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cvx3Crv as Collateral #36

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cvx3Crv as Collateral #36

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e39e9fd
feat: cvx3Crv proposal
iamsahu May 6, 2022
de76462
fix: `addConvexAsset` link corrected
iamsahu May 6, 2022
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160 changes: 160 additions & 0 deletions YPP-0036.md
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# Proposal

Enable cvx3Crv as a collateral for DAI and USDC

# Background

cvx3CRV has a TVL of $720.4 million.

# Details

**1. Deploy cvx3CrvOracle** (no need for governance approval)

The [deploycvx3CrvOracle.ts](https://github.com/yieldprotocol/environments-v2/blob/feat/convex-collateral/scripts/governance/add/addCollateral/addCompositeCollateral/convex/deployCVX3CRVOracle.ts) script will be used, with no input.

**2. Deploy Cvx3CrvLadleModule** (no need for governance approval)

The [deployCvx3CrvLadleModule.ts](https://github.com/yieldprotocol/environments-v2/blob/feat/convex-collateral/scripts/governance/add/addCollateral/addCompositeCollateral/convex/deployCvx3CrvLadleModule.ts) script will be used, with no input.

**3. Deploy ConvexJoin** (no need for governance approval)

The [deployConvexJoin.ts](https://github.com/yieldprotocol/environments-v2/blob/feat/convex-collateral/scripts/governance/add/addCollateral/addCompositeCollateral/convex/deployConvexJoin.ts) script will be used, with no input.

**4. Governance Proposal**

The [addConvexAsset.ts](https://github.com/yieldprotocol/environments-v2/blob/feat/convex-collateral/scripts/governance/add/addCollateral/addCompositeCollateral/convex/addConvexAsset.ts) script will be used to do the following:

1. Orchestrate and configure oracles
2. Add module & remove ladle permissions
3. Orchestrate join, add asset & making ilk

