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Add wstETH as collateral to USDC market on Arbitrum (#883)
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Co-authored-by: dmitriy-woof-software <[email protected]>
Co-authored-by: GitHub Actions Bot <>
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@MishaShWoof @dmitriy-woof-software
MishaShWoof and dmitriy-woof-software authored Jul 22, 2024
1 parent 74a59c7 commit ad5d9b5
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228 changes: 228 additions & 0 deletions deployments/arbitrum/usdc/migrations/1720603419_add_wsteth_as_collateral.ts
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import { expect } from 'chai';
import { DeploymentManager } from '../../../../plugins/deployment_manager/DeploymentManager';
import { migration } from '../../../../plugins/deployment_manager/Migration';
import { calldata, exp, proposal } from '../../../../src/deploy';
import { utils } from 'ethers';
import { applyL1ToL2Alias, estimateL2Transaction } from '../../../../scenario/utils/arbitrumUtils';

const WSTETH_ADDRESS = '0x5979D7b546E38E414F7E9822514be443A4800529';
const WSTETH_STETH_PRICE_FEED_ADDRESS = '0xB1552C5e96B312d0Bf8b554186F846C40614a540';
const STETH_ETH_PRICE_FEED_ADDRESS = '0xded2c52b75B24732e9107377B7Ba93eC1fFa4BAf';
const ETH_USD_PRICE_FEED_ADDRESS = '0x639Fe6ab55C921f74e7fac1ee960C0B6293ba612';

let newPriceFeedAddress: string;
let existingPriceFeedAddress: string;

export default migration('1720603419_add_wsteth_as_collateral', {
async prepare(deploymentManager: DeploymentManager) {
const _wstETHToEthScalingPriceFeed = await deploymentManager.deploy(
'wstETH:priceFeed',
'pricefeeds/MultiplicativePriceFeed.sol',
[
WSTETH_STETH_PRICE_FEED_ADDRESS, // wstETH / stETH price feed
STETH_ETH_PRICE_FEED_ADDRESS, // stETH / ETH price feed
8, // decimals
'wstETH / ETH price feed' // description
]
);

const _wstETHToUsdScalingPriceFeed = await deploymentManager.deploy(
'wstETH:priceFeed',
'pricefeeds/MultiplicativePriceFeed.sol',
[
_wstETHToEthScalingPriceFeed.address, // wstETH / stETH / ETH price feed
ETH_USD_PRICE_FEED_ADDRESS, // ETH / USD price feed
8, // decimals
'wstETH / USD price feed' // description
],
true
);

return { wstETHToUsdScalingPriceFeed: _wstETHToUsdScalingPriceFeed.address };
},

enact: async (
deploymentManager: DeploymentManager,
govDeploymentManager: DeploymentManager,
{ wstETHToUsdScalingPriceFeed }
) => {
const trace = deploymentManager.tracer();

const wstETH = await deploymentManager.existing(
'wstETH',
WSTETH_ADDRESS,
'arbitrum',
'contracts/ERC20.sol:ERC20'
);

const wstETHPricefeed = await deploymentManager.existing(
'wstETH:priceFeed',
wstETHToUsdScalingPriceFeed,
'arbitrum'
);

newPriceFeedAddress = wstETHToUsdScalingPriceFeed;
existingPriceFeedAddress = wstETHPricefeed.address;

const {
bridgeReceiver,
comet,
cometAdmin,
configurator,
timelock: l2Timelock,
} = await deploymentManager.getContracts();

const { governor,
arbitrumInbox,
timelock,
} = await govDeploymentManager.getContracts();

const refundAddress = l2Timelock.address;

const newAssetConfig = {
asset: wstETH.address,
priceFeed: wstETHPricefeed.address,
decimals: await wstETH.decimals(),
borrowCollateralFactor: exp(0.8, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.90, 18),
supplyCap: exp(1_500, 18),
};

const addAssetCalldata = await calldata(
configurator.populateTransaction.addAsset(comet.address, newAssetConfig)
);
const deployAndUpgradeToCalldata = utils.defaultAbiCoder.encode(
['address', 'address'],
[configurator.address, comet.address]
);

