ApxEth plugin and scripts (#1143)

Co-authored-by: Taylor Brent <[email protected]>

.github/workflows/tests.yml

@@ -21,7 +21,7 @@ jobs:
       - run: yarn install --immutable
       - run: yarn devchain &
         env:
-          MAINNET_RPC_URL: https://mainnet.infura.io/v3/9aa3d95b3bc440fa88ea12eaa4456161
+          MAINNET_RPC_URL: https://eth-mainnet.alchemyapi.io/v2/${{ secrets.ALCHEMY_MAINNET_KEY }}
           FORK_NETWORK: mainnet
       - run: yarn deploy:run --network localhost
         env:

common/configuration.ts

@@ -105,6 +105,9 @@ export interface ITokens {
   steakPYUSD?: string
   Re7WETH?: string
 
+  pxETH?: string
+  apxETH?: string
+
   // Ethena
   USDe?: string
   sUSDe?: string
@@ -225,6 +228,8 @@ export const networkConfig: { [key: string]: INetworkConfig } = {
       stETH: '0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84',
       wstETH: '0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0',
       rETH: '0xae78736Cd615f374D3085123A210448E74Fc6393',
+      pxETH: '0x04C154b66CB340F3Ae24111CC767e0184Ed00Cc6',
+      apxETH: '0x9Ba021B0a9b958B5E75cE9f6dff97C7eE52cb3E6',
       cUSDCv3: '0xc3d688B66703497DAA19211EEdff47f25384cdc3',
       wcUSDCv3: '0x27F2f159Fe990Ba83D57f39Fd69661764BEbf37a',
       ONDO: '0xfAbA6f8e4a5E8Ab82F62fe7C39859FA577269BE3',
@@ -277,6 +282,7 @@ export const networkConfig: { [key: string]: INetworkConfig } = {
       cbETH: '0xf017fcb346a1885194689ba23eff2fe6fa5c483b', // cbETH/ETH
       frxETH: '0xc58f3385fbc1c8ad2c0c9a061d7c13b141d7a5df', // frxETH/ETH
       pyUSD: '0x8f1dF6D7F2db73eECE86a18b4381F4707b918FB1',
+      apxETH: '0x19219BC90F48DeE4d5cF202E09c438FAacFd8Bea', // apxETH/ETH
       USDe: '0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961',
     },
     AAVE_INCENTIVES: '0xd784927Ff2f95ba542BfC824c8a8a98F3495f6b5',

contracts/plugins/assets/lido/README.md

@@ -2,7 +2,7 @@
 
 ## Summary
 
-This plugin allows `wstETH` holders use their tokens as collateral in the Reverse Protocol.
+This plugin allows `wstETH` holders use their tokens as collateral in the Reserve Protocol.
 
 As described in the [Lido Site](https://docs.lido.fi/guides/steth-integration-guide#wsteth) , `wstETH` is a LSD (Liquid staking derivatives) which enables users to sell or transfer stacked ETH even before withdrawal being enabled.
 

