Morpho eUSD Plugin (Base)

.github/workflows/tests.yml

@@ -159,7 +159,7 @@ jobs:
           restore-keys: |
             hardhat-network-fork-${{ runner.os }}-
             hardhat-network-fork-
-      - run: yarn hardhat test ./test/plugins/individual-collateral/{cbeth,aave-v3,compoundv3,stargate,lido}/*.test.ts
+      - run: yarn hardhat test ./test/plugins/individual-collateral/{cbeth,aave-v3,compoundv3,stargate,lido,meta-morpho}/*.test.ts
         env:
           NODE_OPTIONS: '--max-old-space-size=32768'
           TS_NODE_SKIP_IGNORE: true

common/configuration.ts

@@ -105,6 +105,7 @@ export interface ITokens {
   bbUSDT?: string
   steakPYUSD?: string
   Re7WETH?: string
+  meUSD?: string
 
   pxETH?: string
   apxETH?: string
@@ -514,6 +515,8 @@ export const networkConfig: { [key: string]: INetworkConfig } = {
       sUSDbC: '0x4c80e24119cfb836cdf0a6b53dc23f04f7e652ca',
       wstETH: '0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452',
       STG: '0xE3B53AF74a4BF62Ae5511055290838050bf764Df',
+      eUSD: '0xCfA3Ef56d303AE4fAabA0592388F19d7C3399FB4',
+      meUSD: '0xbb819D845b573B5D7C538F5b85057160cfb5f313',
     },
     chainlinkFeeds: {
       DAI: '0x591e79239a7d679378ec8c847e5038150364c78f', // 0.3%, 24hr
@@ -530,6 +533,7 @@ export const networkConfig: { [key: string]: INetworkConfig } = {
       stETHETH: '0xf586d0728a47229e747d824a939000Cf21dEF5A0', // 0.5%, 24h
       ETHUSD: '0x71041dddad3595F9CEd3DcCFBe3D1F4b0a16Bb70', // 0.15%, 20min
       wstETHstETH: '0xB88BAc61a4Ca37C43a3725912B1f472c9A5bc061', // 0.5%, 24h
+      eUSD: '0x9b2C948dbA5952A1f5Ab6fA16101c1392b8da1ab', // 0.5%, 24h
     },
     GNOSIS_EASY_AUCTION: '0xb1875Feaeea32Bbb02DE83D81772e07E37A40f02', // mock
     COMET_REWARDS: '0x123964802e6ABabBE1Bc9547D72Ef1B69B00A6b1',

contracts/plugins/assets/meta-morpho/MetaMorphoFiatCollateral.sol

@@ -10,6 +10,11 @@ import { ERC4626FiatCollateral } from "../ERC4626FiatCollateral.sol";
  * Expected: {tok} != {ref}, {ref} is pegged to {target} unless defaulting, {target} == {UoA}
  *
  * For example: steakUSDC, steakPYUSD, bbUSDT
+ *
+ * Rewards need to be claimed manually, from off-chain. This can be done permissionlessly,
+ * by anyone, on behalf of the RToken's Backing Manager address.
+ * For more information:  https://docs.morpho.org/rewards/tutorials/claim-rewards/
+ *
  */
 contract MetaMorphoFiatCollateral is ERC4626FiatCollateral {
     /// config.erc20 must be a MetaMorpho ERC4626 vault

contracts/plugins/assets/meta-morpho/MetaMorphoSelfReferentialCollateral.sol

@@ -14,6 +14,11 @@ import { ERC4626FiatCollateral } from "../ERC4626FiatCollateral.sol";
  * Expected: {tok} != {ref}, {ref} == {target}, {target} != {UoA}
  *
  * For example: Re7WETH
+ *
+ * Rewards will need to be claimed manually, off-chain. This can be done permissionlessly by anyone,
+ * on behalf of the RToken's Backing Manager address.
+ * For more information:  https://docs.morpho.org/rewards/tutorials/claim-rewards/
+ *
  */
 contract MetaMorphoSelfReferentialCollateral is ERC4626FiatCollateral {
     using FixLib for uint192;

contracts/plugins/assets/meta-morpho/README.md

@@ -6,6 +6,23 @@ Morpho Blue is a permisionless lending protocol. At the time of this writing (Ma
 
 MetaMorpho suffers from a similar to that of the Curve volatile pools which can lose assets on admin fee claim.
 
