polkamarkets-js 3.1.10 → 3.2.0

package/lib/openzeppelin-contracts-upgradeable/lib/openzeppelin-contracts/test/token/ERC20/extensions/ERC4626.test.js

@@ -0,0 +1,888 @@
+const { ethers } = require('hardhat');
+const { expect } = require('chai');
+const { loadFixture } = require('@nomicfoundation/hardhat-network-helpers');
+const { PANIC_CODES } = require('@nomicfoundation/hardhat-chai-matchers/panic');
+
+const { Enum } = require('../../../helpers/enums');
+
+const name = 'My Token';
+const symbol = 'MTKN';
+const decimals = 18n;
+
+async function fixture() {
+  const [holder, recipient, spender, other, ...accounts] = await ethers.getSigners();
+  return { holder, recipient, spender, other, accounts };
+}
+
+describe('ERC4626', function () {
+  beforeEach(async function () {
+    Object.assign(this, await loadFixture(fixture));
+  });
+
+  it('inherit decimals if from asset', async function () {
+    for (const decimals of [0n, 9n, 12n, 18n, 36n]) {
+      const token = await ethers.deployContract('$ERC20DecimalsMock', ['', '', decimals]);
+      const vault = await ethers.deployContract('$ERC4626', ['', '', token]);
+      expect(await vault.decimals()).to.equal(decimals);
+    }
+  });
+
+  it('asset has not yet been created', async function () {
+    const vault = await ethers.deployContract('$ERC4626', ['', '', this.other.address]);
+    expect(await vault.decimals()).to.equal(decimals);
+  });
+
+  it('underlying excess decimals', async function () {
+    const token = await ethers.deployContract('$ERC20ExcessDecimalsMock');
+    const vault = await ethers.deployContract('$ERC4626', ['', '', token]);
+    expect(await vault.decimals()).to.equal(decimals);
+  });
+
+  it('decimals overflow', async function () {
+    for (const offset of [243n, 250n, 255n]) {
+      const token = await ethers.deployContract('$ERC20DecimalsMock', ['', '', decimals]);
+      const vault = await ethers.deployContract('$ERC4626OffsetMock', ['', '', token, offset]);
+      await expect(vault.decimals()).to.be.revertedWithPanic(PANIC_CODES.ARITHMETIC_UNDER_OR_OVERFLOW);
+    }
+  });
+
+  describe('reentrancy', function () {
+    const reenterType = Enum('No', 'Before', 'After');
+
+    const value = 1_000_000_000_000_000_000n;
+    const reenterValue = 1_000_000_000n;
+
+    beforeEach(async function () {
+      // Use offset 1 so the rate is not 1:1 and we can't possibly confuse assets and shares
+      const token = await ethers.deployContract('$ERC20Reentrant');
+      const vault = await ethers.deployContract('$ERC4626OffsetMock', ['', '', token, 1n]);
+      // Funds and approval for tests
+      await token.$_mint(this.holder, value);
+      await token.$_mint(this.other, value);
+      await token.$_approve(this.holder, vault, ethers.MaxUint256);
+      await token.$_approve(this.other, vault, ethers.MaxUint256);
+      await token.$_approve(token, vault, ethers.MaxUint256);
+
+      Object.assign(this, { token, vault });
+    });
+
+    // During a `_deposit`, the vault does `transferFrom(depositor, vault, assets)` -> `_mint(receiver, shares)`
+    // such that a reentrancy BEFORE the transfer guarantees the price is kept the same.
+    // If the order of transfer -> mint is changed to mint -> transfer, the reentrancy could be triggered on an
+    // intermediate state in which the ratio of assets/shares has been decreased (more shares than assets).
+    it('correct share price is observed during reentrancy before deposit', async function () {
+      // mint token for deposit
+      await this.token.$_mint(this.token, reenterValue);
+
+      // Schedules a reentrancy from the token contract
+      await this.token.scheduleReenter(
+        reenterType.Before,
+        this.vault,
+        this.vault.interface.encodeFunctionData('deposit', [reenterValue, this.holder.address]),
+      );
+
+      // Initial share price
+      const sharesForDeposit = await this.vault.previewDeposit(value);
+      const sharesForReenter = await this.vault.previewDeposit(reenterValue);
+
+      await expect(this.vault.connect(this.holder).deposit(value, this.holder))
+        // Deposit normally, reentering before the internal `_update`
+        .to.emit(this.vault, 'Deposit')
+        .withArgs(this.holder, this.holder, value, sharesForDeposit)
+        // Reentrant deposit event → uses the same price
+        .to.emit(this.vault, 'Deposit')
+        .withArgs(this.token, this.holder, reenterValue, sharesForReenter);
+
+      // Assert prices is kept
+      expect(await this.vault.previewDeposit(value)).to.equal(sharesForDeposit);
+    });
+
+    // During a `_withdraw`, the vault does `_burn(owner, shares)` -> `transfer(receiver, assets)`
+    // such that a reentrancy AFTER the transfer guarantees the price is kept the same.
