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Add cbBTC as collateral to WETH market on Mainnet (#923)
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MishaShWoof authored Oct 3, 2024
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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 CBBTC_ADDRESS = '0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf';
const CBBTC_USD_PRICE_FEED = '0x2665701293fCbEB223D11A08D826563EDcCE423A';
const ETH_USD_PRICE_FEED_ADDRESS = '0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419';

let priceFeedAddress: string;

export default migration('1726228702_add_cbbtc_as_collateral', {
async prepare(deploymentManager: DeploymentManager) {
const _cbBTCPriceFeed = await deploymentManager.deploy(
'cbBTC:priceFeed',
'pricefeeds/ReverseMultiplicativePriceFeed.sol',
[
CBBTC_USD_PRICE_FEED, // cbBTC / USD price feed
ETH_USD_PRICE_FEED_ADDRESS, // USD / ETH price feed
8, // decimals
'cbBTC / ETH price feed', // description
]
);
return { cbBTCPriceFeedAddress: _cbBTCPriceFeed.address };
},

enact: async (deploymentManager: DeploymentManager, _, { cbBTCPriceFeedAddress }) => {
const trace = deploymentManager.tracer();

const cbBTC = await deploymentManager.existing(
'cbBTC',
CBBTC_ADDRESS,
'mainnet',
'contracts/ERC20.sol:ERC20'
);
const cbBTCPriceFeed = await deploymentManager.existing(
'cbBTC:priceFeed',
cbBTCPriceFeedAddress,
'mainnet'
);
priceFeedAddress = cbBTCPriceFeed.address;
const {
governor,
comet,
cometAdmin,
configurator
} = await deploymentManager.getContracts();

const newAssetConfig = {
asset: cbBTC.address,
priceFeed: cbBTCPriceFeed.address,
decimals: await cbBTC.decimals(),
borrowCollateralFactor: exp(0.8, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.95, 18),
supplyCap: exp(93, 8),
};

const mainnetActions = [
// 1. Add cbBTC as asset
{
contract: configurator,
signature: 'addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))',
args: [comet.address, newAssetConfig],
},
// 2. Deploy and upgrade to a new version of Comet
{
contract: cometAdmin,
signature: 'deployAndUpgradeTo(address,address)',
args: [configurator.address, comet.address],
},
];

const description = '# Add cbBTC as collateral into cWETHv3 on Ethereum\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add cbBTC 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 off of the [recommendations from Gauntlet](https://www.comp.xyz/t/add-collateral-cbbtc-to-weth-market-on-base-and-mainnet/5689/2).\n\nFurther detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/923) and [forum discussion](https://www.comp.xyz/t/add-collateral-cbbtc-to-weth-market-on-base-and-mainnet/5689).\n\n\n## Proposal Actions\n\nThe first proposal action adds cbBTC asset as collateral with corresponding configurations.\n\nThe second 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(): Promise<boolean> {
return false;
},

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

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

const cbBTCAssetConfig = {
asset: CBBTC_ADDRESS,
priceFeed: priceFeedAddress,
decimals: 8,
borrowCollateralFactor: exp(0.8, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.95, 18),
supplyCap: exp(93, 8),
};

// 1. Compare proposed asset config with Comet asset info
const cbBTCAssetInfo = await comet.getAssetInfoByAddress(CBBTC_ADDRESS);
expect(cbBTCAssetIndex).to.be.equal(cbBTCAssetInfo.offset);
expect(cbBTCAssetConfig.asset).to.be.equal(cbBTCAssetInfo.asset);
expect(cbBTCAssetConfig.priceFeed).to.be.equal(cbBTCAssetInfo.priceFeed);
expect(exp(1, cbBTCAssetConfig.decimals)).to.be.equal(cbBTCAssetInfo.scale);
expect(cbBTCAssetConfig.borrowCollateralFactor).to.be.equal(cbBTCAssetInfo.borrowCollateralFactor);
expect(cbBTCAssetConfig.liquidateCollateralFactor).to.be.equal(cbBTCAssetInfo.liquidateCollateralFactor);
expect(cbBTCAssetConfig.liquidationFactor).to.be.equal(cbBTCAssetInfo.liquidationFactor);
expect(cbBTCAssetConfig.supplyCap).to.be.equal(cbBTCAssetInfo.supplyCap);

// 2. Compare proposed asset config with Configurator asset config
const configuratorcbBTCAssetConfig = (await configurator.getConfiguration(comet.address)).assetConfigs[cbBTCAssetIndex];
expect(cbBTCAssetConfig.asset).to.be.equal(configuratorcbBTCAssetConfig.asset);
expect(cbBTCAssetConfig.priceFeed).to.be.equal(configuratorcbBTCAssetConfig.priceFeed);
expect(cbBTCAssetConfig.decimals).to.be.equal(configuratorcbBTCAssetConfig.decimals);
expect(cbBTCAssetConfig.borrowCollateralFactor).to.be.equal(configuratorcbBTCAssetConfig.borrowCollateralFactor);
expect(cbBTCAssetConfig.liquidateCollateralFactor).to.be.equal(configuratorcbBTCAssetConfig.liquidateCollateralFactor);
expect(cbBTCAssetConfig.liquidationFactor).to.be.equal(configuratorcbBTCAssetConfig.liquidationFactor);
expect(cbBTCAssetConfig.supplyCap).to.be.equal(configuratorcbBTCAssetConfig.supplyCap);
},
});

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