+## Reward claiming
+
+Rewards can be claimed permissionlessly by anyone from off-chain, following this detailed guide from the Morpho docs:
+
+https://docs.morpho.org/rewards/tutorials/claim-rewards/
+
+It requires the following steps:
+
+1. Querying the Morpho API with the holder address: https://rewards.morpho.org/v1/users/0xADDRESS/distributions
+2. Retrieving the distributor contract and sending a transaction to `claim()` the rewards with the following parameters (all obtained from the previous call):
+   - `account`: the holder address
+   - `reward`: the address of the reward token
+   - `claimable`: the amount of reward tokens to claim
+   - `proof`: the merkle proof
+
+It is important to note that in the case of Rtokens, rewards will need to be claimed on behalf of the Backing Manager.
+
 ## Target tokens
 
 **USD**
@@ -14,6 +31,7 @@ MetaMorpho suffers from a similar to that of the Curve volatile pools which can
 | Steakhouse USDC | steakUSDC| 0xBEEF01735c132Ada46AA9aA4c54623cAA92A64CB | wstETH, MORPHO |
 | Steakhouse PYSUD | steakPYUSD | 0xbEEF02e5E13584ab96848af90261f0C8Ee04722a | MORPHO |
 | Flagship USDT | bbUSDT| 0x2C25f6C25770fFEC5959D34B94Bf898865e5D6b1 | MORPHO |
+| Morpho eUSD (Base) | meUSD | 0xbb819D845b573B5D7C538F5b85057160cfb5f313 | MORPHO |
 
 **ETH**
 

scripts/addresses/8453-tmp-assets-collateral.json

@@ -11,7 +11,8 @@
     "cbETH": "0x851B461a9744f4c9E996C03072cAB6f44Fa04d0D",
     "saBasUSDC": "0xC19f5d60e2Aca1174f3D5Fe189f0A69afaB76f50",
     "cUSDCv3": "0xf7a9D27c3B60c78c6F6e2c2d6ED6E8B94b352461",
-    "wstETH": "0x8b4374005291B8FCD14C4E947604b2FB3C660A73"
+    "wstETH": "0x8b4374005291B8FCD14C4E947604b2FB3C660A73",
+    "meUSD": "0x0f1e10871e6a2D3A5Aa696b85b39d61a22A9e8C3"
   },
   "erc20s": {
     "COMP": "0x9e1028F5F1D5eDE59748FFceE5532509976840E0",
@@ -23,6 +24,7 @@
     "saBasUSDC": "0x6F6f81e5E66f503184f2202D83a79650c3285759",
     "STG": "0xE3B53AF74a4BF62Ae5511055290838050bf764Df",
     "cUSDCv3": "0x53f1Df4E5591Ae35Bf738742981669c3767241FA",
-    "wstETH": "0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452"
+    "wstETH": "0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452",
+    "meUSD": "0xbb819D845b573B5D7C538F5b85057160cfb5f313"
   }
-}
+}

scripts/addresses/base-4.0.0/8453-tmp-assets-collateral.json

@@ -0,0 +1,9 @@
+{
+  "assets": {},
+  "collateral": {
+    "meUSD": "0x0f1e10871e6a2D3A5Aa696b85b39d61a22A9e8C3"
+  },
+  "erc20s": {
+    "meUSD": "0xbb819D845b573B5D7C538F5b85057160cfb5f313"
+  }
+}

scripts/deploy.ts

@@ -103,6 +103,7 @@ async function main() {
       'phase2-assets/collaterals/deploy_aave_v3_usdc.ts',
       'phase2-assets/collaterals/deploy_lido_wsteth_collateral.ts',
       'phase2-assets/collaterals/deploy_cbeth_collateral.ts',
+      'phase2-assets/collaterals/deploy_morphoeUSD.ts',
       'phase2-assets/assets/deploy_stg.ts'
     )
   } else if (chainId == '42161' || chainId == '421614') {

