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Tenor Adapter

The TenorAdapter is a Bundler3 adapter that enables batching multiple Tenor and Morpho V2 operations into a single atomic transaction. It extends CoreAdapter from Morpho's Bundler3 system and provides passthrough functions for rolling positions, managing roll parameters, and executing Morpho V2 operations.

How It Works​

1. Bundler3 Integration​

The TenorAdapter acts as a bridge between the Bundler3 contract and Tenor's roller contracts:

  • Passthrough Functions: All operations go through the adapter rather than calling contracts directly. This ensures the Bundler3's callback mechanism works correctly, as callbacks must come from the same address that was called.
  • Authorization: Users only need to authorize the adapter, not the Bundler3 contract, simplifying permission management.
  • Atomic Execution: Multiple operations can be batched into a single transaction, ensuring all-or-nothing execution.

2. Rolling Operations​

The adapter provides passthrough functions for both roller contracts:

Morpho V2 to V2 Rolling:

  • morphoV2ToV2RollPosition: Rolls a position to another Morpho V2 term
  • morphoV2ToV2SetUserParams: Sets roll parameters on behalf of the initiator
  • morphoV2ToV2ClearUserParams: Clears roll parameters

Morpho V2 to V1 Rolling:

  • morphoV2ToV1RollPosition: Rolls a position to a Morpho V1 variable-rate market
  • morphoV2ToV1SetUserParams: Sets roll parameters on behalf of the initiator
  • morphoV2ToV1ClearUserParams: Clears roll parameters

3. Morpho V2 Operations​

The adapter provides functions for core Morpho V2 operations:

  • morphoV2Take: Accept lending offers with optional callbacks
  • morphoV2Repay: Repay debt (supports type(uint256).max to repay full debt)
  • morphoV2SupplyCollateral: Add collateral to positions (supports type(uint256).max to use adapter's full balance)
  • morphoV2WithdrawCollateral: Remove collateral (supports type(uint256).max to withdraw full balance)
  • morphoV2Withdraw: Withdraw from obligations (supports type(uint256).max to withdraw all shares)

4. Callback Handling​

The adapter implements callback interfaces to enable reentering the Bundler3 during operations:

Callback Sources:

  • onTake: Called by Morpho V2 during offer execution
  • onLiquidate: Called by Morpho V2 during liquidations
  • onRollPosition: Called by roller contracts during position rolls (two overloaded versions for V2→V2 and V2→V1)

Security:

  • All callbacks validate the sender address to ensure they only accept calls from authorized contracts (MORPHOV2, V2_TO_V2_ROLLER, V2_TO_V1_ROLLER)