Morpho cbBTC/USDC Mainnet Integration. (#1209)

* copy test file * update test * copy deploy script * update deploy script --------- Co-authored-by: Jonny Rhea <[email protected]>
delvtech · Nov 14, 2024 · ba3fde9 · ba3fde9
1 parent 7cfaaf0
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diff --git a/hardhat.config.mainnet.ts b/hardhat.config.mainnet.ts
@@ -11,6 +11,7 @@ import {
     MAINNET_EZETH_182DAY,
     MAINNET_EZETH_COORDINATOR,
     MAINNET_FACTORY,
+    MAINNET_MORPHO_BLUE_CBBTC_USDC_182DAY,
     MAINNET_MORPHO_BLUE_COORDINATOR,
     MAINNET_MORPHO_BLUE_SUSDE_DAI_182DAY,
     MAINNET_MORPHO_BLUE_USDE_DAI_182DAY,
@@ -44,6 +45,7 @@ const config: HardhatUserConfig = {
                     MAINNET_MORPHO_BLUE_SUSDE_DAI_182DAY,
                     MAINNET_MORPHO_BLUE_USDE_DAI_182DAY,
                     MAINNET_MORPHO_BLUE_WSTETH_USDA_182DAY,
+                    MAINNET_MORPHO_BLUE_CBBTC_USDC_182DAY,
                     MAINNET_STUSD_182DAY,
                     MAINNET_SUSDE_182DAY,
                 ],

diff --git a/tasks/deploy/config/mainnet/index.ts b/tasks/deploy/config/mainnet/index.ts
@@ -8,6 +8,7 @@ export * from "./erc4626-coordinator";
 export * from "./ezeth-182day";
 export * from "./ezeth-coordinator";
 export * from "./factory";
+export * from "./morpho-blue-cbbtc-usdc-182day";
 export * from "./morpho-blue-coordinator";
 export * from "./morpho-blue-susde-dai-182day";
 export * from "./morpho-blue-usde-dai-182day";

