bgd-labs · Rozengarden · Aug 5, 2024
diff --git a/Makefile b/Makefile
@@ -15,7 +15,6 @@ deploy-pk := --sender $(SENDER) --private-key ${PRIVATE_KEY} --verify -vvvv --sl
 
 # Deploy
 deploy-weeth-mainnet :; forge script scripts/DeployEthereum.s.sol:DeployWeEthEthereum --rpc-url mainnet $(common-flags)
-deploy-usde-mainnet :; forge script scripts/DeployEthereum.s.sol:DeployUSDeEthereum --rpc-url mainnet $(common-flags)
 deploy-weeth-arbitrum :; forge script scripts/DeployArbitrumWeEth.s.sol:DeployWeEthArbitrum --rpc-url arbitrum $(common-flags)
 deploy-weeth-scroll :; forge script scripts/DeployScroll.s.sol:DeployWeEthScroll --rpc-url scroll $(common-flags)
 deploy-weeth-base :; forge script scripts/DeployBase.s.sol:DeployWeEthBase --rpc-url base $(deploy-pk)
@@ -24,8 +23,11 @@ deploy-oseth-mainnet :; forge script scripts/DeployEthereum.s.sol:DeployOsEthEth
 
 deploy-ethx-mainnet :; forge script scripts/DeployEthereum.s.sol:DeployEthXEthereum --rpc-url mainnet $(common-flags)
 
+deploy-usde-mainnet :; forge script scripts/DeployEthereum.s.sol:DeployUSDeEthereum --rpc-url mainnet $(common-flags)
 deploy-susde-mainnet :; forge script scripts/DeployEthereum.s.sol:DeploySUSDeEthereum --rpc-url mainnet $(common-flags)
 
+deploy-sfrax-mainnet :; forge script scripts/DeployEthereum.s.sol:DeploysFRAXeEthereum --rpc-url mainnet $(common-flags)
+
 # Utilities
 download :; cast etherscan-source --chain ${chain} -d src/etherscan/${chain}_${address} ${address}
 git-diff :

