node/hack: Print potential USD stablecoins that appear depegged (#4130)

* node/hack: Print potential USD stablecoins that appear depegged * PR feedback
wormhole-foundation · Oct 8, 2024 · f475e0d · f475e0d
1 parent c9690c9
commit f475e0d
Showing 1 changed file with 39 additions and 0 deletions.
diff --git a/node/hack/governor/src/index.ts b/node/hack/governor/src/index.ts
@@ -14,6 +14,29 @@ import { arrayify, zeroPad } from "ethers/lib/utils";
 const MinNotional = 0;
 // Price change tolerance in %. Fallback to 30%
 const PriceDeltaTolerance = process.env.PRICE_TOLERANCE ? Math.min(100, Math.max(0, parseInt(process.env.PRICE_TOLERANCE))) : 30;
+// The percentage by which the price deviates from $1 to be considered depegged
+const usdDepegPercentage = process.env.DEPEG_PERCENTAGE ? Math.min(100, Math.max(0, parseInt(process.env.DEPEG_PERCENTAGE))) : 10;
+const usdPeggedStablecoins = [
+  "USD",   // Matches with USDT, USDC, BUSD, etc.
+  "PAX",   // Pax Dollar
+  "DAI",   // Dai
+  "RSV",   // Reserve
+  "VAI",   // Vai
+  "FRAX",  // Frax
+  "FEI",   // Fei
+];
+const expectedUSDDepeggs = [
+  "2-00000000000000000000000045804880de22913dafe09f4980848ece6ecbaf78-PAXG", // This is PaxGold and not pegged to $1
+  "2-000000000000000000000000d13cfd3133239a3c73a9e535a5c4dadee36b395c-VAI", // This is Vaiot, not the VAI stablecoin
+  "5-000000000000000000000000ee327f889d5947c1dc1934bb208a1e792f953e96-frxETH", // Frax ETH
+  "23-0000000000000000000000009d2f299715d94d8a7e6f5eaa8e654e8c74a988a7-FXS", // Frax Share
+  "2-0000000000000000000000003432b6a60d23ca0dfca7761b7ab56459d9c964d0-FXS", // Frax Share
+  "23-00000000000000000000000051318b7d00db7acc4026c88c3952b66278b6a67f-PLS", // Plutus DAO
+  "3-0100000000000000000000000000000000000000000000000000000075757364-UST", // Terra USD
+  "2-000000000000000000000000dfdb7f72c1f195c5951a234e8db9806eb0635346-NFD", // Feisty Doge NFT
+  "2-00000000000000000000000000c5ca160a968f47e7272a0cfcda36428f386cb6-USDEBT", // US Debt Meme coin
+  "4-00000000000000000000000011a38e06699b238d6d9a0c7a01f3ac63a07ad318-USDFI", // USDFI is a protocol, not a stablecoin
+]
 
 const axios = require("axios");
 const fs = require("fs");
@@ -54,6 +77,7 @@ if (fs.existsSync(IncludeFileName)) {
 var existingTokenPrices = {};
 var existingTokenKeys: string[] = [];
 var newTokenKeys = {};
+var depeggedUSDStablecoins = [];
 
 fs.readFile("../../pkg/governor/generated_mainnet_tokens.go", "utf8", function(_, doc) {
   var matches = doc.matchAll(/{chain: (?<chain>[0-9]+).+addr: "(?<addr>[0-9a-fA-F]+)".*symbol: "(?<symbol>.*)", coin.*price: (?<price>.*)}.*\n/g);
@@ -174,6 +198,18 @@ axios
               }
             }
 
+            // This token looks like a USD stablecoin
+            if (usdPeggedStablecoins.findIndex(element => data.Symbol.toLowerCase().includes(element.toLowerCase()) || data.CoinGeckoId.toLowerCase().includes(element.toLowerCase())) != -1 ) {
+              // The token price has deviated significantly from $1
+              if (data.TokenPrice > 1 * ((100 + usdDepegPercentage) / 100) || data.TokenPrice < 1 * ((100 - usdDepegPercentage) / 100)) {
+                var uniqueIdentifier = chain + "-" + wormholeAddr + "-" + data.Symbol;
+                // Skip tokens that are not expected to be pegged to $1
+                if (!expectedUSDDepeggs.includes(uniqueIdentifier)) {
+                  depeggedUSDStablecoins.push(uniqueIdentifier + " = " + data.TokenPrice);
+                }
+              }
+            }
+
             // This is a new token
             if (existingTokenPrices[chain] == undefined || existingTokenPrices[chain][wormholeAddr] == undefined) {
               addedTokens.push(chain + "-" + wormholeAddr + "-" + data.Symbol);
@@ -268,6 +304,9 @@ axios
     changedContent += "\n\nTokens with invalid symbols = " + failedInputValidationTokens.length + ":\n<WH_chain_id>-<WH_token_addr>-<token_symbol>\n\n";
     changedContent += JSON.stringify(failedInputValidationTokens, null, 1);
 
+    changedContent += "\n\nPotentially depegged USD stablecoins (>" + usdDepegPercentage + "%) = " + depeggedUSDStablecoins.length + ":\n<WH_chain_id>-<WH_token_addr>-<token_symbol> = <token_price>\n\n";
+    changedContent += JSON.stringify(depeggedUSDStablecoins, null, 1);
+
     changedContent += "\n\nTokens with significant price drops (>" + PriceDeltaTolerance + "%) = " + significantPriceChanges.length + ":\n\n"
     changedContent += JSON.stringify(significantPriceChanges, null, 1);
     changedContent += "\n```";