The PortfolioStrategy manages a weighted basket of up to 20 tokens. On execute it swaps the vault’s asset into each token at the target weight; on settle it sells everything back to the asset. The proposer can rebalance at any time while the proposal is Executed, either by selling everything and re-buying at current weights or by using Chainlink Data Streams prices to swap only the deltas (gas-efficient).
Swaps go through UniswapSwapAdapter (Base) or SynthraSwapAdapter / SynthraDirectAdapter (Robinhood L2). Route selection is done CLI-side: the CLI probes direct asset→token pools at multiple fee tiers and falls back to an asset→WETH→token multi-hop when no direct pool exists, then encodes the chosen route into each token’s swapExtraData. The on-chain UniswapSwapAdapter does not auto-detect — it reads a leading mode byte from extraData and executes exactly that route. This is how you can hold tokens without liquid USDC pairs.
extraData is a 1-byte mode prefix followed by the mode’s ABI-encoded route data:
| Mode | Route | Encoding (bytes1(mode) ‖ abi.encode(...)) |
|---|
0 | V3 single-hop | bytes1(0x00) ‖ abi.encode(uint24 fee) |
1 | V3 multi-hop | bytes1(0x01) ‖ abi.encode(bytes v3Path, uint16 perHopSlippageBps) |
Mode-1 carries perHopSlippageBps — manual integrators must include it. For a multi-hop route the adapter pre-quotes each hop via quoter.quoteExactInputSingle(...) and floors each non-terminal hop’s output at quoted * (10000 - perHopSlippageBps) / 10000 (perHopSlippageBps must be ≤ 10000). Omitting the trailing uint16 makes the adapter’s abi.decode(routeData, (bytes, uint16)) revert. The CLI sets this for you; only hand-encoded swapExtraData needs to supply it. (Sherlock run-2 #11 / PR #354.)
Architecture
Lifecycle
Pending → execute() → Executed → (rebalance?) → settle() → Settled
| Phase | What happens | Who calls |
|---|
| Execute | Pull asset → swap to each basket token at target weight (via SwapAdapter) | Governor (proposal execution) |
| Executed | Proposer can rebalance(), rebalanceDelta(reports), or update weights/slippage | Proposer |
| Settle | Swap all tokens back to asset → push to vault | Governor (proposal settlement) |
Batch Calls
Execute
[asset.approve(strategy, totalAmount), strategy.execute()]
Settle
InitParams
Init data is an ABI-encoded positional tuple (not a named struct). Tokens, weights, swap data, and price-feed decimals are passed as parallel arrays (same length, same order), not as a TokenAllocation[]:
(
address asset, // Vault asset (USDC on Base, WETH on Robinhood L2)
address swapAdapter, // UniswapSwapAdapter or SynthraSwapAdapter
address chainlinkVerifier,// Used by rebalanceDelta / live-NAV; pass address(0) to opt out
address[] tokens, // Basket tokens
uint256[] weightsBps, // Target weight per token in bps (sum = 10000)
uint256 totalAmount, // Total asset to deploy
uint256 maxSlippageBps, // Per-swap slippage cap — REQUIRED, 1–9999 bps
bytes[] swapExtraData, // Per-token adapter route data (mode byte + encoded path)
uint8[] priceDecimals // Per-token Chainlink feed scale (8 for stocks, 18 for crypto)
)
- Max basket size: 20 tokens
- Weights are in basis points and must sum to 10000
maxSlippageBps applies to every swap (entry, settle, and rebalance). It is required: initialization reverts with InvalidSlippage if it is 0 or >= 10000. (The 500 you see in CLI examples is a CLI-side default, not a contract default.)priceDecimals[i] must be <= 36 (InvalidPriceDecimals otherwise) so the decimal-scaling math in live NAV stays safe.
Rebalancing
While the proposal is Executed, the proposer can rebalance two ways:
| Method | Gas cost | When to use |
|---|
rebalance() | High — sells all, re-buys at current weights | Weights changed, or simple periodic rebalance |
rebalanceDelta(ChainlinkReport[]) | Low — swaps only the deltas | Frequent rebalances with fresh oracle prices |
rebalanceDelta reads a signed Chainlink Data Streams V3 report for each token and rejects any report past its own expiresAt timestamp (StalePrice). The separate 5-minute MAX_PRICE_AGE window gates the live-NAV price cache — it controls when positionValue() flips to valid=false, not which reports rebalanceDelta accepts. This path is only available on chains with a Chainlink verifier proxy.
Tunable Parameters (Executed state)
| Parameter | Description |
|---|
targetWeightBps | Per-token target weight (must still sum to 10000) |
maxSlippageBps | Per-swap slippage cap |
swapExtraData | Per-token extra data for the swap adapter (e.g. path override, fee tier) |
Risk Notes
- Swap impact: Large allocations in thin pools can eat into P&L — set
maxSlippageBps conservatively.
- Oracle staleness:
rebalanceDelta rejects any report past its expiresAt. The 5-minute MAX_PRICE_AGE cache window governs live NAV: once the cached price for any token is older than 5 minutes, positionValue() returns valid=false and the vault falls back to the async-redeem queue. Keepers call refreshPrices(reports) (~every 3 min) to keep live NAV available; if the feed goes stale, fall back to the full rebalance().
- Settle path:
settle() sells every token back to asset in a single transaction. A single illiquid token can revert the entire settlement; the proposer can update swapExtraData before settlement to route around it.
CLI Usage
sherwood strategy propose portfolio \
--vault 0x... \
--amount 10000 \
--tokens TSLA,AMZN,PLTR,NFLX,AMD \
--weights 2500,2500,2000,1500,1500 \
--max-slippage 500 \
--name "Stock Basket" \
--performance-fee 1000 --duration 7d
| Flag | Description | Default |
|---|
--amount <n> | Total asset to allocate | required |
--tokens <list> | Comma-separated token addresses or symbols | required |
--weights <list> | Comma-separated weights in bps (sum = 10000) | required |
--max-slippage <bps> | Per-swap slippage cap | 500 |
--fee-tier <n> | Uniswap V3 pool fee tier | 3000 |
--swap-adapter <address> | Override swap adapter address | auto-detected |
Addresses
| Contract | Base | Robinhood L2 Testnet |
|---|
| PortfolioStrategy template | 0x42069e51c415f4BF4442D80F1532Bd38140Bd135 | 0xAe981882923E0C76A7F10E7cAa3782023c0abd9B |
| Swap adapter | 0x679400a781A66d801C20DfD9E0020704e21e9d54 (Uniswap) | 0x39a37537E179919cb2dDDb1D6920dD11bAf3aDF0 (Synthra) |
| Chainlink Verifier Proxy | 0xDE1A28D87Afd0f546505B28AB50410A5c3a7387a | 0x72790f9eB82db492a7DDb6d2af22A270Dcc3Db64 |