diff --git a/reports/sFRAX_Ethereum.md b/reports/sFRAX_Ethereum.md
@@ -0,0 +1,139 @@
+# Capo Report
+
+| Capped sFRAX / FRAX / USD | Capped FRAX/USD | Diff | Date | 7-day growth in yearly % |
+| --- | --- | --- | --- | --- |
+| 1.02181841 | 0.99760062 | 2.40% | 01 Apr 2024 | 5.25% |
+| 1.02210725 | 0.9977354 | 2.41% | 02 Apr 2024 | 5.25% |
+| 1.02232625 | 0.9978024 | 2.43% | 03 Apr 2024 | 5.25% |
+| 1.02226857 | 0.99763415 | 2.44% | 04 Apr 2024 | 5.08% |
+| 1.02299958 | 0.99820053 | 2.45% | 05 Apr 2024 | 5.08% |
+| 1.02295211 | 0.99800754 | 2.47% | 06 Apr 2024 | 5.08% |
+| 1.02293874 | 0.9978473 | 2.48% | 07 Apr 2024 | 5.08% |
+| 1.02365384 | 0.99839767 | 2.50% | 08 Apr 2024 | 5.08% |
+| 1.02300948 | 0.99762236 | 2.51% | 09 Apr 2024 | 5.08% |
+| 1.02327005 | 0.99772982 | 2.53% | 10 Apr 2024 | 5.08% |
+| 1.02310464 | 0.99653103 | 2.63% | 11 Apr 2024 | 9.82% |
+| 1.02670306 | 0.99890189 | 2.74% | 12 Apr 2024 | 14.87% |
+| 1.02286748 | 0.99404274 | 2.86% | 13 Apr 2024 | 19.90% |
+| 1.02885185 | 0.99877057 | 2.97% | 14 Apr 2024 | 24.72% |
+| 1.03007425 | 0.99890141 | 3.07% | 16 Apr 2024 | 29.39% |
+| 1.03085078 | 0.99867127 | 3.17% | 17 Apr 2024 | 33.67% |
+| 1.03199096 | 0.99885234 | 3.26% | 18 Apr 2024 | 37.66% |
+| 1.0317374 | 0.99797598 | 3.33% | 19 Apr 2024 | 35.57% |
+| 1.03294803 | 0.99849694 | 3.39% | 20 Apr 2024 | 33.09% |
+| 1.03421055 | 0.99907891 | 3.46% | 21 Apr 2024 | 30.57% |
+| 1.03430562 | 0.99852986 | 3.52% | 22 Apr 2024 | 28.29% |
+| 1.03512501 | 0.99869699 | 3.58% | 23 Apr 2024 | 26.08% |
+| 1.03578373 | 0.99871939 | 3.64% | 24 Apr 2024 | 24.19% |
+| 1.03618728 | 0.99853912 | 3.70% | 25 Apr 2024 | 22.37% |
+| 1.03728787 | 0.99910721 | 3.75% | 26 Apr 2024 | 21.65% |
+| 1.03717798 | 0.99851712 | 3.80% | 27 Apr 2024 | 20.80% |
+| 1.03799847 | 0.9988231 | 3.85% | 28 Apr 2024 | 20.01% |
+| 1.03836961 | 0.99869216 | 3.90% | 29 Apr 2024 | 19.22% |
+| 1.0398274 | 0.99961287 | 3.94% | 30 Apr 2024 | 18.49% |
+| 1.03905105 | 0.99839535 | 3.99% | 01 May 2024 | 17.76% |
+| 1.03898789 | 0.9979159 | 4.03% | 02 May 2024 | 17.00% |
+| 1.03995285 | 0.99842984 | 4.07% | 03 May 2024 | 16.59% |
+| 1.04044831 | 0.9984869 | 4.12% | 04 May 2024 | 16.26% |
+| 1.04091233 | 0.99853805 | 4.16% | 05 May 2024 | 15.80% |
+| 1.04122608 | 0.99845411 | 4.19% | 06 May 2024 | 15.27% |
+| 1.04188765 | 0.99870223 | 4.23% | 07 May 2024 | 14.78% |
+| 1.04168811 | 0.99813129 | 4.27% | 08 May 2024 | 14.32% |
+| 1.04217517 | 0.99821545 | 4.31% | 09 May 2024 | 14.12% |
+| 1.04266181 | 0.99829204 | 4.35% | 10 May 2024 | 14.00% |
+| 1.04307307 | 0.99829814 | 4.39% | 11 May 2024 | 13.85% |
+| 1.04363904 | 0.99845331 | 4.43% | 12 May 2024 | 13.81% |
+| 1.04350994 | 0.99794395 | 4.46% | 13 May 2024 | 13.81% |
+| 1.04391799 | 0.99795163 | 4.50% | 14 May 2024 | 13.80% |
+| 1.04499484 | 0.99860391 | 4.54% | 15 May 2024 | 13.78% |
+| 1.04518285 | 0.99843874 | 4.57% | 16 May 2024 | 13.59% |
+| 1.0468761 | 0.99972269 | 4.61% | 17 May 2024 | 13.30% |
+| 1.04584161 | 0.99840006 | 4.64% | 18 May 2024 | 13.02% |
+| 1.04615222 | 0.9983613 | 4.68% | 19 May 2024 | 12.76% |
+| 1.04624577 | 0.99811168 | 4.71% | 20 May 2024 | 12.52% |
+| 1.04665242 | 0.99814806 | 4.74% | 21 May 2024 | 12.36% |
+| 1.04697961 | 0.99809772 | 4.78% | 22 May 2024 | 12.29% |
+| 1.04691224 | 0.99773361 | 4.81% | 23 May 2024 | 12.06% |
+| 1.04768782 | 0.99812255 | 4.85% | 24 May 2024 | 12.15% |
+| 1.0478802 | 0.99795105 | 4.88% | 25 May 2024 | 12.26% |
+| 1.04808964 | 0.99779299 | 4.92% | 26 May 2024 | 12.37% |
+| 1.04851892 | 0.99784226 | 4.95% | 27 May 2024 | 12.48% |
+| 1.04866027 | 0.99761923 | 4.99% | 28 May 2024 | 12.51% |
+| 1.0488624 | 0.99744736 | 5.03% | 29 May 2024 | 12.52% |
+| 1.04949437 | 0.9977084 | 5.06% | 30 May 2024 | 12.73% |
+| 1.04965345 | 0.99743769 | 5.10% | 31 May 2024 | 13.10% |
+| 1.05019911 | 0.99752817 | 5.14% | 01 Jun 2024 | 13.48% |
+| 1.05098144 | 0.997845 | 5.19% | 02 Jun 2024 | 13.83% |
+| 1.0512576 | 0.99768126 | 5.23% | 04 Jun 2024 | 14.17% |
+| 1.05209739 | 0.99805545 | 5.27% | 05 Jun 2024 | 14.51% |
+| 1.05222603 | 0.99777473 | 5.31% | 06 Jun 2024 | 14.71% |
+| 1.05274414 | 0.99802654 | 5.34% | 07 Jun 2024 | 14.20% |
+| 1.0533113 | 0.99812181 | 5.38% | 08 Jun 2024 | 14.30% |
