Lower default thresholds (#1185)

Co-authored-by: Akshat Mittal <[email protected]> Co-authored-by: Taylor Brent <[email protected]>
reserve-protocol · Aug 20, 2024 · 72a1ef5 · 72a1ef5
1 parent a3c7b0f
commit 72a1ef5
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Showing 10 changed files with 33 additions and 25 deletions.
diff --git a/scripts/deployment/phase2-assets/2_deploy_collateral.ts b/scripts/deployment/phase2-assets/2_deploy_collateral.ts
@@ -535,7 +535,7 @@ async function main() {
       oracleTimeout: '86400', // 24 hr
       targetUnitOracleTimeout: '3600', // 1 hr
       targetName: hre.ethers.utils.formatBytes32String('BTC'),
-      defaultThreshold: fp('0.01').add(combinedBTCWBTCError).toString(), // ~3.5%
+      defaultThreshold: fp('0.01').add(wbtcOracleError).toString(), // 3%
       delayUntilDefault: bn('86400').toString(), // 24h
       revenueHiding: revenueHiding.toString(),
     })
@@ -591,7 +591,7 @@ async function main() {
       oracleTimeout: '86400', // 24 hr
       targetUnitOracleTimeout: '3600', // 1 hr
       targetName: ethers.utils.formatBytes32String('BTC'),
-      defaultThreshold: fp('0.01').add(combinedBTCWBTCError).toString(), // ~3.5%
+      defaultThreshold: fp('0.01').add(wbtcOracleError).toString(), // 3%
       delayUntilDefault: bn('86400').toString(), // 24h
     })
     collateral = <ICollateral>await ethers.getContractAt('ICollateral', wBTCCollateral)

diff --git a/scripts/deployment/phase2-assets/collaterals/deploy_cbeth_collateral.ts b/scripts/deployment/phase2-assets/collaterals/deploy_cbeth_collateral.ts
@@ -53,7 +53,8 @@ async function main() {
       'CBEthCollateral'
     )) as CBEthCollateral__factory
 
-    const oracleError = combinedError(fp('0.005'), fp('0.02')) // 0.5% & 2%
+    const CBETH_ORACLE_ERROR = fp('0.01') // 1%
+    const oracleError = combinedError(fp('0.005'), CBETH_ORACLE_ERROR) // 0.5% & 1%
 
     collateral = await CBETHCollateralFactory.connect(deployer).deploy(
       {
@@ -64,7 +65,7 @@ async function main() {
         maxTradeVolume: fp('1e6').toString(), // $1m,
         oracleTimeout: '3600', // 1 hr,
         targetName: hre.ethers.utils.formatBytes32String('ETH'),
-        defaultThreshold: fp('0.02').add(oracleError).toString(), // ~4.5%
+        defaultThreshold: fp('0.02').add(CBETH_ORACLE_ERROR).toString(), // 3%
         delayUntilDefault: bn('86400').toString(), // 24h
       },
       fp('1e-4').toString(), // revenueHiding = 0.01%
@@ -80,7 +81,8 @@ async function main() {
       'CBEthCollateralL2'
     )) as CBEthCollateralL2__factory
 
-    const oracleError = combinedError(fp('0.0015'), fp('0.005')) // 0.15% & 0.5%
+    const CBETH_ORACLE_ERROR = fp('0.005') // 0.5%
+    const oracleError = combinedError(fp('0.0015'), CBETH_ORACLE_ERROR) // 0.15% & 0.5%
 
     collateral = await CBETHCollateralFactory.connect(deployer).deploy(
       {
@@ -91,7 +93,7 @@ async function main() {
         maxTradeVolume: fp('1e6').toString(), // $1m,
         oracleTimeout: '1200', // 20 min
         targetName: hre.ethers.utils.formatBytes32String('ETH'),
-        defaultThreshold: fp('0.02').add(oracleError).toString(), // ~2.5%
+        defaultThreshold: fp('0.02').add(CBETH_ORACLE_ERROR).toString(), // 2.5%
         delayUntilDefault: bn('86400').toString(), // 24h
       },
       fp('1e-4').toString(), // revenueHiding = 0.01%

