Oracle

Learn more about V1 oracle design.

Here is a breakdown of the key features and mechanisms of the oracle solution.

Enhanced collateral price feeds: In addition to the original TWAP, spot prices are incorporated, with additional price feeds from Curve, Uniswap V3, and Balancer.

Arbitrage prevention: Minting and redeeming transactions are conducted at different prices to eliminate arbitrage trades. This helps to protect the collateral held by the protocol.

  • fToken can be minted at the minimum price

  • fToken can be redeemed at the maximum price

  • xToken can be minted at the maximum price

  • xToken can be redeemed at the minimum price

Risk management

The collateralization ratio is calculated at the maximum price as well as stability pool liquidations. This ensures that risk is managed effectively and liquidations occur at appropriate levels to maintain system stability.

Net Asset Value

The NAV is calculated based on TWAP during the non-transacting periods. This NAV calculation can serve as an oracle price feed for various DeFi applications integrating f(x) assets.

Additional protection measures for xTokens

To prevent arbitrage trades, xTokens cannot be both minted and redeemed within the same block. Additionally, a transfer of xTokens cannot occur within a specified timeframe of thirty minutes after minting. These measures help in mitigating potential exploits and maintaining price integrity.

[ETH/USD Spot] has 4 price sources, which are:

  1. https://data.chain.link/feeds/ethereum/mainnet/eth-usd

  2. https://info.uniswap.org/#/pools/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640

  3. https://info.uniswap.org/#/pools/0x8ad599c3a0ff1de082011efddc58f1908eb6e6d8

  4. https://v2.info.uniswap.org/pair/0xb4e16d0168e52d35cacd2c6185b44281ec28c9dc

stETH New oracle:

  1. [stETH/ETH Curve EMA ]*[ETH/USD Chainlink TWAP]

  2. [stETH/ETH Curve Spot] * [ETH/USD Spot ]

  3. [stETH/ETH Univ3 Spot] *[ ETH/USD Spot ]

  4. [stETH/ETH Balancer Spot] * [ETH/USD Spot ]

  5. [stETH/ETH Curve2 Spot] * [ETH/USD Spot ]

frxETH New oracle:

  1. [Curve frxETH/WETH EMA] * [Chainlink ETH/USD TWAP]

  2. [Curve frxETH/WETH Spot] * [ETH/USD Spot ]

  3. [Curve frxeth Spot] * [ETH/USD Spot ]

  4. [Curve stETH/frxETH Spot] * [Curve steth Spot] * [ETH/USD Spot ]

weETH New oracle:

  1. [RedStone weETH/ETH Twap] * [Chainlink ETH/USD TWAP]

  2. [Uniswap V3 ETH/weETH 0.05%] * [ETH/USD Spot ]/weETH.getRate()

  3. [Uniswap V3 wstETH/weETH 0.05%] *[wstETH/stETH rate] * [ Curve steth-ng]* [ETH/USD Spot ]

  4. [Curve weETH/ETH] * [ETH/USD Spot ]

ezETH New oracle:

  1. [RedStone ezETH/ETH Twap] * [Chainlink ETH/USD TWAP]

  2. [Curve ezETH/ETH] * [ETH/USD Spot ]

  3. [Balancer V2 Stable] * [ETH/USD Spot ]

WBTC New oracle:

  1. [Chainlink WBTC/BTC Twap] * [Chainlink BTC/USD Twap]

  2. [WBTC/USDC spot price of Curve TriCryptoUSDC]

  3. [Uniswap V3 WBTC/USDC 0.3% Spot ]

  4. [Uniswap V3 WBTC/ETH 0.3% Spot] * [Uniswap V3 USDC/ETH 0.05% Spot]

CVX oracle:

  1. [Chainlink CVX/USD Twap]

  2. [Chainlink CVX/USD Spot]

  3. [Curve CVX/ETH] * [ETH/USD Spot ]

Code: https://github.com/AladdinDAO/aladdin-v3-contracts/pull/198​

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