Fee Distribution
Fees are distributed to veCRV holders through the FeeDistributor contract in the form of 3CRV tokens.
Contract Source & Deployment
FeeDistributor contract is deployed to the Ethereum mainnet at: 0xA464e6DCda8AC41e03616F95f4BC98a13b8922Dc.
Source code available on Github.
Fees are distributed on a weekly basis. The porportional amount of fees that each user is to receive is calculated based on their veCRV balance relative to the total veCRV supply.This amount is calculated at the start of the week.
The actual distribution occurs at the end of the week based on the fees that were collected. As such, a user that creates a new vote-lock should expect to receive their first fee payout at the end of the following epoch week.
Changing the Reward Token
Changing the reward token from 3CRV to, for example, crvUSD, would require the creation of a new FeeDistributor, as the reward token cannot be configured within the existing contract.
The available 3CRV balance to distribute is tracked via the “token checkpoint”. This is updated at minimum every 24 hours. Fees that are received between the last checkpoint of the previous week and first checkpoint of the new week will be split evenly between the weeks.
Claiming Fees¶
token¶
FeeDistributor.token() -> address: view
Getter for the token address in which the fees are distributed.
Returns: reward token (address).
Source code
token: public(address)
@external
def __init__(
_voting_escrow: address,
_start_time: uint256,
_token: address,
_admin: address,
_emergency_return: address
):
"""
@notice Contract constructor
@param _voting_escrow VotingEscrow contract address
@param _start_time Epoch time for fee distribution to start
@param _token Fee token address (crvUSD)
@param _admin Admin address
@param _emergency_return Address to transfer `_token` balance to
if this contract is killed
"""
t: uint256 = _start_time / WEEK * WEEK
self.start_time = t
self.last_token_time = t
self.time_cursor = t
self.token = _token
self.voting_escrow = _voting_escrow
self.admin = _admin
self.emergency_return = _emergency_return
claim¶
FeeDistributor.claim(_addr: address = msg.sender) -> uint256:
Functions to claim fees for an account.
Returns: amount of rewards claimed (uint256).
Note
For off-chain integrators, this function can be called as though it were a view method in order to check the claimable amount.
Every veCRV related action (locking, extending a lock, increasing the locktime) increments a user’s veCRV epoch. A call to claim will consider at most 50 user epochs. For accounts that performed many veCRV actions, it may be required to call claim more than once to receive the fees. In such cases it can be more efficient to use claim_many.
| Input | Type | Description |
|---|---|---|
_addr | address | Addresses to claim for. Defaults to msg.sender. |
Source code
event Claimed:
recipient: indexed(address)
amount: uint256
claim_epoch: uint256
max_epoch: uint256
@external
@nonreentrant('lock')
def claim(_addr: address = msg.sender) -> uint256:
"""
@notice Claim fees for `_addr`
@dev Each call to claim look at a maximum of 50 user veCRV points.
For accounts with many veCRV related actions, this function
may need to be called more than once to claim all available
fees. In the `Claimed` event that fires, if `claim_epoch` is
less than `max_epoch`, the account may claim again.
