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Add sUSDS as collateral to USDS market on Mainnet (#947)
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Co-authored-by: GitHub Actions Bot <>
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MishaShWoof authored Nov 21, 2024
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136 changes: 136 additions & 0 deletions deployments/mainnet/usds/migrations/1731419158_add_susds_collateral.ts
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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 SUSDS_ADDRESS = '0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD';

let newPriceFeedAddress: string;

export default migration('1731419158_add_susds_collateral', {
async prepare(deploymentManager: DeploymentManager) {
const usdsPricefeed = await deploymentManager.fromDep('USDS:priceFeed', 'mainnet', 'usds');
const sUSDSPriceFeed = await deploymentManager.deploy(
'sUSDS:priceFeed',
'pricefeeds/PriceFeedWith4626Support.sol',
[
SUSDS_ADDRESS, // sUSDS / USD price feed
usdsPricefeed.address, // USDS / USD price feed
8, // decimals
'sUSDS / USD price feed', // description
],
true
);
return { sUSDSPriceFeedAddress: sUSDSPriceFeed.address };
},

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

const trace = deploymentManager.tracer();

const sUSDS = await deploymentManager.existing(
'sUSDS',
SUSDS_ADDRESS,
'mainnet',
'contracts/ERC20.sol:ERC20'
);
const sUSDSPriceFeed = await deploymentManager.existing(
'sUSDS:priceFeed',
sUSDSPriceFeedAddress,
'mainnet'
);

newPriceFeedAddress = sUSDSPriceFeedAddress;

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

const sUSDSAssetConfig = {
asset: sUSDS.address,
priceFeed: sUSDSPriceFeed.address,
decimals: await sUSDS.decimals(),
borrowCollateralFactor: exp(0.88, 18),
liquidateCollateralFactor: exp(0.92, 18),
liquidationFactor: exp(0.96, 18),
supplyCap: exp(50_000_000 , 18),
};

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

const description = '# Add sUSDS as collateral into cUSDSv3 on Mainnet\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add sUSDS into cUSDSv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III USDS 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/add-collateral-usds-market-on-eth-mainnet/5781/5).\n\nFurther detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/947) and [forum discussion](https://www.comp.xyz/t/add-collateral-usds-market-on-eth-mainnet/5781).\n\n\n## Proposal Actions\n\nThe first action adds sUSDS 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 sUSDSAssetIndex = Number(await comet.numAssets()) - 1;

const sUSDS = await deploymentManager.existing(
'sUSDS',
SUSDS_ADDRESS,
'mainnet',
'contracts/ERC20.sol:ERC20'
);
const sUSDSAssetConfig = {
asset: sUSDS.address,
priceFeed: newPriceFeedAddress,
decimals: await sUSDS.decimals(),
borrowCollateralFactor: exp(0.88, 18),
liquidateCollateralFactor: exp(0.92, 18),
liquidationFactor: exp(0.96, 18),
supplyCap: exp(50_000_000 , 18),
};

// 1. Compare sUSDS asset config with Comet and Configurator asset info
const cometSUSDSAssetInfo = await comet.getAssetInfoByAddress(SUSDS_ADDRESS);
expect(sUSDSAssetIndex).to.be.equal(cometSUSDSAssetInfo.offset);
expect(sUSDSAssetConfig.asset).to.be.equal(cometSUSDSAssetInfo.asset);
expect(sUSDSAssetConfig.priceFeed).to.be.equal(cometSUSDSAssetInfo.priceFeed);
expect(exp(1, sUSDSAssetConfig.decimals)).to.be.equal(cometSUSDSAssetInfo.scale);
expect(sUSDSAssetConfig.borrowCollateralFactor).to.be.equal(cometSUSDSAssetInfo.borrowCollateralFactor);
expect(sUSDSAssetConfig.liquidateCollateralFactor).to.be.equal(cometSUSDSAssetInfo.liquidateCollateralFactor);
expect(sUSDSAssetConfig.liquidationFactor).to.be.equal(cometSUSDSAssetInfo.liquidationFactor);
expect(sUSDSAssetConfig.supplyCap).to.be.equal(cometSUSDSAssetInfo.supplyCap);

const configuratorSUSDSAssetConfig = (await configurator.getConfiguration(comet.address)).assetConfigs[sUSDSAssetIndex];
expect(sUSDSAssetConfig.asset).to.be.equal(configuratorSUSDSAssetConfig.asset);
expect(sUSDSAssetConfig.priceFeed).to.be.equal(configuratorSUSDSAssetConfig.priceFeed);
expect(sUSDSAssetConfig.decimals).to.be.equal(configuratorSUSDSAssetConfig.decimals);
expect(sUSDSAssetConfig.borrowCollateralFactor).to.be.equal(configuratorSUSDSAssetConfig.borrowCollateralFactor);
expect(sUSDSAssetConfig.liquidateCollateralFactor).to.be.equal(configuratorSUSDSAssetConfig.liquidateCollateralFactor);
expect(sUSDSAssetConfig.liquidationFactor).to.be.equal(configuratorSUSDSAssetConfig.liquidationFactor);
expect(sUSDSAssetConfig.supplyCap).to.be.equal(configuratorSUSDSAssetConfig.supplyCap);
},
});

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