02 smart contracts

Coverage Smart Contracts Architecture

Overview

Coverage contracts are the policy and payout application layer over Catalysis Core. They are responsible for policy issuance semantics, premium collection/routing, and claim execution, while Core handles committee stake and SSP-level execution.

Contract Topology

graph LR
    CPF[CoverPoolFactory]
    CP[CoverPool]
    PM[PolicyManager]
    CM[ClaimManager]
    PC[PremiumCollector]
    PRM[PremiumManager]
    SR[SpecRegistry]
    SW[Swapper]

    CPF --> CP
    PM --> CP
    CP --> PM
    CP --> SR
    PM --> CM
    PC --> PRM
    CM --> SR
    CM --> SW

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Core Coverage Contracts

1) CoverPoolFactory

Role: Deploys and tracks CoverPool clones and bootstraps operator registration in Core.

Pattern and state:

• UUPS upgradeable proxy.
• Deploys deterministic minimal proxy clones using Clones.cloneDeterministic.
• Maintains an internal pool set and pagination helpers.

Key functions:

• createCoverPool(params) creates and initializes a pool clone, grants curator ownership.
• computeCoverPoolAddress(params) predicts deterministic clone address.
• coverPoolExists(pool) validates whether a pool is factory-created.

Note: EigenLayer operator registration is handled separately by the curator (see Restaker Setup).

Key role:

• CREATOR_ROLE controls pool creation and major factory settings.

2) CoverPool

Role: Curator-owned underwriting pool for quote validation and policy binding.

Pattern and state:

• Intended for minimal-clone deployment.
• Uses AccessControlDefaultAdminRulesUpgradeable for admin transfer safety.
• Maintains bound policy commits and per-policy bound metadata.

Key functions:

• bindPolicyForRequest(policyId, quote, spec, vaults, signature) performs:
  • draft checks via PolicyManager,
  • EIP-712 quote signature verification,
  • spec registration in SpecRegistry,
  • committee vault binding in Core via StakeManager,
  • final policy bind callback into PolicyManager.
• setPoolFeeBps(...), setFeeRecipient(...) configure pool economics.

Key role:

• QUOTE_SIGNER_ROLE defines trusted quote signers.

3) PolicyManager

Role: Policy draft and bound-policy authority.

Pattern and state:

• UUPS upgradeable proxy.
• Stores draft records (PolicyDraft) and canonical bound metadata (PolicyMetadata).
• Tracks next policy id and policy commit uniqueness.

Key functions:

• requestCoverage(...):
  • called by the covered vault (or its adapter) as the buyer,
  • commonly sets claimer to the cover adapter,
  • commonly sets beneficiary to the cover adapter for atomic shortfall top-ups,
  • validates pool and hook,
  • creates policy draft,
  • creates Core committee with committeeId = policyId,
  • assigns pool curator as committee operator.
• bindPolicy(request, boundPolicy):
  • callable by pool only,
  • validates request/draft/quote consistency,
  • verifies stake and vault readiness through Core,
  • stores canonical policy metadata,
  • calls IBindPolicyHook.onPolicyBound(policyId, coverageLimit).

4) PremiumCollector

Role: Collector of ERC-4626 vault shares and periodic redeemer/distributor.

Pattern and state:

• UUPS upgradeable proxy.
• Tracks registered vault configs: underlying token, pool, policyId, and distribution timestamp.
• Supports keeper-style public batch distribution.

Key functions:

• registerVault(vault, pool, policyId) maps a covered vault to routing metadata.
• distributeBatch(vaults) redeems shares to underlying and forwards assets to PremiumManager.
• getDistributableVaults() surfaces vaults eligible by interval and balance.

5) PremiumManager

Role: Premium split and restaker reward routing bridge into Core.

Pattern and state:

• UUPS upgradeable proxy.
• Holds platform configuration: platformTreasury, platformFeeBps.

Key functions:

• distributePremium(pool, policyId, premiumToken, amount):
  • computes split: platform / pool / restaker,
  • transfers platform fee to treasury,
  • transfers pool fee to pool fee recipient,
  • transfers restaker share to Core RewardsManager,
  • triggers RewardsManager.distributeRewards(policyId, operator, amount, token).
• getFeeSplits(...) deterministic split helper.

Key role:

• PREMIUM_COLLECTOR_ROLE gates premium distribution entrypoint.

6) ClaimManager

Role: Claim execution engine from filing to payout.

Pattern and state:

• UUPS upgradeable proxy.
• Maintains per-policy claim counters, claim records, and cumulative paid-out amount.

Key functions:

• fileClaim(policyId, requestedAmount, evidenceHash, additionalData):
  • acts as a file-and-resolve entrypoint (single transaction),
  • validates coverage window and remaining coverage,
  • requires caller equals policy claimer,
  • resolves spec and runs evaluation,
  • if payable, executes slashing and collateral processing,
  • transfers payout to beneficiary.
• remainingCoverage(policyId) and read models for claims.

Slashing and payout mechanics:

• Converts requested payout token amount to USD via Core ChainlinkPriceFeed.
• Calls Core SlashingManager.executeSlashing(committeeId, operator, slashAmountUSD).
• Processes returned collateral token arrays:
  • direct transfer if already payout token,
  • otherwise swap through Swapper.

7) SpecRegistry

Role: Immutable-style mapping of (coverPool, specId) to ISpec.

Pattern and state:

• UUPS upgradeable proxy.
• Registration is idempotent for the same target and rejects remapping to a different spec.
• Enforces caller is a factory-created pool.

Key functions:

• registerSpec(specId, spec) called by pool during bind.
• resolveSpec(pool, specId) called by ClaimManager.

8) Swapper

Role: Controlled token conversion path for claim collateral.

Pattern and state:

• UUPS upgradeable proxy.
• Route registry keyed by (tokenIn, tokenOut).
• Supports whitelisted swap targets and native wrapper semantics.

Key functions:

• setSwapRoute(...), setSwapTargetWhitelist(...) for configuration.
• executeSwap(params) for authorized executors (typically ClaimManager).

Covered Vault Integration Components (Morpho)

These components typically live outside this repository but are first-class architecture actors.

Covered Vault (Morpho V2)

• user-facing insured vault,
• sets management-fee style premium parameters (via curator controls),
• allocates/deallocates through the adapter.

CatalysisCoverAdapter

• implements Morpho adapter interface,
• tracks principal/reference accounting for shortfall detection,
• calls Coverage policy and claims entrypoints (requestCoverage, fileClaim) as integration policy dictates,
• receives claim payout and forwards make-whole assets through withdrawal path.

Base Vault (Morpho V1/V2)

• underlying yield venue where adapter actually places capital,
• can be shared with uninsured users outside the covered vault.

Upgrade and Access-Control Model

All major contracts are UUPS upgradeable (except CoverPool clones, which are minimal proxies).

Typical control planes:

• DEFAULT_ADMIN_ROLE for contract-wide configuration and upgrades.
• specialized roles for restricted entrypoints:
  • CREATOR_ROLE on factory,
  • QUOTE_SIGNER_ROLE on pools,
  • PREMIUM_COLLECTOR_ROLE on premium manager,
  • SWAP_MANAGER_ROLE / SWAP_EXECUTOR_ROLE on swapper.

Integration Dependencies

Coverage contracts rely on Core interfaces:

• IStakeManager for committee create/operator/vault and stake reads,
• IRewardsManager for reward fan-out trigger,
• ISlashingManager for committee slashing execution,
• IChainlinkPriceFeed for payout-to-USD conversion.

Next Steps

• Core Integration
• Covered Vault Integration
• Policy Lifecycle
• Premiums and Claims