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
storage.rs	Data keys (globals, wasm_hash, 3-index vault registry), getters/setters
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)

   • 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

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

   • Locks manager collateral via GlobalsClient::lock_collateral

   • Increments outstanding principal via GlobalsClient::increment_outstanding

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

   • Registers the vault in three 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)

Functions

Constructor

__constructor(governor, globals, wasm_hash)

Initialise factory with admin, globals reference, and vault template hash.

Admin Actions

Function	Description
set_vault_wasm_hash(caller, new_hash)	Update the vault WASM template

Vault Creation

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

VaultParams:

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,
}

Queries

Function	Returns
get_globals()	Globals contract address
get_vault_wasm_hash()	Current vault template hash
get_vault_count()	Total deployed vaults
get_all_vaults()	List of all vault addresses
get_manager_vaults(manager)	Vaults created by a specific manager
get_borrower_vaults(borrower)	Vaults for a specific borrower

Validation Checks

The Factory performs extensive validation before deploying a vault:

Check	Error Code	Description
Manager approved	ManagerNotApproved (3)	Manager must be active in Globals
Not delinquent	ManagerDelinquent (10)	Manager must have no uncleared defaults
Credit limit	CreditLimitExceeded (11)	outstanding + principal ≤ max_credit
Asset whitelisted	AssetNotSupported (4)	Token must be whitelisted in Globals
Interest rate	InvalidRate (5)	Must exceed global minimum
Loan term	InvalidTerm (6)	Must be within global min/max
Principal	InvalidPrincipal (7)	Must be within global min/max
Split ratio	InvalidSplitRatio (8)	Must be 1–99
Collateral	InsufficientCollateral (9)	Manager must have enough available collateral

Events

Event	Key Fields	When
VaultDeployed	vault address, manager, borrower, principal	Vault created
WasmHashUpdated	new hash	Template updated