diff --git a/tasks/deploy/config/mainnet/morpho-blue-cbbtc-usdc-182day.ts b/tasks/deploy/config/mainnet/morpho-blue-cbbtc-usdc-182day.ts
@@ -0,0 +1,140 @@
+import {
+    Address,
+    encodeAbiParameters,
+    keccak256,
+    parseEther,
+    toHex,
+    zeroAddress,
+} from "viem";
+import {
+    CBBTC_ADDRESS_MAINNET,
+    HyperdriveInstanceConfig,
+    SIX_MONTHS,
+    USDC_ADDRESS_MAINNET,
+    getLinkerDetails,
+    normalizeFee,
+    parseDuration,
+    toBytes32,
+} from "../../lib";
+import { MAINNET_FACTORY_NAME } from "./factory";
+import { MAINNET_MORPHO_BLUE_COORDINATOR_NAME } from "./morpho-blue-coordinator";
+
+export const MAINNET_MORPHO_BLUE_CBBTC_USDC_182DAY_NAME =
+    "ElementDAO 182 Day Morpho Blue cbBTC/USDC Hyperdrive";
+
+// USDC only has 6 decimals.
+const CONTRIBUTION = 100_000_000n;
+
+const morphoBlueParameters = encodeAbiParameters(
+    [
+        {
+            components: [
+                {
+                    name: "morpho",
+                    type: "address",
+                },
+                {
+                    name: "collateralToken",
+                    type: "address",
+                },
+                {
+                    name: "oracle",
+                    type: "address",
+                },
+                {
+                    name: "irm",
+                    type: "address",
+                },
+                {
+                    name: "lltv",
+                    type: "uint256",
+                },
+            ],
+            name: "MorphoBlueParams",
+            type: "tuple",
+        },
+    ],
+    [
+        {
+            morpho: "0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb" as `0x${string}`,
+            collateralToken: CBBTC_ADDRESS_MAINNET,
+            oracle: "0xA6D6950c9F177F1De7f7757FB33539e3Ec60182a" as `0x${string}`,
+            irm: "0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC" as `0x${string}`,
+            lltv: BigInt("860000000000000000"),
+        },
+    ],
+);
+
+export const MAINNET_MORPHO_BLUE_CBBTC_USDC_182DAY: HyperdriveInstanceConfig<"MorphoBlue"> =
+    {
+        name: MAINNET_MORPHO_BLUE_CBBTC_USDC_182DAY_NAME,
+        prefix: "MorphoBlue",
+        coordinatorAddress: async (hre) =>
+            hre.hyperdriveDeploy.deployments.byName(
+                MAINNET_MORPHO_BLUE_COORDINATOR_NAME,
+            ).address,
+        deploymentId: keccak256(
+            toHex(MAINNET_MORPHO_BLUE_CBBTC_USDC_182DAY_NAME),
+        ),
+        salt: toBytes32("0x42080085"),
+        extraData: morphoBlueParameters,
+        contribution: CONTRIBUTION,
+        // NOTE: The latest variable rate on the Morpho Blue market is 2.93% APY:
+        // https://app.morpho.org/market?id=0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64&network=mainnet&morphoPrice=0.75
+        fixedAPR: parseEther("0.0293"),
+        timestretchAPR: parseEther("0.05"),
+        options: async (hre) => ({
+            extraData: "0x",
+            asBase: true,
+            destination: (await hre.getNamedAccounts())["deployer"] as Address,
+        }),
+        // Prepare to deploy the contract by setting approvals.
+        prepare: async (hre, options) => {
+            let pc = await hre.viem.getPublicClient();
+            let baseToken = await hre.viem.getContractAt(
+                "contracts/src/interfaces/IERC20.sol:IERC20",
+                USDC_ADDRESS_MAINNET,
+            );
+            let tx = await baseToken.write.approve([
+                hre.hyperdriveDeploy.deployments.byName(
+                    MAINNET_MORPHO_BLUE_COORDINATOR_NAME,
+                ).address,
+                CONTRIBUTION,
+            ]);
+            await pc.waitForTransactionReceipt({ hash: tx });
+        },
+        poolDeployConfig: async (hre) => {
+            let factoryContract = await hre.viem.getContractAt(
+                "HyperdriveFactory",
+                hre.hyperdriveDeploy.deployments.byName(MAINNET_FACTORY_NAME)
+                    .address,
+            );
+            return {
+                baseToken: USDC_ADDRESS_MAINNET,
+                vaultSharesToken: zeroAddress,
+                circuitBreakerDelta: parseEther("0.05"),
+                minimumShareReserves: 1_000_000n,
+                minimumTransactionAmount: 1_000_000n,
+                positionDuration: parseDuration(SIX_MONTHS),
+                checkpointDuration: parseDuration("1 day"),
+                timeStretch: 0n,
+                governance: await factoryContract.read.governance(),
+                feeCollector: await factoryContract.read.feeCollector(),
+                sweepCollector: await factoryContract.read.sweepCollector(),
+                checkpointRewarder:
+                    await factoryContract.read.checkpointRewarder(),
+                ...(await getLinkerDetails(
+                    hre,
+                    hre.hyperdriveDeploy.deployments.byName(
+                        MAINNET_FACTORY_NAME,
+                    ).address,
+                )),
+                fees: {
+                    curve: parseEther("0.01"),
+                    flat: normalizeFee(parseEther("0.0005"), SIX_MONTHS),
+                    governanceLP: parseEther("0.15"),
+                    governanceZombie: parseEther("0.03"),
+                },
+            };
+        },
+    };
diff --git a/tasks/deploy/lib/constants.ts b/tasks/deploy/lib/constants.ts
@@ -44,6 +44,8 @@ export const RSETH_POOL_LINEA =
 // │ Mainnet Addresses                                       │
 // ╰─────────────────────────────────────────────────────────╯
 
+export const CBBTC_ADDRESS_MAINNET =
+    "0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf" as Address;
 export const CORN_SILO_ADDRESS_MAINNET =
     "0x8bc93498b861fd98277c3b51d240e7E56E48F23c" as Address;
 

