EBIP-9

[BrendanSanderson]

EBIP-9: Temporarily Disable the Well Minting Oracle

Submitter

Beanstalk Community Multisig

Emergency Process Note

Per the process outlined in the BCM Emergency Response Procedures, the BCM can take swift action to protect Beanstalk in the event of a bug or security vulnerability.

Links

• GitHub PR
• Safe Transaction
• Etherscan Transaction
• Arweave

Problem

The first stage of the BIP-38 migration process is complete. The final stage of the process is to add the BEAN and ETH in the Beanstalk Community Multisig (BCM) as liquidity in the BEANETH Well.

However, given (1) time-weighted average reserves in the Multi Flow Pump are used by Beanstalk for minting, (2) the 0.1% cap on changes in the TWA Multi Flow Pump reserves each block and (3) the extreme % increase in the Well reserves as a result of the addition of liquidity, it will take about a substantial amount of time after the addition of liquidity for the TWA Multi Flow Pump reserves to catch up to the current Well reserves. This is exaggerated if the ETH price moves up some % during the catch up period.

The reserves in the BEANETH Well are expected to increase by ~7700% as a result of adding the liquidity. Increasing at 0.1% a block, it would take 4345.98 blocks for the TWA Multi Flow Pump reserves to catch up to the current Well reserves. This is ~14.4866 hours.

$$ 1.001^x = \ln(77) $$

$$ x \approx 4345.98 \ \text{blocks} $$

$$ \frac{x}{300} = \frac{4345.98}{300} \approx 14.4866 \ \text{hours} $$

Solution

Turn off minting in the BEANETH Well until Season 16665 (about 20 Seasons after the transaction was committed, in order to substantially overestimate the calculation of ~14.4866 hours) by adding a check in LibWellMinting.initializeOracle.

All changes were reviewed by Cyfrin.

Contract Changes

Initialization Contract

The init function on the following InitTurnOffBeanEthWell contract is called:

• 0xc42B40bb807bCCb5eae2d0279926E2c4aAbFE6cb

Season Facet

The following SeasonFacet is removed from Beanstalk:

• 0x17b31771a04af17b131246c3c9d442e3c3908a27

The following SeasonFacet is added to Beanstalk:

• 0x49435d19a5dcf8Ffe8a4EA5C310758784D3F4561

SeasonFacet Function Changes

Name	Selector	Action	Type	New Functionality
abovePeg	0x2a27c499	Replace	View
curveOracle	0x07a3b202	Replace	View
paused	0x5c975abb	Replace	View
plentyPerRoot	0xe60d7a83	Replace	View
poolDeltaB	0x471bcdbe	Replace	View
rain	0x43def26e	Replace	View
season	0xc50b0fb0	Replace	View
seasonTime	0xca7b7d7b	Replace	View
sunriseBlock	0x3b2ecb70	Replace	View
time	0x16ada547	Replace	View
totalDeltaB	0x06c499d8	Replace	View
weather	0x686b6159	Replace	View
wellOracleSnapshot	0x597490c0	Replace	View
gm	0x64ee4b80	Replace	Call	✓
sunrise	0xfc06d2a6	Replace	Call

Event Changes

None.

Beans Minted

None.

Effective

Effective immediately upon commitment by the BCM, which has already happened.

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