Update price feeds to CAPO and SVR in cUSDCv3 on Mainnet
Summery
During the market volatility on October 10th, the Chainlink SVR feeds remained fully operational, showing no unexpected behavior. We’d like to suggest onboarding the feeds for the USDC Mainnet market, as it’s the largest market and offers the greatest potential for liquidation capturing.
PR - CAPO and OEV for cUSDCv3 on Mainnet by MishaShWoof · Pull Request #1031 · compound-finance/comet · GitHub
PR(woof) - CAPO and OEV for cUSDCv3 on Mainnet by MishaShWoof · Pull Request #219 · woof-software/comet · GitHub
Proposal - Tally | Compound | Update price feeds in cUSDCv3 on Mainnet with CAPO and Chainlink SVR implementation.
Recommendations
The recommendations provided by Gauntlet
| Symbol | r | sigma_r | r_upper |
|---|---|---|---|
| ezETH | 3.92% | 3.15% | 7.07% |
| wstETH | 3.61% | 0.43% | 4.04% |
| weETH | 2.95% | 0.28% | 3.23% |
| rsETH | 3.57% | 1.97% | 5.54% |
| osETH | 2.84% | 0.26% | 3.10% |
| rETH | 2.66% | 0.24% | 2.90% |
| rswETH | 3.27% | 1.63% | 4.90% |
| ETHx | 2.88% | 0.52% | 3.40% |
| sFRAX | 4.51% | 0.44% | 4.95% |
| wUSDM | 4.53% | 0.41% | 4.94% |
| mETH | 3.09% | 0.82% | 3.91% |
Actions
| № | Action name | Link | Status |
|---|---|---|---|
| 1 | Run Slither | Link | Success |
| 2 | Run Forge Tests | Link | Success |
| 3 | Run Tests With Gas Profiler | Link | Success |
| 4 | Run Semgremp | Link | Success |
| 5 | Run Scenarios (mainnet) | Link | Success |
| 6 | Run Unit Tests | Link | Success |
| 7 | Run ESLint | Link | Success |
| 8 | Run Contact Linter | Link | Success |
| 9 | Run Prepare | Link | Success |
| 10 | Run Enact impersonate | Link | Success |
| 11 | Tenderly Simulation | Link | Success |
| 12 | Run Enact (by delegator) | Link | Success |
Artifacts
| № | Name | Value |
|---|---|---|
| 1 | Migration name | 1759236467_upgrade_to_capo_price_feeds |
| 2 | Branch name | woof-software/capo-and-oev-for-mainnet-usdc |
| 3 | Prepare id | 18134764317 |
| 4 | Network | mainnet |
| 5 | Deployment | usdc |
Price feeds
| № | Name | Address | Route | OEV | CAPO |
|---|---|---|---|---|---|
| 1 | wstETH | 0xA2699232B341881B1Ed85d91592b7c259E029aCf | wstETH / stETH (direct) → ETH / USD (OEV, we consider stETH / ETH as 1:1) | + | + |
| 2 | WBTC | 0xc8E4c3F58d5FC4409522503927Ecea057EbbA1fc | WBTC / BTC → BTC / USD (OEV) | + | - |
| 3 | WETH | 0xc0053f3FBcCD593758258334Dfce24C2A9A673aD | ETH / USD (OEV) | + | - |
| 4 | LINK | 0x83B34662f65532e611A87EBed38063Dec889D5A7 | LINK / USD (OEV) | + | - |
| 5 | rsETH | 0xD6a48f6f687A5FeF8A69834C49514B747012cf1c | rsETH / ETH (direct) → ETH / USD (OEV) | + | + |
| 6 | weETH | 0x4F12633d511dC3049DE1ea923b7047fBeD0070D2 | weETH / eETH (direct) → ETH / USD (OEV, we consider eETH / ETH as 1:1) | + | + |
| 7 | COMP | 0x69B50fF403E995d9c4441a303438D9049dAC8cCD | COMP / USD (OEV) | + | - |
Description
Update price feeds in cUSDCv3 on Mainnet with CAPO and Chainlink SVR implementation.
Proposal summary
This proposal updates existing price feeds for wstETH, WBTC, WETH, LINK, rsETH, weETH and COMP on the USDC market on Mainnet.
SVR summary
RFP process and community vote passed and decided to implement Chainlink’s SVR solution for Mainnet markets, this proposal updates wstETH, WETH, WBTC, LINK, rsETH, weETH and COMP price feeds to support SVR implementations.
CAPO summary
CAPO is a price oracle adapter designed to support assets that grow gradually relative to a base asset - such as liquid staking tokens that accumulate yield over time. It provides a mechanism to track this expected growth while protecting downstream protocol from sudden or manipulated price spikes. wstETH, rsETH and weETH price feeds are updated to their CAPO implementations.
Further detailed information can be found on the corresponding proposal pull request, forum discussion for CAPO and forum discussion for SVR.
CAPO audit
CAPO has been audited by OpenZeppelin, as well as the LST / LRT implementation here.
SVR fee recipient
SVR generates revenue from liquidators and Compound DAO will receive that revenue as part of the protocol fee. The fee recipient for SVR is set to Compound DAO multisig: 0xd9496F2A3fd2a97d8A4531D92742F3C8F53183cB.
Proposal actions
The first action updates wstETH price feed.
The second action updates WBTC price feed.
The third action updates WETH price feed.
The fourth action updates LINK price feed.
The fifth action updates rsETH price feed.
The sixth action updates weETH price feed.
The seventh action updates COMP price feed.
The eighth action deploys and upgrades Comet to a new version.