diff --git a/test/instances/morpho-blue/MorphoBlue_cbETH_USDC_Mainnet_Hyperdrive.t.sol b/test/instances/morpho-blue/MorphoBlue_cbETH_USDC_Mainnet_Hyperdrive.t.sol
@@ -0,0 +1,131 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.22;
+
+import { stdStorage, StdStorage } from "forge-std/Test.sol";
+import { IMorpho } from "morpho-blue/src/interfaces/IMorpho.sol";
+import { IERC20 } from "../../../contracts/src/interfaces/IERC20.sol";
+import { IFiatTokenProxy } from "../../../contracts/src/interfaces/IFiatTokenProxy.sol";
+import { IHyperdrive } from "../../../contracts/src/interfaces/IHyperdrive.sol";
+import { IMorphoBlueHyperdrive } from "../../../contracts/src/interfaces/IMorphoBlueHyperdrive.sol";
+import { Lib } from "../../utils/Lib.sol";
+import { MorphoBlueHyperdriveInstanceTest } from "./MorphoBlueHyperdriveInstanceTest.t.sol";
+
+contract MorphoBlue_cbBTC_USDC_Mainnet_HyperdriveTest is
+    MorphoBlueHyperdriveInstanceTest
+{
+    using Lib for *;
+    using stdStorage for StdStorage;
+
+    /// @dev The address of the loan token. This is just the USDC token.
+    address internal constant LOAN_TOKEN =
+        address(0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48);
+
+    /// @dev Whale accounts.
+    address internal LOAN_TOKEN_WHALE =
+        address(0x51eDF02152EBfb338e03E30d65C15fBf06cc9ECC);
+    address[] internal baseTokenWhaleAccounts = [LOAN_TOKEN_WHALE];
+
+    /// @notice Instantiates the instance testing suite with the configuration.
+    constructor()
+        MorphoBlueHyperdriveInstanceTest(
+            InstanceTestConfig({
+                name: "Hyperdrive",
+                kind: "MorphoBlueHyperdrive",
+                decimals: 6,
+                baseTokenWhaleAccounts: baseTokenWhaleAccounts,
+                vaultSharesTokenWhaleAccounts: new address[](0),
+                baseToken: IERC20(LOAN_TOKEN),
+                vaultSharesToken: IERC20(address(0)),
+                // NOTE: The share tolerance is quite high for this integration
+                // because the vault share price is ~1e12, which means that just
+                // multiplying or dividing by the vault is an imprecise way of
+                // converting between base and vault shares. We included more
+                // assertions than normal to the round trip tests to verify that
+                // the calculations satisfy our expectations of accuracy.
+                shareTolerance: 1e3,
+                minimumShareReserves: 1e6,
+                minimumTransactionAmount: 1e6,
+                positionDuration: POSITION_DURATION,
+                fees: IHyperdrive.Fees({
+                    curve: 0.001e18,
+                    flat: 0.0001e18,
+                    governanceLP: 0,
+                    governanceZombie: 0
+                }),
+                enableBaseDeposits: true,
+                enableShareDeposits: false,
+                enableBaseWithdraws: true,
+                enableShareWithdraws: false,
+                baseWithdrawError: abi.encodeWithSelector(
+                    IHyperdrive.UnsupportedToken.selector
+                ),
+                isRebasing: false,
+                shouldAccrueInterest: true,
+                // The base test tolerances.
+                closeLongWithBaseTolerance: 2,
+                roundTripLpInstantaneousWithBaseTolerance: 1e3,
+                roundTripLpWithdrawalSharesWithBaseTolerance: 1e5,
+                roundTripLongInstantaneousWithBaseUpperBoundTolerance: 100,
+                // NOTE: Since the curve fee isn't zero, this check is ignored.
+                roundTripLongInstantaneousWithBaseTolerance: 0,
+                roundTripLongMaturityWithBaseUpperBoundTolerance: 100,
+                roundTripLongMaturityWithBaseTolerance: 1e3,
+                roundTripShortInstantaneousWithBaseUpperBoundTolerance: 100,
+                // NOTE: Since the curve fee isn't zero, this check is ignored.
+                roundTripShortInstantaneousWithBaseTolerance: 0,
+                roundTripShortMaturityWithBaseTolerance: 1e3,
+                // NOTE: Share deposits and withdrawals are disabled, so these are
+                // 0.
+                //
+                // The share test tolerances.
+                closeLongWithSharesTolerance: 0,
+                closeShortWithSharesTolerance: 0,
+                roundTripLpInstantaneousWithSharesTolerance: 0,
+                roundTripLpWithdrawalSharesWithSharesTolerance: 0,
+                roundTripLongInstantaneousWithSharesUpperBoundTolerance: 0,
+                roundTripLongInstantaneousWithSharesTolerance: 0,
+                roundTripLongMaturityWithSharesUpperBoundTolerance: 0,
+                roundTripLongMaturityWithSharesTolerance: 0,
+                roundTripShortInstantaneousWithSharesUpperBoundTolerance: 0,
+                roundTripShortInstantaneousWithSharesTolerance: 0,
+                roundTripShortMaturityWithSharesTolerance: 0,
+                // The verification tolerances.
+                verifyDepositTolerance: 2,
+                verifyWithdrawalTolerance: 3
+            }),
+            IMorphoBlueHyperdrive.MorphoBlueParams({
+                // The mainnet Morpho Blue pool
+                morpho: IMorpho(0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb),
+                // The address of the collateral token. This is cbBTC.
+                collateralToken: address(
+                    0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf
+                ),
+                // The address of the oracle.
+                oracle: address(0xA6D6950c9F177F1De7f7757FB33539e3Ec60182a),
+                // The address of the interest rate model.
+                irm: address(0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC),
+                // The liquidation loan to value ratio.
+                lltv: 860000000000000000
+            })
+        )
+    {}
+
+    /// @notice Forge function that is invoked to setup the testing environment.
+    function setUp() public override __mainnet_fork(21_092_084) {
+        // Invoke the instance testing suite setup.
+        super.setUp();
+    }
+
+    /// Helpers ///
+
+    /// @dev Mints base tokens to a specified account.
+    /// @param _recipient The recipient of the minted tokens.
+    /// @param _amount The amount of tokens to mint.
+    function mintBaseTokens(
+        address _recipient,
+        uint256 _amount
+    ) internal override {
+        bytes32 balanceLocation = keccak256(abi.encode(address(_recipient), 9));
+        vm.store(LOAN_TOKEN, balanceLocation, bytes32(_amount));
+    }
+}