+| 1.0534888 | 0.9978667 | 5.42% | 09 Jun 2024 | 14.28% |
+| 1.05412569 | 0.99805264 | 5.46% | 10 Jun 2024 | 14.23% |
+| 1.05397157 | 0.99746087 | 5.51% | 11 Jun 2024 | 14.33% |
+| 1.05460609 | 0.99760021 | 5.56% | 12 Jun 2024 | 14.53% |
+| 1.05541687 | 0.99794414 | 5.60% | 13 Jun 2024 | 14.63% |
+| 1.05589452 | 0.99798315 | 5.64% | 14 Jun 2024 | 15.52% |
+| 1.05604442 | 0.99774173 | 5.68% | 15 Jun 2024 | 15.21% |
+| 1.05656703 | 0.99785228 | 5.72% | 16 Jun 2024 | 15.00% |
+| 1.0576124 | 0.99846173 | 5.75% | 17 Jun 2024 | 14.80% |
+| 1.05739369 | 0.99788208 | 5.79% | 18 Jun 2024 | 14.42% |
+| 1.05820134 | 0.9982763 | 5.83% | 19 Jun 2024 | 13.93% |
+| 1.05805942 | 0.99783793 | 5.86% | 20 Jun 2024 | 13.32% |
+| 1.05783482 | 0.99732753 | 5.89% | 21 Jun 2024 | 12.74% |
+| 1.05831983 | 0.99748409 | 5.92% | 22 Jun 2024 | 12.32% |
+| 1.05866395 | 0.99750902 | 5.95% | 23 Jun 2024 | 11.89% |
+| 1.059577 | 0.99807101 | 5.98% | 24 Jun 2024 | 11.48% |
+| 1.05975426 | 0.99794106 | 6.01% | 25 Jun 2024 | 11.09% |
+| 1.05958373 | 0.99748606 | 6.04% | 26 Jun 2024 | 10.72% |
+| 1.06014727 | 0.99774827 | 6.06% | 27 Jun 2024 | 10.54% |
+| 1.06008075 | 0.99744408 | 6.09% | 28 Jun 2024 | 10.25% |
+| 1.05979468 | 0.99693304 | 6.11% | 29 Jun 2024 | 9.95% |
+| 1.06044385 | 0.99730156 | 6.14% | 30 Jun 2024 | 9.66% |
+| 1.06057113 | 0.99717945 | 6.16% | 01 Jul 2024 | 9.37% |
+| 1.06123142 | 0.9975514 | 6.19% | 02 Jul 2024 | 9.13% |
+| 1.06102881 | 0.99711156 | 6.21% | 03 Jul 2024 | 8.89% |
+| 1.06109814 | 0.99696751 | 6.23% | 04 Jul 2024 | 8.59% |
+| 1.06241549 | 0.99800144 | 6.25% | 05 Jul 2024 | 8.40% |
+| 1.06175742 | 0.99717719 | 6.27% | 06 Jul 2024 | 8.21% |
+| 1.06179666 | 0.99700671 | 6.29% | 07 Jul 2024 | 8.04% |
+| 1.06232921 | 0.99729886 | 6.31% | 08 Jul 2024 | 7.86% |
+| 1.06193896 | 0.99672392 | 6.34% | 09 Jul 2024 | 7.65% |
+| 1.06221896 | 0.99677961 | 6.36% | 10 Jul 2024 | 7.44% |
+| 1.06279115 | 0.99713052 | 6.38% | 11 Jul 2024 | 7.32% |
+| 1.06323178 | 0.997345 | 6.39% | 12 Jul 2024 | 7.29% |
+| 1.06251465 | 0.9964814 | 6.41% | 13 Jul 2024 | 7.21% |
+| 1.06291797 | 0.99666853 | 6.43% | 14 Jul 2024 | 7.13% |
+| 1.06357995 | 0.99709812 | 6.45% | 15 Jul 2024 | 7.05% |
+| 1.06384259 | 0.99715289 | 6.47% | 16 Jul 2024 | 6.96% |
+| 1.06379291 | 0.99691392 | 6.49% | 17 Jul 2024 | 6.89% |
+| 1.063936 | 0.99689271 | 6.51% | 18 Jul 2024 | 6.73% |
+| 1.06419175 | 0.99693639 | 6.53% | 19 Jul 2024 | 6.71% |
+| 1.06440522 | 0.99693828 | 6.55% | 20 Jul 2024 | 6.75% |
+| 1.06498061 | 0.9972756 | 6.57% | 21 Jul 2024 | 6.81% |
+| 1.06488368 | 0.99697867 | 6.59% | 22 Jul 2024 | 6.88% |
+| 1.06480842 | 0.99670262 | 6.61% | 23 Jul 2024 | 6.96% |
+| 1.06462196 | 0.99632109 | 6.63% | 24 Jul 2024 | 7.03% |
+| 1.06522177 | 0.99671284 | 6.65% | 26 Jul 2024 | 7.10% |
+| 1.06570107 | 0.99695381 | 6.67% | 27 Jul 2024 | 7.16% |
+| 1.06528257 | 0.99635513 | 6.69% | 28 Jul 2024 | 7.21% |
+| 1.06525806 | 0.99612454 | 6.71% | 29 Jul 2024 | 7.24% |
+| 1.06586617 | 0.99648389 | 6.73% | 30 Jul 2024 | 7.26% |
+| 1.06603021 | 0.99642709 | 6.75% | 31 Jul 2024 | 7.28% |
+| 1.06553555 | 0.99576963 | 6.77% | 01 Aug 2024 | 7.22% |
+| 1.06639015 | 0.99636586 | 6.79% | 02 Aug 2024 | 7.39% |
+| 1.06647818 | 0.99624562 | 6.81% | 03 Aug 2024 | 7.36% |
+| 1.06618018 | 0.99576446 | 6.83% | 04 Aug 2024 | 7.34% |
+| 1.06796513 | 0.99723064 | 6.85% | 05 Aug 2024 | 7.31% |
+
+
+* 7-day growth is calculated as an annualized percentage relative to the value of the rate 7 days prior. 
+
+
+| Max Yearly % | Max Day-to-day yearly % | Max 7-day yearly % | 
+| --- | --- | --- |
+| 50.00% | 40.54% | 37.66% | 
+
+
+* Max day-to-day yearly % indicates the maximum growth between two emissions as an annualized percentage. 
diff --git a/scripts/DeployEthereum.s.sol b/scripts/DeployEthereum.s.sol
@@ -11,13 +11,15 @@ import {WeETHPriceCapAdapter} from '../src/contracts/lst-adapters/WeETHPriceCapA
 import {OsETHPriceCapAdapter} from '../src/contracts/lst-adapters/OsETHPriceCapAdapter.sol';
 import {EthXPriceCapAdapter} from '../src/contracts/lst-adapters/EthXPriceCapAdapter.sol';
 import {SUSDePriceCapAdapter} from '../src/contracts/lst-adapters/SUSDePriceCapAdapter.sol';
+import {sFRAXPriceCapAdapter} from '../src/contracts/lst-adapters/sFRAXPriceCapAdapter.sol';
 
