Add ETHx as collateral to WETH market on Mainnet (#901)

Co-authored-by: dmitriy-woof-software <[email protected]>
Co-authored-by: Dmitriy Babenko <[email protected]>
Co-authored-by: GitHub Actions Bot <>

deployments/mainnet/weth/migrations/1730466050_add_ethx_as_collaterals.ts

@@ -0,0 +1,129 @@
+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 ETHX_ADDRESS = '0xA35b1B31Ce002FBF2058D22F30f95D405200A15b';
+const ETHX_PRICE_FEED_ADDRESS = '0xdd487947c579af433AeeF038Bf1573FdBB68d2d3';
+
+export default migration('1730466050_add_ethx_as_collaterals', {
+  async prepare(deploymentManager: DeploymentManager) {
+    const _ETHxScalingPriceFeed = await deploymentManager.deploy(
+      'ETHx:priceFeed',
+      'pricefeeds/ScalingPriceFeed.sol',
+      [
+        ETHX_PRICE_FEED_ADDRESS,  // ETHx / ETH price feed
+        8                         // decimals
+      ],
+      true
+    );
+
+    return { ETHxScalingPriceFeed: _ETHxScalingPriceFeed.address };
+  },
+
+  async enact(deploymentManager: DeploymentManager, _, { ETHxScalingPriceFeed }) {
+
+    const trace = deploymentManager.tracer();
+
+    const ETHx = await deploymentManager.existing(
+      'ETHx',
+      ETHX_ADDRESS,
+      'mainnet',
+      'contracts/ERC20.sol:ERC20'
+    );
+    const ETHxPricefeed = await deploymentManager.existing(
+      'ETHx:priceFeed',
+      ETHxScalingPriceFeed,
+      'mainnet'
+    );
+
+    const {
+      governor,
+      comet,
+      cometAdmin,
+      configurator,
+    } = await deploymentManager.getContracts();
+
+    const ETHxAssetConfig = {
+      asset: ETHx.address,
+      priceFeed: ETHxPricefeed.address,
+      decimals: await ETHx.decimals(),
+      borrowCollateralFactor: exp(0.85, 18),
+      liquidateCollateralFactor: exp(0.90, 18),
+      liquidationFactor: exp(0.95, 18),
+      supplyCap: exp(2_100, 18),
+    };
+
+    const mainnetActions = [
+      // 1. Add ETHx as asset
+      {
+        contract: configurator,
+        signature: 'addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))',
+        args: [comet.address, ETHxAssetConfig],
+      },
+      // 2. Deploy and upgrade to a new version of Comet
+      {
+        contract: cometAdmin,
+        signature: 'deployAndUpgradeTo(address,address)',
+        args: [configurator.address, comet.address],
+      },
+    ];
+
+    const description = '# Add ETHx as collaterals into cWETHv3 on Mainnet\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add ETHx 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](https://www.comp.xyz/t/listing-ethx-on-compound/4730/21).\n\nFurther detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/901) and [forum discussion](https://www.comp.xyz/t/listing-ethx-on-compound/4730).\n\n\n## Price feed\n\nExchange rate price feed of ETHx/ETH was provided by Chainlink team. The address of pricefeed that is used is 0xdd487947c579af433AeeF038Bf1573FdBB68d2d3\n\n\n## Proposal Actions\n\nThe first proposal action adds ETHx 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(deploymentManager: DeploymentManager): Promise<boolean> {
+    return true;
+  },
+
+  async verify(deploymentManager: DeploymentManager) {
+    const { comet, configurator } = await deploymentManager.getContracts();
+
+    const ETHxAssetIndex = Number(await comet.numAssets()) - 1;
+
+    const ETHx = await deploymentManager.existing(
+      'ETHx',
+      ETHX_ADDRESS,
+      'mainnet',
+      'contracts/ERC20.sol:ERC20'
+    );
+    const ETHxAssetConfig = {
+      asset: ETHx.address,
+      priceFeed: '',
+      decimals: await ETHx.decimals(),
+      borrowCollateralFactor: exp(0.85, 18),
+      liquidateCollateralFactor: exp(0.90, 18),
+      liquidationFactor: exp(0.95, 18),
+      supplyCap: exp(2_100, 18),
+    };
+
+    // 1. Compare ETHx asset config with Comet and Configurator asset info
+    const cometETHxAssetInfo = await comet.getAssetInfo(ETHxAssetIndex);
+    expect(ETHxAssetIndex).to.be.equal(cometETHxAssetInfo.offset);
+    expect(ETHxAssetConfig.asset).to.be.equal(cometETHxAssetInfo.asset);
+    expect(exp(1, ETHxAssetConfig.decimals)).to.be.equal(cometETHxAssetInfo.scale);
+    expect(ETHxAssetConfig.borrowCollateralFactor).to.be.equal(cometETHxAssetInfo.borrowCollateralFactor);
+    expect(ETHxAssetConfig.liquidateCollateralFactor).to.be.equal(cometETHxAssetInfo.liquidateCollateralFactor);
+    expect(ETHxAssetConfig.liquidationFactor).to.be.equal(cometETHxAssetInfo.liquidationFactor);
+    expect(ETHxAssetConfig.supplyCap).to.be.equal(cometETHxAssetInfo.supplyCap);
+
+    const configuratorETHxAssetConfig = (await configurator.getConfiguration(comet.address)).assetConfigs[ETHxAssetIndex];
+    expect(ETHxAssetConfig.asset).to.be.equal(configuratorETHxAssetConfig.asset);
+    expect(ETHxAssetConfig.decimals).to.be.equal(configuratorETHxAssetConfig.decimals);
+    expect(ETHxAssetConfig.borrowCollateralFactor).to.be.equal(configuratorETHxAssetConfig.borrowCollateralFactor);
+    expect(ETHxAssetConfig.liquidateCollateralFactor).to.be.equal(configuratorETHxAssetConfig.liquidateCollateralFactor);
+    expect(ETHxAssetConfig.liquidationFactor).to.be.equal(configuratorETHxAssetConfig.liquidationFactor);
+    expect(ETHxAssetConfig.supplyCap).to.be.equal(configuratorETHxAssetConfig.supplyCap);
+  },
+});

