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Changelog

Unreleased

New contract: CoinvestedPosition

Holds tokens on behalf of a co-investor and sells them, splitting proceeds between the co-investor (receiver) and lead investors via carry.

  • Base price: EURO-denominated reference price recorded at initialization. After fees, the receiver is entitled to basePrice per token; any surplus is carry split among lead investors by carryFraction. If net proceeds don't cover basePrice, all proceeds go to the receiver.
  • Currency flexibility: All three distribution paths (buy, dividends, exit) accept any EURO token (TRUSTED_CURRENCY | EURO_CURRENCY). The currency used by buy() is a state variable the owner can update via setCurrency().
  • Balance sweep: Lead investor shares are paid first, then the contract's entire remaining currency balance is swept to receiver, including any accidentally sent funds.

New contract: TokenSwapBase

Abstract base extracted from duplicated logic in TokenSwap and CoinvestedPosition, covering shared state, fee handling, price/receiver management, pause controls, and ERC-2771 support. Both contracts now extend it.

New contract: Distribution

Distributes a fixed currency amount among token holders proportional to their balance at a given snapshot. Supports direct claims, ERC-1271 smart-contract holders, and vesting contracts. An owner-only reassign function (available after a configurable delay post-deployment) handles recovery cases. Deployed via an atomic clone-and-fund factory.

Fee collection

Note that for Distributions, all fees are collected at smart contract creation instead of at claim time. Rationale: there is no way to extract the currency without a fee payment, so we might as well collect at the beginning and save gas because we do it only once instead of bite-by-bite.

New contract: Exit

Allows token holders to redeem tokens for a fixed currency payout within a configurable duration after the exit date. Deployed via an atomic clone-and-fund factory.

New constant: EURO_CURRENCY in AllowList

uint256 constant EURO_CURRENCY = 2 ** 254 (bit 254) added alongside TRUSTED_CURRENCY (bit 255). Marks a currency as Euro-denominated; required by CoinvestedPosition for all currency inputs.

Breaking change: TRUSTED_CURRENCY check relaxed to bitmask

Affected: Crowdinvesting, PrivateOffer, TokenSwap

The currency allowList check changed from exact equality to a bitmask, allowing currency addresses to carry additional bits (e.g. EURO_CURRENCY) without being rejected. Existing deployments are affected when the attributes on the AllowList or the AllowList itself are updated.