scripts/deployment/phase2-assets/collaterals/deploy_morphoeUSD.ts

@@ -0,0 +1,94 @@
+import fs from 'fs'
+import hre from 'hardhat'
+import { getChainId } from '../../../../common/blockchain-utils'
+import { baseL2Chains, networkConfig } from '../../../../common/configuration'
+import { fp } from '../../../../common/numbers'
+import { expect } from 'chai'
+import { CollateralStatus } from '../../../../common/constants'
+import {
+  getDeploymentFile,
+  getAssetCollDeploymentFilename,
+  IAssetCollDeployments,
+  getDeploymentFilename,
+  fileExists,
+} from '../../common'
+import {
+  eUSD_ORACLE_TIMEOUT,
+  eUSD_ORACLE_ERROR,
+  eUSD_USD_FEED,
+  PRICE_TIMEOUT,
+  DELAY_UNTIL_DEFAULT,
+} from '../../../../test/plugins/individual-collateral/meta-morpho/constants'
+import { MetaMorphoFiatCollateral } from '../../../../typechain'
+import { ContractFactory } from 'ethers'
+
+async function main() {
+  // ==== Read Configuration ====
+  const [deployer] = await hre.ethers.getSigners()
+
+  const chainId = await getChainId(hre)
+
+  console.log(`Deploying Collateral to network ${hre.network.name} (${chainId})
+    with burner account: ${deployer.address}`)
+
+  if (!networkConfig[chainId]) {
+    throw new Error(`Missing network configuration for ${hre.network.name}`)
+  }
+
+  // Get phase1 deployment
+  const phase1File = getDeploymentFilename(chainId)
+  if (!fileExists(phase1File)) {
+    throw new Error(`${phase1File} doesn't exist yet. Run phase 1`)
+  }
+  // Check previous step completed
+  const assetCollDeploymentFilename = getAssetCollDeploymentFilename(chainId)
+  const assetCollDeployments = <IAssetCollDeployments>getDeploymentFile(assetCollDeploymentFilename)
+
+  const deployedCollateral: string[] = []
+
+  /********  Deploy MetaMorpho Morpho eUSD - meUSD  **************************/
+
+  // Only for base
+  if (baseL2Chains.includes(hre.network.name)) {
+    const MetaMorphoFiatCollateralFactory: ContractFactory = await hre.ethers.getContractFactory(
+      'MetaMorphoFiatCollateral'
+    )
+
+    const collateral = <MetaMorphoFiatCollateral>await MetaMorphoFiatCollateralFactory.connect(
+      deployer
+    ).deploy(
+      {
+        priceTimeout: PRICE_TIMEOUT.toString(),
+        chainlinkFeed: eUSD_USD_FEED,
+        oracleError: eUSD_ORACLE_ERROR.toString(),
+        erc20: networkConfig[chainId].tokens.meUSD,
+        maxTradeVolume: fp('1e6').toString(), // 17m vault
+        oracleTimeout: eUSD_ORACLE_TIMEOUT.toString(),
+        targetName: hre.ethers.utils.formatBytes32String('USD'),
+        defaultThreshold: eUSD_ORACLE_ERROR.add(fp('0.01')).toString(), // +1% buffer rule
+        delayUntilDefault: DELAY_UNTIL_DEFAULT.toString(),
+      },
+      fp('1e-4') // can have mild drawdowns
+    )
+    await collateral.deployed()
+
+    console.log(`Deployed meUSD to ${hre.network.name} (${chainId}): ${collateral.address}`)
+    await (await collateral.refresh()).wait()
+    expect(await collateral.status()).to.equal(CollateralStatus.SOUND)
+
+    assetCollDeployments.collateral.meUSD = collateral.address
+    assetCollDeployments.erc20s.meUSD = networkConfig[chainId].tokens.meUSD
+    deployedCollateral.push(collateral.address.toString())
+
+    fs.writeFileSync(assetCollDeploymentFilename, JSON.stringify(assetCollDeployments, null, 2))
+
+    console.log(`Deployed collateral to ${hre.network.name} (${chainId})
+        New deployments: ${deployedCollateral}
+        Deployment file: ${assetCollDeploymentFilename}`)
+  }
+}
+
+main().catch((error) => {
+  console.error(error)
+  process.exitCode = 1
+})

