HERMES

Hermes smart contracts manage token delegation and staking, particularly designed for 1inch token staking with support for sub-delegation of voting power.

Overview

The Hermes smart contracts consists of three main contracts that work together to enable flexible token staking and voting power delegation:

1. HermesProxyFactory: Creates and manages Hermes contract instances
2. Hermes: Handles Envoys and lead delegation
3. Envoy: Manages token staking and sub-delegation of voting power

Architecture

HermesProxyFactory
↓
Hermes
↓
Envoy(s)

• HermesProxyFactory deploys and funds new Hermes contracts
• Each Hermes contract can manage multiple Envoy contracts
• Envoy contracts handle individual staking and sub-delegations

Key Features

• CREATE2-based proxy deployment for deterministic addresses
• Support for 1inch token staking
• Hierarchical delegation structure with lead delegatee and sub-delegators
• Early withdrawal options with configurable loss parameters
• Maximum limits for sub-delegators and staking duration
• Safe token handling using OpenZeppelin's SafeERC20

Core Contracts

HermesProxyFactory

The entry point for creating new Hermes instances. It handles:

• Deployment of new Hermes contracts
• Initial funding of contracts with tokens
• Token recall functionality
• Address calculation for deployed contracts

Hermes

The main contract managing delegation relationships. Features include:

• Sub-delegation management
• Token staking control
• Envoy contract deployment
• Multi-delegation support
• Recall mechanisms for staked tokens

Envoy

Handles individual sub-delegations with features for:

• Token staking with 1inch protocol
• Snapshot delegation management
• Early withdrawal calculations
• Token recall functions

Recalling Tokens

Tokens can be recalled through several methods:

• Standard recall: recall(address envoy, address to)
• Early recall with loss parameters: recallEarly(address envoy, address to, uint256 minReturn, uint256 maxLoss)
• Recall all delegations: recallAll(address to)

Security Considerations

• All contracts use OpenZeppelin's SafeERC20 for token operations
• Maximum limits for sub-delegators and durations
• Early withdrawal protections with configurable loss parameters

Testing & Deployments

The contracts have been tested on the Optimism Sepolia testnet and are ready for deployment on the Ethereum mainnet depending on the audit results.

• Fake 1inch Token (1INCH) - 0xd44390c5f4e3558be11bbdeb9c3193b6f4dff8c4
• HermesProxyFactory - 0x6f60e583e17721ecdfdab5f4251726774af6fa10

Transactions

1. Approve 1INCH tokens for HermesProxyFactory - Link
2. Fund and Deploy Hermes - Link
3. Subdelegate - Link
4. Subdelegate Multiple - Link
5. Recall All - Link
6. Recall Early - Link
7. Recall - Link

License

LGPL-3.0-only

Author

Anoy Roy Chowdhury - [email protected]