocolTreasury);

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White-label vault products

Create customized vault experiences on top of existing infrastructure: 
// Create white-label vault with custom branding
address whitelabelVault = deployer.createFeeWrapper(
    factory,
    adapterFactory,
    vaultOperator,
    salt,
    underlyingVault
);

IVaultV2(whitelabelVault).setName("Acme USDC Yield");
IVaultV2(whitelabelVault).setReceiveSharesGate(kycGate);

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Security considerations

Abdication is permanent - Once addAdapter and removeAdapter are abdicated, the underlying vault cannot be changed. Ensure the child vault address is correct before deployment.
The deployer temporarily has allocator rights during deployment but removes itself before transferring ownership. The final owner starts with clean allocator permissions.