+    // If the order of burn -> transfer is changed to transfer -> burn, the reentrancy could be triggered on an
+    // intermediate state in which the ratio of shares/assets has been decreased (more assets than shares).
+    it('correct share price is observed during reentrancy after withdraw', async function () {
+      // Deposit into the vault: holder gets `value` share, token.address gets `reenterValue` shares
+      await this.vault.connect(this.holder).deposit(value, this.holder);
+      await this.vault.connect(this.other).deposit(reenterValue, this.token);
+
+      // Schedules a reentrancy from the token contract
+      await this.token.scheduleReenter(
+        reenterType.After,
+        this.vault,
+        this.vault.interface.encodeFunctionData('withdraw', [reenterValue, this.holder.address, this.token.target]),
+      );
+
+      // Initial share price
+      const sharesForWithdraw = await this.vault.previewWithdraw(value);
+      const sharesForReenter = await this.vault.previewWithdraw(reenterValue);
+
+      // Do withdraw normally, triggering the _afterTokenTransfer hook
+      await expect(this.vault.connect(this.holder).withdraw(value, this.holder, this.holder))
+        // Main withdraw event
+        .to.emit(this.vault, 'Withdraw')
+        .withArgs(this.holder, this.holder, this.holder, value, sharesForWithdraw)
+        // Reentrant withdraw event → uses the same price
+        .to.emit(this.vault, 'Withdraw')
+        .withArgs(this.token, this.holder, this.token, reenterValue, sharesForReenter);
+
+      // Assert price is kept
+      expect(await this.vault.previewWithdraw(value)).to.equal(sharesForWithdraw);
+    });
+
+    // Donate newly minted tokens to the vault during the reentrancy causes the share price to increase.
+    // Still, the deposit that trigger the reentrancy is not affected and get the previewed price.
+    // Further deposits will get a different price (getting fewer shares for the same value of assets)
+    it('share price change during reentrancy does not affect deposit', async function () {
+      // Schedules a reentrancy from the token contract that mess up the share price
+      await this.token.scheduleReenter(
+        reenterType.Before,
+        this.token,
+        this.token.interface.encodeFunctionData('$_mint', [this.vault.target, reenterValue]),
+      );
+
+      // Price before
+      const sharesBefore = await this.vault.previewDeposit(value);
+
+      // Deposit, reentering before the internal `_update`
+      await expect(this.vault.connect(this.holder).deposit(value, this.holder))
+        // Price is as previewed
+        .to.emit(this.vault, 'Deposit')
+        .withArgs(this.holder, this.holder, value, sharesBefore);
+
+      // Price was modified during reentrancy
+      expect(await this.vault.previewDeposit(value)).to.lt(sharesBefore);
+    });
+
+    // Burn some tokens from the vault during the reentrancy causes the share price to drop.
+    // Still, the withdraw that trigger the reentrancy is not affected and get the previewed price.
+    // Further withdraw will get a different price (needing more shares for the same value of assets)
+    it('share price change during reentrancy does not affect withdraw', async function () {
+      await this.vault.connect(this.holder).deposit(value, this.holder);
+      await this.vault.connect(this.other).deposit(value, this.other);
+
+      // Schedules a reentrancy from the token contract that mess up the share price
+      await this.token.scheduleReenter(
+        reenterType.After,
+        this.token,
+        this.token.interface.encodeFunctionData('$_burn', [this.vault.target, reenterValue]),
+      );
+
+      // Price before
+      const sharesBefore = await this.vault.previewWithdraw(value);
+
+      // Withdraw, triggering the _afterTokenTransfer hook
+      await expect(this.vault.connect(this.holder).withdraw(value, this.holder, this.holder))
+        // Price is as previewed
+        .to.emit(this.vault, 'Withdraw')
+        .withArgs(this.holder, this.holder, this.holder, value, sharesBefore);
+
+      // Price was modified during reentrancy
+      expect(await this.vault.previewWithdraw(value)).to.gt(sharesBefore);
+    });
+  });
+
+  describe('limits', function () {
+    beforeEach(async function () {
+      const token = await ethers.deployContract('$ERC20DecimalsMock', [name, symbol, decimals]);
+      const vault = await ethers.deployContract('$ERC4626LimitsMock', ['', '', token]);
+
+      Object.assign(this, { token, vault });
+    });
+
+    it('reverts on deposit() above max deposit', async function () {
+      const maxDeposit = await this.vault.maxDeposit(this.holder);
+      await expect(this.vault.connect(this.holder).deposit(maxDeposit + 1n, this.recipient))
+        .to.be.revertedWithCustomError(this.vault, 'ERC4626ExceededMaxDeposit')
+        .withArgs(this.recipient, maxDeposit + 1n, maxDeposit);
+    });
+
+    it('reverts on mint() above max mint', async function () {
+      const maxMint = await this.vault.maxMint(this.holder);
+
+      await expect(this.vault.connect(this.holder).mint(maxMint + 1n, this.recipient))
+        .to.be.revertedWithCustomError(this.vault, 'ERC4626ExceededMaxMint')
+        .withArgs(this.recipient, maxMint + 1n, maxMint);
+    });
+
+    it('reverts on withdraw() above max withdraw', async function () {
