March 20th, 2025 Spell #87

hexonaut · 2025-03-12T16:31:19Z

2025-03-20 Spark Spell

Please note this combines the last spell and the current one because the previous one did not execute.

Forum Post

https://forum.sky.money/t/march-6-2025-proposed-changes-to-spark-for-upcoming-spell/26036
https://forum.sky.money/t/march-20-2025-proposed-changes-to-spark-for-upcoming-spell/26113

Dependencies on Maker Core spell

None

List of intended changes

Mainnet

Create new BTC emode category
Onboard LBTC as collateral, add to emode
Onboard tBTC as collateral, don't add to emode
Add cbBTC to new emode category
Onboard ezETH as collateral
Onboard rsETH as collateral
Morpho Spark DAI Vault - Onboard May eUSDe PT
Morpho Spark DAI Vault - Onboard July USDe PT
Update USDS and DAI IRM to 50bps spread

Base

Update the Morpho pending supply cap on cbBTC market to be 500m

Arbitrum

Onboard Aave USDC
Onboard Fluid sUSDS (!!! THIS IS BEING PUSHED BECAUSE NOT AVAILABLE !!!)

Addresses

variable name	address	network	source of truth
`AGGOR_BTCUSD_ORACLE`	`0x4219aA1A99f3fe90C2ACB97fCbc1204f6485B537`	`mainnet`	Specified in LBTC risk assessment (same in tBTC risk assessment)
`CBBTC_USDC_ORACLE`	`0x663BECd10daE6C4A3Dcd89F1d76c1174199639B9`	`base`	Taken from previous spell payload, can be verified since the market params returned 100m for the existing supply cap with this value.
`EZETH_ORACLE`	`0x52E85eB49e07dF74c8A9466D2164b4C4cA60014A`	`mainnet`	Deployed by Phoenix Labs
`RSETH_ORACLE`	`0x70942D6b580741CF50A7906f4100063EE037b8eb`	`mainnet`	Deployed by Phoenix Labs
`PT_EUSDE_29MAY2025`	`0x50D2C7992b802Eef16c04FeADAB310f31866a545`	`mainnet`	Address in Pendle Telegram
`PT_EUSDE_29MAY2025_PRICE_FEED`	`0x39a695Eb6d0C01F6977521E5E79EA8bc232b506a`	`mainnet`	Address in Pendle Telegram
`PT_USDE_31JUL2025`	`0x917459337CaAC939D41d7493B3999f571D20D667`	`mainnet`	Address in Pendle Telegram
`PT_USDE_31JUL2025_PRICE_FEED`	`0xFCaE69BEF9B6c96D89D58664d8aeA84BddCe2E5c`	`mainnet`	Address in Pendle Telegram
`DAI_IRM`	`0x5a7E7a32331189a794ac33Fec76C0A1dD3dDCF9c`	`mainnet`	Deployed by Phoenix Labs
`USDS_IRM`	`0xD94BA511284d2c56F59a687C3338441d33304E07`	`mainnet`	Deployed by Phoenix Labs

lucas-manuel

Intermediate review, so far:

Mainnet

Base

Review equivalence with old base spell
Review forum links
Review addresses

Arbitrum

Onboard Aave USDC
Review forum links
Review addresses

src/proposals/20250320/SparkEthereum_20250320.sol

github-actions · 2025-03-17T11:59:17Z

Spell Caster

Inspect the impact of spell execution on forked networks:

Spell	App URL	RPC URL
SparkEthereum_20250320	🎇 App	🌎 RPC
SparkBase_20250320	🎇 App	🌎 RPC
SparkArbitrumOne_20250320	🎇 App	🌎 RPC

_{Deployed from 848d2dd on 2025-03-20T18:20:32.371Z}

lucas-manuel · 2025-03-17T13:28:07Z

We should put this into a helper function to always use with PT token oracles to make sure they are configured as expected (from SparkEthereum_20250109.t.sol):

