Overview
AFI POR Vaults represents the first institutional deployment of AFI’s on-chain reserve verification framework, enabling regulated issuers to bring real-world collateral on-chain with transparent, mathematically enforced backing.
Core Components
AFI POR Vault
The main vault contract implements the ERC-4626 standard, handling all user-facing operations. It manages deposits, withdrawals, share minting and burning, and enforces protocol-specific rules like deposit cooldowns and transfer restrictions.
Convert user deposits into vault shares based on oracle exchange rate
Enforce deposit limits (minimum and maximum)
Apply configurable fees to deposits and withdrawals
Track deposit timestamps for cooldown enforcement
Manage whitelist for share transfers
Handle asset custody and treasury fee distribution
The vault doesn't calculate exchange rates internally. Instead, it queries the Oracle contract for the current rate, allowing for flexible yield distribution strategies that can be updated independently of the vault logic.
Oracle
A separate contract dedicated to exchange rate management. This separation allows rate updates to happen without touching the main vault contract, reducing upgrade complexity and enabling different update cadences.
Store and serve the current exchange rate (6 decimals precision)
Enforce rate update safety limits
Implement update cooldown periods
Provide rate query interface for vault operations
The Oracle uses a simple but effective approach: rate updates are limited to 1% per update and subject to cooldown periods. This prevents manipulation while allowing gradual yield accrual to be reflected in the exchange rate over time.
Both contracts use the UUPS (Universal Upgradeable Proxy Standard) pattern, enabling future improvements without losing state or requiring user migrations. Upgrades are restricted to the DEFAULT_ADMIN_ROLE, ensuring only authorized governance can modify the protocol.
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