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Makina Protocol Documentation

website·Indexed 33 days ago

https://docs.makina.finance

Documentation for Makina, a protocol for professionally managed, tokenized, cross-chain investment strategies. It covers core architecture including the Machine (vault and accounting layer), Calibers (execution engines), and the MakinaVM. The docs detail asset lifecycles, share pricing, cross-chain accounting via a hub-and-spoke model, and a governance framework involving Operators, Risk Managers, and a Security Council.

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What's inside Makina

  1. Overview of ISMCooldownReceipt Interface

    The ISMCooldownReceipt interface inherits from IERC721 and provides a mechanism to manage cooldown receipt NFTs. It allows for the minting of new receipts, the burning of existing ones, and the retrieval of the next available token ID.

  2. Overview of IOracleRegistry

    IOracleRegistry is an aggregator of Chainlink price feeds used to price tokens in a reference currency (e.g., USD). It supports two methods of price derivation:

    1. Direct Feed: If a direct feed exists between the base token and the reference currency, it is used.
    2. Combined Feeds: If no direct feed exists, the registry can combine two feeds (e.g., Token B -> Intermediate Token and Intermediate Token -> Reference Currency) to derive the price.

    To calculate the price of Token A in terms of Token B, the registry determines the individual prices of both tokens in the reference currency and computes the relative price.

  3. Overview of the Makina Asset Lifecycle

    The Makina asset lifecycle follows capital through six primary stages:

    1. Deposit: Capital enters the system and shares are minted.
    2. Allocate: Capital is moved from the Machine to Calibers (Hub or Spoke).
    3. Deploy: Positions are opened in external protocols via the MakinaVM.
    4. Rebalance & Harvest: The Operator manages positions, claims rewards, and moves liquidity.
    5. Account: Total AUM is calculated to determine share price and distribute fees.
    6. Redeem: Users exit the strategy via a redemption queue.

    Steps 3 through 5 form a continuous operational loop, while deposits and redemptions occur around this loop.

  4. Overview of the MachineShare smart contract

    MachineShare is an ERC20 token contract that inherits from ERC20, Ownable2Step, and IMachineShare. It provides functionality to manage token shares, including the ability for an authorized owner to mint new shares and a mechanism to burn existing shares.

  5. Overview of SMCooldownReceipt contract

    The SMCooldownReceipt contract is an ERC721-compliant token used to issue and manage cooldown receipt NFTs for the Makina Security Module. It inherits from ERC721, Ownable2Step, and implements the ISMCooldownReceipt interface.

  6. Overview of the IMachineShare interface

    IMachineShare is a smart contract interface that inherits from IERC20Metadata. It defines the standard operations for managing machine shares, specifically providing mechanisms to mint and burn shares via an authorized minter address.

  7. Overview of HubPeripheryRegistry

    The HubPeripheryRegistry is an upgradeable contract (inheriting from AccessManagedUpgradeable and IHubPeripheryRegistry) that stores and manages the addresses of critical periphery components. It uses an EIP-7201 compliant storage layout to avoid storage collisions during upgrades.

  8. Overview of SpokeSnapshotConsumer

    The SpokeSnapshotConsumer contract is responsible for managing authorized CRE workflow IDs and integrating with the Chainlink CRE forwarder. It inherits from AccessManagedUpgradeable, ERC165, and implements the ISpokeSnapshotConsumer interface.

  9. Overview of ITokenRegistry interface

    The ITokenRegistry interface is used to maintain a mapping of token addresses across different EVM chains, allowing a system to resolve which token on a foreign chain corresponds to a specific token on the local chain and vice versa.

  10. Overview of CaliberMailbox

    The CaliberMailbox contract manages the transfer of tokens between a machine and a caliber, including handling bridge transfers between different chains. It inherits from MakinaGovernable, ReentrancyGuard, BridgeController, and implements ICaliberMailbox.

  11. Overview of IMakinaGovernable Interface

    The IMakinaGovernable interface provides a standardized set of governance controls for Makina contracts. It allows for the management of administrative roles, the toggling of emergency or restricted operational modes, and the authorization of accounting agents.

  12. Overview of ERC4626Oracle

    The ERC4626Oracle is a price oracle that implements the AggregatorV2V3Interface. It wraps an ERC4626 vault and provides the price of one share of that vault relative to its underlying asset, effectively acting as an exchange rate oracle.