+      const maxWithdraw = await this.vault.maxWithdraw(this.holder);
+
+      await expect(this.vault.connect(this.holder).withdraw(maxWithdraw + 1n, this.recipient, this.holder))
+        .to.be.revertedWithCustomError(this.vault, 'ERC4626ExceededMaxWithdraw')
+        .withArgs(this.holder, maxWithdraw + 1n, maxWithdraw);
+    });
+
+    it('reverts on redeem() above max redeem', async function () {
+      const maxRedeem = await this.vault.maxRedeem(this.holder);
+
+      await expect(this.vault.connect(this.holder).redeem(maxRedeem + 1n, this.recipient, this.holder))
+        .to.be.revertedWithCustomError(this.vault, 'ERC4626ExceededMaxRedeem')
+        .withArgs(this.holder, maxRedeem + 1n, maxRedeem);
+    });
+  });
+
+  for (const offset of [0n, 6n, 18n]) {
+    const parseToken = token => token * 10n ** decimals;
+    const parseShare = share => share * 10n ** (decimals + offset);
+
+    const virtualAssets = 1n;
+    const virtualShares = 10n ** offset;
+
+    describe(`offset: ${offset}`, function () {
+      beforeEach(async function () {
+        const token = await ethers.deployContract('$ERC20DecimalsMock', [name, symbol, decimals]);
+        const vault = await ethers.deployContract('$ERC4626OffsetMock', [name + ' Vault', symbol + 'V', token, offset]);
+
+        await token.$_mint(this.holder, ethers.MaxUint256 / 2n); // 50% of maximum
+        await token.$_approve(this.holder, vault, ethers.MaxUint256);
+        await vault.$_approve(this.holder, this.spender, ethers.MaxUint256);
+
+        Object.assign(this, { token, vault });
+      });
+
+      it('metadata', async function () {
+        expect(await this.vault.name()).to.equal(name + ' Vault');
+        expect(await this.vault.symbol()).to.equal(symbol + 'V');
+        expect(await this.vault.decimals()).to.equal(decimals + offset);
+        expect(await this.vault.asset()).to.equal(this.token);
+      });
+
+      describe('empty vault: no assets & no shares', function () {
+        it('status', async function () {
+          expect(await this.vault.totalAssets()).to.equal(0n);
+        });
+
+        it('deposit', async function () {
+          expect(await this.vault.maxDeposit(this.holder)).to.equal(ethers.MaxUint256);
+          expect(await this.vault.previewDeposit(parseToken(1n))).to.equal(parseShare(1n));
+
+          const tx = this.vault.connect(this.holder).deposit(parseToken(1n), this.recipient);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.holder, this.vault],
+            [-parseToken(1n), parseToken(1n)],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.recipient, parseShare(1n));
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.holder, this.vault, parseToken(1n))
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(ethers.ZeroAddress, this.recipient, parseShare(1n))
+            .to.emit(this.vault, 'Deposit')
+            .withArgs(this.holder, this.recipient, parseToken(1n), parseShare(1n));
+        });
+
+        it('mint', async function () {
+          expect(await this.vault.maxMint(this.holder)).to.equal(ethers.MaxUint256);
+          expect(await this.vault.previewMint(parseShare(1n))).to.equal(parseToken(1n));
+
+          const tx = this.vault.connect(this.holder).mint(parseShare(1n), this.recipient);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.holder, this.vault],
+            [-parseToken(1n), parseToken(1n)],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.recipient, parseShare(1n));
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.holder, this.vault, parseToken(1n))
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(ethers.ZeroAddress, this.recipient, parseShare(1n))
+            .to.emit(this.vault, 'Deposit')
+            .withArgs(this.holder, this.recipient, parseToken(1n), parseShare(1n));
+        });
+
+        it('withdraw', async function () {
+          expect(await this.vault.maxWithdraw(this.holder)).to.equal(0n);
+          expect(await this.vault.previewWithdraw(0n)).to.equal(0n);
+
+          const tx = this.vault.connect(this.holder).withdraw(0n, this.recipient, this.holder);
+
+          await expect(tx).to.changeTokenBalances(this.token, [this.vault, this.recipient], [0n, 0n]);
+          await expect(tx).to.changeTokenBalance(this.vault, this.holder, 0n);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.vault, this.recipient, 0n)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(this.holder, ethers.ZeroAddress, 0n)
+            .to.emit(this.vault, 'Withdraw')
+            .withArgs(this.holder, this.recipient, this.holder, 0n, 0n);
+        });
+
+        it('redeem', async function () {
+          expect(await this.vault.maxRedeem(this.holder)).to.equal(0n);
+          expect(await this.vault.previewRedeem(0n)).to.equal(0n);
+
+          const tx = this.vault.connect(this.holder).redeem(0n, this.recipient, this.holder);
+
+          await expect(tx).to.changeTokenBalances(this.token, [this.vault, this.recipient], [0n, 0n]);
+          await expect(tx).to.changeTokenBalance(this.vault, this.holder, 0n);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.vault, this.recipient, 0n)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(this.holder, ethers.ZeroAddress, 0n)
+            .to.emit(this.vault, 'Withdraw')
+            .withArgs(this.holder, this.recipient, this.holder, 0n, 0n);
+        });
+      });
+
+      describe('inflation attack: offset price by direct deposit of assets', function () {