@param _addr Address to claim fees for
@return uint256 Amount of fees claimed in the call
"""
assert not self.is_killed
if block.timestamp >= self.time_cursor:
self._checkpoint_total_supply()
last_token_time: uint256 = self.last_token_time
if self.can_checkpoint_token and (block.timestamp > last_token_time + TOKEN_CHECKPOINT_DEADLINE):
self._checkpoint_token()
last_token_time = block.timestamp
last_token_time = last_token_time / WEEK * WEEK
amount: uint256 = self._claim(_addr, self.voting_escrow, last_token_time)
if amount != 0:
token: address = self.token
assert ERC20(token).transfer(_addr, amount)
self.token_last_balance -= amount
return amount
@internal
def _claim(addr: address, ve: address, _last_token_time: uint256) -> uint256:
# Minimal user_epoch is 0 (if user had no point)
user_epoch: uint256 = 0
to_distribute: uint256 = 0
max_user_epoch: uint256 = VotingEscrow(ve).user_point_epoch(addr)
_start_time: uint256 = self.start_time
if max_user_epoch == 0:
# No lock = no fees
return 0
week_cursor: uint256 = self.time_cursor_of[addr]
if week_cursor == 0:
# Need to do the initial binary search
user_epoch = self._find_timestamp_user_epoch(ve, addr, _start_time, max_user_epoch)
else:
user_epoch = self.user_epoch_of[addr]
if user_epoch == 0:
user_epoch = 1
user_point: Point = VotingEscrow(ve).user_point_history(addr, user_epoch)
if week_cursor == 0:
week_cursor = (user_point.ts + WEEK - 1) / WEEK * WEEK
if week_cursor >= _last_token_time:
return 0
if week_cursor < _start_time:
week_cursor = _start_time
old_user_point: Point = empty(Point)
# Iterate over weeks
for i in range(50):
if week_cursor >= _last_token_time:
break
if week_cursor >= user_point.ts and user_epoch <= max_user_epoch:
user_epoch += 1
old_user_point = user_point
if user_epoch > max_user_epoch:
user_point = empty(Point)
else:
user_point = VotingEscrow(ve).user_point_history(addr, user_epoch)
else:
# Calc
# + i * 2 is for rounding errors
dt: int128 = convert(week_cursor - old_user_point.ts, int128)
balance_of: uint256 = convert(max(old_user_point.bias - dt * old_user_point.slope, 0), uint256)
if balance_of == 0 and user_epoch > max_user_epoch:
break
if balance_of > 0:
to_distribute += balance_of * self.tokens_per_week[week_cursor] / self.ve_supply[week_cursor]
week_cursor += WEEK
user_epoch = min(max_user_epoch, user_epoch - 1)
self.user_epoch_of[addr] = user_epoch
self.time_cursor_of[addr] = week_cursor
log Claimed(addr, to_distribute, user_epoch, max_user_epoch)
return to_distribute
claim_many¶
FeeDistributor.claim_many(_receivers: address[20]) -> bool:
Function to perform multiple claims in a single call. This is useful to claim for multiple accounts at once, or for making many claims against the same account if that account has performed more than 50 veCRV related actions.
Returns: true (boolean).
| Input | Type | Description |
|---|---|---|
_addr | address[20] | List of addresses to claim for. |
Source code
event Claimed:
recipient: indexed(address)
amount: uint256
claim_epoch: uint256
max_epoch: uint256
@external
@nonreentrant('lock')
def claim_many(_receivers: address[20]) -> bool:
"""
@notice Make multiple fee claims in a single call
@dev Used to claim for many accounts at once, or to make
multiple claims for the same address when that address
has significant veCRV history
@param _receivers List of addresses to claim for. Claiming
terminates at the first `ZERO_ADDRESS`.
@return bool success
"""
assert not self.is_killed
if block.timestamp >= self.time_cursor:
self._checkpoint_total_supply()
last_token_time: uint256 = self.last_token_time
if self.can_checkpoint_token and (block.timestamp > last_token_time + TOKEN_CHECKPOINT_DEADLINE):
self._checkpoint_token()
last_token_time = block.timestamp
last_token_time = last_token_time / WEEK * WEEK
voting_escrow: address = self.voting_escrow
token: address = self.token
total: uint256 = 0
for addr in _receivers:
if addr == ZERO_ADDRESS:
break
amount: uint256 = self._claim(addr, voting_escrow, last_token_time)
if amount != 0:
assert ERC20(token).transfer(addr, amount)
total += amount
if total != 0:
self.token_last_balance -= total
return True
@internal
def _claim(addr: address, ve: address, _last_token_time: uint256) -> uint256:
# Minimal user_epoch is 0 (if user had no point)
user_epoch: uint256 = 0
to_distribute: uint256 = 0
max_user_epoch: uint256 = VotingEscrow(ve).user_point_epoch(addr)
_start_time: uint256 = self.start_time
if max_user_epoch == 0:
# No lock = no fees
return 0
week_cursor: uint256 = self.time_cursor_of[addr]
if week_cursor == 0:
# Need to do the initial binary search
user_epoch = self._find_timestamp_user_epoch(ve, addr, _start_time, max_user_epoch)
else:
user_epoch = self.user_epoch_of[addr]
if user_epoch == 0:
user_epoch = 1
user_point: Point = VotingEscrow(ve).user_point_history(addr, user_epoch)
if week_cursor == 0:
week_cursor = (user_point.ts + WEEK - 1) / WEEK * WEEK
if week_cursor >= _last_token_time:
return 0
if week_cursor < _start_time:
week_cursor = _start_time
old_user_point: Point = empty(Point)
# Iterate over weeks
for i in range(50):
if week_cursor >= _last_token_time:
break
if week_cursor >= user_point.ts and user_epoch <= max_user_epoch:
user_epoch += 1
old_user_point = user_point
if user_epoch > max_user_epoch:
user_point = empty(Point)
else:
user_point = VotingEscrow(ve).user_point_history(addr, user_epoch)
else:
# Calc
# + i * 2 is for rounding errors
dt: int128 = convert(week_cursor - old_user_point.ts, int128)
balance_of: uint256 = convert(max(old_user_point.bias - dt * old_user_point.slope, 0), uint256)
if balance_of == 0 and user_epoch > max_user_epoch:
break
if balance_of > 0:
to_distribute += balance_of * self.tokens_per_week[week_cursor] / self.ve_supply[week_cursor]
week_cursor += WEEK
user_epoch = min(max_user_epoch, user_epoch - 1)
self.user_epoch_of[addr] = user_epoch
self.time_cursor_of[addr] = week_cursor
log Claimed(addr, to_distribute, user_epoch, max_user_epoch)
return to_distribute
can_checkpoint_token¶
FeeDistributor.can_checkpoint_token() -> bool: view
Getter to check if tokens can be checkpointed.
