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diff --git a/synapse/util/caches/deferred_cache.py b/synapse/util/caches/deferred_cache.py
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+# -*- coding: utf-8 -*-
+# Copyright 2015, 2016 OpenMarket Ltd
+# Copyright 2018 New Vector Ltd
+# Copyright 2020 The Matrix.org Foundation C.I.C.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+
+import enum
+import threading
+from typing import Callable, Generic, Iterable, MutableMapping, Optional, TypeVar, cast
+
+from prometheus_client import Gauge
+
+from twisted.internet import defer
+
+from synapse.util.async_helpers import ObservableDeferred
+from synapse.util.caches import register_cache
+from synapse.util.caches.lrucache import LruCache
+from synapse.util.caches.treecache import TreeCache, iterate_tree_cache_entry
+
+cache_pending_metric = Gauge(
+    "synapse_util_caches_cache_pending",
+    "Number of lookups currently pending for this cache",
+    ["name"],
+)
+
+
+KT = TypeVar("KT")
+VT = TypeVar("VT")
+
+
+class _Sentinel(enum.Enum):
+    # defining a sentinel in this way allows mypy to correctly handle the
+    # type of a dictionary lookup.
+    sentinel = object()
+
+
+class DeferredCache(Generic[KT, VT]):
+    """Wraps an LruCache, adding support for Deferred results.
+
+    It expects that each entry added with set() will be a Deferred; likewise get()
+    may return an ObservableDeferred.
+    """
+
+    __slots__ = (
+        "cache",
+        "name",
+        "keylen",
+        "thread",
+        "metrics",
+        "_pending_deferred_cache",
+    )
+
+    def __init__(
+        self,
+        name: str,
+        max_entries: int = 1000,
+        keylen: int = 1,
+        tree: bool = False,
+        iterable: bool = False,
+        apply_cache_factor_from_config: bool = True,
+    ):
+        """
+        Args:
+            name: The name of the cache
+            max_entries: Maximum amount of entries that the cache will hold
+            keylen: The length of the tuple used as the cache key. Ignored unless
+               `tree` is True.
+            tree: Use a TreeCache instead of a dict as the underlying cache type
+            iterable: If True, count each item in the cached object as an entry,
+                rather than each cached object
+            apply_cache_factor_from_config: Whether cache factors specified in the
+                config file affect `max_entries`
+        """
+        cache_type = TreeCache if tree else dict
+
+        # _pending_deferred_cache maps from the key value to a `CacheEntry` object.
+        self._pending_deferred_cache = (
+            cache_type()
+        )  # type: MutableMapping[KT, CacheEntry]
+
+        # cache is used for completed results and maps to the result itself, rather than
+        # a Deferred.
+        self.cache = LruCache(
+            max_size=max_entries,
+            keylen=keylen,
+            cache_type=cache_type,
+            size_callback=(lambda d: len(d)) if iterable else None,
+            evicted_callback=self._on_evicted,
+            apply_cache_factor_from_config=apply_cache_factor_from_config,
+        )
+
+        self.name = name
+        self.keylen = keylen
+        self.thread = None  # type: Optional[threading.Thread]
+        self.metrics = register_cache(
+            "cache",
+            name,
+            self.cache,
+            collect_callback=self._metrics_collection_callback,
+        )
+
+    @property
+    def max_entries(self):
+        return self.cache.max_size
+
+    def _on_evicted(self, evicted_count):
+        self.metrics.inc_evictions(evicted_count)
+
+    def _metrics_collection_callback(self):
+        cache_pending_metric.labels(self.name).set(len(self._pending_deferred_cache))
+
+    def check_thread(self):
+        expected_thread = self.thread
+        if expected_thread is None:
+            self.thread = threading.current_thread()
+        else:
+            if expected_thread is not threading.current_thread():
+                raise ValueError(
+                    "Cache objects can only be accessed from the main thread"
+                )
+
+    def get(
+        self,
+        key: KT,
+        default=_Sentinel.sentinel,
+        callback: Optional[Callable[[], None]] = None,
+        update_metrics: bool = True,
+    ):
+        """Looks the key up in the caches.
