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fix: deposit the measured unlocked amount in MorphoAllocator.run #3

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Merged
maximebrugel merged 1 commit into from
Jul 9, 2026
Merged

fix: deposit the measured unlocked amount in MorphoAllocator.run #3

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20 changes: 12 additions & 8 deletions src/MorphoAllocator.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -61,7 +61,8 @@ contract MorphoAllocator is OwnableRoles, Initializable {

/// @notice Emitted when `run` (unlock + deallocate + allocate + depositManager) succeeds.
/// @param intentId The intent ID.
/// @param unlocked The amount of collateral credited to the intent by `unlock`.
/// @param unlocked The amount of collateral credited to the intent by `unlock`, deposited in
/// full via `Facility.depositManager`.
/// @param allocateAdapter The destination adapter as passed to `run`; address(0) when no allocation
/// was requested. Allocation is also skipped when `gatheredTotal` is 0.
/// @param gatheredTotal The total gathered across all deallocation sources. Allocated into
Expand Down Expand Up @@ -215,23 +216,25 @@ contract MorphoAllocator is OwnableRoles, Initializable {
/// market (validating post-withdrawal utilisation) → `MorphoVaultV2.allocate` of the gathered
/// total (skipped when `allocateAdapter == address(0)`) → `Facility.depositManager`. Any revert
/// (slippage, utilisation, unexpected state) reverts the whole call so it can be retried.
/// `depositAmount` is the caller's choice and need not equal the measured `unlocked` amount.
/// The measured `unlocked` amount is deposited in full, so the intent is left with no
/// collateral dust regardless of unlock slippage or fund price movement.
/// @param intentId The intent ID.
/// @param deallocations Sources to gather liquidity from (markets and/or idle); see {Deallocation}.
/// @param allocateAdapter Destination Morpho V1 Market adapter, or address(0) to skip allocation.
/// @param allocateMarket Destination market identifier (ignored when `allocateAdapter == address(0)`).
/// @param depositAmount Collateral amount to deposit via `Facility.depositManager`. Independent
/// of the unlocked amount, so the caller may deposit less than was unlocked.
/// @param minAmountReceived Minimum amount that must be unlocked. Occupies the slot that previously
/// fixed the deposit amount, keeping the signature unchanged for callers.
/// @param borrowAmount Amount to borrow via `Facility.depositManager`.
/// @param useTarget True to use the intent's target asset as the PositionManager,
/// false to use the deposit asset.
/// @param minSharesUnlocked Minimum amount that must be unlocked (slippage guard on unlock).
/// @param minSharesUnlocked Minimum amount that must be unlocked (slippage guard on unlock); the
/// stricter of it and `minAmountReceived` applies.
function run(
uint256 intentId,
Deallocation[] calldata deallocations,
address allocateAdapter,
MarketParams calldata allocateMarket,
uint256 depositAmount,
uint256 minAmountReceived,
uint256 borrowAmount,
bool useTarget,
uint256 minSharesUnlocked
Expand All @@ -257,11 +260,12 @@ contract MorphoAllocator is OwnableRoles, Initializable {
revert UnlockBalanceDecreased(intentId, balanceBefore, balanceAfter);
}
uint256 unlocked = balanceAfter - balanceBefore;
if (unlocked < minSharesUnlocked) revert SlippageExceeded(minSharesUnlocked, unlocked);
uint256 minUnlocked = minAmountReceived > minSharesUnlocked ? minAmountReceived : minSharesUnlocked;
if (unlocked < minUnlocked) revert SlippageExceeded(minUnlocked, unlocked);

uint256 gatheredTotal = _rebalance($.morphoVault, deallocations, allocateAdapter, allocateMarket);

_facility.depositManager(intentId, depositAmount, borrowAmount, useTarget);
_facility.depositManager(intentId, unlocked, borrowAmount, useTarget);

emit Allocated(intentId, unlocked, allocateAdapter, gatheredTotal, borrowAmount);
}
Expand Down
23 changes: 19 additions & 4 deletions test/MorphoAllocator.t.sol
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Expand Up @@ -448,19 +448,32 @@ contract MorphoAllocatorTest is Test {
assertTrue(dUseTarget);
}

function test_run_depositAmountIndependentOfUnlocked() public {
function test_run_depositsUnlockedAmount() public {
_configureIntentWithTargetPm();
facility.setUnlockMint(collateralToken, 1_000e6); // full unlock = 1_000e6

// Deposit only 600e6 of the 1_000e6 unlocked; the event still reports the full unlocked amount.
// minAmountReceived (600e6) is below the 1_000e6 unlocked; the full unlocked amount is
// deposited, leaving no collateral dust on the intent.
vm.expectEmit(true, false, false, true, address(allocator));
emit Allocated(INTENT_ID, 1_000e6, allocAdapter, 500e6, 700e6);

vm.prank(executor);
allocator.run(INTENT_ID, _deals(500e6, WAD), allocAdapter, targetMarket, 600e6, 700e6, true, 0);

(, uint256 dDeposit,,) = facility.lastDepositManager();
assertEq(dDeposit, 600e6, "depositManager uses the provided amount, not unlocked");
assertEq(dDeposit, 1_000e6, "depositManager uses the measured unlocked amount");
}

function test_run_revertsWhenUnlockedBelowMinAmountReceived() public {
_configureIntentWithTargetPm();
facility.setUnlockMint(collateralToken, 1_000e6);

// minAmountReceived (1_100e6) is stricter than minSharesUnlocked (900e6) and above the
// 1_000e6 actually unlocked, so the unlock slippage guard trips.
vm.expectRevert(abi.encodeWithSelector(MorphoAllocator.SlippageExceeded.selector, 1_100e6, 1_000e6));
vm.prank(executor);
allocator.run(INTENT_ID, _deals(500e6, WAD), allocAdapter, targetMarket, 1_100e6, 700e6, true, 900e6);
assertEq(facility.depositManagerCount(), 0, "depositManager not called");
}

function test_run_happyPath_useDeposit_noRebalance() public {
Expand Down Expand Up @@ -582,7 +595,7 @@ contract MorphoAllocatorTest is Test {

vm.expectRevert(abi.encodeWithSelector(MorphoAllocator.SlippageExceeded.selector, 900e6, 800e6));
vm.prank(executor);
allocator.run(INTENT_ID, _deals(500e6, WAD), allocAdapter, targetMarket, 950e6, 700e6, true, 900e6);
allocator.run(INTENT_ID, _deals(500e6, WAD), allocAdapter, targetMarket, 0, 700e6, true, 900e6);

assertEq(vault.deallocateCount(), 0, "rebalance not reached");
assertEq(vault.allocateCount(), 0, "allocate not called");
Expand Down Expand Up @@ -680,6 +693,8 @@ contract MorphoAllocatorTest is Test {
vm.prank(executor);
allocator.run(INTENT_ID, _noDeals(), address(0), targetMarket, actual, 0, true, minOut);
assertEq(facility.depositManagerCount(), 1, "deposit on success");
(, uint256 dDeposit,,) = facility.lastDepositManager();
assertEq(dDeposit, actual, "deposit equals the unlocked amount");
}
}
}
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