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On-chain add weETH collateral into Mainnet WETH market #869

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17 changes: 16 additions & 1 deletion .github/workflows/enact-migration.yaml
Original file line number Diff line number Diff line change
Expand Up @@ -36,6 +36,10 @@ on:
description: Run ID for Artifact
eth_pk:
description: Ignore if you plan to use WalletConnect, otherwise, you can paste in a Ethereum private key
impersonateAccount:
description: Impersonate Account
required: false
default: ''
jobs:
enact-migration:
name: Enact Migration
Expand Down Expand Up @@ -114,7 +118,18 @@ jobs:
GOV_NETWORK_PROVIDER: ${{ fromJSON('["", "http://localhost:8685"]')[github.event.inputs.eth_pk == '' && env.GOV_NETWORK != ''] }}
GOV_NETWORK: ${{ env.GOV_NETWORK }}
REMOTE_ACCOUNTS: ${{ fromJSON('["", "true"]')[github.event.inputs.eth_pk == ''] }}

if: github.event.inputs.impersonateAccount == ''
- name: Run Enact Migration (impersonate)
run: |
yarn hardhat migrate --network ${{ github.event.inputs.network }} --deployment ${{ github.event.inputs.deployment }} --enact --overwrite ${{ fromJSON('["", "--simulate"]')[github.event.inputs.simulate == 'true'] }} ${{ fromJSON('["", "--no-enacted"]')[github.event.inputs.no_enacted == 'true'] }} ${{ github.event.inputs.migration }} --impersonate ${{ github.event.inputs.impersonateAccount }}
env:
DEBUG: true
ETH_PK: "${{ inputs.eth_pk }}"
NETWORK_PROVIDER: ${{ fromJSON('["", "http://localhost:8585"]')[github.event.inputs.eth_pk == ''] }}
GOV_NETWORK_PROVIDER: ${{ fromJSON('["", "http://localhost:8685"]')[github.event.inputs.eth_pk == '' && env.GOV_NETWORK != ''] }}
GOV_NETWORK: ${{ env.GOV_NETWORK }}
REMOTE_ACCOUNTS: ${{ fromJSON('["", "true"]')[github.event.inputs.eth_pk == ''] }}
if: github.event.inputs.impersonateAccount != ''
- name: Commit changes
if: ${{ github.event.inputs.simulate == 'false' }}
run: |
Expand Down
179 changes: 179 additions & 0 deletions deployments/mainnet/weth/migrations/1718968177_add_weeth_collateral.ts
Original file line number Diff line number Diff line change
@@ -0,0 +1,179 @@
import { expect } from 'chai';
import { DeploymentManager } from '../../../../plugins/deployment_manager/DeploymentManager';
import { migration } from '../../../../plugins/deployment_manager/Migration';
import { exp, proposal } from '../../../../src/deploy';

const WEETH_ADDRESS = '0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee';
const WEETH_PRICE_FEED_ADDRESS = '0x5c9C449BbC9a6075A2c061dF312a35fd1E05fF22';

export default migration('1718968177_add_weeth_collateral', {
async prepare(deploymentManager: DeploymentManager) {
const _weETHScalingPriceFeed = await deploymentManager.deploy(
'weETH:priceFeed',
'pricefeeds/ScalingPriceFeed.sol',
[
WEETH_PRICE_FEED_ADDRESS, // weETH / ETH price feed
8 // decimals
]
);
return { weETHScalingPriceFeed: _weETHScalingPriceFeed.address };
},

async enact(deploymentManager: DeploymentManager, _, { weETHScalingPriceFeed }) {

const trace = deploymentManager.tracer();

const weETH = await deploymentManager.existing(
'weETH',
WEETH_ADDRESS,
'mainnet',
'contracts/ERC20.sol:ERC20'
);
const weEthPricefeed = await deploymentManager.existing(
'weETH:priceFeed',
weETHScalingPriceFeed,
'mainnet'
);

const {
governor,
comet,
cometAdmin,
configurator,
} = await deploymentManager.getContracts();

// https://www.comp.xyz/t/add-weeth-market-on-ethereum/5179/3
const weETHAssetConfig = {
asset: weETH.address,
priceFeed: weEthPricefeed.address,
decimals: await weETH.decimals(),
borrowCollateralFactor: exp(0.82, 18),
liquidateCollateralFactor: exp(0.87, 18),
liquidationFactor: exp(0.92, 18),
supplyCap: exp(22_500, 18),
};

const mainnetActions = [
// 1. Add weETH as asset
{
contract: configurator,
signature: 'addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))',
args: [comet.address, weETHAssetConfig],
},
// 2. Set new Annual Supply Interest Rate Slope High to 100%
{
contract: configurator,
signature: 'setSupplyPerYearInterestRateSlopeHigh(address,uint64)',
args: [
comet.address,
exp(1, 18) // newSupplyPerYearInterestRateSlopeHigh
],
},
// 3. Set new Annual Borrow Interest Rate Slope High to 115%
{
contract: configurator,
signature: 'setBorrowPerYearInterestRateSlopeHigh(address,uint64)',
args: [
comet.address,
exp(1.15, 18) // newBorrowPerYearInterestRateSlopeHigh
],
},
// 4. Deploy and upgrade to a new version of Comet
{
contract: cometAdmin,
signature: 'deployAndUpgradeTo(address,address)',
args: [configurator.address, comet.address],
},
];