contracts/plugins/assets/pirex-eth/ApxEthCollateral.sol

@@ -0,0 +1,74 @@
+// SPDX-License-Identifier: BlueOak-1.0.0
+pragma solidity 0.8.19;
+
+import "@openzeppelin/contracts/utils/math/Math.sol";
+import "../../../libraries/Fixed.sol";
+import "../AppreciatingFiatCollateral.sol";
+import "../OracleLib.sol";
+import "./vendor/IApxETH.sol";
+
+/**
+ * @title apxETH Collateral
+ * @notice Collateral plugin for Dinero apxETH (Pirex-ETH)
+ * tok = apxETH
+ * ref = pxETH (pegged to ETH 1:1)
+ * tar = ETH
+ * UoA = USD
+ */
+contract ApxEthCollateral is AppreciatingFiatCollateral {
+    using OracleLib for AggregatorV3Interface;
+    using FixLib for uint192;
+
+    AggregatorV3Interface public immutable targetPerTokChainlinkFeed;
+    uint48 public immutable targetPerTokChainlinkTimeout;
+
+    /// @param config.chainlinkFeed {UoA/target} price of ETH in USD terms
+    /// @param _targetPerTokChainlinkFeed {target/tok} price of apxETH in ETH terms
+    constructor(
+        CollateralConfig memory config,
+        uint192 revenueHiding,
+        AggregatorV3Interface _targetPerTokChainlinkFeed,
+        uint48 _targetPerTokChainlinkTimeout
+    ) AppreciatingFiatCollateral(config, revenueHiding) {
+        require(config.defaultThreshold != 0, "defaultThreshold zero");
+        require(address(_targetPerTokChainlinkFeed) != address(0), "missing targetPerTok feed");
+        require(_targetPerTokChainlinkTimeout != 0, "targetPerTokChainlinkTimeout zero");
+
+        targetPerTokChainlinkFeed = _targetPerTokChainlinkFeed;
+        targetPerTokChainlinkTimeout = _targetPerTokChainlinkTimeout;
+        maxOracleTimeout = uint48(Math.max(maxOracleTimeout, _targetPerTokChainlinkTimeout));
+    }
+
+    /// Can revert, used by other contract functions in order to catch errors
+    /// @return low {UoA/tok} The low price estimate
+    /// @return high {UoA/tok} The high price estimate
+    /// @return pegPrice {target/ref} The actual price observed in the peg
+    function tryPrice()
+        external
+        view
+        override
+        returns (
+            uint192 low,
+            uint192 high,
+            uint192 pegPrice
+        )
+    {
+        uint192 targetPerTok = targetPerTokChainlinkFeed.price(targetPerTokChainlinkTimeout);
+
+        // {UoA/tok} = {UoA/target} * {target/tok}
+        uint192 p = chainlinkFeed.price(oracleTimeout).mul(targetPerTok);
+        uint192 err = p.mul(oracleError, CEIL);
+
+        high = p + err;
+        low = p - err;
+        // assert(low <= high); obviously true just by inspection
+
+        // {target/ref} = {target/tok} / {ref/tok}
+        pegPrice = targetPerTok.div(underlyingRefPerTok());
+    }
+
+    /// @return {ref/tok} Quantity of whole reference units per whole collateral tokens
+    function underlyingRefPerTok() public view override returns (uint192) {
+        return _safeWrap(IApxETH(address(erc20)).assetsPerShare());
+    }
+}

contracts/plugins/assets/pirex-eth/README.md

@@ -0,0 +1,29 @@
+# Pirex apxETH (pxETH) Collateral Plugin
+
+## Summary
+
+This plugin allows `apxETH` holders use their tokens as collateral in the Reserve Protocol.
+
+As described in the [Dinero Site](https://dineroismoney.com/docs/pirex-eth-overview), Pirex ETH is an Ethereum liquid staking solution that consists of two tokens, `pxETH` and `apxETH`.
+
+Upon depositing ETH into the Dinero protocol through Pirex ETH, users receive `pxETH` - a liquid wrapper for staked ETH. However, the pxETH token itself does not earn any rewards. Users can deposit to Dinero's auto-compounding vaults to obtain `apxETH`, which is focused on maximizing their staking yields. Each `apxETH` benefits from staking rewards from more than one staked ETH, amplifying the yield for apxETH users.
+
+`apxETH` will accrue revenue from **staking rewards** into itself by **increasing** the exchange rate of `pxETH` per `apxETH`.
+
+`pxETH` contract: <https://etherscan.io/address/0x04C154b66CB340F3Ae24111CC767e0184Ed00Cc6#code>
+
+`apxETH` contract: <https://etherscan.io/address/0x9Ba021B0a9b958B5E75cE9f6dff97C7eE52cb3E6#code>
+
+## Implementation
+
+### Units
+
+| tok    | ref   | target | UoA |
+| ------ | ----- | ------ | --- |
+| apxETH | pxETH | ETH    | USD |
+
+### Functions
+
+#### refPerTok {ref/tok}
+
+This function returns rate of `pxETH/apxETH`, getting from [assetsPerShare()](https://etherscan.io/token/0x9Ba021B0a9b958B5E75cE9f6dff97C7eE52cb3E6#readContract) function in wstETH contract.