 library CapAdaptersCodeEthereum {
   address public constant weETH = 0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee;
   address public constant osETH_VAULT_CONTROLLER = 0x2A261e60FB14586B474C208b1B7AC6D0f5000306;
   address public constant USDe_PRICE_FEED = 0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961;
   address public constant STADER_STAKE_POOLS_MANAGER = 0xcf5EA1b38380f6aF39068375516Daf40Ed70D299;
   address public constant sUSDe = 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497;
+  address public constant sFRAX = 0xA663B02CF0a4b149d2aD41910CB81e23e1c41c32;
 
   function weETHAdapterCode() internal pure returns (bytes memory) {
     return
@@ -117,6 +119,27 @@ library CapAdaptersCodeEthereum {
         )
       );
   }
+
+  function sFRAXAdapterCode() internal pure returns (bytes memory) {
+    return
+      abi.encodePacked(
+        type(sFRAXPriceCapAdapter).creationCode,
+        abi.encode(
+          IPriceCapAdapter.CapAdapterParams({
+            aclManager: AaveV3Ethereum.ACL_MANAGER,
+            baseAggregatorAddress: AaveV3EthereumAssets.FRAX_ORACLE,
+            ratioProviderAddress: sFRAX,
+            pairDescription: 'Capped sFRAX / FRAX / USD',
+            minimumSnapshotDelay: 7 days,
+            priceCapParams: IPriceCapAdapter.PriceCapUpdateParams({
+              snapshotRatio: 1069128743204736813,
+              snapshotTimestamp: 1722108827,
+              maxYearlyRatioGrowthPercent: 50_00
+            })
+          })
+        )
+      );
+  }
 }
 
