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BaseVault

BaseVault is the abstract base contract that all Tilt vaults inherit from. It implements the ERC-4626 tokenized vault standard with multi-token portfolio management.

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Overview

BaseVault manages the full lifecycle of a decentralized fund:
  • Accepting deposits (minting shares)
  • Processing withdrawals (burning shares, liquidating tokens)
  • Calculating NAV across multiple held tokens
  • Allocating idle capital into target positions
  • Rebalancing the portfolio to match target weights
  • Accruing and distributing fees

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Deposit Flow

  1. Investor calls deposit(assets, receiver) with tiltUSDC
  2. Entry fee is deducted and sent to FeeManager
  3. Shares are minted to the receiver: shares = (netAssets * totalSupply) / totalAssets
  4. Deposited tiltUSDC is added to unallocatedDeposits
  5. Funds remain idle until allocateIdleAssets() is called

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Withdrawal Flow

  1. Investor calls withdraw(assets, receiver, owner) or redeem(shares, receiver, owner)
  2. The vault calculates the tiltUSDC amount owed
  3. If insufficient idle tiltUSDC, _ensureBaseLiquidity() auto-liquidates held tokens via TokenRouter
  4. Exit fee is deducted
  5. Net tiltUSDC is transferred to the receiver
  6. Shares are burned
Withdrawals are never paused — this is a core safety invariant. 
function totalAssets() public view returns (uint256) {
    uint256 total = baseAsset.balanceOf(address(this));
    for (uint i = 0; i < heldTokens.length; i++) {
        uint256 balance = heldTokens[i].balanceOf(address(this));
        uint256 price = tokenRouter.getTokenPrice(heldTokens[i]);
        total += (balance * price) / 1e18; // normalize to base asset decimals
    }
    return total;
}

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Allocation

allocateIdleAssets() deploys unallocated tiltUSDC into target positions:
  • Permissionless — anyone can call it
  • Calculates buy amounts: buyAmount = allocatable * weightBps / 10000
  • Executes purchases through TokenRouter
  • Only buys; never sells existing positions

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Rebalancing

rebalance() aligns the portfolio to target weights:
  • Calculates current weight of each token
  • Determines sell orders for over-weight tokens
  • Determines buy orders for under-weight tokens
  • Executes all trades through RebalanceEngine
  • Restricted to authorized callers (curator or engine)

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Fee Accrual

  • Entry/exit fees: collected in tiltUSDC at transaction time
  • Management fees: accrued continuously via share dilution
  • Performance fees: accrued above high-water mark via share dilution
  • All fees split between protocol treasury and curator via FeeManager

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Dead Shares

The first 1,000 shares are minted to address(1) on vault initialization. This permanently locks a small amount of shares, preventing the first-depositor inflation attack common to ERC-4626 vaults.

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Safety

  • Reentrancy guards on all state-changing operations
  • Ceiling-division rounding on withdrawals (protects vault from rounding exploits)
  • Token count cap (30 max) prevents gas DoS
  • Slippage protection on all swaps