The following input would be used:

```
export const crv = '0xd533a949740bb3306d119cc777fa900ba034cd52'

export const cvx3CrvAddress = '0x30d9410ed1d5da1f6c8391af5338c93ab8d4035c' // https://cvx3Crv.mirror.xyz/5cGl-Y37aTxtokdWk21qlULmE1aSM_NuX9fstbOPoWU
export const cvxBaseRewardPool = '0x689440f2Ff927E1f24c72F1087E1FAF471eCe1c8'
export const cvxAddress = '0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b'

/// @notice Threecrv pool and the chainlink sources for cvx3crv oracle
/// @param cvx3CrvId_ cvx3crv Id
/// @param ethId_ ETH ID
/// @param threecrv_ The 3CRV pool address
/// @param DAI_ DAI/ETH chainlink price feed address
/// @param USDC_ USDC/ETH chainlink price feed address
/// @param USDT_ USDT/ETH chainlink price feed address
export const cvx3CrvSources: [string, string, string, string, string, string] = [
bytes6ToBytes32(CVX3CRV),
bytes6ToBytes32(ETH),
'0xbEbc44782C7dB0a1A60Cb6fe97d0b483032FF1C7',
'0x773616E4d11A78F511299002da57A0a94577F1f4',
'0x986b5E1e1755e3C2440e960477f25201B0a8bbD4',
'0xEe9F2375b4bdF6387aa8265dD4FB8F16512A1d46',
]

/// @notice Sources that will be added to the Composite Oracle
/// @param Base asset identifier (bytes6 tag)
/// @param Quote asset identifier (bytes6 tag)
/// @param Address for the source
export const compositeSources: Array<[string, string, string]> = [[CVX3CRV, ETH, protocol.get(CVX3CRVORACLE) as string]]

/// @notice Assets that will be added to the protocol
/// @param Asset identifier (bytes6 tag)
/// @param Address for the asset
export const assetsToAdd: Array<[string, string]> = [[CVX3CRV, '0x30d9410ed1d5da1f6c8391af5338c93ab8d4035c']]

/// @notice Paths that will be added to the Composite Oracle
/// @param Base asset identifier (bytes6 tag)
/// @param Quote asset identifier (bytes6 tag)
/// @param Path to traverse (array of bytes6 tags)
export const compositePaths: Array<[string, string, Array<string>]> = [
[DAI, CVX3CRV, [ETH]],
[USDC, CVX3CRV, [ETH]],
]

/// @notice Configure an asset as an ilk for a base using the Composite Oracle
/// @param Base asset identifier (bytes6 tag)
/// @param Ilk asset identifier (bytes6 tag)
/// @param Collateralization ratio as a fixed point number with 6 decimals
/// @param Debt ceiling, modified by decimals
/// @param Minimum vault debt, modified by decimals
/// @param Decimals to append to debt ceiling and minimum vault debt.
export const compositeDebtLimits: Array<[string, string, number, number, number, number]> = [
[DAI, CVX3CRV, 1111111, 1000000, 5000, 18],
[USDC, CVX3CRV, 1111111, 1000000, 5000, 6],
]

/// @notice Ilks to accept for series
/// @param series identifier (bytes6 tag)
/// @param newly accepted ilks (array of bytes6 tags)
export const seriesIlks: Array<[string, string[]]> = [
[FYDAI2206, [CVX3CRV]],
[FYDAI2209, [CVX3CRV]],
[FYUSDC2206, [CVX3CRV]],
[FYUSDC2209, [CVX3CRV]],
]

/// @notice Limits to be used in an auction
/// @param base identifier (bytes6 tag)
/// @param duration of auctions in seconds
/// @param initial percentage of the collateral to be offered (fixed point with 6 decimals)
/// @param Maximum concurrently auctionable for this asset, modified by decimals
/// @param Minimum vault debt, modified by decimals
/// @param Decimals to append to auction ceiling and minimum vault debt.
export const compositeAuctionLimits: Array<[string, number, number, number, number, number]> = [
[CVX3CRV, 3600, 900000, 10000000, 5000, 18],
]
```

# Testing

The change has been tested on a mainnet fork by posting CVX3CRV to all series, borrowing, repaying and wthdrawing. [Script](https://github.com/yieldprotocol/environments-v2/blob/feat/convex-collateral/scripts/governance/add/addCollateral/addCompositeCollateral/convex/addCvx3Crv.test.ts).

```
+ npx hardhat run --network localhost ./scripts/governance/add/addCollateral/addCompositeCollateral/convex/addCvx3Crv.test.ts
No need to generate any newer typings.
ChainId: 1
101011113587269006625707 cvx3Crv available
join 0x0f2e27e862dffa42c890020ed7ef873f06CdB854
series: 0x303130360000
496036846628265878438 cvx3Crv posted
vault: 0x49c732b44c80fac3a20ede58
Allowance 496036846628265878438
Borrowed Successfully
Claiming Reward
User1 7940432577674132
Earned 7940432577674132
User2 7940363369100879
Earned 7940363369100879
Reward Claimed
repaid and withdrawn
101011113587269006625707 cvx3Crv before
101011113587269006625707 cvx3Crv after
Earned 0
User1 7940432577674132
Earned 0
User2 7940363369100879
Claimed leftover reward
series: 0x303230360000
496229609048951335104 cvx3Crv posted
vault: 0xa14bfb582b3dfd49646760fd
Allowance 496229609048951335104
Borrowed Successfully
Claiming Reward
User1 7940432577674132
Earned 0
User2 7940363369100879
Earned 0
Reward Claimed
repaid and withdrawn
101011113587269006625707 cvx3Crv before
101011113587269006625707 cvx3Crv after
Earned 0
User1 7940432577674132
Earned 0
User2 7940363369100879
Claimed leftover reward
Amount CRV left in join: 14
Amount CVX left in join: 6
```