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feat: addition of ezETH to mainnet WETH market
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MishaShWoof committed Jun 14, 2024
1 parent b303912 commit d667e39
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86 changes: 86 additions & 0 deletions contracts/pricefeeds/EzETHExchangeRatePriceFeed.sol
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// SPDX-License-Identifier: BUSL-1.1
pragma solidity 0.8.15;

import "../vendor/renzo/IBalancerRateProvider.sol";
import "../IPriceFeed.sol";

/**
* @title Scaling price feed
* @notice A custom price feed that scales up or down the price received from an underlying Renzo ezETH / ETH exchange rate price feed and returns the result
* @author Compound
*/
contract EzETHExchangeRatePriceFeed is IPriceFeed {
/** Custom errors **/
error InvalidInt256();

/// @notice Version of the price feed
uint public constant override version = 1;

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/// @notice Description of the price feed
string public description;

/// @notice Number of decimals for returned prices
uint8 public immutable override decimals;

/// @notice Underlying Chainlink price feed where prices are fetched from
address public immutable underlyingPriceFeed;

/// @notice Whether or not the price should be upscaled
bool internal immutable shouldUpscale;

/// @notice The amount to upscale or downscale the price by
int256 internal immutable rescaleFactor;

/**
* @notice Construct a new scaling price feed
* @param ezETHRateProvider The address of the underlying price feed to fetch prices from
* @param decimals_ The number of decimals for the returned prices
**/
constructor(address ezETHRateProvider, uint8 decimals_, string memory description_) {
underlyingPriceFeed = ezETHRateProvider;
decimals = decimals_;
description = description_;

uint8 ezETHRateProviderDecimals = 18;
// Note: Solidity does not allow setting immutables in if/else statements
shouldUpscale = ezETHRateProviderDecimals < decimals_ ? true : false;
rescaleFactor = (shouldUpscale
? signed256(10 ** (decimals_ - ezETHRateProviderDecimals))
: signed256(10 ** (ezETHRateProviderDecimals - decimals_))
);
}

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/**
* @notice Price for the latest round
* @return roundId Round id from the underlying price feed
* @return answer Latest price for the asset in terms of ETH
* @return startedAt Timestamp when the round was started; passed on from underlying price feed
* @return updatedAt Timestamp when the round was last updated; passed on from underlying price feed
* @return answeredInRound Round id in which the answer was computed; passed on from underlying price feed
**/
function latestRoundData() override external view returns (
uint80 roundId,
int256 answer,
uint256 startedAt,
uint256 updatedAt,
uint80 answeredInRound
) {
uint256 rate = IBalancerRateProvider(underlyingPriceFeed).getRate();

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IBalancerRateProvider(underlyingPriceFeed).getRate() call on a Balancer pool is not protected from the read-only reentrancy.
return (0, scalePrice(int256(rate)), 0, 0, 0);
}

function signed256(uint256 n) internal pure returns (int256) {
if (n > uint256(type(int256).max)) revert InvalidInt256();
return int256(n);
}

function scalePrice(int256 price) internal view returns (int256) {
int256 scaledPrice;
if (shouldUpscale) {
scaledPrice = price * rescaleFactor;
} else {
scaledPrice = price / rescaleFactor;
}
return scaledPrice;
}
}
6 changes: 6 additions & 0 deletions contracts/vendor/renzo/IBalancerRateProvider.sol
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// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;

interface IBalancerRateProvider {
function getRate() external view returns (uint256);
}
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import { expect } from 'chai';
import { DeploymentManager } from '../../../../plugins/deployment_manager/DeploymentManager';
import { migration } from '../../../../plugins/deployment_manager/Migration';
import { exp, proposal } from '../../../../src/deploy';


const EZETH_ADDRESS = '0xbf5495Efe5DB9ce00f80364C8B423567e58d2110';
const EZETH_PRICE_FEED_ADDRESS = '0x636A000262F6aA9e1F094ABF0aD8f645C44f641C';

export default migration('1718352598_add_ezeth_as_collateral', {
async prepare(deploymentManager: DeploymentManager) {
const _ezETHScalingPriceFeed = await deploymentManager.deploy(
'ezETH:priceFeed',
'pricefeeds/EzETHExchangeRatePriceFeed.sol',
[
EZETH_PRICE_FEED_ADDRESS, // ezETH / ETH exchange rate price feed
8, // decimals
'ezETH / ETH exchange rate', // description
]
);
return { ezETHScalingPriceFeed: _ezETHScalingPriceFeed.address };
},

async enact(deploymentManager: DeploymentManager, _, { ezETHScalingPriceFeed }) {
const trace = deploymentManager.tracer();

const ezETH = await deploymentManager.existing(
'ezETH',
EZETH_ADDRESS,
'mainnet',
'contracts/ERC20.sol:ERC20'
);

const ezEthPricefeed = await deploymentManager.existing(
'ezETH:priceFeed',
ezETHScalingPriceFeed,
'mainnet'
);

const {
governor,
comet,
cometAdmin,
configurator,
} = await deploymentManager.getContracts();

const ezETHAssetConfig = {
asset: ezETH.address,
priceFeed: ezEthPricefeed.address,
decimals: await ezETH.decimals(),
borrowCollateralFactor: exp(0.80, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.90, 18),
supplyCap: exp(2_900, 18),
};