scripts/verification/collateral-plugins/verify_morphoeUSD.ts

@@ -0,0 +1,60 @@
+import hre from 'hardhat'
+import { getChainId } from '../../../common/blockchain-utils'
+import { developmentChains, networkConfig } from '../../../common/configuration'
+import { fp } from '../../../common/numbers'
+import {
+  getDeploymentFile,
+  getAssetCollDeploymentFilename,
+  IAssetCollDeployments,
+} from '../../deployment/common'
+import {
+  eUSD_ORACLE_TIMEOUT,
+  eUSD_ORACLE_ERROR,
+  eUSD_USD_FEED,
+  PRICE_TIMEOUT,
+  DELAY_UNTIL_DEFAULT,
+} from '../../../test/plugins/individual-collateral/meta-morpho/constants'
+import { verifyContract } from '../../deployment/utils'
+
+let deployments: IAssetCollDeployments
+
+async function main() {
+  // ********** Read config **********
+  const chainId = await getChainId(hre)
+  if (!networkConfig[chainId]) {
+    throw new Error(`Missing network configuration for ${hre.network.name}`)
+  }
+
+  if (developmentChains.includes(hre.network.name)) {
+    throw new Error(`Cannot verify contracts for development chain ${hre.network.name}`)
+  }
+
+  const assetCollDeploymentFilename = getAssetCollDeploymentFilename(chainId)
+  deployments = <IAssetCollDeployments>getDeploymentFile(assetCollDeploymentFilename)
+
+  /********  Verify meUSD  **************************/
+  await verifyContract(
+    chainId,
+    deployments.collateral.meUSD,
+    [
+      {
+        priceTimeout: PRICE_TIMEOUT.toString(),
+        chainlinkFeed: eUSD_USD_FEED,
+        oracleError: eUSD_ORACLE_ERROR.toString(),
+        erc20: networkConfig[chainId].tokens.meUSD,
+        maxTradeVolume: fp('1e6').toString(),
+        oracleTimeout: eUSD_ORACLE_TIMEOUT.toString(),
+        targetName: hre.ethers.utils.formatBytes32String('USD'),
+        defaultThreshold: eUSD_ORACLE_ERROR.add(fp('0.01')).toString(), // +1% buffer rule
+        delayUntilDefault: DELAY_UNTIL_DEFAULT.toString(),
+      },
+      fp('1e-4'), // can have small drawdowns
+    ],
+    'contracts/plugins/assets/meta-morpho/MetaMorphoFiatCollateral.sol:MetaMorphoFiatCollateral'
+  )
+}
+
+main().catch((error) => {
+  console.error(error)
+  process.exitCode = 1
+})

scripts/verify_etherscan.ts

@@ -89,6 +89,7 @@ async function main() {
       'collateral-plugins/verify_aave_v3_usdc.ts',
       'collateral-plugins/verify_wsteth.ts',
       'collateral-plugins/verify_cbeth.ts',
+      'collateral-plugins/verify_morphoeUSD.ts',
       'assets/verify_stg.ts'
     )
   } else if (chainId == '42161' || chainId == '421614') {

