ERC-4626 Yield Strategies

The Allocator routes assets into approved ERC-4626 strategies. Each strategy is a vault interface to an underlying yield source and is added or removed by the integrator. The Allocator may also hold assets that have no assigned strategy when a suitable strategy does not exist for a given asset or chain.

Assets are supplied to Aave v4 lending markets through an ERC-4626 adapter that wraps Aave v4 pool positions. The adapter exposes the standard vault interface while managing the underlying supply and withdrawal calls to the Aave v4 pool.

Assets are supplied to Aave v3 lending markets using an extended AToken vault adapter. The extension adds support for claiming Merkl rewards, which is required because a significant portion of the yield from supplying certain assets to Aave v3 markets comes from off-chain reward distributions rather than on-chain lending interest alone.

GHO can be deposited into the sGHO savings vault, which accrues yield through the GHO Savings Rate mechanism. This strategy is available on chains where sGHO is deployed.

Any ERC-4626 compliant vault approved by the integrator and added to the Allocator's whitelist can serve as a strategy. This design allows the system to adopt new yield sources without protocol changes, as long as the strategy conforms to the standard vault interface and the other requirements of the Allocator contract.