contracts/plugins/assets/pirex-eth/vendor/IApxETH.sol

@@ -0,0 +1,13 @@
+// SPDX-License-Identifier: BlueOak-1.0.0
+pragma solidity 0.8.19;
+
+import "@openzeppelin/contracts/token/ERC20/extensions/IERC20Metadata.sol";
+
+// External interface for apxETH
+interface IApxETH is IERC20Metadata {
+    function assetsPerShare() external view returns (uint256);
+
+    function setWithdrawalPenalty(uint256 penalty) external;
+
+    function notifyRewardAmount() external;
+}

contracts/plugins/mocks/ApxEthMock.sol

@@ -0,0 +1,14 @@
+// SPDX-License-Identifier: BlueOak-1.0.0
+pragma solidity 0.8.19;
+
+import "./ERC20Mock.sol";
+
+contract ApxEthMock is ERC20Mock {
+    uint256 public assetsPerShare;
+
+    constructor() ERC20Mock("Mock ApxETH", "ApxEth") {}
+
+    function setAssetsPerShare(uint256 mockValue) external {
+        assetsPerShare = mockValue;
+    }
+}

scripts/addresses/1-tmp-assets-collateral.json

@@ -59,6 +59,7 @@
     "cvxCrvUSDUSDC": "0x9Fc0F31e2D26C437461a9eEBfe858d17e2611Ea5",
     "cvxCrvUSDUSDT": "0x69c6597690B8Df61D15F201519C03725bdec40c1",
     "sfrxETH": "0x4c891fCa6319d492866672E3D2AfdAAA5bDcfF67",
+    "apxETH": "0x05ffDaAA2aF48e1De1CE34d633db018a28e3B3F5",
     "sUSDe": "0x35081Ca24319835e5f759163F7e75eaB753e0b7E"
   },
   "erc20s": {
@@ -119,6 +120,7 @@
     "sfrxETH": "0xac3E018457B222d93114458476f3E3416Abbe38F",
     "CRV": "0xD533a949740bb3306d119CC777fa900bA034cd52",
     "CVX": "0x4e3FBD56CD56c3e72c1403e103b45Db9da5B9D2B",
+    "apxETH": "0x9Ba021B0a9b958B5E75cE9f6dff97C7eE52cb3E6",
     "sUSDe": "0x9D39A5DE30e57443BfF2A8307A4256c8797A3497"
   }
-}
+}

scripts/addresses/mainnet-3.4.0/1-tmp-assets-collateral.json

@@ -59,6 +59,7 @@
     "cvxCrvUSDUSDC": "0x9Fc0F31e2D26C437461a9eEBfe858d17e2611Ea5",
     "cvxCrvUSDUSDT": "0x69c6597690B8Df61D15F201519C03725bdec40c1",
     "sfrxETH": "0x4c891fCa6319d492866672E3D2AfdAAA5bDcfF67",
+    "apxETH": "0x05ffDaAA2aF48e1De1CE34d633db018a28e3B3F5",
     "sUSDe": "0x35081Ca24319835e5f759163F7e75eaB753e0b7E"
   },
   "erc20s": {
@@ -119,6 +120,7 @@
     "sfrxETH": "0xac3E018457B222d93114458476f3E3416Abbe38F",
     "CRV": "0xD533a949740bb3306d119CC777fa900bA034cd52",
     "CVX": "0x4e3FBD56CD56c3e72c1403e103b45Db9da5B9D2B",
+    "apxETH": "0x9Ba021B0a9b958B5E75cE9f6dff97C7eE52cb3E6",
     "sUSDe": "0x9D39A5DE30e57443BfF2A8307A4256c8797A3497"
   }
 }

scripts/deploy.ts

@@ -83,6 +83,7 @@ async function main() {
       'phase2-assets/collaterals/deploy_steakpyusd.ts',
       'phase2-assets/collaterals/deploy_bbusdt.ts',
       'phase2-assets/collaterals/deploy_re7weth.ts',
+      'phase2-assets/collaterals/deploy_apxeth.ts',
       'phase2-assets/collaterals/deploy_USDe.ts',
       'phase2-assets/assets/deploy_crv.ts',
       'phase2-assets/assets/deploy_cvx.ts'

