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PricedRound

Git Source

Inherits: Credentialed, StateAware, BoardControlled, IPricedRound

Author: Daniel Yamagata

A contract for starting a priced round that emulates traditional priced rounds in Venture Capital financing

Priced rounds are deployed and instantiated by the Equity Financing module. They are deployed via OpenZeppelin Clones (i.e. ERC1167 Minimal Proxies).

Invariants:

  • The number of '_shares' held by this contract is greater than or equal to the number of shares released

  • The amount of the '_denominationAsset' held by this contract is greater than or equal to the amount of the denomination asset released*

State Variables

MIN_INVESTOR_ALLOCATION

uint256 public constant MIN_INVESTOR_ALLOCATION = Constants.MIN_INVESTOR_ALLOCATION;

PricedRoundStorageLocation

bytes32 private constant PricedRoundStorageLocation = 0xa7f784e00080c54058c6c75beccaf3cec18ab4699f88cfccb9370b9797cad800;

Functions

_getPricedRoundStorage

function _getPricedRoundStorage() internal pure returns (PricedRoundStorage storage $);

constructor

constructor(address _mezzHub) StateAware(_mezzHub);

init

Opens a round and initializes the state variables

Initializer. The shares must be supported by the treasury. Otherwise, this function will revert. The 'controller' of the contract will be the 'initTreasury'

function init(DataTypes.PricedRoundInitArgs memory initArgs, address initShares, address initTreasury)
    external
    virtual
    initializer
    pausable;

Parameters

NameTypeDescription

initArgs

DataTypes.PricedRoundInitArgs

The arguments to initialize the round with

initShares

address

The shares to use for the round. The shares will be transferred to the Token Timelock or investors when claimed depending on the unlock arguments

initTreasury

address

The treasury to send the raised funds to when the round is closed

__PricedRound_init

function __PricedRound_init(DataTypes.PricedRoundInitArgs memory initArgs, address initShares, address initTreasury)
    internal
    virtual
    onlyInitializing;

unlockStartDate

function unlockStartDate() public view returns (uint48);

unlockDuration

Returns the unlock duration in seconds. Shares will be unlocked linearly over this period once claimed via the Token Timelock

function unlockDuration() public view returns (uint32);

unlockCliff

Returns the unlock cliff in seconds. The 'initialUnlock' will be unlocked once this cliff has passed

function unlockCliff() public view returns (uint32);

initialUnlockPercentage

The percentage of shares that will be unlocked initially once the 'unlockCliff' has passed

All percentages are denominated in Constants.PRECISION_FACTOR, which is 100_000

function initialUnlockPercentage() public view returns (uint32);

minimumRaise

The minimum amount of funds to be raised for the round for it to be able to be closed. Can be extended with increaseMinimumRaise()

Returns the value in the units of the denomination asset. Must divide by the units on a frontend to get the nominal value

function minimumRaise() public view returns (uint128);

targetRaise

The maximum amount of funds to be raised. Can be extended with extendRound()

Returns the value in the units of the denomination asset. Must divide by the units on a frontend to get the nominal value

function targetRaise() public view returns (uint128);

shares

The shares used for the round. Transferred to either the Token Timelock or an investor when claimed depending on the unlock arguments

function shares() public view returns (address);

allottedShares

The cumulative amount of shares that have been allotted to investors who have contributed to the round. Allotted shares does not account for allocations

function allottedShares() public view returns (uint128);

totalSharesForRound

The number of shares allocated to the round

function totalSharesForRound() public view returns (uint128);

totalRaised

The current total amount of funds raised in the units of the denomination asset

Must divide by the units on a frontend to get the nominal value

function totalRaised() public view returns (uint128);

denominationAsset

The denomination asset of the round. Used by the investor to invest in the round.

function denominationAsset() public view returns (address);

pricePerShare

The price per share of the round in the units of the 'denominationAsset'

Must divide by the units on a frontend to get the nominal value

function pricePerShare() public view returns (uint96);

roundState

Returns the state of the round as a RoundState enum:

  • 0: Open

  • 1: Closed

  • 2: Filled

  • 3: Canceled

function roundState() public view virtual returns (DataTypes.RoundState);

increaseMinimumRaise

Increases the minimum raise by 'minimumRaiseExtension'. The new minimum raise must be less than the target raise. This function can only be called if the round is 'Open' or 'Filled'. This function should be used cautiously: the minimum raise cannot be decreased once increased

This function will revert if the sum of 'minimumRaise' and 'minimumRaiseExtension' is greater than type(uint128).max

function increaseMinimumRaise(uint128 minimumRaiseExtension) external virtual onlyBoard pausable;

Parameters

NameTypeDescription

minimumRaiseExtension

uint128

The amount to increase the minimum raise by

extendRound

Cache

This function will revert if the sum of 'targetRaiseExtension' and 'targetRaise' or the sum of 'totalSharesExtensiion' and 'totalSharesForRound' are greater than uint128, which is extremely unlikely

function extendRound(uint128 targetRaiseExtension, uint128 totalSharesExtension) external virtual onlyBoard pausable;