+        beforeEach(async function () {
+          // Donate 1 token to the vault to offset the price
+          await this.token.$_mint(this.vault, parseToken(1n));
+        });
+
+        it('status', async function () {
+          expect(await this.vault.totalSupply()).to.equal(0n);
+          expect(await this.vault.totalAssets()).to.equal(parseToken(1n));
+        });
+
+        /**
+         * | offset | deposited assets     | redeemable assets    |
+         * |--------|----------------------|----------------------|
+         * | 0      | 1.000000000000000000 | 0.                   |
+         * | 6      | 1.000000000000000000 | 0.999999000000000000 |
+         * | 18     | 1.000000000000000000 | 0.999999999999999999 |
+         *
+         * Attack is possible, but made difficult by the offset. For the attack to be successful
+         * the attacker needs to frontrun a deposit 10**offset times bigger than what the victim
+         * was trying to deposit
+         */
+        it('deposit', async function () {
+          const effectiveAssets = (await this.vault.totalAssets()) + virtualAssets;
+          const effectiveShares = (await this.vault.totalSupply()) + virtualShares;
+
+          const depositAssets = parseToken(1n);
+          const expectedShares = (depositAssets * effectiveShares) / effectiveAssets;
+
+          expect(await this.vault.maxDeposit(this.holder)).to.equal(ethers.MaxUint256);
+          expect(await this.vault.previewDeposit(depositAssets)).to.equal(expectedShares);
+
+          const tx = this.vault.connect(this.holder).deposit(depositAssets, this.recipient);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.holder, this.vault],
+            [-depositAssets, depositAssets],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.recipient, expectedShares);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.holder, this.vault, depositAssets)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(ethers.ZeroAddress, this.recipient, expectedShares)
+            .to.emit(this.vault, 'Deposit')
+            .withArgs(this.holder, this.recipient, depositAssets, expectedShares);
+        });
+
+        /**
+         * | offset | deposited assets     | redeemable assets    |
+         * |--------|----------------------|----------------------|
+         * | 0      | 1000000000000000001. | 1000000000000000001. |
+         * | 6      | 1000000000000000001. | 1000000000000000001. |
+         * | 18     | 1000000000000000001. | 1000000000000000001. |
+         *
+         * Using mint protects against inflation attack, but makes minting shares very expensive.
+         * The ER20 allowance for the underlying asset is needed to protect the user from (too)
+         * large deposits.
+         */
+        it('mint', async function () {
+          const effectiveAssets = (await this.vault.totalAssets()) + virtualAssets;
+          const effectiveShares = (await this.vault.totalSupply()) + virtualShares;
+
+          const mintShares = parseShare(1n);
+          const expectedAssets = (mintShares * effectiveAssets) / effectiveShares;
+
+          expect(await this.vault.maxMint(this.holder)).to.equal(ethers.MaxUint256);
+          expect(await this.vault.previewMint(mintShares)).to.equal(expectedAssets);
+
+          const tx = this.vault.connect(this.holder).mint(mintShares, this.recipient);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.holder, this.vault],
+            [-expectedAssets, expectedAssets],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.recipient, mintShares);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.holder, this.vault, expectedAssets)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(ethers.ZeroAddress, this.recipient, mintShares)
+            .to.emit(this.vault, 'Deposit')
+            .withArgs(this.holder, this.recipient, expectedAssets, mintShares);
+        });
+
+        it('withdraw', async function () {
+          expect(await this.vault.maxWithdraw(this.holder)).to.equal(0n);
+          expect(await this.vault.previewWithdraw(0n)).to.equal(0n);
+
+          const tx = this.vault.connect(this.holder).withdraw(0n, this.recipient, this.holder);
+
+          await expect(tx).to.changeTokenBalances(this.token, [this.vault, this.recipient], [0n, 0n]);
+          await expect(tx).to.changeTokenBalance(this.vault, this.holder, 0n);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.vault, this.recipient, 0n)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(this.holder, ethers.ZeroAddress, 0n)
+            .to.emit(this.vault, 'Withdraw')
+            .withArgs(this.holder, this.recipient, this.holder, 0n, 0n);
+        });
+
+        it('redeem', async function () {
+          expect(await this.vault.maxRedeem(this.holder)).to.equal(0n);
+          expect(await this.vault.previewRedeem(0n)).to.equal(0n);
+
+          const tx = this.vault.connect(this.holder).redeem(0n, this.recipient, this.holder);
+
+          await expect(tx).to.changeTokenBalances(this.token, [this.vault, this.recipient], [0n, 0n]);
+          await expect(tx).to.changeTokenBalance(this.vault, this.holder, 0n);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.vault, this.recipient, 0n)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(this.holder, ethers.ZeroAddress, 0n)
+            .to.emit(this.vault, 'Withdraw')