scripts/deployment/phase2-assets/collaterals/deploy_apxeth.ts

@@ -0,0 +1,95 @@
+import fs from 'fs'
+import hre from 'hardhat'
+import { getChainId } from '../../../../common/blockchain-utils'
+import { networkConfig } from '../../../../common/configuration'
+import { fp } from '../../../../common/numbers'
+import { expect } from 'chai'
+import { CollateralStatus } from '../../../../common/constants'
+import {
+  getDeploymentFile,
+  getAssetCollDeploymentFilename,
+  IAssetCollDeployments,
+  getDeploymentFilename,
+  fileExists,
+} from '../../common'
+import { priceTimeout, combinedError } from '../../utils'
+import { ApxEthCollateral } from '../../../../typechain'
+import {
+  ETH_ORACLE_ERROR,
+  ETH_ORACLE_TIMEOUT,
+  APXETH_ORACLE_ERROR,
+  APXETH_ORACLE_TIMEOUT,
+  DELAY_UNTIL_DEFAULT,
+} from '../../../../test/plugins/individual-collateral/pirex-eth/constants'
+import { ContractFactory } from 'ethers'
+
+async function main() {
+  // ==== Read Configuration ====
+  const [deployer] = await hre.ethers.getSigners()
+
+  const chainId = await getChainId(hre)
+
+  console.log(`Deploying Collateral to network ${hre.network.name} (${chainId})
+    with burner account: ${deployer.address}`)
+
+  if (!networkConfig[chainId]) {
+    throw new Error(`Missing network configuration for ${hre.network.name}`)
+  }
+
+  // Get phase1 deployment
+  const phase1File = getDeploymentFilename(chainId)
+  if (!fileExists(phase1File)) {
+    throw new Error(`${phase1File} doesn't exist yet. Run phase 1`)
+  }
+  // Check previous step completed
+  const assetCollDeploymentFilename = getAssetCollDeploymentFilename(chainId)
+  const assetCollDeployments = <IAssetCollDeployments>getDeploymentFile(assetCollDeploymentFilename)
+
+  const deployedCollateral: string[] = []
+
+  /********  Deploy ApxETH Collateral - apxETH  **************************/
+
+  const ApxEthCollateralFactoryCollateralFactory: ContractFactory =
+    await hre.ethers.getContractFactory('ApxEthCollateral')
+
+  const oracleError = combinedError(ETH_ORACLE_ERROR, APXETH_ORACLE_ERROR) // 0.5% & 1%
+
+  const collateral = <ApxEthCollateral>await ApxEthCollateralFactoryCollateralFactory.connect(
+    deployer
+  ).deploy(
+    {
+      priceTimeout: priceTimeout.toString(),
+      chainlinkFeed: networkConfig[chainId].chainlinkFeeds.ETH,
+      oracleError: oracleError.toString(),
+      erc20: networkConfig[chainId].tokens.apxETH,
+      maxTradeVolume: fp('1e6').toString(), // $1m,
+      oracleTimeout: ETH_ORACLE_TIMEOUT.toString(), // 1 hr,
+      targetName: hre.ethers.utils.formatBytes32String('ETH'),
+      defaultThreshold:  fp('0.02').add(APXETH_ORACLE_ERROR).toString(), // 3%
+      delayUntilDefault: DELAY_UNTIL_DEFAULT.toString(), // 72h
+    },
+    fp('1e-4').toString(), // revenueHiding = 0.01%
+    networkConfig[chainId].chainlinkFeeds.apxETH, // targetPerTokChainlinkFeed
+    APXETH_ORACLE_TIMEOUT.toString() // targetPerTokChainlinkTimeout - 24h
+  )
+  await collateral.deployed()
+  await (await collateral.refresh()).wait()
+  expect(await collateral.status()).to.equal(CollateralStatus.SOUND)
+
+  console.log(`Deployed ApxETH to ${hre.network.name} (${chainId}): ${collateral.address}`)
+
+  assetCollDeployments.collateral.apxETH = collateral.address
+  assetCollDeployments.erc20s.apxETH = networkConfig[chainId].tokens.apxETH
+  deployedCollateral.push(collateral.address.toString())
+
+  fs.writeFileSync(assetCollDeploymentFilename, JSON.stringify(assetCollDeployments, null, 2))
+
+  console.log(`Deployed collateral to ${hre.network.name} (${chainId})
+        New deployments: ${deployedCollateral}
+        Deployment file: ${assetCollDeploymentFilename}`)
+}
+
+main().catch((error) => {
+  console.error(error)
+  process.exitCode = 1
+})