const l2ProposalData = utils.defaultAbiCoder.encode(
['address[]', 'uint256[]', 'string[]', 'bytes[]'],
[
[configurator.address, cometAdmin.address],
[0, 0],
[
'addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))',
'deployAndUpgradeTo(address,address)',
],
[addAssetCalldata, deployAndUpgradeToCalldata],
]
);

const createRetryableTicketGasParams = await estimateL2Transaction(
{
from: applyL1ToL2Alias(timelock.address),
to: bridgeReceiver.address,
data: l2ProposalData
},
deploymentManager
);

const mainnetActions = [
// 1. Set Comet configuration and deployAndUpgradeTo new Comet on Arbitrum.
{
contract: arbitrumInbox,
signature: 'createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)',
args: [
bridgeReceiver.address, // address to,
0, // uint256 l2CallValue,
createRetryableTicketGasParams.maxSubmissionCost, // uint256 maxSubmissionCost,
refundAddress, // address excessFeeRefundAddress,
refundAddress, // address callValueRefundAddress,
createRetryableTicketGasParams.gasLimit, // uint256 gasLimit,
createRetryableTicketGasParams.maxFeePerGas, // uint256 maxFeePerGas,
l2ProposalData, // bytes calldata data
],
value: createRetryableTicketGasParams.deposit
},
];

const description = '# Add wstETH as collateral into cUSDCv3 on Arbitrum\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add wstETH into cUSDCv3 on Arbitrum network. This proposal takes the governance steps recommended and necessary to update a Compound III USDC market on Arbitrum. 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](https://www.comp.xyz/t/gauntlet-wsteth-and-ezeth-asset-listing/5404).\n\nFurther detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/883) and [forum discussion](https://www.comp.xyz/t/temp-check-add-wsteth-as-a-collateral-on-base-eth-market-usdc-market-on-arbitrum-and-ethereum-mainnet/4867/).\n\n\n## Proposal Actions\n\nThe first proposal action adds wstETH to the USDC Comet on Arbitrum. This sends the encoded `addAsset` and `deployAndUpgradeTo` calls across the bridge to the governance receiver on Arbitrum.';
const txn = await govDeploymentManager.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(deploymentManager: DeploymentManager): Promise<boolean> {
return true;
},

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

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

const wstETHAssetConfig = {
asset: WSTETH_ADDRESS,
priceFeed: newPriceFeedAddress,
decimals: 18,
borrowCollateralFactor: exp(0.8, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.90, 18),
supplyCap: exp(1_500, 18),
};

// check that we set up correct new deployed price feed
expect(newPriceFeedAddress).to.be.equal(existingPriceFeedAddress)

// 1. Compare proposed asset config with Comet asset info
const wstETHAssetInfo = await comet.getAssetInfoByAddress(
WSTETH_ADDRESS
);
expect(wstETHAssetIndex).to.be.equal(wstETHAssetInfo.offset);
expect(wstETHAssetConfig.asset).to.be.equal(wstETHAssetInfo.asset);
expect(wstETHAssetConfig.priceFeed).to.be.equal(
wstETHAssetInfo.priceFeed
);
expect(exp(1, wstETHAssetConfig.decimals)).to.be.equal(
wstETHAssetInfo.scale
);
expect(wstETHAssetConfig.borrowCollateralFactor).to.be.equal(
wstETHAssetInfo.borrowCollateralFactor
);
expect(wstETHAssetConfig.liquidateCollateralFactor).to.be.equal(
wstETHAssetInfo.liquidateCollateralFactor
);
expect(wstETHAssetConfig.liquidationFactor).to.be.equal(
wstETHAssetInfo.liquidationFactor
);
expect(wstETHAssetConfig.supplyCap).to.be.equal(
wstETHAssetInfo.supplyCap
);

