Factory Contract

Deploys and registers vault contracts. Validates all parameters against the Globals contract before deployment.

Source: contracts/factory/

Source Modules

File	Purpose
contract.rs	Constructor, set_vault_wasm_hash, create_vault, queries, inline GlobalsClient and mirrored structs
storage.rs	Data keys (globals, wasm_hash, 3-index vault registry), getters/setters, pagination
errors.rs	#[contracterror] enum (11 variants)
events.rs	VaultDeployed, WasmHashUpdated events
test.rs	3 tests

How It Works

1. Governor deploys the Factory with a Globals address and an initial vault WASM hash.

2. When a Pool Manager calls create_vault(params, salt), the factory:

   • Validates the manager is approved and active (via GlobalsClient::list_pool_managers)

   • Checks the manager is not delinquent (is_delinquent — blocked if any vault defaulted)

   • Checks the manager's credit limit (outstanding + principal ≤ max_credit)

   • Validates the lending token is whitelisted (get_supported_assets)

   • Validates interest rate, loan term, principal, and split ratio against get_global_settings

   • Checks the manager has enough available collateral (principal × default_collateral_ratio / 100)

   • Locks manager collateral via GlobalsClient::lock_collateral

   • Increments outstanding principal via GlobalsClient::increment_outstanding

   • Deploys a new vault using e.deployer().with_current_contract(salt).deploy_v2(wasm_hash, (globals, params))

   • Registers the vault in Globals via GlobalsClient::register_vault (so the vault is authorised for cross-contract calls), then in three Factory indexes: all vaults, per-manager, per-borrower

3. The governor can update the vault WASM hash via set_vault_wasm_hash (for future vault template upgrades).

create_vault calls back into Globals (lock_collateral, increment_outstanding, register_vault). These require the Factory to be registered in Globals via set_factory first — otherwise the calls fail. See Deployment.

Functions

Constructor

__constructor(governor, globals, vault_wasm_hash)

Initialise the factory with admin (governor), Globals reference, and the vault template hash.

Admin Actions (#[only_admin])

Function	Description
set_vault_wasm_hash(new_hash)	Update the vault WASM template
upgrade(new_wasm_hash, operator)	Upgrade the Factory (auth via stored admin)

Vault Creation

Function	Description
create_vault(params: VaultParams, salt)	Deploy a new vault with full validation; returns the vault Address

VaultParams (15 fields):

VaultParams {
    manager: Address,
    borrower: Address,
    lent_token: Address,
    principal: i128,
    interest_rate: u32,
    loan_term: u32,
    split_ratio: u32,
    permissioned: bool,
    grace_period: u64,
    funding_deadline: u64,
    approval_deadline: u64,
    collateral_escrow: Option<Address>,   // None = manager-collateral-only loan
    collateral_token: Option<Address>,    // asset the borrower must pledge
    collateral_recovery: Option<Address>, // receives the pledge on default
    collateral_min: i128,                 // on-chain floor the pledge must meet
}

The four borrower-collateral fields are optional in effect: leave collateral_escrow as None (and the others empty / 0) for a manager-collateral-only loan. If collateral_escrow is Some, the vault constructor asserts collateral_token, collateral_recovery, and a positive collateral_min are all present.

Queries

Function	Returns
get_globals()	Globals contract address
get_vault_wasm_hash()	Current vault template hash
get_vault_count()	Total deployed vaults (O(1))
get_all_vaults()	First 100 vault addresses (use pagination for more)
get_vaults_page(start, limit)	A page of vault addresses
get_manager_vaults(manager)	First 100 vaults for a manager
get_manager_vaults_page(manager, start, limit)	A page of a manager's vaults
get_manager_vault_count(manager)	Number of vaults for a manager
get_borrower_vaults(borrower)	First 100 vaults for a borrower
get_borrower_vaults_page(borrower, start, limit)	A page of a borrower's vaults
get_borrower_vault_count(borrower)	Number of vaults for a borrower

The registry is stored as indexed persistent entries with an O(1) count, avoiding Soroban's object-size limit. get_all_vaults / get_manager_vaults / get_borrower_vaults cap at 100; use the _page variants for larger sets.

Validation Checks

The Factory performs extensive validation before deploying a vault. Error codes are from the Factory error enum (contracts/factory/src/errors.rs):

Check	Error Code	Description
Manager approved	ManagerNotApproved (1)	Manager must be active in Globals
Asset whitelisted	AssetNotSupported (2)	Token must be whitelisted in Globals
Interest rate	InvalidRate (3)	Must be within global min/max
Loan term	InvalidTerm (4)	Must be within global min/max
Principal	InvalidPrincipal (5)	Must be > 0 and within global min/max
Split ratio	InvalidSplitRatio (6)	Must be 1–99
WASM hash set	WasmHashNotSet (7)	Vault template hash must be configured
Authorised	Unauthorized (8)	Caller not authorised
Collateral	InsufficientCollateral (9)	Manager must have enough available collateral
Not delinquent	ManagerDelinquent (10)	Manager must have no uncleared defaults
Credit limit	CreditLimitExceeded (11)	outstanding + principal ≤ max_credit

Events

Event	Key Fields	When
VaultDeployed	vault, manager, borrower, principal, loan_term, interest_rate	Vault created
WasmHashUpdated	old_hash, new_hash	Template updated