scenario/LiquidationBotScenario.ts

@@ -840,7 +840,7 @@ scenario(
       const [initialNumAbsorbs, initialNumAbsorbed] = await comet.liquidatorPoints(betty.address);
 
       const borrowCapacity = await borrowCapacityForAsset(comet, albert, 0);
-      const borrowAmount = (borrowCapacity.mul(getConfigForScenario(_context).liquidationDenominator)).div(100n);
+      const borrowAmount = (borrowCapacity.mul(getConfigForScenario(_context).liquidationNumerator)).div(100n);
 
       await albert.withdrawAsset({
         asset: baseToken,

scenario/utils/scenarioHelper.ts

@@ -10,11 +10,12 @@ const config = {
   liquidationBase1: 1000,
   liquidationAsset: 200,
   liquidationDenominator: 90,
+  liquidationNumerator: 90,
   rewardsAsset: 10000,
   rewardsBase: 1000,
   transferBase: 1000,
   transferAsset: 5000,
-  interestSeconds: 110
+  interestSeconds: 110,
 };
 
 export function getConfigForScenario(ctx: CometContext) {
@@ -42,6 +43,10 @@ export function getConfigForScenario(ctx: CometContext) {
     config.interestSeconds = 70;
   }
 
+  if (ctx.world.base.network === 'mainnet' && ctx.world.base.deployment === 'weth') {
+    config.liquidationNumerator = 60;
+  }
+
   if (ctx.world.base.network === 'mainnet' && ctx.world.base.deployment === 'usds') {
     config.liquidationAsset = 100;
   }