feat(rebalancer): basket-funded redemptions (Section 3)#19
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Large redemptions previously reverted in settle when they exceeded idle + deposit inflow, because the value sat in the basket, not USDC. The rebalancer now raises USDC from the basket to fund them before settle pays. - Vault: redemptionFundingNeeded() (pending redeem value exceeds the buffer) and rebalanceReserveUsd() (the full redemption value to hold back as USDC; since NAV already includes the buffer, the basket only sells the shortfall). - Rebalancer: a pending redemption the buffer cannot cover is a first-class trigger, so the keeper may open an epoch regardless of drift or cadence. The reserve is grossed up by max slippage and held back, so targets sum to NAV - reserve, the basket is overweight and sold to USDC, and settle pays the redemption from the topped-up buffer. The reserve is zero when the buffer already covers redemptions, so a pure reweight is unchanged and no existing tests churn. 4 new tests including a full end-to-end where a 150k redemption against a zero buffer is funded by selling the basket. 166 total green.
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Closes the liquidity gap where a redemption larger than the buffer reverted in
settle, because the value sat in the basket, not USDC. The rebalancer now raises USDC from the basket to fund such a redemption before settle pays it.What changed
redemptionFundingNeeded()(the current epoch's pending redemption value exceeds the idle buffer) andrebalanceReserveUsd()(the full redemption value to hold back as USDC; since NAV already includes the buffer, the basket only sells the shortfall down to reach it).NAV - reserve, the basket becomes overweight and is sold to USDC, andsettlepays the redemption from the topped-up buffer.The reserve is zero whenever the buffer already covers redemptions, so a pure reweight is unchanged and no existing tests churn.
Tests
4 new tests in
test/BasketFundedRedemption.t.sol: the funding-needed view, the funding-triggered epoch opening below the drift gate (keeper-gated), the reserve held back in the targets, and a full end-to-end where a $150k redemption against a zero buffer is funded by selling the basket and paid at settle. 166 total, all green,forge fmtclean.