| title | author | shortDescription | discussions | created |
|---|---|---|---|---|
Price feeds operational update |
BGD Labs (@bgdlabs) |
Swap price adapters for wbtc and LSTs, and activation of optimism price oracle sentinel |
2023-05-04 |
This proposal changes the following price adapters and price oracle sentinel:
- WBTC on Ethereum v2 to the custom
WBTC / BTC / ETH - wstETH on Optimism and Arbitrum v3 to
wstETH / ETH / USD - MATICX on Polygon v3 to the custom adapter, which uses
MATIC / USDCL feed andMATICX / MATICon-chain rate - stMATIC on Polygon v3 to the custom adapter, which utilizes
MATIC / USDCL feed andstMATIC / MATICon-chain rate - price oracle sentinel is configured for Optimism V3
The current price feeds for certain ETH and MATIC LSTs can result in artificial volatility due to de-synchronization between different asset/PEG feeds.
Additionally, the Aave community already pre-approved pricing WBTC on Aave v2 based on a WBTC feed, and not assuming that its price is the one provided by BTC/ETH.
To address this problem and enhance the stability of the Aave platform, we propose to change the price feeds for wstETH on Optimism and Arbitrum to a custom price adapter that calculates the wstETH / ETH / USD price and is based on Chainlink's feeds under the hood. The same approach is already used for the wstETH on Polygon and WBTC on Aave V3.
WBTC price feed will use the same adapter implementation, but with the WBTC / BTC / ETH inside.
MaticX and stMatic price feeds will be swapped for a special adapter, which utilizes on-chain rate.
As the Chainlink sequencer feed is available for Optimism, it also makes sense to configure the price oracle sentinel for Aave V3 Optimism, so that all L2 Aave V3 markets where the the Chainlink feed is available, are in sync.
Upon execution, the proposal will:
- call
ORACLE.setAssetSources([0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599], [0xFD858c8bC5ac5e10f01018bC78471bb0DC392247])to replace the price source forWBTCon Aave v2 - call
AaveV3Optimism.POOL_ADDRESSES_PROVIDER.setPriceOracleSentinel(0xB1ba0787Ca0A45f086F8CA03c97E7593636E47D5)to set the price oracle sentinel on the pool addresses provider - use Config Engine to update
wstETHprice feed to 0x05225Cd708bCa9253789C1374e4337a019e99D56 on Optimism - use Config Engine to update
wstETHprice feed to 0x3105C276558Dd4cf7E7be71d73Be8D33bD18F211 on Arbitrum - use Config Engine to update
MATICXprice feed to 0x0e1120524e14Bd7aD96Ea76A1b1dD699913e2a45 on Polygon - use Config Engine to update
stMATICprice feed to 0xEe96b77129cF54581B5a8FECCcC50A6A067034a1 on Polygon
Custom price adapters are already widely used in the system for price-correlated assets and were reviewed by the auditors.
-
MaticX Historical Feeds Comparison: Comparing the answers from the current feed with the new one for the last 280 days (since CL feed was deployed) with a 4-hour step gave the following results:
- 35.91% of results differ for less than 0.1%
- 62.06% have between 0.1% and 0.5% difference
- 2.03% is between 0.5% and 1%
We also additionally double-checked all points of centralisation of MaticX to be sure that no on-chain manipulation of rates is possible.
- stMatic Historical Feeds Comparison: Comparing the answers from the current feed with the new one for the last 327 days (since CL feed was deployed) with a 4-hour step gave the following results:
- 95.39% of results differ for less than 0.1%
- 4.5% have between 0.1% and 0.5% difference
- 0.11% is between 0.5% and 1%
All points of centralisation of stMatic were also checked to be sure that on-chain manipulation of rates is impossible.
Tests: Ethereum V2, Optimism, Arbitrum, Polygon
Proposal payload implementation: Ethereum V2, Optimism, Arbitrum, Polygon
Price Adapters: WBTC, wstETH Optimism, wstETH Arbitrum, MaticX, stMATIC
Copyright and related rights waived via CC0.