Parameters

NameTypeDescription

targetRaiseExtension

uint128

The amount to increase 'targetRaise' by

totalSharesExtension

uint128

The amount to increase 'totalSharesForRound' by

cancelRound

Cache

A round can only be canceled only if it is 'Open' or 'Filled'

function cancelRound() external virtual onlyBoard freezable;

closeRound

Cache

A round can only be closed only if it is 'Open' or 'Filled'. The 'totalRaised' must be greater than or equal to the 'minimumRaise'. Otherwise, this function will revert.

function closeRound() external virtual onlyBoard freezable;

setInvestorAllocation

Delete unnecessary vars that are only used when a round is 'open

Once set, an allocation should not be reset using this function. It should be increased or decreased by 'increaseInvestorAllocation' and 'decreaseInvestorAllocation' accordingly. Otherwise, the investor is capable of frontrunning any changes to their allocation via this function.

function setInvestorAllocation(address investor, DataTypes.Allocation memory allocation) external virtual onlyBoard;

Parameters

NameTypeDescription

investor

address

The investor to set the allocation for

allocation

DataTypes.Allocation

The allocation to set, which includes the number of shares and the discount or premium

increaseInvestorShareAllocation

Increases the investor's share allocation by the specified amount. Only callable by the 'owner'

Used to avoid race conditions. Repeated use of 'setInvestorAllocation' could lead to exploitation similar to how a malicious actor can exploit 'approve' in place of 'increaseAllowance' for ERC20s

function increaseInvestorShareAllocation(address investor, uint128 amount) external virtual onlyBoard;

Parameters

NameTypeDescription

investor

address

The investor to increase the allocation for

amount

uint128

The amount to increase the allocation by

decreaseInvestorShareAllocation

Decreases the investor's share allocation by the specified amount. Only callable by the 'owner'

Used to avoid race conditions.

function decreaseInvestorShareAllocation(address investor, uint128 amount) external virtual onlyBoard;

Parameters

NameTypeDescription

investor

address

The investor to decrease the allocation for

amount

uint128

The amount to decrease the allocation by

investInRound

Transfers the investor's allocation from the investor to this contract. Allots their owed shares accordingly

'expectedDiscountOrPremium' and 'expectedNumberOfShares' is used to avoid frontrunning attacks by the company. Otherwise, the owner can frontrun the investor by calling 'setInvestorAllocation' and increase their premium or number of shares unknowingly

function investInRound(uint128 expectedNumberOfShares, int128 expectedDiscountOrPremium) external virtual pausable;

Parameters

NameTypeDescription

expectedNumberOfShares

uint128

The number of shares that the investor is expecting to receive

expectedDiscountOrPremium

int128

The price per share that the investor is expecting to pay

claimShares

Calculate the amount of the denom asset to transfer that it will be negligible to the round. However, it is still accounted for Update state

Shares are claimable only if the round is 'Closed'

function claimShares(address investor) external virtual freezable returns (uint256);

Returns

NameTypeDescription

<none>

uint256

The ERC721 token ID for the vesting shares in the Token Timelock. Returns 0 if the shares are not susceptible to vesting

revokeInvestment

Sends the caller's investment back to them, forgoing their shares in the round. The round must be 'Open' or 'Filled'

Will revert if the caller does not have an investment

function revokeInvestment() external virtual freezable;

recoupInvestment

Withdraws the investment of the 'investor' for a 'Canceled' round. This function is callable by anyone. Anyone can recoup an investor's investment on their behalf.

function recoupInvestment(address investor) external virtual freezable;

Parameters

NameTypeDescription

investor

address

The investor to recoup the investment for

calculateAdjustedPricePerShare

Returns the adjusted price per share given the 'discountOrPremium'

function calculateAdjustedPricePerShare(int256 discountOrPremium) external view returns (uint256);

Parameters

NameTypeDescription

discountOrPremium

int256

The discount or premium to apply to the price per share

remainingShares

Returns the remaining shares that can be allotted to investors

function remainingShares() public view returns (uint256);

remainingDenominationAsset

Returns the remaining denomination asset that can be raised

function remainingDenominationAsset() public view returns (uint256);

getInvestors

Returns all the investors who have contributed to the round

function getInvestors() public view returns (address[] memory);

Returns

NameTypeDescription

<none>

address[]

The investors as an address memory array

getAllocatedAddresses

Returns all addresses that currently have an allocation

function getAllocatedAddresses() public view returns (address[] memory);

Returns

NameTypeDescription

<none>

address[]

The addresses as an address memory array

getInvestment

Returns the investment of the 'investor', which includes their investment amount and the shares they are owed

function getInvestment(address investor) public view returns (DataTypes.Investment memory);

