Add sFRAX as collateral to USDT market on Mainnet (#932)

Co-authored-by: GitHub Actions Bot <>

deployments/mainnet/usdt/migrations/1730371308_add_sfrax_collateral.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 SFRAX_ADDRESS = '0xA663B02CF0a4b149d2aD41910CB81e23e1c41c32';
+const SFRAX_TO_FRAX_PRICE_FEED_ADDRESS = '0xA663B02CF0a4b149d2aD41910CB81e23e1c41c32';
+const FRAX_TO_USD_PRICE_FEED_ADDRESS = '0xB9E1E3A9feFf48998E45Fa90847ed4D467E8BcfD';
+
+let priceFeedAddress: string;
+
+export default migration('1730371308_add_sfrax_collateral', {
+  async prepare(deploymentManager: DeploymentManager) {
+    const _sFRAXPriceFeed = await deploymentManager.deploy(
+      'sFRAX:priceFeed',
+      'pricefeeds/PriceFeedWith4626Support.sol',
+      [
+        SFRAX_TO_FRAX_PRICE_FEED_ADDRESS, // sFRAX / FRAX price feed
+        FRAX_TO_USD_PRICE_FEED_ADDRESS,   // FRAX / USD price feed
+        8,                                // decimals
+        'sFRAX / USD price feed',         // description
+      ],
+      true
+    );
+    return { sFRAXPriceFeedAddress: _sFRAXPriceFeed.address };
+  },
+
+  enact: async (deploymentManager: DeploymentManager, _, { sFRAXPriceFeedAddress }) => {
+    const trace = deploymentManager.tracer();
+
+    const sFRAX = await deploymentManager.existing(
+      'sFRAX',
+      SFRAX_ADDRESS,
+      'mainnet',
+      'contracts/ERC20.sol:ERC20'
+    );
+    const sFRAXPriceFeed = await deploymentManager.existing(
+      'sFRAX:priceFeed',
+      sFRAXPriceFeedAddress,
+      'mainnet'
+    );
+    priceFeedAddress = sFRAXPriceFeed.address;
+    const {
+      governor,
+      comet,
+      cometAdmin,
+      configurator
+    } = await deploymentManager.getContracts();
+
+    const newAssetConfig = {
+      asset: sFRAX.address,
+      priceFeed: sFRAXPriceFeed.address,
+      decimals: await sFRAX.decimals(),
+      borrowCollateralFactor: exp(0.88, 18),
+      liquidateCollateralFactor: exp(0.90, 18),
+      liquidationFactor: exp(0.95, 18),
+      supplyCap: exp(10_000_000, 18),
+    };
+
+    const mainnetActions = [
+      // 1. Add sFRAX 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 sFRAX as collateral into cUSDTv3 on Ethereum\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add sFRAX into cUSDTv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III USDT 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-sfrax-as-collateral-to-usdt-markets-on-ethereum-mainnet/5615/3).\n\nFurther detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/932) and [forum discussion](https://www.comp.xyz/t/add-sfrax-as-collateral-to-usdt-markets-on-ethereum-mainnet/5615).\n\n\n## Proposal Actions\n\nThe first proposal action adds sFRAX 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 sFRAXAssetIndex = Number(await comet.numAssets()) - 1;
+
+    const sFRAXAssetConfig = {
+      asset: SFRAX_ADDRESS,
+      priceFeed: priceFeedAddress,
+      decimals: 18,
+      borrowCollateralFactor: exp(0.88, 18),
+      liquidateCollateralFactor: exp(0.90, 18),
+      liquidationFactor: exp(0.95, 18),
+      supplyCap: exp(10_000_000, 18),
+    };
+
+    // 1. Compare proposed asset config with Comet asset info
+    const sFRAXAssetInfo = await comet.getAssetInfoByAddress(SFRAX_ADDRESS);
+    expect(sFRAXAssetIndex).to.be.equal(sFRAXAssetInfo.offset);
+    expect(sFRAXAssetConfig.asset).to.be.equal(sFRAXAssetInfo.asset);
+    expect(sFRAXAssetConfig.priceFeed).to.be.equal(sFRAXAssetInfo.priceFeed);
+    expect(exp(1, sFRAXAssetConfig.decimals)).to.be.equal(sFRAXAssetInfo.scale);
+    expect(sFRAXAssetConfig.borrowCollateralFactor).to.be.equal(sFRAXAssetInfo.borrowCollateralFactor);
+    expect(sFRAXAssetConfig.liquidateCollateralFactor).to.be.equal(sFRAXAssetInfo.liquidateCollateralFactor);
+    expect(sFRAXAssetConfig.liquidationFactor).to.be.equal(sFRAXAssetInfo.liquidationFactor);
+    expect(sFRAXAssetConfig.supplyCap).to.be.equal(sFRAXAssetInfo.supplyCap);
+
+    // 2. Compare proposed asset config with Configurator asset config
+    const configuratorSFRAXAssetConfig = (await configurator.getConfiguration(comet.address)).assetConfigs[sFRAXAssetIndex];
+    expect(sFRAXAssetConfig.asset).to.be.equal(configuratorSFRAXAssetConfig.asset);
+    expect(sFRAXAssetConfig.priceFeed).to.be.equal(configuratorSFRAXAssetConfig.priceFeed);
+    expect(sFRAXAssetConfig.decimals).to.be.equal(configuratorSFRAXAssetConfig.decimals);
+    expect(sFRAXAssetConfig.borrowCollateralFactor).to.be.equal(configuratorSFRAXAssetConfig.borrowCollateralFactor);
+    expect(sFRAXAssetConfig.liquidateCollateralFactor).to.be.equal(configuratorSFRAXAssetConfig.liquidateCollateralFactor);
+    expect(sFRAXAssetConfig.liquidationFactor).to.be.equal(configuratorSFRAXAssetConfig.liquidationFactor);
+    expect(sFRAXAssetConfig.supplyCap).to.be.equal(configuratorSFRAXAssetConfig.supplyCap);
+  },
+});