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docs: add ERC-7540 page#17910

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hieronx wants to merge 6 commits intoethereum:devfrom
ERC4626-Alliance:add-erc-7540-page
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docs: add ERC-7540 page#17910
hieronx wants to merge 6 commits intoethereum:devfrom
ERC4626-Alliance:add-erc-7540-page

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@hieronx hieronx commented Apr 1, 2026

Adds page describing ERC-7540 in detail (fixes #17911)

Description

ERC-7540 has grown significantly in adoption, but is a complex standard. While it is already briefly explained on the ERC-4626 page, a more detailed guide specifically for asynchronous vaults can be very useful to a wider audience.

hieronx added 2 commits April 1, 2026 23:06
Add new documentation page for ERC-7540, the asynchronous extension
of ERC-4626. Links added from ERC-4626 and ERC-20 token standards pages.
Add new documentation page for ERC-7540, the asynchronous extension
of ERC-4626. Includes SVG diagrams for sync vs async flows and
request lifecycle. Links added from ERC-4626 and ERC-20 pages.
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hieronx commented Apr 1, 2026

@corwintines or others, would love to get a review of this, think this would be very useful for a lot of people looking at vaults right now.

hieronx added 3 commits April 1, 2026 23:19
Tighten intro, reorder sections, clarify request IDs,
add note on optional async flexibility per deposit/redeem.
Simplify prose, remove forward pricing paragraph,
weave diagrams into explanatory text instead of
standalone headers.
Place the request lifecycle diagram before the deposit/redeem
flow details, where it serves as a map for the reader.
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konopkja commented Apr 7, 2026

Thanks for the well-written page, the diagrams and structure are solid.

A few things before this can move forward:

Implementation link bias. The Further Reading section links exclusively to centrifuge/liquidity-pools as the reference implementation. Given that you're a Centrifuge employee and lead author of the ERC, this creates an appearance of promotional content even though the body text is neutral. There's a more neutral reference implementation at ERC4626-Alliance/ERC-7540-Reference that should be linked instead of, or at minimum alongside, the Centrifuge repo.

Adoption justification. Issue #17911 claims "several billion in TVL" and growing adoption. Could you provide sources for these numbers? For context, the other ERC pages on ethereum.org (ERC-20, ERC-721, ERC-4626, etc.) all document standards with massive ecosystem-wide adoption. Understanding the current adoption scope helps calibrate whether this warrants a standalone page vs. expanding the existing ERC-4626 subsection.

SVG dark mode. The diagrams use hardcoded fill: #222 which won't be legible on ethereum.org's dark theme. These need dark-mode-compatible styling (e.g., currentColor).

Scope question for maintainers: Does this meet the bar for a standalone page given current adoption, or would expanding the ERC-7540 section on the ERC-4626 page be more appropriate at this stage? Happy to hear other reviewers' take.

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hieronx commented Apr 7, 2026

Implementation link bias. The Further Reading section links exclusively to centrifuge/liquidity-pools as the reference implementation. Given that you're a Centrifuge employee and lead author of the ERC, this creates an appearance of promotional content even though the body text is neutral. There's a more neutral reference implementation at ERC4626-Alliance/ERC-7540-Reference that should be linked instead of, or at minimum alongside, the Centrifuge repo.

That was unintentional. The ERC4626 Alliance reference implementation is unaudited so not sure it would be best to link to that. There will soon be an OpenZeppelin implementation: OpenZeppelin/openzeppelin-contracts#6399 But that is still in progress. So will remove it for now and suggest we add the OZ one once it's live.

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hieronx commented Apr 7, 2026

Adoption justification. Issue #17911 claims "several billion in TVL" and growing adoption. Could you provide sources for these numbers? For context, the other ERC pages on ethereum.org (ERC-20, ERC-721, ERC-4626, etc.) all document standards with massive ecosystem-wide adoption. Understanding the current adoption scope helps calibrate whether this warrants a standalone page vs. expanding the existing ERC-4626 subsection.

For TVL specifically, here's a brief overview of TVL based on what I could quickly find.

Project ERC-7540 Deposit ERC-7540 Redeem TVL Reference
Centrifuge Yes Yes $1.71B DefiLlama
USDai No Yes $241.2M DefiLlama
Lagoon Yes Yes $124M DefiLlama
OpenCover No Yes $68M OpenCover
Nest (Plume) No Yes $57M DefiLlama
Superform No Yes $36.1M DefiLlama
UltraYield No Yes $28.7M DefiLlama
Harmonix No Yes $4.4M DefiLlama
Magma Staking No Yes $1.35M DefiLlama
Cove Yes Yes $404K DefiLlama
Amphor Yes Yes $55K DefiLlama
MetaVault Yes Yes $12K DefiLlama

Besides Centrifuge, there is 1) an increasing number of protocols using it (this list is not complete) and 2) several projects with significant TVL (USDai, Lagoon, Nest, OpenCover).

Other references for ecosystem-wide adoption:

- Replace hardcoded ethereum#222/ethereum#444 fills with currentColor for dark mode
- Replace Centrifuge-specific repo with ERC4626-Alliance reference impl
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[Content] Add dedicated ERC-7540 page

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