+
+        Args:
+            key(tuple)
+            default: What is returned if key is not in the caches. If not
+                specified then function throws KeyError instead
+            callback(fn): Gets called when the entry in the cache is invalidated
+            update_metrics (bool): whether to update the cache hit rate metrics
+
+        Returns:
+            Either an ObservableDeferred or the result itself
+        """
+        callbacks = [callback] if callback else []
+        val = self._pending_deferred_cache.get(key, _Sentinel.sentinel)
+        if val is not _Sentinel.sentinel:
+            val.callbacks.update(callbacks)
+            if update_metrics:
+                self.metrics.inc_hits()
+            return val.deferred
+
+        val = self.cache.get(key, _Sentinel.sentinel, callbacks=callbacks)
+        if val is not _Sentinel.sentinel:
+            self.metrics.inc_hits()
+            return val
+
+        if update_metrics:
+            self.metrics.inc_misses()
+
+        if default is _Sentinel.sentinel:
+            raise KeyError()
+        else:
+            return default
+
+    def set(
+        self,
+        key: KT,
+        value: defer.Deferred,
+        callback: Optional[Callable[[], None]] = None,
+    ) -> ObservableDeferred:
+        if not isinstance(value, defer.Deferred):
+            raise TypeError("not a Deferred")
+
+        callbacks = [callback] if callback else []
+        self.check_thread()
+        observable = ObservableDeferred(value, consumeErrors=True)
+        observer = observable.observe()
+        entry = CacheEntry(deferred=observable, callbacks=callbacks)
+
+        existing_entry = self._pending_deferred_cache.pop(key, None)
+        if existing_entry:
+            existing_entry.invalidate()
+
+        self._pending_deferred_cache[key] = entry
+
+        def compare_and_pop():
+            """Check if our entry is still the one in _pending_deferred_cache, and
+            if so, pop it.
+
+            Returns true if the entries matched.
+            """
+            existing_entry = self._pending_deferred_cache.pop(key, None)
+            if existing_entry is entry:
+                return True
+
+            # oops, the _pending_deferred_cache has been updated since
+            # we started our query, so we are out of date.
+            #
+            # Better put back whatever we took out. (We do it this way
+            # round, rather than peeking into the _pending_deferred_cache
+            # and then removing on a match, to make the common case faster)
+            if existing_entry is not None:
+                self._pending_deferred_cache[key] = existing_entry
+
+            return False
+
+        def cb(result):
+            if compare_and_pop():
+                self.cache.set(key, result, entry.callbacks)
+            else:
+                # we're not going to put this entry into the cache, so need
+                # to make sure that the invalidation callbacks are called.
+                # That was probably done when _pending_deferred_cache was
+                # updated, but it's possible that `set` was called without
+                # `invalidate` being previously called, in which case it may
+                # not have been. Either way, let's double-check now.
+                entry.invalidate()
+
+        def eb(_fail):
+            compare_and_pop()
+            entry.invalidate()
+
+        # once the deferred completes, we can move the entry from the
+        # _pending_deferred_cache to the real cache.
+        #
+        observer.addCallbacks(cb, eb)
+        return observable
+
+    def prefill(self, key: KT, value: VT, callback: Callable[[], None] = None):
+        callbacks = [callback] if callback else []
+        self.cache.set(key, value, callbacks=callbacks)
+
+    def invalidate(self, key):
+        self.check_thread()
+        self.cache.pop(key, None)
+
+        # if we have a pending lookup for this key, remove it from the
+        # _pending_deferred_cache, which will (a) stop it being returned
+        # for future queries and (b) stop it being persisted as a proper entry
+        # in self.cache.
+        entry = self._pending_deferred_cache.pop(key, None)
+
+        # run the invalidation callbacks now, rather than waiting for the
+        # deferred to resolve.
+        if entry:
+            entry.invalidate()
+
+    def invalidate_many(self, key: KT):
+        self.check_thread()
+        if not isinstance(key, tuple):
+            raise TypeError("The cache key must be a tuple not %r" % (type(key),))
+        self.cache.del_multi(key)
+
+        # if we have a pending lookup for this key, remove it from the
+        # _pending_deferred_cache, as above
+        entry_dict = self._pending_deferred_cache.pop(cast(KT, key), None)
+        if entry_dict is not None:
+            for entry in iterate_tree_cache_entry(entry_dict):
+                entry.invalidate()
+
+    def invalidate_all(self):
+        self.check_thread()
+        self.cache.clear()
+        for entry in self._pending_deferred_cache.values():
+            entry.invalidate()
+        self._pending_deferred_cache.clear()
+
+
+class CacheEntry:
+    __slots__ = ["deferred", "callbacks", "invalidated"]
+
+    def __init__(
+        self, deferred: ObservableDeferred, callbacks: Iterable[Callable[[], None]]
+    ):
+        self.deferred = deferred
+        self.callbacks = set(callbacks)
+        self.invalidated = False
+
+    def invalidate(self):
+        if not self.invalidated:
+            self.invalidated = True
+            for callback in self.callbacks:
+                callback()
+            self.callbacks.clear()