+            .withArgs(this.holder, this.recipient, this.holder, 0n, 0n);
+        });
+      });
+
+      describe('full vault: assets & shares', function () {
+        beforeEach(async function () {
+          // Add 1 token of underlying asset and 100 shares to the vault
+          await this.token.$_mint(this.vault, parseToken(1n));
+          await this.vault.$_mint(this.holder, parseShare(100n));
+        });
+
+        it('status', async function () {
+          expect(await this.vault.totalSupply()).to.equal(parseShare(100n));
+          expect(await this.vault.totalAssets()).to.equal(parseToken(1n));
+        });
+
+        /**
+         * | offset | deposited assets     | redeemable assets    |
+         * |--------|--------------------- |----------------------|
+         * | 0      | 1.000000000000000000 | 0.999999999999999999 |
+         * | 6      | 1.000000000000000000 | 0.999999999999999999 |
+         * | 18     | 1.000000000000000000 | 0.999999999999999999 |
+         *
+         * Virtual shares & assets captures part of the value
+         */
+        it('deposit', async function () {
+          const effectiveAssets = (await this.vault.totalAssets()) + virtualAssets;
+          const effectiveShares = (await this.vault.totalSupply()) + virtualShares;
+
+          const depositAssets = parseToken(1n);
+          const expectedShares = (depositAssets * effectiveShares) / effectiveAssets;
+
+          expect(await this.vault.maxDeposit(this.holder)).to.equal(ethers.MaxUint256);
+          expect(await this.vault.previewDeposit(depositAssets)).to.equal(expectedShares);
+
+          const tx = this.vault.connect(this.holder).deposit(depositAssets, this.recipient);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.holder, this.vault],
+            [-depositAssets, depositAssets],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.recipient, expectedShares);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.holder, this.vault, depositAssets)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(ethers.ZeroAddress, this.recipient, expectedShares)
+            .to.emit(this.vault, 'Deposit')
+            .withArgs(this.holder, this.recipient, depositAssets, expectedShares);
+        });
+
+        /**
+         * | offset | deposited assets     | redeemable assets    |
+         * |--------|--------------------- |----------------------|
+         * | 0      | 0.010000000000000001 | 0.010000000000000000 |
+         * | 6      | 0.010000000000000001 | 0.010000000000000000 |
+         * | 18     | 0.010000000000000001 | 0.010000000000000000 |
+         *
+         * Virtual shares & assets captures part of the value
+         */
+        it('mint', async function () {
+          const effectiveAssets = (await this.vault.totalAssets()) + virtualAssets;
+          const effectiveShares = (await this.vault.totalSupply()) + virtualShares;
+
+          const mintShares = parseShare(1n);
+          const expectedAssets = (mintShares * effectiveAssets) / effectiveShares + 1n; // add for the rounding
+
+          expect(await this.vault.maxMint(this.holder)).to.equal(ethers.MaxUint256);
+          expect(await this.vault.previewMint(mintShares)).to.equal(expectedAssets);
+
+          const tx = this.vault.connect(this.holder).mint(mintShares, this.recipient);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.holder, this.vault],
+            [-expectedAssets, expectedAssets],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.recipient, mintShares);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.holder, this.vault, expectedAssets)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(ethers.ZeroAddress, this.recipient, mintShares)
+            .to.emit(this.vault, 'Deposit')
+            .withArgs(this.holder, this.recipient, expectedAssets, mintShares);
+        });
+
+        it('withdraw', async function () {
+          const effectiveAssets = (await this.vault.totalAssets()) + virtualAssets;
+          const effectiveShares = (await this.vault.totalSupply()) + virtualShares;
+
+          const withdrawAssets = parseToken(1n);
+          const expectedShares = (withdrawAssets * effectiveShares) / effectiveAssets + 1n; // add for the rounding
+
+          expect(await this.vault.maxWithdraw(this.holder)).to.equal(withdrawAssets);
+          expect(await this.vault.previewWithdraw(withdrawAssets)).to.equal(expectedShares);
+
+          const tx = this.vault.connect(this.holder).withdraw(withdrawAssets, this.recipient, this.holder);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.vault, this.recipient],
+            [-withdrawAssets, withdrawAssets],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.holder, -expectedShares);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.vault, this.recipient, withdrawAssets)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(this.holder, ethers.ZeroAddress, expectedShares)
+            .to.emit(this.vault, 'Withdraw')
+            .withArgs(this.holder, this.recipient, this.holder, withdrawAssets, expectedShares);
+        });
+
+        it('withdraw with approval', async function () {
+          const assets = await this.vault.previewWithdraw(parseToken(1n));
+
+          await expect(this.vault.connect(this.other).withdraw(parseToken(1n), this.recipient, this.holder))
+            .to.be.revertedWithCustomError(this.vault, 'ERC20InsufficientAllowance')
+            .withArgs(this.other, 0n, assets);