        // --- Test the May PT Oracle in more detail ---

        uint256 ptSUSDE29MAY2025Price = IMorphoChainlinkOracle(PT_SUSDE_29MAY2025_PRICE_FEED).price();

        assertEq(ptSUSDE29MAY2025Price, 0.903243903792491122e36);

        uint256 timeSkip = 60 days;
        skip(timeSkip);

        uint256 newPTSUSDE29MAY2025Price = IMorphoChainlinkOracle(PT_SUSDE_29MAY2025_PRICE_FEED).price();

        // Price for both feeds increases over time
        assertGt(newPTSUSDE29MAY2025Price, ptSUSDE29MAY2025Price);

        uint256 ptSUSDE29MAY2025YearlyPriceIncrease = (newPTSUSDE29MAY2025Price - ptSUSDE29MAY2025Price) * 365 days / (timeSkip);

        // Calculated yield should equal the expected one
        assertApproxEqAbs(ptSUSDE29MAY2025YearlyPriceIncrease / 1e18, PT_SUSDE_29MAY2025_YIELD, 4);

        assertLt(IMorphoChainlinkOracle(PT_SUSDE_29MAY2025_PRICE_FEED).price(), 1e36);

        // Prices on maturity should be 1e36
        vm.warp(IPendlePT(PT_SUSDE_29MAY2025).expiry());
        assertEq(IMorphoChainlinkOracle(PT_SUSDE_29MAY2025_PRICE_FEED).price(), 1e36);

        skip(365 days);

        // Prices should remain to be 1e36
        assertEq(IMorphoChainlinkOracle(PT_SUSDE_29MAY2025_PRICE_FEED).price(), 1e36);

Can remove first hard value assertion and pass in an expected annual yield and due date as params

v2.0.0

hexonaut · 2025-03-17T13:59:46Z

I've added the pt oracle tests.

lucas-manuel

Spell logic LGTM, don't we need to update deployed spell with updated links? I know no logic will change but for verified contract. Also note to self still need to review PT helper tests.

But yeah spell LGTM.

lucas-manuel · 2025-03-17T13:58:32Z

src/proposals/20250320/SparkEthereum_20250320.t.sol

+        assertEq(ausdc.balanceOf(Arbitrum.ALM_PROXY), 0);
+    }
+
+    function test_ARBITRUM_AaveRateLimits() public onChain(ChainIdUtils.ArbitrumOne()) {


This should be in a helper function, along with the logic in test_ARBITRUM_AaveOnboardingIntegration

switched to match the morpho onboarding style

lucas-manuel · 2025-03-17T13:59:12Z

src/proposals/20250320/SparkEthereum_20250320.t.sol

+        ForeignController controller = ForeignController(Arbitrum.ALM_CONTROLLER);
+        IRateLimits rateLimits       = IRateLimits(Arbitrum.ALM_RATE_LIMITS);


ForeignController controller = ForeignController(Arbitrum.ALM_CONTROLLER); IRateLimits rateLimits = IRateLimits(Arbitrum.ALM_RATE_LIMITS);

Not relevant anymore.