scripts/verification/collateral-plugins/verify_apxeth.ts

@@ -0,0 +1,63 @@
+import hre from 'hardhat'
+import { getChainId } from '../../../common/blockchain-utils'
+import { developmentChains, networkConfig } from '../../../common/configuration'
+import { fp } from '../../../common/numbers'
+import {
+  getDeploymentFile,
+  getAssetCollDeploymentFilename,
+  IAssetCollDeployments,
+} from '../../deployment/common'
+import {
+  ETH_ORACLE_TIMEOUT,
+  ETH_ORACLE_ERROR,
+  DELAY_UNTIL_DEFAULT,
+  APXETH_ORACLE_ERROR,
+  APXETH_ORACLE_TIMEOUT,
+} from '../../../test/plugins/individual-collateral/pirex-eth/constants'
+import { priceTimeout, verifyContract, combinedError } from '../../deployment/utils'
+
+let deployments: IAssetCollDeployments
+
+async function main() {
+  // ********** Read config **********
+  const chainId = await getChainId(hre)
+  if (!networkConfig[chainId]) {
+    throw new Error(`Missing network configuration for ${hre.network.name}`)
+  }
+
+  if (developmentChains.includes(hre.network.name)) {
+    throw new Error(`Cannot verify contracts for development chain ${hre.network.name}`)
+  }
+
+  const assetCollDeploymentFilename = getAssetCollDeploymentFilename(chainId)
+  deployments = <IAssetCollDeployments>getDeploymentFile(assetCollDeploymentFilename)
+
+  /********  Verify ApxETH - apxETH  **************************/
+  const oracleError = combinedError(ETH_ORACLE_ERROR, APXETH_ORACLE_ERROR) // 0.5% & 1%
+  await verifyContract(
+    chainId,
+    deployments.collateral.apxETH,
+    [
+      {
+        priceTimeout: priceTimeout.toString(),
+        chainlinkFeed: networkConfig[chainId].chainlinkFeeds.ETH,
+        oracleError: oracleError.toString(), // 0.5% & 1%,
+        erc20: networkConfig[chainId].tokens.apxETH,
+        maxTradeVolume: fp('1e6').toString(), // $1m,
+        oracleTimeout: ETH_ORACLE_TIMEOUT.toString(), // 1 hr,
+        targetName: hre.ethers.utils.formatBytes32String('ETH'),
+        defaultThreshold: fp('0.02').add(APXETH_ORACLE_ERROR).toString(), // 3%
+        delayUntilDefault: DELAY_UNTIL_DEFAULT.toString(), // 72h
+      },
+      fp('1e-4'), // revenueHiding = 0.01%
+      networkConfig[chainId].chainlinkFeeds.apxETH, // targetPerTokChainlinkFeed
+      APXETH_ORACLE_TIMEOUT.toString(), // targetPerTokChainlinkTimeout
+    ],
+    'contracts/plugins/assets/pirex-eth/ApxEthCollateral.sol:ApxEthCollateral'
+  )
+}
+
+main().catch((error) => {
+  console.error(error)
+  process.exitCode = 1
+})

scripts/verify_etherscan.ts

@@ -77,6 +77,7 @@ async function main() {
       'collateral-plugins/verify_sfrax_eth.ts',
       'collateral-plugins/verify_steakusdc.ts',
       'collateral-plugins/verify_re7weth.ts',
+      'collateral-plugins/verify_apxeth.ts',
       'collateral-plugins/verify_USDe.ts'
     )
   } else if (chainId == '8453' || chainId == '84531') {

test/plugins/individual-collateral/frax-eth/SFrxEthTestSuite.test.ts

@@ -309,7 +309,7 @@ const opts = {
   itChecksTargetPerRefDefaultUp: it.skip,
   itChecksRefPerTokDefault: it.skip,
   itChecksPriceChanges: it,
-  itHasRevenueHiding: it.skip, // implemnted in this file
+  itHasRevenueHiding: it.skip, // implemented in this file
   itChecksNonZeroDefaultThreshold: it,
   resetFork,
   collateralName: 'SFraxEthCollateral',