+
+          await expect(this.vault.connect(this.spender).withdraw(parseToken(1n), this.recipient, this.holder)).to.not.be
+            .reverted;
+        });
+
+        it('redeem', async function () {
+          const effectiveAssets = (await this.vault.totalAssets()) + virtualAssets;
+          const effectiveShares = (await this.vault.totalSupply()) + virtualShares;
+
+          const redeemShares = parseShare(100n);
+          const expectedAssets = (redeemShares * effectiveAssets) / effectiveShares;
+
+          expect(await this.vault.maxRedeem(this.holder)).to.equal(redeemShares);
+          expect(await this.vault.previewRedeem(redeemShares)).to.equal(expectedAssets);
+
+          const tx = this.vault.connect(this.holder).redeem(redeemShares, this.recipient, this.holder);
+
+          await expect(tx).to.changeTokenBalances(
+            this.token,
+            [this.vault, this.recipient],
+            [-expectedAssets, expectedAssets],
+          );
+          await expect(tx).to.changeTokenBalance(this.vault, this.holder, -redeemShares);
+          await expect(tx)
+            .to.emit(this.token, 'Transfer')
+            .withArgs(this.vault, this.recipient, expectedAssets)
+            .to.emit(this.vault, 'Transfer')
+            .withArgs(this.holder, ethers.ZeroAddress, redeemShares)
+            .to.emit(this.vault, 'Withdraw')
+            .withArgs(this.holder, this.recipient, this.holder, expectedAssets, redeemShares);
+        });
+
+        it('redeem with approval', async function () {
+          await expect(this.vault.connect(this.other).redeem(parseShare(100n), this.recipient, this.holder))
+            .to.be.revertedWithCustomError(this.vault, 'ERC20InsufficientAllowance')
+            .withArgs(this.other, 0n, parseShare(100n));
+
+          await expect(this.vault.connect(this.spender).redeem(parseShare(100n), this.recipient, this.holder)).to.not.be
+            .reverted;
+        });
+      });
+    });
+  }
+
+  describe('ERC4626Fees', function () {
+    const feeBasisPoints = 500n; // 5%
+    const valueWithoutFees = 10_000n;
+    const fees = (valueWithoutFees * feeBasisPoints) / 10_000n;
+    const valueWithFees = valueWithoutFees + fees;
+
+    describe('input fees', function () {
+      beforeEach(async function () {
+        const token = await ethers.deployContract('$ERC20DecimalsMock', [name, symbol, 18n]);
+        const vault = await ethers.deployContract('$ERC4626FeesMock', [
+          '',
+          '',
+          token,
+          feeBasisPoints,
+          this.other,
+          0n,
+          ethers.ZeroAddress,
+        ]);
+
+        await token.$_mint(this.holder, ethers.MaxUint256 / 2n);
+        await token.$_approve(this.holder, vault, ethers.MaxUint256 / 2n);
+
+        Object.assign(this, { token, vault });
+      });
+
+      it('deposit', async function () {
+        expect(await this.vault.previewDeposit(valueWithFees)).to.equal(valueWithoutFees);
+        this.tx = this.vault.connect(this.holder).deposit(valueWithFees, this.recipient);
+      });
+
+      it('mint', async function () {
+        expect(await this.vault.previewMint(valueWithoutFees)).to.equal(valueWithFees);
+        this.tx = this.vault.connect(this.holder).mint(valueWithoutFees, this.recipient);
+      });
+
+      afterEach(async function () {
+        await expect(this.tx).to.changeTokenBalances(
+          this.token,
+          [this.holder, this.vault, this.other],
+          [-valueWithFees, valueWithoutFees, fees],
+        );
+        await expect(this.tx).to.changeTokenBalance(this.vault, this.recipient, valueWithoutFees);
+        await expect(this.tx)
+          // get total
+          .to.emit(this.token, 'Transfer')
+          .withArgs(this.holder, this.vault, valueWithFees)
+          // redirect fees
+          .to.emit(this.token, 'Transfer')
+          .withArgs(this.vault, this.other, fees)
+          // mint shares
+          .to.emit(this.vault, 'Transfer')
+          .withArgs(ethers.ZeroAddress, this.recipient, valueWithoutFees)
+          // deposit event
+          .to.emit(this.vault, 'Deposit')
+          .withArgs(this.holder, this.recipient, valueWithFees, valueWithoutFees);
+      });
+    });
+
+    describe('output fees', function () {
+      beforeEach(async function () {
+        const token = await ethers.deployContract('$ERC20DecimalsMock', [name, symbol, 18n]);
+        const vault = await ethers.deployContract('$ERC4626FeesMock', [
+          '',
+          '',
+          token,
+          0n,
+          ethers.ZeroAddress,
+          feeBasisPoints,
+          this.other,
+        ]);
+
+        await token.$_mint(vault, ethers.MaxUint256 / 2n);
+        await vault.$_mint(this.holder, ethers.MaxUint256 / 2n);
+
+        Object.assign(this, { token, vault });
+      });
+
+      it('redeem', async function () {
+        expect(await this.vault.previewRedeem(valueWithFees)).to.equal(valueWithoutFees);
+        this.tx = this.vault.connect(this.holder).redeem(valueWithFees, this.recipient, this.holder);
+      });
+
+      it('withdraw', async function () {
+        expect(await this.vault.previewWithdraw(valueWithoutFees)).to.equal(valueWithFees);
+        this.tx = this.vault.connect(this.holder).withdraw(valueWithoutFees, this.recipient, this.holder);
+      });
+
+      afterEach(async function () {