lucas-manuel · 2025-03-17T22:23:44Z

lucas-manuel

Formatting and a TODO comment and LGTM

lucas-manuel · 2025-03-18T22:06:43Z

src/test-harness/SparkLiquidityLayerTests.sol

+    function _testAaveOnboarding(
+        address atoken,
+        uint256 expectedDepositAmount,
+        uint256 depositMax,
+        uint256 depositSlope
+    ) internal {
+        SparkLiquidityLayerContext memory ctx = _getSparkLiquidityLayerContext();
+        bool unlimitedDeposit = depositMax == type(uint256).max;
+
+        // Note: Aave signature is the same for mainnet and foreign
+        deal(IAToken(atoken).UNDERLYING_ASSET_ADDRESS(), address(ctx.proxy), expectedDepositAmount);
+        bytes32 depositKey = RateLimitHelpers.makeAssetKey(
+            MainnetController(ctx.controller).LIMIT_AAVE_DEPOSIT(),
+            atoken
+        );
+        bytes32 withdrawKey = RateLimitHelpers.makeAssetKey(
+            MainnetController(ctx.controller).LIMIT_AAVE_WITHDRAW(),
+            atoken
+        );
+
+        _assertRateLimit(depositKey, 0, 0);
+        _assertRateLimit(withdrawKey, 0, 0);
+
+        vm.prank(ctx.relayer);
+        vm.expectRevert("RateLimits/zero-maxAmount");
+        MainnetController(ctx.controller).depositAave(atoken, expectedDepositAmount);
+
+        executeAllPayloadsAndBridges();
+
+        _assertRateLimit(depositKey, depositMax, depositSlope);
+        _assertRateLimit(withdrawKey, type(uint256).max, 0);
+
+        if (!unlimitedDeposit) {
+            vm.prank(ctx.relayer);
+            vm.expectRevert("RateLimits/rate-limit-exceeded");
+            MainnetController(ctx.controller).depositAave(atoken, depositMax + 1);
+        }
+
+        assertEq(ctx.rateLimits.getCurrentRateLimit(depositKey),  depositMax);
+        assertEq(ctx.rateLimits.getCurrentRateLimit(withdrawKey), type(uint256).max);
+
+        vm.prank(ctx.relayer);
+        MainnetController(ctx.controller).depositAave(atoken, expectedDepositAmount);
+
+        assertEq(ctx.rateLimits.getCurrentRateLimit(depositKey),  unlimitedDeposit ? type(uint256).max : depositMax - expectedDepositAmount);
+        assertEq(ctx.rateLimits.getCurrentRateLimit(withdrawKey), type(uint256).max);
+
+        vm.prank(ctx.relayer);
+        MainnetController(ctx.controller).withdrawAave(atoken, expectedDepositAmount / 2);
+
+        assertEq(ctx.rateLimits.getCurrentRateLimit(depositKey),  unlimitedDeposit ? type(uint256).max : depositMax - expectedDepositAmount);
+        assertEq(ctx.rateLimits.getCurrentRateLimit(withdrawKey), type(uint256).max);
+
+        if (!unlimitedDeposit) {
+            // Do some sanity checks on the slope
+            // This is to catch things like forgetting to divide to a per-second time, etc
+
+            // We assume it takes at least 1 day to recharge to max
+            uint256 dailySlope = depositSlope * 1 days;
+            assertLe(dailySlope, depositMax);
+
+            // It shouldn't take more than 30 days to recharge to max
+            uint256 monthlySlope = depositSlope * 30 days;
+            assertGe(monthlySlope, depositMax);
+        }
+    }
+


Formatting and LGTM

// TODO: Add balance assertions to all helper functions function _testAaveOnboarding( address aToken, uint256 expectedDepositAmount, uint256 depositMax, uint256 depositSlope ) internal { SparkLiquidityLayerContext memory ctx = _getSparkLiquidityLayerContext(); MainnetController controller = MainnetController(ctx.controller); bool unlimitedDeposit = depositMax == type(uint256).max; // Note: Aave signature is the same for mainnet and foreign deal(IAToken(aToken).UNDERLYING_ASSET_ADDRESS(), address(ctx.proxy), expectedDepositAmount); bytes32 depositKey = RateLimitHelpers.makeAssetKey(controller.LIMIT_AAVE_DEPOSIT(), aToken); bytes32 withdrawKey = RateLimitHelpers.makeAssetKey(controller.LIMIT_AAVE_WITHDRAW(), aToken); _assertRateLimit(depositKey, 0, 0); _assertRateLimit(withdrawKey, 0, 0); vm.prank(ctx.relayer); vm.expectRevert("RateLimits/zero-maxAmount"); controller.depositAave(aToken, expectedDepositAmount); executeAllPayloadsAndBridges(); _assertRateLimit(depositKey, depositMax, depositSlope); _assertRateLimit(withdrawKey, type(uint256).max, 0); if (!unlimitedDeposit) { vm.prank(ctx.relayer); vm.expectRevert("RateLimits/rate-limit-exceeded"); controller.depositAave(aToken, depositMax + 1); } assertEq(ctx.rateLimits.getCurrentRateLimit(depositKey), depositMax); assertEq(ctx.rateLimits.getCurrentRateLimit(withdrawKey), type(uint256).max); vm.prank(ctx.relayer); controller.depositAave(aToken, expectedDepositAmount); assertEq(ctx.rateLimits.getCurrentRateLimit(depositKey), unlimitedDeposit ? type(uint256).max : depositMax - expectedDepositAmount); assertEq(ctx.rateLimits.getCurrentRateLimit(withdrawKey), type(uint256).max); vm.prank(ctx.relayer); controller.withdrawAave(aToken, expectedDepositAmount / 2); assertEq(ctx.rateLimits.getCurrentRateLimit(depositKey), unlimitedDeposit ? type(uint256).max : depositMax - expectedDepositAmount); assertEq(ctx.rateLimits.getCurrentRateLimit(withdrawKey), type(uint256).max); if (!unlimitedDeposit) { // Do some sanity checks on the slope // This is to catch things like forgetting to divide to a per-second time, etc // We assume it takes at least 1 day to recharge to max uint256 dailySlope = depositSlope * 1 days; assertLe(dailySlope, depositMax); // It shouldn't take more than 30 days to recharge to max uint256 monthlySlope = depositSlope * 30 days; assertGe(monthlySlope, depositMax); } }