 contract DeployWeEthEthereum is EthereumScript {
@@ -148,3 +171,9 @@ contract DeploySUSDeEthereum is EthereumScript {
     GovV3Helpers.deployDeterministic(CapAdaptersCodeEthereum.sUSDeAdapterCode());
   }
 }
+
+contract DeploysFRAXEthereum is EthereumScript {
+  function run() external broadcast {
+    GovV3Helpers.deployDeterministic(CapAdaptersCodeEthereum.sFRAXAdapterCode());
+  }
+}
diff --git a/src/contracts/lst-adapters/sFRAXPriceCapAdapter.sol b/src/contracts/lst-adapters/sFRAXPriceCapAdapter.sol
@@ -0,0 +1,39 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.19;
+
+import {IACLManager} from 'aave-address-book/AaveV3.sol';
+import {IERC4626} from 'forge-std/interfaces/IERC4626.sol';
+
+import {PriceCapAdapterBase, IPriceCapAdapter} from '../PriceCapAdapterBase.sol';
+
+/**
+ * @title sFRAX
+ * @author Aave-chan Initiative
+ * @notice Price capped adapter to calculate price of (sFRAX / USD) pair by using
+ * @notice Chainlink data feed for (FRAX / USD) and (sFRAX / FRAX) ratio.
+ */
+contract sFRAXPriceCapAdapter is PriceCapAdapterBase {
+  /**
+   * @param capAdapterParams parameters to create cap adapter
+   */
+  constructor(
+    CapAdapterParams memory capAdapterParams
+  )
+    PriceCapAdapterBase(
+      CapAdapterBaseParams({
+        aclManager: capAdapterParams.aclManager,
+        baseAggregatorAddress: capAdapterParams.baseAggregatorAddress,
+        ratioProviderAddress: capAdapterParams.ratioProviderAddress,
+        pairDescription: capAdapterParams.pairDescription,
+        ratioDecimals: 18,
+        minimumSnapshotDelay: capAdapterParams.minimumSnapshotDelay,
+        priceCapParams: capAdapterParams.priceCapParams
+      })
+    )
+  {}
+
+  /// @inheritdoc IPriceCapAdapter
+  function getRatio() public view override returns (int256) {
+    return int256(IERC4626(RATIO_PROVIDER).convertToAssets(10 ** RATIO_DECIMALS));
+  }
+}
diff --git a/tests/ethereum/sFRAXPriceCapAdapterTest.t.sol b/tests/ethereum/sFRAXPriceCapAdapterTest.t.sol
@@ -0,0 +1,26 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.0;
+
+import '../BaseTest.sol';
+
+import {AaveV3Ethereum, AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
+
+import {sFRAXPriceCapAdapter} from '../../src/contracts/lst-adapters/sFRAXPriceCapAdapter.sol';
+import {CapAdaptersCodeEthereum} from '../../scripts/DeployEthereum.s.sol';
+
+contract sFRAXPriceCapAdapterTest is BaseTest {
+  constructor()
+    BaseTest(
+      CapAdaptersCodeEthereum.sFRAXAdapterCode(),
+      130, // apy spike was a while ago
+      ForkParams({network: 'mainnet', blockNumber: 20460072}),
+      'sFRAX_Ethereum'
+    )
+  {}
+
+  function _createAdapter(
+    IPriceCapAdapter.CapAdapterParams memory capAdapterParams
+  ) internal override returns (IPriceCapAdapter) {
+    return new sFRAXPriceCapAdapter(capAdapterParams);
+  }
+}
diff --git a/tests/utils/GetExchangeRatesTest.t.sol b/tests/utils/GetExchangeRatesTest.t.sol
@@ -36,7 +36,7 @@ import {CapAdaptersCodeScroll} from '../../scripts/DeployScroll.s.sol';
 