diff --git a/scripts/deployment/phase2-assets/collaterals/deploy_morpho_aavev2_plugin.ts b/scripts/deployment/phase2-assets/collaterals/deploy_morpho_aavev2_plugin.ts
@@ -181,7 +181,7 @@ async function main() {
         maxTradeVolume: fp('1e6'), // $1m,
         oracleTimeout: '86400', // 24 hr
         targetName: ethers.utils.formatBytes32String('BTC'),
-        defaultThreshold: fp('0.01').add(combinedBTCWBTCError), // ~3.5%
+        defaultThreshold: fp('0.01').add(wbtcOracleError), // 3%
         delayUntilDefault: bn('86400'), // 24h
         chainlinkFeed: networkConfig[chainId].chainlinkFeeds.WBTC!, // {target/ref}
         erc20: maWBTC.address,
@@ -233,7 +233,7 @@ async function main() {
         maxTradeVolume: fp('1e6'), // $1m,
         oracleTimeout: '86400', // 24 hr
         targetName: ethers.utils.formatBytes32String('ETH'),
-        defaultThreshold: fp('0.01').add(combinedOracleErrors), // ~1.5%
+        defaultThreshold: fp('0.01').add(ethStEthOracleError), // 1.5%
         delayUntilDefault: bn('86400'), // 24h
         chainlinkFeed: networkConfig[chainId].chainlinkFeeds.stETHETH!, // {target/ref}
         erc20: maStETH.address,

diff --git a/scripts/deployment/phase2-assets/collaterals/deploy_rocket_pool_reth_collateral.ts b/scripts/deployment/phase2-assets/collaterals/deploy_rocket_pool_reth_collateral.ts
@@ -61,7 +61,8 @@ async function main() {
     'RethCollateral'
   )
 
-  const oracleError = combinedError(fp('0.005'), fp('0.02')) // 0.5% & 2%
+  const RETH_ORACLE_ERROR = fp('0.02')
+  const oracleError = combinedError(fp('0.005'), RETH_ORACLE_ERROR) // 0.5% & 2%
 
   const collateral = <RethCollateral>await RethCollateralFactory.connect(deployer).deploy(
     {
@@ -72,7 +73,7 @@ async function main() {
       maxTradeVolume: fp('1e6').toString(), // $1m,
       oracleTimeout: '3600', // 1 hr,
       targetName: hre.ethers.utils.formatBytes32String('ETH'),
-      defaultThreshold: fp('0.02').add(oracleError).toString(), // ~4.5%
+      defaultThreshold: fp('0.02').add(RETH_ORACLE_ERROR).toString(), // 4%
       delayUntilDefault: bn('86400').toString(), // 24h
     },
     fp('1e-4').toString(), // revenueHiding = 0.01%

diff --git a/scripts/deployment/phase2-assets/collaterals/deploy_sfrax_eth.ts b/scripts/deployment/phase2-assets/collaterals/deploy_sfrax_eth.ts
@@ -46,7 +46,8 @@ async function main() {
     'SFraxEthCollateral'
   )
 
-  const oracleError = combinedError(fp('0.005'), fp('0.0002')) // 0.5% & 0.02%
+  const SFRAXETH_ORACLE_ERROR = fp('0.0002')
+  const oracleError = combinedError(fp('0.005'), SFRAXETH_ORACLE_ERROR) // 0.5% & 0.02%
 
   const collateral = <SFraxEthCollateral>await SFraxEthCollateralFactory.connect(deployer).deploy(
     {
@@ -57,7 +58,7 @@ async function main() {
       maxTradeVolume: fp('1e6').toString(), // $1m,
       oracleTimeout: '3600', // 1 hr
       targetName: hre.ethers.utils.formatBytes32String('ETH'),
-      defaultThreshold: fp('0.02').add(oracleError).toString(), // ~2.5%
+      defaultThreshold: fp('0.02').add(SFRAXETH_ORACLE_ERROR).toString(), // 2.02%
       delayUntilDefault: bn('86400').toString(), // 24h
     },
     fp('1e-4').toString(), // revenueHiding = 0.01%

