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YPP-0007.md

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Proposal

Enable wstETH as a collateral for DAI and USDC

Background

wstETH has a $359M market cap, is yield-bearing, and has limited options to be used as collateral. This is an initial step to add ETH-denominated series, and stETH as collateral via wrapping into wstETH.

Details

1. Deploy LidoOracle

The deployLidoOracle.ts script will be used, with no input.

2. Deploy CompositeMultiOracle

The deployCompositeOracle.ts script will be used, with no input.

3. Add WstETH as an asset, and reserve the stETH id in the Cauldron

The ypp-0007-3.ts script will be used, with this input:

   // https://docs.lido.fi/deployed-contracts
  const wstEthAddress: string = '0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0'
  const stEthAddress: string = '0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84'
  
  const addedAssets: Array<[string, string]> = [
    [WSTETH, wstEthAddress],
  ]
  const reservedAssets: Array<[string, string]> = [
    [STETH, stEthAddress],
  ]

4. Configure the protocol

The rest of the configuration will be condensed into a single proposal with the ypp-0007-4.ts script, which includes these actions:

  1. Configure the permissions for the Lido Oracle
  2. Add WstETH as the source for the Lido Oracle
  3. Add the stETH/ETH source to the Chainlink Oracle
  4. Deploy the Composite Oracle
  5. Add the underlying sources for the Composite Oracle
  6. Add the DAI/WSTETH and USDC/WSTETH paths in the Composite Oracle
  7. Permission the WstETHJoin
  8. Make WstETH into an Ilk
  9. Approve WstEth as collateral for all series

And these inputs:

  const CHAINLINK = 'chainlinkOracle'
  const LIDO = 'lidoOracle'
  const COMPOSITE = 'compositeOracle'

  const wstEthAddress: string = '0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0' // https://docs.lido.fi/deployed-contracts
  const stEthAddress: string = '0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84' // https://docs.lido.fi/deployed-contracts
  const wethAddress: string = '0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2'
  // Input data: baseId, base address, quoteId, quote address, oracle name, source address
  const stEthEthSource: Array<[string, string, string, string, string, string]> = [
    [STETH, stEthAddress, ETH, wethAddress, CHAINLINK,  '0x86392dC19c0b719886221c78AB11eb8Cf5c52812'], // https://docs.lido.fi/deployed-contracts
  ]
  // Input data: baseId, quoteId, oracle name
  const compositeSources: Array<[string, string, string]> = [
    [DAI,    ETH,   CHAINLINK],
    [USDC,   ETH,   CHAINLINK],
    [WBTC,   ETH,   CHAINLINK],
    [STETH,  ETH,   CHAINLINK],
    [WSTETH, STETH, LIDO],
  ]
  // Input data: assetId, assetId, [intermediate assetId]
  const compositePaths: Array<[string, string, Array<string>]> = [
    [WSTETH, DAI, [STETH, ETH]],
    [WSTETH, USDC, [STETH, ETH]],
  ]
  // Input data: assetId, asset address
  const assets: Array<[string, string]> = [
    [WSTETH, wstEthAddress],
  ]
  // Input data: baseId, ilkId, oracle name, ratio (1000000 == 100%), inv(ratio), line, dust, dec
  const ilks: Array<[string, string, string, number, number, number, number, number]> = [
    [DAI, WSTETH, COMPOSITE, 1400000, 714000, 500000, 1, 18],
    [USDC, WSTETH, COMPOSITE, 1400000, 714000, 500000, 1, 6],
  ]
  // Input data: seriesId, [ilkId]
  const seriesIlks: Array<[string, string[]]> = [
    [stringToBytes6('0104'), [WSTETH]],
    [stringToBytes6('0105'), [WSTETH]],
    [stringToBytes6('0204'), [WSTETH]],
    [stringToBytes6('0205'), [WSTETH]],
  ]

Testing

The change has been tested on a mainnet fork by posting wstETH to all series, borrowing, repaying and wthdrawing. Script.

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/operations/governance/ypp-0007/ypp-0007.test.ts 
No need to generate any newer typings.
Running on a fork, impersonating 0xdaef20ea4708fcff06204a4fe9ddf41db056ba18
6897357956874283776035 wstETH available
series: 0x303130340000
vault: 0x3b566fb4defd155c3235cee3
posted and borrowed
repaid and withdrawn
series: 0x303130350000
vault: 0x7749751febed1b3925df8764
posted and borrowed
repaid and withdrawn
series: 0x303230340000
vault: 0x1ff4c3b2edfd32b60b942cd1
posted and borrowed
repaid and withdrawn
series: 0x303230350000
vault: 0x72ee485080a190a40961dab7
posted and borrowed
repaid and withdrawn