 contract ExchangeRatesEth is Test {
   function setUp() public {
-    vm.createSelectFork(vm.rpcUrl('mainnet'), 20024431); // 5th of June
+    vm.createSelectFork(vm.rpcUrl('mainnet'), 20400000); // 27th of July
   }
 
   function test_getExchangeRate() public view {
@@ -52,6 +52,7 @@ contract ExchangeRatesEth is Test {
       .convertToAssets(10 ** 18);
     uint256 ethXRate = IEthX(CapAdaptersCodeEthereum.STADER_STAKE_POOLS_MANAGER).getExchangeRate();
     uint256 sUSDeRate = IERC4626(CapAdaptersCodeEthereum.sUSDe).convertToAssets(10 ** 18);
+    uint256 sFRAXRate = IERC4626(CapAdaptersCodeEthereum.sFRAX).convertToAssets(10 ** 18);
 
     console.log('cbEthRate', cbEthRate);
     console.log('rEthRate', rEthRate);
@@ -62,6 +63,7 @@ contract ExchangeRatesEth is Test {
     console.log('osEthRate', osEthRate);
     console.log('ethXRate', ethXRate);
     console.log('usUSDe', sUSDeRate);
+    console.log('sFRAX', sFRAXRate);
 
     console.log(block.timestamp);
   }