RedLikeRosesss

20 Mar 2025 - Before Deployment.pdf
20 Mar 2025 - After Deployment.pdf

WIP on March 20 spell

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56b7ddd

hexonaut added Priority: High Status: Work In Progress labels Mar 12, 2025

hexonaut self-assigned this Mar 12, 2025

hexonaut added 2 commits March 13, 2025 10:11

add morpho onboarding

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94b8188

add arbitrum test and remove fluid onboarding

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73d17f2

hexonaut added Status: Ready for Review and removed Status: Work In Progress labels Mar 14, 2025

hexonaut requested review from lucas-manuel and RedLikeRosesss March 14, 2025 09:21

hexonaut marked this pull request as ready for review March 14, 2025 09:21

hexonaut added 3 commits March 14, 2025 09:22

update comments

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3a81c7f

Base -> Arbitrum

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c964d66

add rate change

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d350e42

lucas-manuel requested changes Mar 16, 2025

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src/proposals/20250320/SparkEthereum_20250320.sol Show resolved Hide resolved

hexonaut added 2 commits March 17, 2025 07:42

switch back to old seed style and lower to 1000 minimum

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24d7251

deploy all spells and update

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b8c1e5b

hexonaut added 3 commits March 17, 2025 09:41

WIP: add pendle PT oracle tests

018f4ca

forge install: morpho-blue-oracles

8a551db

v2.0.0

add pendle pt oracle tests

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11034d5

add PT polls

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eb7688e

lucas-manuel requested changes Mar 17, 2025

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change to standardized aave onboarding test

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ad17fd2

lucas-manuel requested changes Mar 18, 2025

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RedLikeRosesss previously approved these changes Mar 20, 2025

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change aave onboarding formating

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a2de2b1

hexonaut dismissed RedLikeRosesss’s stale review via a2de2b1 March 20, 2025 17:20

lucas-manuel previously approved these changes Mar 20, 2025

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fix rpc issue

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848d2dd

hexonaut dismissed lucas-manuel’s stale review via 848d2dd March 20, 2025 18:13

lucas-manuel approved these changes Mar 20, 2025

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RedLikeRosesss approved these changes Mar 20, 2025

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hexonaut merged commit 8609090 into master Mar 20, 2025
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hexonaut deleted the spell-2025-03-20 branch March 20, 2025 18:26

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March 20th, 2025 Spell #87

March 20th, 2025 Spell #87

hexonaut commented Mar 12, 2025 •

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		ForeignController controller = ForeignController(Arbitrum.ALM_CONTROLLER);
		IRateLimits rateLimits = IRateLimits(Arbitrum.ALM_RATE_LIMITS);

March 20th, 2025 Spell #87

March 20th, 2025 Spell #87

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hexonaut commented Mar 12, 2025 • edited Loading

2025-03-20 Spark Spell

Forum Post

Dependencies on Maker Core spell

List of intended changes

Mainnet

Base

Arbitrum

Addresses

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Mainnet

Base

Arbitrum

github-actions bot commented Mar 17, 2025 • edited Loading

Spell Caster

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lucas-manuel commented Mar 17, 2025

Mainnet

Base

Arbitrum

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