Returns: true or flase (bool).
checkpoint_token¶
FeeDistributor.checkpoint_token()
Function to update the token checkpoint. The token checkpoint tracks the balance of 3CRV within the distributor to determine the amount of fees to distribute in the given week. The checkpoint can be updated at most once every 24 hours. Fees that are received between the last checkpoint of the previous week and first checkpoint of the new week will be split evenly between the weeks. To ensure full distribution of fees in the current week, the burn process must be completed prior to the last checkpoint within the week. A token checkpoint is automatically taken during any claim action, if the last checkpoint is more than 24 hours old.
Source code
event CheckpointToken:
time: uint256
tokens: uint256
can_checkpoint_token: public(bool)
@external
def checkpoint_token():
"""
@notice Update the token checkpoint
@dev Calculates the total number of tokens to be distributed in a given week.
During setup for the initial distribution this function is only callable
by the contract owner. Beyond initial distro, it can be enabled for anyone
to call.
"""
assert (msg.sender == self.admin) or\
(self.can_checkpoint_token and (block.timestamp > self.last_token_time + TOKEN_CHECKPOINT_DEADLINE))
self._checkpoint_token()
@internal
def _checkpoint_token():
token_balance: uint256 = ERC20(self.token).balanceOf(self)
to_distribute: uint256 = token_balance - self.token_last_balance
self.token_last_balance = token_balance
t: uint256 = self.last_token_time
since_last: uint256 = block.timestamp - t
self.last_token_time = block.timestamp
this_week: uint256 = t / WEEK * WEEK
next_week: uint256 = 0
for i in range(20):
next_week = this_week + WEEK
if block.timestamp < next_week:
if since_last == 0 and block.timestamp == t:
self.tokens_per_week[this_week] += to_distribute
else:
self.tokens_per_week[this_week] += to_distribute * (block.timestamp - t) / since_last
break
else:
if since_last == 0 and next_week == t:
self.tokens_per_week[this_week] += to_distribute
else:
self.tokens_per_week[this_week] += to_distribute * (next_week - t) / since_last
t = next_week
this_week = next_week
log CheckpointToken(block.timestamp, to_distribute)
toggle_allow_checkpoint_token¶
FeeDistributor.toggle_allow_checkpoint_token():
Guarded Method
This function is only callable by the admin of the contract.
Funtion to toggle permission for checkpointing by an account.
Source code
event ToggleAllowCheckpointToken:
toggle_flag: bool
@external
def toggle_allow_checkpoint_token():
"""
@notice Toggle permission for checkpointing by any account
"""
assert msg.sender == self.admin
flag: bool = not self.can_checkpoint_token
self.can_checkpoint_token = flag
log ToggleAllowCheckpointToken(flag)
checkpoint_total_supply¶
FeeDistributor.checkpoint_total_supply()
Function to perform multiple claims in a single call. This is useful to claim for multiple accounts at once, or for making many claims against the same account if that account has performed more than 50 veCRV related actions.
Returns: true (boolean).
Source code
@external
def checkpoint_total_supply():
"""
@notice Update the veCRV total supply checkpoint
@dev The checkpoint is also updated by the first claimant each
new epoch week. This function may be called independently
of a claim, to reduce claiming gas costs.
