Uniswap (PortfolioStrategy)

The PortfolioStrategy manages a weighted basket of up to 20 tokens. On execute it swaps the vault’s asset into each token at its target weight; on settle it sells everything back to the asset. While the proposal is Executed, the proposer can rebalance at any time — either by selling everything and re-buying at current weights, or by using Chainlink Data Streams prices to swap only the deltas (gas-efficient). The vault’s deposit asset is whatever the fund creator chose at creation; on the current deployment (Robinhood testnet) the live funds use WETH, and the basket is drawn from the tokenized-stock universe TSLA / AMZN / PLTR / NFLX / AMD.

Swaps and the swap adapter

The strategy is DEX-agnostic: it never hardcodes a venue, it calls a pluggable swap adapter. On Robinhood testnet the deployed adapter is the UniswapSwapAdapter (Uniswap V3/V4-compatible), pointed at Synthra — a Uniswap-V3-compatible DEX and the chain’s live venue. Two Synthra-native adapters (SynthraSwapAdapter, SynthraDirectAdapter) share the same interface as alternatives. Route selection is done CLI-side: the CLI probes direct asset→token pools across 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 adapter does not auto-detect — it reads a leading mode byte from the route data and executes exactly that route, which is how the basket can hold tokens without a liquid direct pair.

swapExtraData is a per-token route encoding: a 1-byte mode prefix (0 = V3 single-hop, 1 = V3 multi-hop) followed by the route data. A multi-hop route also carries a per-hop slippage bound the adapter enforces against a pre-quote of each hop. The CLI fills this in for you; only hand-encoded swapExtraData needs to supply the multi-hop slippage field, or the adapter’s decode reverts.

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 the swap adapter)	Governor (proposal execution)
Executed	Proposer can `rebalance()`, `rebalanceDelta(reports)`, or update weights / slippage / routes	Proposer
Settle	Swap all tokens back to asset → push to vault	Governor (proposal settlement)

Batch calls

Execute: [asset.approve(strategy, totalAmount), strategy.execute()]
Settle:  [strategy.settle()]

Init parameters

Init data is an ABI-encoded positional tuple (not a named struct). Tokens, weights, routes, feed decimals, and feed ids are passed as parallel arrays — same length, same order:

(
    address   asset,             // Vault asset (WETH on Robinhood testnet)
    address   swapAdapter,       // Deployed swap adapter (UniswapSwapAdapter → Synthra)
    address   chainlinkVerifier, // Data Streams verifier for rebalanceDelta; address(0) = push-feed mode
    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)
    bytes32[] feedIds            // Per-token Chainlink feed id, or a packed push-feed proxy address
)

Max basket size: 20 tokens; duplicate token addresses are rejected.
Weights are in basis points and must sum to 10000.
maxSlippageBps applies to every swap (entry, settle, and rebalance). It is required: initialization reverts 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, and each feedIds[i] must be non-zero — a Data Streams feed id when a verifier is wired, or a packed AggregatorV3 proxy in push-feed mode. Both are bound per slot so a report for one token can’t be replayed into another’s slot.

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 a simple periodic rebalance
`rebalanceDelta(reports)`	Low — swaps only the deltas	Frequent rebalances with fresh oracle prices

rebalanceDelta reads a signed Chainlink Data Streams report (or a push feed, when no verifier is wired) for each token and rejects any report past its own freshness bound (StalePrice). It uses those prices purely to size the delta swaps during a rebalance — this is a gas-efficient rebalancing mechanic, not a vault NAV source. The Data Streams path requires the chain’s verifier proxy, which is deployed on Robinhood testnet.

Vault liquidity during a proposal

PortfolioStrategy exposes no vault-side priceable position — it does not override positions(), so the vault’s live-NAV router finds nothing to price and fails closed. There is no instant (Lane A) exit for this strategy. While a proposal on it is active, vault deposits and redeems route through the Lane B async queue: requestDeposit / requestRedeem escrow in the withdrawal queue and settle at the single frozen, realized per-proposal price. The rebalanceDelta Data Streams path above is independent of this — it prices delta swaps during a rebalance, never vault NAV. See Deposits & Withdrawals for the full two-lane model.

Tunable parameters (Executed state)

The proposer can update, without a new proposal: per-token target weights (must still sum to 10000), the maxSlippageBps cap, and each token’s swapExtraData route (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 stale report; if fresh reports aren’t available, fall back to the full rebalance(). These reports only size delta swaps — they are not a vault NAV source, so staleness never affects deposit/redeem pricing.
Settle path: settle() sells every token back to the asset in one transaction. A single illiquid token can revert the whole settlement; the proposer can update swapExtraData before settlement to route around it.

CLI usage

sherwood strategy propose portfolio \
  --vault 0x... \
  --amount 0.5 \
  --tokens TSLA,AMZN,PLTR,NFLX,AMD \
  --weights 2500,2500,2000,1500,1500 \
  --max-slippage 500 \
  --name "Stock Basket" \
  --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>`	Pool fee tier for route probing	3000
`--swap-adapter <address>`	Override swap adapter address	auto-detected

Addresses

Contract	Robinhood Testnet (chain 46630)
PortfolioStrategy template	`0x67420Cc504d70a42Adfd8867d878afe0978C7d10`
Swap adapter (UniswapSwapAdapter → Synthra)	`0x4fc3492117cC3bbcE0b210D22a8DC244f9d86490`
Chainlink Data Streams Verifier	`0x72790f9eB82db492a7DDb6d2af22A270Dcc3Db64`

Robinhood testnet is Sherwood’s current deployment target: Synthra DEX, Chainlink Data Streams, and the tokenized-stock universe (TSLA / AMZN / PLTR / NFLX / AMD) live there. Funds choose their own deposit asset; the live ones use WETH — no USDC is deployed on this chain. Support for more chains follows as the protocol expands beyond the current deployment.

Smart Contracts

Strategies

Governance

Uniswap (PortfolioStrategy)

Swaps and the swap adapter

Architecture

Lifecycle

Batch calls

Init parameters

Rebalancing

Vault liquidity during a proposal

Tunable parameters (Executed state)

Risk notes

CLI usage

Addresses

​Swaps and the swap adapter

​Architecture

​Lifecycle

​Batch calls

​Init parameters

​Rebalancing

​Vault liquidity during a proposal

​Tunable parameters (Executed state)

​Risk notes

​CLI usage

​Addresses

Swaps and the swap adapter

Architecture

Lifecycle

Batch calls

Init parameters

Rebalancing

Vault liquidity during a proposal

Tunable parameters (Executed state)

Risk notes

CLI usage

Addresses