test/plugins/individual-collateral/meta-morpho/MetaMorphoFiatCollateral.test.ts

@@ -1,4 +1,3 @@
-import { networkConfig } from '#/common/configuration'
 import { bn, fp } from '#/common/numbers'
 import { SignerWithAddress } from '@nomiclabs/hardhat-ethers/signers'
 import { MockV3Aggregator } from '@typechain/MockV3Aggregator'
@@ -15,19 +14,30 @@ import { MAX_UINT192 } from '#/common/constants'
 import {
   DELAY_UNTIL_DEFAULT,
   FORK_BLOCK,
+  STEAKPYUSD,
+  STEAKUSDC,
+  BBUSDT,
+  PYUSD_USD_FEED,
   PYUSD_ORACLE_ERROR,
   PYUSD_ORACLE_TIMEOUT,
+  USDT_USD_FEED,
   USDT_ORACLE_TIMEOUT,
   USDT_ORACLE_ERROR,
+  USDC_USD_FEED,
   USDC_ORACLE_TIMEOUT,
   USDC_ORACLE_ERROR,
+  eUSD_USD_FEED,
+  eUSD_ORACLE_TIMEOUT,
+  eUSD_ORACLE_ERROR,
   PRICE_TIMEOUT,
+  MEUSD,
 } from './constants'
 import { mintCollateralTo } from './mintCollateralTo'
 
 interface MAFiatCollateralOpts extends CollateralOpts {
   defaultPrice?: BigNumberish
   defaultRefPerTok?: BigNumberish
+  forkNetwork?: string
 }
 
 const makeFiatCollateralTestSuite = (
@@ -167,6 +177,7 @@ const makeFiatCollateralTestSuite = (
     itChecksNonZeroDefaultThreshold: it,
     itHasRevenueHiding: it,
     resetFork: getResetFork(FORK_BLOCK),
+    targetNetwork: defaultCollateralOpts.forkNetwork,
     collateralName,
     chainlinkDefaultAnswer: defaultCollateralOpts.defaultPrice!,
     itIsPricedByPeg: true,
@@ -180,7 +191,8 @@ const makeOpts = (
   vault: string,
   chainlinkFeed: string,
   oracleTimeout: BigNumber,
-  oracleError: BigNumber
+  oracleError: BigNumber,
+  forkNetwork: string
 ): MAFiatCollateralOpts => {
   return {
     targetName: ethers.utils.formatBytes32String('USD'),
@@ -195,22 +207,28 @@ const makeOpts = (
     defaultRefPerTok: fp('1'),
     erc20: vault,
     chainlinkFeed,
+    forkNetwork,
   }
 }
 
 /*
   Run the test suite
 */
-const { tokens, chainlinkFeeds } = networkConfig[31337]
+
 makeFiatCollateralTestSuite(
   'MetaMorphoFiatCollateral - steakUSDC',
-  makeOpts(tokens.steakUSDC!, chainlinkFeeds.USDC!, USDC_ORACLE_TIMEOUT, USDC_ORACLE_ERROR)
+  makeOpts(STEAKUSDC, USDC_USD_FEED, USDC_ORACLE_TIMEOUT, USDC_ORACLE_ERROR, 'mainnet')
 )
 makeFiatCollateralTestSuite(
   'MetaMorphoFiatCollateral - steakPYUSD',
-  makeOpts(tokens.steakPYUSD!, chainlinkFeeds.pyUSD!, PYUSD_ORACLE_TIMEOUT, PYUSD_ORACLE_ERROR)
+  makeOpts(STEAKPYUSD, PYUSD_USD_FEED, PYUSD_ORACLE_TIMEOUT, PYUSD_ORACLE_ERROR, 'mainnet')
 )
 makeFiatCollateralTestSuite(
   'MetaMorphoFiatCollateral - bbUSDT',
-  makeOpts(tokens.bbUSDT!, chainlinkFeeds.USDT!, USDT_ORACLE_TIMEOUT, USDT_ORACLE_ERROR)
+  makeOpts(BBUSDT, USDT_USD_FEED, USDT_ORACLE_TIMEOUT, USDT_ORACLE_ERROR, 'mainnet')
+)
+
+makeFiatCollateralTestSuite(
+  'MetaMorphoFiatCollateral - meUSD',
+  makeOpts(MEUSD, eUSD_USD_FEED, eUSD_ORACLE_TIMEOUT, eUSD_ORACLE_ERROR, 'base')
 )