// 2. Compare proposed asset config with Configurator asset config
const configuratorWstETHAssetConfig = (
await configurator.getConfiguration(comet.address)
).assetConfigs[wstETHAssetIndex];
expect(wstETHAssetConfig.asset).to.be.equal(
configuratorWstETHAssetConfig.asset
);
expect(wstETHAssetConfig.priceFeed).to.be.equal(
configuratorWstETHAssetConfig.priceFeed
);
expect(wstETHAssetConfig.decimals).to.be.equal(
configuratorWstETHAssetConfig.decimals
);
expect(wstETHAssetConfig.borrowCollateralFactor).to.be.equal(
configuratorWstETHAssetConfig.borrowCollateralFactor
);
expect(wstETHAssetConfig.liquidateCollateralFactor).to.be.equal(
configuratorWstETHAssetConfig.liquidateCollateralFactor
);
expect(wstETHAssetConfig.liquidationFactor).to.be.equal(
configuratorWstETHAssetConfig.liquidationFactor
);
expect(wstETHAssetConfig.supplyCap).to.be.equal(
configuratorWstETHAssetConfig.supplyCap
);
},
});
12 changes: 12 additions & 0 deletions deployments/arbitrum/usdc/relations.ts
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Expand Up @@ -44,4 +44,16 @@ export default {
}
}
},
OssifiableProxy: {
artifact: 'contracts/ERC20.sol:ERC20'
},
// wstETH
'0x5979D7b546E38E414F7E9822514be443A4800529': {
artifact: 'contracts/ERC20.sol:ERC20',
delegates: {
field: {
slot: '0x360894a13ba1a3210667c828492db98dca3e2076cc3735a920a3ca505d382bbc'
}
}
},
};
16 changes: 8 additions & 8 deletions scenario/BulkerScenario.ts
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Expand Up @@ -10,11 +10,11 @@ scenario(
{
filter: async (ctx) => await isBulkerSupported(ctx) && !matchesDeployment(ctx, [{ deployment: 'weth' }, { network: 'mumbai' }, { network: 'linea-goerli' }]),
supplyCaps: {
$asset0: 3000,
$asset1: 3000,
$asset0: 5000,
$asset1: 5000,
},
tokenBalances: {
albert: { $base: '== 0', $asset0: 3000, $asset1: 3000 },
albert: { $base: '== 0', $asset0: 5000, $asset1: 5000 },
$comet: { $base: 5000 },
},
},
Expand All @@ -30,7 +30,7 @@ scenario(
const { asset: collateralAssetAddress, scale: scaleBN } = asset0 === wrappedNativeToken ? { asset: asset1, scale: scale1 } : { asset: asset0, scale: scale0 };
const collateralAsset = context.getAssetByAddress(collateralAssetAddress);
const collateralScale = scaleBN.toBigInt();
const toSupplyCollateral = 3000n * collateralScale;
const toSupplyCollateral = 5000n * collateralScale;
const toBorrowBase = 1000n * baseScale;
const toTransferBase = 500n * baseScale;
const toSupplyEth = exp(0.01, 18);
Expand Down Expand Up @@ -167,11 +167,11 @@ scenario(
{
filter: async (ctx) => await isBulkerSupported(ctx) && await isRewardSupported(ctx) && !matchesDeployment(ctx, [{ deployment: 'weth' }, { network: 'linea-goerli' }]),
supplyCaps: {
$asset0: 3000,
$asset1: 3000,
$asset0: 5000,
$asset1: 5000,
},
tokenBalances: {
albert: { $base: '== 1000000', $asset0: 3000, $asset1: 3000 },
albert: { $base: '== 1000000', $asset0: 5000, $asset1: 5000 },
$comet: { $base: 5000 },
}
},
Expand All @@ -189,7 +189,7 @@ scenario(
const collateralScale = scaleBN.toBigInt();
const [rewardTokenAddress] = await rewards.rewardConfig(comet.address);
const toSupplyBase = 1_000_000n * baseScale;
const toSupplyCollateral = 3000n * collateralScale;
const toSupplyCollateral = 5000n * collateralScale;
const toBorrowBase = 1000n * baseScale;
const toTransferBase = 500n * baseScale;
const toSupplyEth = exp(0.01, 18);
Expand Down

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