"""
self._checkpoint_total_supply()
@internal
def _checkpoint_total_supply():
ve: address = self.voting_escrow
t: uint256 = self.time_cursor
rounded_timestamp: uint256 = block.timestamp / WEEK * WEEK
VotingEscrow(ve).checkpoint()
for i in range(20):
if t > rounded_timestamp:
break
else:
epoch: uint256 = self._find_timestamp_epoch(ve, t)
pt: Point = VotingEscrow(ve).point_history(epoch)
dt: int128 = 0
if t > pt.ts:
# If the point is at 0 epoch, it can actually be earlier than the first deposit
# Then make dt 0
dt = convert(t - pt.ts, int128)
self.ve_supply[t] = convert(max(pt.bias - pt.slope * dt, 0), uint256)
t += WEEK
self.time_cursor = t
burn¶
FeeDistributor.burn(_coin: address) -> bool:
Function to receive 3CRV or crvUSD into the contract and trigger a token checkpoint.
| Input | Type | Description |
|---|---|---|
_coin | address | Address of the coin being received. |
Source code
@external
def burn(_coin: address) -> bool:
"""
@notice Receive 3CRV into the contract and trigger a token checkpoint
@param _coin Address of the coin being received (must be 3CRV)
@return bool success
"""
assert _coin == self.token
assert not self.is_killed
amount: uint256 = ERC20(_coin).balanceOf(msg.sender)
if amount != 0:
ERC20(_coin).transferFrom(msg.sender, self, amount)
if self.can_checkpoint_token and (block.timestamp > self.last_token_time + TOKEN_CHECKPOINT_DEADLINE):
self._checkpoint_token()
return True
Killing The FeeDistributor¶
The FeeDistributor can be killed by the admin of the contract, which is the Curve DAO. Doing so, transfers the entire token balance to the emergency_return address and block the ability to claim or burn. The contract can not be unkilled.
is_killed¶
FeeDistributor.is_killed() -> bool: view
Getter method to check if the FeeDistributor contract is killed. When killed, the contract blocks claim and burn and the entire token balance is transfered to the emergency_return address.
Returns: true or flase (bool).
kill_me¶
FeeDistributor.kill_me()
Danger
Killing transfers the entire token balance to the emergency_return address and blocks the ability to claim or burn.
Guarded Method
This function is only callable by the admin of the contract.
Function to kill the FeeDistributor contract.
Source code
is_killed: public(bool)
@external
def kill_me():
"""
@notice Kill the contract
@dev Killing transfers the entire 3CRV balance to the emergency return address
and blocks the ability to claim or burn. The contract cannot be unkilled.
"""
assert msg.sender == self.admin
self.is_killed = True
token: address = self.token
assert ERC20(token).transfer(self.emergency_return, ERC20(token).balanceOf(self))
emergency_return¶
FeeDistributor.emergency_return() -> address: view
Getter for the emergency return address. This address can not be changed.
Returns: emergency return (address).
Due to the fact that the emergency return address can not be changed and Curve used a ownership agent back then when the distributor contract for 3CRV was deployed, this one was set as the emergency return address.
The second fee distributor contract (crvUSD) uses a 5 of 9 multisig, which replaced the ownership agent.
recover_balance¶
FeeDistributor.recover_balance(_coin: address) -> bool:
Function to recover ERC20 tokens from the contract. Tokens are sent to the emergency return address. This function only works for tokens other than the address set for token. E.g. this function on the 3CRV distributor contract can not be called to transfer 3CRV. The same applied to crvUSD distributor.
Returns: true (bool).
| Input | Type | Description |
|---|---|---|
_coin | address | Coin Address to recover |
Source code
@external
def recover_balance(_coin: address) -> bool:
"""
@notice Recover ERC20 tokens from this contract
@dev Tokens are sent to the emergency return address.
@param _coin Token address
@return bool success
"""
assert msg.sender == self.admin
assert _coin != self.token
amount: uint256 = ERC20(_coin).balanceOf(self)
response: Bytes[32] = raw_call(
_coin,
concat(
method_id("transfer(address,uint256)"),
convert(self.emergency_return, bytes32),
convert(amount, bytes32),
),
max_outsize=32,
)
if len(response) != 0:
assert convert(response, bool)
return True
Admin Ownership¶
admin¶
FeeDistributor.admin() -> address: view
Getter for the admin of the contract.