const mainnetActions = [
// 1. Add ezETH as asset
{
contract: configurator,
signature: 'addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))',
args: [comet.address, ezETHAssetConfig],
},
// 2. Deploy and upgrade to a new version of Comet
{
contract: cometAdmin,
signature: 'deployAndUpgradeTo(address,address)',
args: [configurator.address, comet.address],
},
];

const description = '# Add rsETH, weETH and osETH as collaterals into cWETHv3 on Mainnet\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add rsETH, weETH and osETH into cWETHv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III WETH market on Ethereum. Simulations have confirmed the market’s readiness, as much as possible, using the [Comet scenario suite](https://github.com/compound-finance/comet/tree/main/scenario). The new parameters include setting the risk parameters based off of the [recommendations from Gauntlet weETH](https://www.comp.xyz/t/add-weeth-market-on-ethereum/5179/3), [recommendations from Gauntlet rsETH](https://www.comp.xyz/t/add-rseth-market-on-ethereum-mainnet/5118/8) and [recommendations from Gauntlet osETH](https://www.comp.xyz/t/add-oseth-as-a-collateral-on-ethereum-mainnet/5272/2).\n\nFurther detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/854), [deploy market GitHub action run]() and [forum discussion weETH](https://www.comp.xyz/t/add-weeth-market-on-ethereum/5179), [forum discussion rsETH](https://www.comp.xyz/t/add-rseth-market-on-ethereum-mainnet/5118) and [forum discussion osETH](https://www.comp.xyz/t/add-oseth-as-a-collateral-on-ethereum-mainnet/5272).\n\n\n## Proposal Actions\n\nThe first proposal action adds rsETH asset as collateral with corresponding configurations.\n\nThe second action adds weETH asset as collateral with corresponding configurations.\n\nThe third action adds osETH asset as collateral with corresponding configurations.\n\nThe fourth action sets new Annual Supply Interest Rate Slope High to 100%.\n\nThe fifth action sets new Annual Borrow Interest Rate Slope High to 115%.\n\nThe sixth action deploys and upgrades Comet to a new version.';
const txn = await deploymentManager.retry(async () =>
trace(
await governor.propose(...(await proposal(mainnetActions, description)))
)
);

const event = txn.events.find(
(event) => event.event === 'ProposalCreated'
);
const [proposalId] = event.args;
trace(`Created proposal ${proposalId}.`);
},

async enacted(): Promise<boolean> {
return false;
},

async verify(deploymentManager: DeploymentManager) {
const { comet, configurator } = await deploymentManager.getContracts();

const ezETHAssetIndex = Number(await comet.numAssets()) - 1;

const ezETH = await deploymentManager.existing(
'ezETH',
EZETH_ADDRESS,
'mainnet',
'contracts/ERC20.sol:ERC20'
);

const ezETHAssetConfig = {
asset: ezETH.address,
priceFeed: '',
decimals: await ezETH.decimals(),
borrowCollateralFactor: exp(0.80, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.9, 18),
supplyCap: exp(2_900, 18), // 2_900
};

// 1. & 2. Compare ezETH asset config with Comet and Configurator asset info
const cometEzETHAssetInfo = await comet.getAssetInfoByAddress(
EZETH_ADDRESS
);
expect(ezETHAssetIndex).to.be.equal(cometEzETHAssetInfo.offset);
expect(ezETHAssetConfig.asset).to.be.equal(cometEzETHAssetInfo.asset);
expect(exp(1, ezETHAssetConfig.decimals)).to.be.equal(
cometEzETHAssetInfo.scale
);
expect(ezETHAssetConfig.borrowCollateralFactor).to.be.equal(
cometEzETHAssetInfo.borrowCollateralFactor
);
expect(ezETHAssetConfig.liquidateCollateralFactor).to.be.equal(
cometEzETHAssetInfo.liquidateCollateralFactor
);
expect(ezETHAssetConfig.liquidationFactor).to.be.equal(
cometEzETHAssetInfo.liquidationFactor
);
expect(ezETHAssetConfig.supplyCap).to.be.equal(
cometEzETHAssetInfo.supplyCap
);
const configuratorEsETHAssetConfig = (
await configurator.getConfiguration(comet.address)
).assetConfigs[ezETHAssetIndex];
expect(ezETHAssetConfig.asset).to.be.equal(
configuratorEsETHAssetConfig.asset
);
expect(ezETHAssetConfig.decimals).to.be.equal(
configuratorEsETHAssetConfig.decimals
);
expect(ezETHAssetConfig.borrowCollateralFactor).to.be.equal(
configuratorEsETHAssetConfig.borrowCollateralFactor
);
expect(ezETHAssetConfig.liquidateCollateralFactor).to.be.equal(
configuratorEsETHAssetConfig.liquidateCollateralFactor
);
expect(ezETHAssetConfig.liquidationFactor).to.be.equal(
configuratorEsETHAssetConfig.liquidationFactor
);
expect(ezETHAssetConfig.supplyCap).to.be.equal(
configuratorEsETHAssetConfig.supplyCap
);
},
});
2 changes: 1 addition & 1 deletion scenario/LiquidationBotScenario.ts
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Expand Up @@ -739,7 +739,7 @@ scenario(
const assetAmounts = {
mainnet: {
usdc: ' == 5000', // COMP
weth: ' == 10000', // CB_ETH
weth: ' == 7000', // CB_ETH
},
};

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