diff --git a/scripts/verification/6_verify_collateral.ts b/scripts/verification/6_verify_collateral.ts
@@ -165,7 +165,7 @@ async function main() {
           maxTradeVolume: fp('1e6').toString(), // $1m,
           oracleTimeout: '86400', // 24 hr
           targetName: hre.ethers.utils.formatBytes32String('BTC'),
-          defaultThreshold: fp('0.01').add(combinedBTCWBTCError).toString(), // ~3.5%
+          defaultThreshold: fp('0.01').add(wbtcOracleError).toString(), // 3%
           delayUntilDefault: bn('86400').toString(), // 24h
         },
         networkConfig[chainId].chainlinkFeeds.BTC,
@@ -208,7 +208,7 @@ async function main() {
           maxTradeVolume: fp('1e6').toString(), // $1m,
           oracleTimeout: '86400', // 24h
           targetName: ethers.utils.formatBytes32String('BTC'),
-          defaultThreshold: fp('0.01').add(combinedBTCWBTCError).toString(), // ~3.5%
+          defaultThreshold: fp('0.01').add(wbtcOracleError).toString(), // 3%
           delayUntilDefault: bn('86400').toString(), // 24h
         },
         networkConfig[chainId].chainlinkFeeds.BTC,

diff --git a/scripts/verification/collateral-plugins/verify_cbeth.ts b/scripts/verification/collateral-plugins/verify_cbeth.ts
@@ -26,9 +26,9 @@ async function main() {
   deployments = <IAssetCollDeployments>getDeploymentFile(assetCollDeploymentFilename)
 
   /********  Verify Coinbase staked ETH - CBETH  **************************/
-
   if (!baseL2Chains.includes(hre.network.name)) {
-    const oracleError = combinedError(fp('0.005'), fp('0.02')) // 0.5% & 2%
+    const CBETH_ORACLE_ERROR = fp('0.01')
+    const oracleError = combinedError(fp('0.005'), CBETH_ORACLE_ERROR) // 0.5% & 1%
 
     await verifyContract(
       chainId,
@@ -42,7 +42,7 @@ async function main() {
           maxTradeVolume: fp('1e6').toString(), // $1m,
           oracleTimeout: '3600', // 1 hr
           targetName: hre.ethers.utils.formatBytes32String('ETH'),
-          defaultThreshold: fp('0.02').add(oracleError).toString(), // ~4.5%
+          defaultThreshold: fp('0.02').add(CBETH_ORACLE_ERROR).toString(), // 3%
           delayUntilDefault: bn('86400').toString(), // 24h
         },
         fp('1e-4'), // revenueHiding = 0.01%
@@ -52,7 +52,8 @@ async function main() {
       'contracts/plugins/assets/cbeth/CBETHCollateral.sol:CBEthCollateral'
     )
   } else if (chainId == '8453' || chainId == '84531') {
-    const oracleError = combinedError(fp('0.0015'), fp('0.005')) // 0.15% & 0.5%
+    const CBETH_ORACLE_ERROR = fp('0.005')
+    const oracleError = combinedError(fp('0.0015'), CBETH_ORACLE_ERROR) // 0.15% & 0.5%
     await verifyContract(
       chainId,
       deployments.collateral.cbETH,
@@ -65,7 +66,7 @@ async function main() {
           maxTradeVolume: fp('1e6').toString(), // $1m,
           oracleTimeout: '1200', // 20 min
           targetName: hre.ethers.utils.formatBytes32String('ETH'),
-          defaultThreshold: fp('0.02').add(oracleError).toString(), // ~2.5%
+          defaultThreshold: fp('0.02').add(CBETH_ORACLE_ERROR).toString(), // 2.5%
           delayUntilDefault: bn('86400').toString(), // 24h
         },
         fp('1e-4'), // revenueHiding = 0.01%