Returns: admin (address).
future_admin¶
FeeDistributor.future_admin() -> address: view
Getter for the future admin of the contract.
Returns: future admin (address).
commit_admin¶
FeeDistributor.commit_admin(_addr: address):
Guarded Method
This function is only callable by the admin of the contract.
Function to commit transfer of the ownership.
| Input | Type | Description |
|---|---|---|
_addr | address | Address to commit the ownership transfer to. |
Source code
event CommitAdmin:
admin: address
admin: public(address)
future_admin: public(address)
@external
def commit_admin(_addr: address):
"""
@notice Commit transfer of ownership
@param _addr New admin address
"""
assert msg.sender == self.admin # dev: access denied
self.future_admin = _addr
log CommitAdmin(_addr)
apply_admin¶
FeeDistributor.apply_admin():
Guarded Method
This function is only callable by the admin of the contract.
Function to apply the transfer of the ownership.
| Input | Type | Description |
|---|---|---|
_addr | address | Address to transfer ownership to |
Source code
event ApplyAdmin:
admin: address
admin: public(address)
future_admin: public(address)
@external
def apply_admin():
"""
@notice Apply transfer of ownership
"""
assert msg.sender == self.admin
assert self.future_admin != ZERO_ADDRESS
future_admin: address = self.future_admin
self.admin = future_admin
log ApplyAdmin(future_admin)
Query Contract Informations¶
ve_for_at¶
FeeDistributor.ve_for_at(_user: address, _timestamp: uint256) -> uint256:
Getter for the veCRV balance for _user at _timestamp.
Returns: veCRV balance (uint256).
| Input | Type | Description |
|---|---|---|
_user | address | Address to query the veCRV balance for. |
_timestamp | uint256 | Timestamp. |
Source code
@view
@external
def ve_for_at(_user: address, _timestamp: uint256) -> uint256:
"""
@notice Get the veCRV balance for `_user` at `_timestamp`
@param _user Address to query balance for
@param _timestamp Epoch time
@return uint256 veCRV balance
"""
ve: address = self.voting_escrow
max_user_epoch: uint256 = VotingEscrow(ve).user_point_epoch(_user)
epoch: uint256 = self._find_timestamp_user_epoch(ve, _user, _timestamp, max_user_epoch)
pt: Point = VotingEscrow(ve).user_point_history(_user, epoch)
return convert(max(pt.bias - pt.slope * convert(_timestamp - pt.ts, int128), 0), uint256)
start_time¶
FeeDistributor.start_time() -> uint256: view
Getter for the epoch time for fee distribution to start.
Returns: epoch time (uint256).
Source code
start_time: public(uint256)
@external
def __init__(
_voting_escrow: address,
_start_time: uint256,
_token: address,
_admin: address,
_emergency_return: address
):
"""
@notice Contract constructor
@param _voting_escrow VotingEscrow contract address
@param _start_time Epoch time for fee distribution to start
@param _token Fee token address (3CRV)
@param _admin Admin address
@param _emergency_return Address to transfer `_token` balance to
if this contract is killed
"""
t: uint256 = _start_time / WEEK * WEEK
self.start_time = t
self.last_token_time = t
self.time_cursor = t
self.token = _token
self.voting_escrow = _voting_escrow
self.admin = _admin
self.emergency_return = _emergency_return
user_epoch_of¶
FeeDistributor.user_epoch_of(arg0: address) -> uint256: view
Getter for the user epoch of arg0.
| Input | Type | Description |
|---|---|---|
arg0 | address | Address to get the user epoch for. |
voting_escrow¶
FeeDistributor.voting_escrow() -> address: view
Getter for the voting escrow contract.
Returns: voting-escrow (address).
Source code
voting_escrow: public(address)
@external
def __init__(
_voting_escrow: address,
_start_time: uint256,
_token: address,
_admin: address,
_emergency_return: address
):
"""
@notice Contract constructor
@param _voting_escrow VotingEscrow contract address
@param _start_time Epoch time for fee distribution to start
@param _token Fee token address (3CRV)
@param _admin Admin address
@param _emergency_return Address to transfer `_token` balance to
if this contract is killed
"""
t: uint256 = _start_time / WEEK * WEEK
self.start_time = t
self.last_token_time = t
self.time_cursor = t
self.token = _token
self.voting_escrow = _voting_escrow
self.admin = _admin
self.emergency_return = _emergency_return