+        await expect(this.tx).to.changeTokenBalances(
+          this.token,
+          [this.vault, this.recipient, this.other],
+          [-valueWithFees, valueWithoutFees, fees],
+        );
+        await expect(this.tx).to.changeTokenBalance(this.vault, this.holder, -valueWithFees);
+        await expect(this.tx)
+          // withdraw principal
+          .to.emit(this.token, 'Transfer')
+          .withArgs(this.vault, this.recipient, valueWithoutFees)
+          // redirect fees
+          .to.emit(this.token, 'Transfer')
+          .withArgs(this.vault, this.other, fees)
+          // mint shares
+          .to.emit(this.vault, 'Transfer')
+          .withArgs(this.holder, ethers.ZeroAddress, valueWithFees)
+          // withdraw event
+          .to.emit(this.vault, 'Withdraw')
+          .withArgs(this.holder, this.recipient, this.holder, valueWithoutFees, valueWithFees);
+      });
+    });
+  });
+
+  /// Scenario inspired by solmate ERC4626 tests:
+  /// https://github.com/transmissions11/solmate/blob/main/src/test/ERC4626.t.sol
+  it('multiple mint, deposit, redeem & withdrawal', async function () {
+    // test designed with both asset using similar decimals
+    const [alice, bruce] = this.accounts;
+    const token = await ethers.deployContract('$ERC20DecimalsMock', [name, symbol, 18n]);
+    const vault = await ethers.deployContract('$ERC4626', ['', '', token]);
+
+    await token.$_mint(alice, 4000n);
+    await token.$_mint(bruce, 7001n);
+    await token.connect(alice).approve(vault, 4000n);
+    await token.connect(bruce).approve(vault, 7001n);
+
+    // 1. Alice mints 2000 shares (costs 2000 tokens)
+    await expect(vault.connect(alice).mint(2000n, alice))
+      .to.emit(token, 'Transfer')
+      .withArgs(alice, vault, 2000n)
+      .to.emit(vault, 'Transfer')
+      .withArgs(ethers.ZeroAddress, alice, 2000n);
+
+    expect(await vault.previewDeposit(2000n)).to.equal(2000n);
+    expect(await vault.balanceOf(alice)).to.equal(2000n);
+    expect(await vault.balanceOf(bruce)).to.equal(0n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(2000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(0n);
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(2000n);
+    expect(await vault.totalSupply()).to.equal(2000n);
+    expect(await vault.totalAssets()).to.equal(2000n);
+
+    // 2. Bruce deposits 4000 tokens (mints 4000 shares)
+    await expect(vault.connect(bruce).mint(4000n, bruce))
+      .to.emit(token, 'Transfer')
+      .withArgs(bruce, vault, 4000n)
+      .to.emit(vault, 'Transfer')
+      .withArgs(ethers.ZeroAddress, bruce, 4000n);
+
+    expect(await vault.previewDeposit(4000n)).to.equal(4000n);
+    expect(await vault.balanceOf(alice)).to.equal(2000n);
+    expect(await vault.balanceOf(bruce)).to.equal(4000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(2000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(4000n);
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(6000n);
+    expect(await vault.totalSupply()).to.equal(6000n);
+    expect(await vault.totalAssets()).to.equal(6000n);
+
+    // 3. Vault mutates by +3000 tokens (simulated yield returned from strategy)
+    await token.$_mint(vault, 3000n);
+
+    expect(await vault.balanceOf(alice)).to.equal(2000n);
+    expect(await vault.balanceOf(bruce)).to.equal(4000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(2999n); // used to be 3000, but virtual assets/shares captures part of the yield
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(5999n); // used to be 6000, but virtual assets/shares captures part of the yield
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(6000n);
+    expect(await vault.totalSupply()).to.equal(6000n);
+    expect(await vault.totalAssets()).to.equal(9000n);
+
+    // 4. Alice deposits 2000 tokens (mints 1333 shares)
+    await expect(vault.connect(alice).deposit(2000n, alice))
+      .to.emit(token, 'Transfer')
+      .withArgs(alice, vault, 2000n)
+      .to.emit(vault, 'Transfer')
+      .withArgs(ethers.ZeroAddress, alice, 1333n);
+
+    expect(await vault.balanceOf(alice)).to.equal(3333n);
+    expect(await vault.balanceOf(bruce)).to.equal(4000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(4999n);
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(6000n);
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(7333n);
+    expect(await vault.totalSupply()).to.equal(7333n);
+    expect(await vault.totalAssets()).to.equal(11000n);
+
+    // 5. Bruce mints 2000 shares (costs 3001 assets)
+    // NOTE: Bruce's assets spent got rounded towards infinity
+    // NOTE: Alices's vault assets got rounded towards infinity
+    await expect(vault.connect(bruce).mint(2000n, bruce))
+      .to.emit(token, 'Transfer')
+      .withArgs(bruce, vault, 3000n)
+      .to.emit(vault, 'Transfer')
+      .withArgs(ethers.ZeroAddress, bruce, 2000n);
+
+    expect(await vault.balanceOf(alice)).to.equal(3333n);
+    expect(await vault.balanceOf(bruce)).to.equal(6000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(4999n); // used to be 5000
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(9000n);
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(9333n);
+    expect(await vault.totalSupply()).to.equal(9333n);
+    expect(await vault.totalAssets()).to.equal(14000n); // used to be 14001
+
+    // 6. Vault mutates by +3000 tokens
+    // NOTE: Vault holds 17001 tokens, but sum of assetsOf() is 17000.