Returns

NameTypeDescription

<none>

DataTypes.Investment

The investment as a DataTypes.Investment struct

getAllocation

Returns the allocation of the 'investor', which includes the number of shares they are allocated and their discount or premium

function getAllocation(address investor) public view returns (DataTypes.Allocation memory);

Returns

NameTypeDescription

<none>

DataTypes.Allocation

The allocation as a DataTypes.Allocation struct

getInvestmentAmountForAllocation

Returns the implied investment amount in the denomination asset for the allocation of the 'investor'

Returns the value in the units of the denomination asset. Must divide by the units on a frontend to get the nominal value

function getInvestmentAmountForAllocation(address investor) public view returns (uint256);

getImpliedOutstandingValuation

Returns the implied pre-money outstanding valuation of the company in the denomination asset

Returns the value in the units of the denomination asset. Must divide by the units on a frontend to get the nominal value

function getImpliedOutstandingValuation() public view virtual returns (uint256);

Returns

NameTypeDescription

<none>

uint256

The implied valuation

getImpliedFullyDilutedValuation

Returns the implied pre-money fully diluted valuation of the company in the denomination asset

Returns the value in the units of the denomination asset. Must divide by the units on a frontend to get the nominal value

function getImpliedFullyDilutedValuation() public view virtual returns (uint256);

Returns

NameTypeDescription

<none>

uint256

The implied valuation

coreId

Returns the coreId of the implementation as a bytes32

The core ID is the keccak256 hash of the contract name followed by a version under the following syntax: "mezzanine.coreId.ContractName.vX" For example, the core ID of the 2nd version of the Treasury would be the following: keccak256(abi.encodePacked("mezzanine.coreId.Treasury.v2"))

function coreId() public pure virtual override(Credentialed, ICredentialed) returns (bytes32);

version

Returns the version of the implementation as a uint256

function version() public pure virtual override(Credentialed, ICredentialed) returns (uint256);

supportsInterface

See {IERC165-supportsInterface}.

function supportsInterface(bytes4 interfaceId) public view virtual override(Credentialed, IERC165) returns (bool);

_reverseInvestment

Sends the investor's investment back to them. Updates state accordingly

function _reverseInvestment(address investor) internal virtual returns (DataTypes.Investment memory);

Returns

NameTypeDescription

<none>

DataTypes.Investment

The investor's investment

_calculateInvestmentAmount

Update state

The 'pricePerShare' is in the denomination asset's units. We make the necessary adjustments here

function _calculateInvestmentAmount(address sharesCache, uint256 numberOfShares, uint256 adjustedPricePerShare)
    internal
    view
    returns (uint256);

_calculateAdjustedPricePerShare

'discountOrPremium' implictly converted from a int128 to a int256

function _calculateAdjustedPricePerShare(int256 discountOrPremium) internal view virtual returns (uint256);

_deleteAllocations

Deletes all the allocations

function _deleteAllocations() internal;

_validateRoundStateOpen

Validates that the round state is 'Open'

function _validateRoundStateOpen() internal view;

_validateRoundStateOpenOrFilled

Validates that the round state is 'Open' or 'Filled'

function _validateRoundStateOpenOrFilled() internal view;

_validateInitArgs

function _validateInitArgs(DataTypes.PricedRoundInitArgs memory initArgs) internal pure;

_validateRaiseAmounts

Validates that the '_minimumRaise' is less than or equal to the '_targetRaise'

function _validateRaiseAmounts(uint256 _minimumRaise, uint256 _targetRaise) internal pure;

_validateDiscountOrPremium

Validates a 'discountOrPremium' value. A negative value is a discount, and a positive value is a premium A discount should never be below 100% (i.e. Constants.PRECISION_FACTOR), while a premium should never be above 500% (i.e. 5 * Constants.PRECISION_FACTOR)

function _validateDiscountOrPremium(int256 discountOrPremium) internal pure;

_checkInvariants

Asserts that the cumulative shares and denomination asset deposited is greater than or equal to the cumulative shares and denomination asset released, respectively

function _checkInvariants(address sharesCache, address denomAssetCache) internal view virtual;

Structs

PricedRoundStorage

struct PricedRoundStorage {
    uint128 _minimumRaise;
    uint128 _targetRaise;
    address _shares;
    bool _open;
    bool _cancelled;
    uint32 _unlockDuration;
    uint48 _unlockStartDate;
    uint32 _unlockCliff;
    uint32 _initialUnlockPercentage;
    uint128 _allottedShares;
    uint128 _totalSharesForRound;
    uint128 _totalRaised;
    address _denominationAsset;
    uint96 _pricePerShare;
    EnumerableSet.AddressSet _investors;
    EnumerableSet.AddressSet _allocated;
    mapping(address => DataTypes.Allocation) _allocationByInvestor;
    mapping(address => DataTypes.Investment) _investmentByInvestor;
    mapping(address => uint256) _erc20Invested;
    mapping(address => uint256) _erc20Released;
}
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