diff --git a/scripts/verification/collateral-plugins/verify_morpho.ts b/scripts/verification/collateral-plugins/verify_morpho.ts
@@ -76,7 +76,8 @@ async function main() {
     'MorphoNonFiatCollateral',
     deployments.collateral.maWBTC as string
   )
-  const combinedBTCWBTCError = combinedError(fp('0.02'), fp('0.005'))
+  const wbtcOracleError = fp('0.02') // 2%
+  const combinedBTCWBTCError = combinedError(wbtcOracleError, fp('0.005'))
 
   await verifyContract(
     chainId,
@@ -88,7 +89,7 @@ async function main() {
         maxTradeVolume: fp('1e6'), // $1m,
         oracleTimeout: '86400', // 24 hr
         targetName: ethers.utils.formatBytes32String('BTC'),
-        defaultThreshold: fp('0.01').add(combinedBTCWBTCError), // ~3.5%
+        defaultThreshold: fp('0.01').add(wbtcOracleError), // 3%
         delayUntilDefault: bn('86400'), // 24h
         chainlinkFeed: networkConfig[chainId].chainlinkFeeds.WBTC!,
         erc20: await maWBTC.erc20(),

diff --git a/scripts/verification/collateral-plugins/verify_reth.ts b/scripts/verification/collateral-plugins/verify_reth.ts
@@ -26,7 +26,8 @@ async function main() {
   deployments = <IAssetCollDeployments>getDeploymentFile(assetCollDeploymentFilename)
 
   /********  Verify Rocket-Pool ETH - rETH  **************************/
-  const oracleError = combinedError(fp('0.005'), fp('0.02')) // 0.5% & 2%
+  const RETH_ORACLE_ERROR = fp('0.02')
+  const oracleError = combinedError(fp('0.005'), RETH_ORACLE_ERROR) // 0.5% & 2%
   await verifyContract(
     chainId,
     deployments.collateral.rETH,
@@ -39,7 +40,7 @@ async function main() {
         maxTradeVolume: fp('1e6').toString(), // $1m,
         oracleTimeout: '3600', // 1 hr,
         targetName: hre.ethers.utils.formatBytes32String('ETH'),
-        defaultThreshold: fp('0.02').add(oracleError).toString(), // ~4.5%
+        defaultThreshold: fp('0.02').add(RETH_ORACLE_ERROR).toString(), // 4%
         delayUntilDefault: bn('86400').toString(), // 24h
       },
       fp('1e-4'), // revenueHiding = 0.01%

diff --git a/scripts/verification/collateral-plugins/verify_sfrax_eth.ts b/scripts/verification/collateral-plugins/verify_sfrax_eth.ts
@@ -26,7 +26,8 @@ async function main() {
   deployments = <IAssetCollDeployments>getDeploymentFile(assetCollDeploymentFilename)
 
   /********  Verify sFRAX  **************************/
-  const oracleError = combinedError(fp('0.005'), fp('0.0002')) // 0.5% & 0.02%
+  const SFRAXETH_ORACLE_ERROR = fp('0.0002')
+  const oracleError = combinedError(fp('0.005'), SFRAXETH_ORACLE_ERROR) // 0.5% & 0.02%
 
   await verifyContract(
     chainId,
@@ -40,7 +41,7 @@ async function main() {
         maxTradeVolume: fp('1e6').toString(), // $1m,
         oracleTimeout: '3600', // 1 hr
         targetName: hre.ethers.utils.formatBytes32String('ETH'),
-        defaultThreshold: fp('0.02').add(oracleError).toString(), // ~2.5%
+        defaultThreshold: fp('0.02').add(SFRAXETH_ORACLE_ERROR).toString(), // 2.02%
         delayUntilDefault: bn('86400').toString(), // 24h
       },
       fp('1e-4').toString(),