const description = '# Add weETH as collateral into cWETHv3 on Mainnet\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add weETH into cWETHv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III WETH market on Ethereum. Simulations have confirmed the market’s readiness, as much as possible, using the [Comet scenario suite](https://github.com/compound-finance/comet/tree/main/scenario). The new parameters include setting the risk parameters based on the [recommendations from Gauntlet weETH](https://www.comp.xyz/t/add-weeth-market-on-ethereum/5179/3).\n\nFurther detailed information can be found on the corresponding [proposal pull request](PR - https://github.com/compound-finance/comet/pull/869) and [forum discussion weETH](https://www.comp.xyz/t/add-weeth-market-on-ethereum/5179).\n\n\n## Proposal Actions\n\nThe first proposal action adds weETH asset as collateral with corresponding configurations.\n\nThe second action sets new Annual Supply Interest Rate Slope High to 100%.\n\nThe third action sets new Annual Borrow Interest Rate Slope High to 115%.\n\nThe fourth action deploys and upgrades Comet to a new version.';
const txn = await deploymentManager.retry(async () =>
trace(
await governor.propose(...(await proposal(mainnetActions, description)))
)
);

const event = txn.events.find(
(event) => event.event === 'ProposalCreated'
);
const [proposalId] = event.args;
trace(`Created proposal ${proposalId}.`);
},

async enacted(deploymentManager: DeploymentManager): Promise<boolean> {
return true;
},

async verify(deploymentManager: DeploymentManager) {
const { comet, configurator } = await deploymentManager.getContracts();

const weETHAssetIndex = Number(await comet.numAssets()) - 1;

const weETH = await deploymentManager.existing(
'weETH',
WEETH_ADDRESS,
'mainnet',
'contracts/ERC20.sol:ERC20'
);

const weETHAssetConfig = {
asset: weETH.address,
priceFeed: '',
decimals: await weETH.decimals(),
borrowCollateralFactor: exp(0.82, 18),
liquidateCollateralFactor: exp(0.87, 18),
liquidationFactor: exp(0.92, 18),
supplyCap: exp(22_500, 18)
};

// 1. Compare weETH asset config with Comet and Configurator asset config
const cometWeETHAssetInfo = await comet.getAssetInfoByAddress(
WEETH_ADDRESS
);
expect(weETHAssetIndex).to.be.equal(cometWeETHAssetInfo.offset);
expect(weETHAssetConfig.asset).to.be.equal(cometWeETHAssetInfo.asset);
expect(exp(1, weETHAssetConfig.decimals)).to.be.equal(
cometWeETHAssetInfo.scale
);
expect(weETHAssetConfig.borrowCollateralFactor).to.be.equal(
cometWeETHAssetInfo.borrowCollateralFactor
);
expect(weETHAssetConfig.liquidateCollateralFactor).to.be.equal(
cometWeETHAssetInfo.liquidateCollateralFactor
);
expect(weETHAssetConfig.liquidationFactor).to.be.equal(
cometWeETHAssetInfo.liquidationFactor
);
expect(weETHAssetConfig.supplyCap).to.be.equal(
cometWeETHAssetInfo.supplyCap
);

const configuratorWeETHAssetConfig = (
await configurator.getConfiguration(comet.address)
).assetConfigs[weETHAssetIndex];
expect(weETHAssetConfig.asset).to.be.equal(
configuratorWeETHAssetConfig.asset
);
expect(weETHAssetConfig.decimals).to.be.equal(
configuratorWeETHAssetConfig.decimals
);
expect(weETHAssetConfig.borrowCollateralFactor).to.be.equal(
configuratorWeETHAssetConfig.borrowCollateralFactor
);
expect(weETHAssetConfig.liquidateCollateralFactor).to.be.equal(
configuratorWeETHAssetConfig.liquidateCollateralFactor
);
expect(weETHAssetConfig.liquidationFactor).to.be.equal(
configuratorWeETHAssetConfig.liquidationFactor
);
expect(weETHAssetConfig.supplyCap).to.be.equal(
configuratorWeETHAssetConfig.supplyCap
);

// 2. Check new Annual Supply Interest Rate Slope High
expect(exp(1, 18) / BigInt(31_536_000)).to.be.equal(await comet.supplyPerSecondInterestRateSlopeHigh());

// 3. Check new Annual Borrow Interest Rate Slope High
expect(exp(1.15, 18) / BigInt(31_536_000)).to.be.equal(await comet.borrowPerSecondInterestRateSlopeHigh());
},
});
10 changes: 9 additions & 1 deletion deployments/mainnet/weth/relations.ts
Original file line number Diff line number Diff line change
Expand Up @@ -13,5 +13,13 @@ export default {
},
'AppProxyUpgradeable': {
artifact: 'contracts/ERC20.sol:ERC20',
}
},
UUPSProxy: {
artifact: 'contracts/ERC20.sol:ERC20',
delegates: {
field: {
slot: '0x360894a13ba1a3210667c828492db98dca3e2076cc3735a920a3ca505d382bbc'
}
}
},
};
2 changes: 1 addition & 1 deletion scenario/LiquidationBotScenario.ts
Original file line number Diff line number Diff line change
Expand Up @@ -739,7 +739,7 @@ scenario(
const assetAmounts = {
mainnet: {
usdc: ' == 5000', // COMP
weth: ' == 10000', // CB_ETH
weth: ' == 7000', // CB_ETH
},
};

Expand Down
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