Credit accounts


Multicalls are a main way to manage a Credit Account in Gearbox V3. A multicall is a sequence of calls submitted to the Credit Facade, which it then parses and orchestrates the requested changes on the account.

The calls are passed as an array of MultiCall structs:

struct MultiCall {
    address target;
    bytes callData;

The target field encodes the contract that will process the requested operation:

  1. For internal operations, such as managing debt or adding/withdrawing collateral, this is the address of the Credit Facade itself;
  2. For external operations, the target is the adapter connected to the protocol being interacted with.

callData encodes the function to be executed and its parameters. Note that for adapters this is a function that is directly present in the adapter ABI (i.e. any externally callable non-view function in the adapter can be called), while for the Credit Facade, callData encodes functions from a special interface (opens in a new tab), which are not available externally and can only be accessed from within a multicall.

Multicall-supporting functions

All functions in CreditFacade that touch the contracts in some way support multicalls. These include:

function openCreditAccount(address onBehalfOf, MultiCall[] calldata calls, uint256 referralCode)
    returns (address creditAccount);
function closeCreditAccount(address creditAccount, MultiCall[] calldata calls) external payable;
function liquidateCreditAccount(address creditAccount, address to, MultiCall[] calldata calls) external;
function multicall(address creditAccount, MultiCall[] calldata calls) external payable;
function botMulticall(address creditAccount, MultiCall[] calldata calls) external;

This allows users to do all their required account management in one call. As each multicall (except when closing/liquidating an account) is followed by a collateral check, this helps minimize the gas overhead by batching any required management actions under a single check.

Multicall flow

All multicalls, regardless of the function, are performed as follows:

  1. The Credit Facade receives the calls array;
  2. The Credit Facade saves the balances of forbidden tokens on the Credit Account (if any);
  3. The Credit Facade applies on-demand price feed updates. The Credit Facade always assumes that all price updates are at the beginning of the calls array.
  4. The Credit Facade goes through MultiCall structs one-by-one and parses data depending on the target. If the target is the Credit Facade itself, it attempts to decode the callData selector and execute an internal function corresponding to that selector with passed parameters. If the target is a (valid) adapter, the Credit Facade just routes the call to it as-is;
  5. After processing all structs, the Credit Facade calls CreditManagerV3.fullCollateralCheck() in order to verify account solvency, and checks that forbidden token balances were not increased, and no new forbidden tokens were enabled.

Simple multicall usage example

Suppose we want to perform the following sequence of actions on opening an account:

  1. Add 10000 USDC as collateral;
  2. Borrow 40000 USDC from the pool;
  3. Convert all USDC to WETH using UniswapV3;
  4. Deposit all WETH into yvWETH (Yearn WETH vault);
  5. Set a quota for yvWETH to count it towards account collateral (for simplicity, we will set a quota of 50000 USDC, which is guaranteed to cover all yvWETH);

For illustrative purposes, suppose also that yvWETH has an on-demand price oracle.

Suppose we have the following variables defined elsewhere:

address accountOwner;
address creditManager;
address creditFacade;
address usdc;
address weth;
address yvWETH;
address uniswapV3Router;
bytes memort yvWETH_priceData;

Assume that the expected exchange rate between USDC and ywWETH is 2000 USDC/ywWETH. The following is an example for constructing a multicall that implements this strategy and opening an account with it.

    MultiCall[] memory calls = new MultiCall[](8);
    // All on-demand price feed updates must always go first in the calls array
    calls[0] = MultiCall({
        target: creditFacade,
        callData: abi.encodeCall(ICreditFacadeV3Multicall.onDemandPriceUpdate, (yvWETH, false, ywWETH_priceData))
    calls[1] = MultiCall({
        target: creditFacade,
        callData: abi.encodeCall(ICreditFacadeV3Multicall.addCollateral, (usdc, 10_000 * 10**6))
    calls[2] = MultiCall({
        target: creditFacade,
        callData: abi.encodeCall(ICreditFacadeV3Multicall.increaseDebt, (40_000 * 10**6))
    // Before the external calls, we need to set up a slippage check
    // The minimum output yvWETH amount is (50000 / 2000) * 0.995 = 24.875
    BalanceDelta[] memory deltas = new BalanceDelta[](1);
    deltas[0] = BalanceDelta({
        token: yvWETH,
        amount: (25 * 10**18) * 995 / 1000;
    calls[3] = MultiCall({
        target: creditFacade,
        callData: abi.encodeCall(ICreditFacadeV3Multicall.storeExpectedBalances, (deltas))
    // For external calls, we need to retrieve the adapter addresses, which are unique to each Credit Manager
    address uniswapV3Adapter = ICreditManagerV3(creditManager).contractToAdapter(uniswapV3Router);
    address yvWETHAdapter = ICreditManagerV3(creditManager).contractToAdapter(yvWETH);
    // This is a parameter struct passed into Uniswap's `exactInputSingle`. See
    ISwapRouter.ExactInputSingleParams memory params = ISwapRouter.ExactInputSingleParams({
        tokenIn: usdc,
        tokenOut: weth,
        fee: 500,
        recipient: address(0), // For obvious reasons, the adapter overrides this parameter to the credit account address automatically
        deadline: block.timestamp + 3600,
        amountIn: 50_000 * 10**6,
        amountOutMinimum: 0 // We can omit the slippage check here, since we will use Gearbox's native slippage check
        sqrtPriceLimitX96: 0
    calls[4] = MultiCall({
        target: uniswapV3Adapter,
        callData: abi.encodeCall(IUniswapV3Adapter.exactInputSingle, (params))
    // This external call uses a function `depositDiff` unique to the YearnV2 adapter
    // See the `Adapters` section for more info
    calls[5] = MultiCall({
        target: yvWETHAdapter,
        callData: abi.encodeCall(IYearnV2Adapter.depositDiff, (1))
    // After external calls, we perform a slippage check
    calls[6] = MultiCall({
        target: creditFacade,
        callData: abi.encodeCall(ICreditFacadeV3Multicall.compareBalances, ())
    // Finally, we set a quota
    calls[7] = MultiCall({
        target: creditFacade,
        callData: abi.encodeCall(ICreditFacadeV3Multicall.updateQuota, (yvWETH, 50_000 * 10 ** 6, 50_000 * 10 ** 6))
    // Since we are adding collateral from this account, we need to approve tokens
    // Note that the contract to give approval to is Credit Manager, not Credit Facade
    IERC20(usdc).approve(creditManager, 10_000 * 10 ** 6);
    ICreditFacadeV3(creditFacade).openCreditAccount(accountOwner, calls, 0);

For details regarding any of the mentioned functions, see the following sections. The specifications for Credit Facade multicall functions can be found here (opens in a new tab).

Last updated on November 16, 2023