+    await token.$_mint(vault, 3000n);
+
+    expect(await vault.balanceOf(alice)).to.equal(3333n);
+    expect(await vault.balanceOf(bruce)).to.equal(6000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(6070n); // used to be 6071
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(10928n); // used to be 10929
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(9333n);
+    expect(await vault.totalSupply()).to.equal(9333n);
+    expect(await vault.totalAssets()).to.equal(17000n); // used to be 17001
+
+    // 7. Alice redeem 1333 shares (2428 assets)
+    await expect(vault.connect(alice).redeem(1333n, alice, alice))
+      .to.emit(vault, 'Transfer')
+      .withArgs(alice, ethers.ZeroAddress, 1333n)
+      .to.emit(token, 'Transfer')
+      .withArgs(vault, alice, 2427n); // used to be 2428
+
+    expect(await vault.balanceOf(alice)).to.equal(2000n);
+    expect(await vault.balanceOf(bruce)).to.equal(6000n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(3643n);
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(10929n);
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(8000n);
+    expect(await vault.totalSupply()).to.equal(8000n);
+    expect(await vault.totalAssets()).to.equal(14573n);
+
+    // 8. Bruce withdraws 2929 assets (1608 shares)
+    await expect(vault.connect(bruce).withdraw(2929n, bruce, bruce))
+      .to.emit(vault, 'Transfer')
+      .withArgs(bruce, ethers.ZeroAddress, 1608n)
+      .to.emit(token, 'Transfer')
+      .withArgs(vault, bruce, 2929n);
+
+    expect(await vault.balanceOf(alice)).to.equal(2000n);
+    expect(await vault.balanceOf(bruce)).to.equal(4392n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(3643n);
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(8000n);
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(6392n);
+    expect(await vault.totalSupply()).to.equal(6392n);
+    expect(await vault.totalAssets()).to.equal(11644n);
+
+    // 9. Alice withdraws 3643 assets (2000 shares)
+    // NOTE: Bruce's assets have been rounded back towards infinity
+    await expect(vault.connect(alice).withdraw(3643n, alice, alice))
+      .to.emit(vault, 'Transfer')
+      .withArgs(alice, ethers.ZeroAddress, 2000n)
+      .to.emit(token, 'Transfer')
+      .withArgs(vault, alice, 3643n);
+
+    expect(await vault.balanceOf(alice)).to.equal(0n);
+    expect(await vault.balanceOf(bruce)).to.equal(4392n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(0n);
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(8000n); // used to be 8001
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(4392n);
+    expect(await vault.totalSupply()).to.equal(4392n);
+    expect(await vault.totalAssets()).to.equal(8001n);
+
+    // 10. Bruce redeem 4392 shares (8001 tokens)
+    await expect(vault.connect(bruce).redeem(4392n, bruce, bruce))
+      .to.emit(vault, 'Transfer')
+      .withArgs(bruce, ethers.ZeroAddress, 4392n)
+      .to.emit(token, 'Transfer')
+      .withArgs(vault, bruce, 8000n); // used to be 8001
+
+    expect(await vault.balanceOf(alice)).to.equal(0n);
+    expect(await vault.balanceOf(bruce)).to.equal(0n);
+    expect(await vault.convertToAssets(await vault.balanceOf(alice))).to.equal(0n);
+    expect(await vault.convertToAssets(await vault.balanceOf(bruce))).to.equal(0n);
+    expect(await vault.convertToShares(await token.balanceOf(vault))).to.equal(0n);
+    expect(await vault.totalSupply()).to.equal(0n);
+    expect(await vault.totalAssets()).to.equal(1n); // used to be 0
+  });
+});