Merge pull request #393 from liquity/eth_price_fallback_2

ETH-USD price fallback

contracts/src/BorrowerOperations.sol

@@ -157,7 +157,6 @@ contract BorrowerOperations is LiquityBase, AddRemoveManagers, IBorrowerOperatio
     event BoldTokenAddressChanged(address _boldTokenAddress);
 
     event ShutDown(uint256 _tcr);
-    event ShutDownFromOracleFailure(address _oracleAddress);
 
     constructor(IAddressesRegistry _addressesRegistry)
         AddRemoveManagers(_addressesRegistry)
@@ -1163,8 +1162,11 @@ contract BorrowerOperations is LiquityBase, AddRemoveManagers, IBorrowerOperatio
 
         uint256 totalColl = getEntireSystemColl();
         uint256 totalDebt = getEntireSystemDebt();
-        (uint256 price,) = priceFeed.fetchPrice();
+        (uint256 price, bool newOracleFailureDetected) = priceFeed.fetchPrice();
+        // If the oracle failed, the above call to PriceFeed will have shut this branch down
+        if (newOracleFailureDetected) {return;}
 
+        // Otherwise, proceed with the TCR check:
         uint256 TCR = LiquityMath._computeCR(totalColl, totalDebt, price);
         if (TCR >= SCR) revert TCRNotBelowSCR();
 
@@ -1174,16 +1176,14 @@ contract BorrowerOperations is LiquityBase, AddRemoveManagers, IBorrowerOperatio
     }
 
     // Not technically a "Borrower op", but seems best placed here given current shutdown logic.
-    function shutdownFromOracleFailure(address _failedOracleAddr) external {
+    function shutdownFromOracleFailure() external {
         _requireCallerIsPriceFeed();
 
         // No-op rather than revert here, so that the outer function call which fetches the price does not revert
         // if the system is already shut down.
         if (hasBeenShutDown) return;
 
         _applyShutdown();
-
-        emit ShutDownFromOracleFailure(_failedOracleAddr);
     }
 
     function _applyShutdown() internal {

contracts/src/Interfaces/IBorrowerOperations.sol

@@ -94,7 +94,7 @@ interface IBorrowerOperations is ILiquityBase, IAddRemoveManagers {
 
     function hasBeenShutDown() external view returns (bool);
     function shutdown() external;
-    function shutdownFromOracleFailure(address _failedOracleAddr) external;
+    function shutdownFromOracleFailure() external;
 
     function checkBatchManagerExists(address _batchMananger) external view returns (bool);
 

contracts/src/Interfaces/ICompositePriceFeed.sol → contracts/src/Interfaces/IMainnetPriceFeed.sol

@@ -4,7 +4,13 @@ import "../Dependencies/AggregatorV3Interface.sol";
 
 pragma solidity ^0.8.0;
 
-interface ICompositePriceFeed is IPriceFeed {
+interface IMainnetPriceFeed is IPriceFeed {
+    enum PriceSource {
+        primary,
+        ETHUSDxCanonical,
+        lastGoodPrice
+    }
+
     function ethUsdOracle() external view returns (AggregatorV3Interface, uint256, uint8);
-    function lstEthOracle() external view returns (AggregatorV3Interface, uint256, uint8);
+    function priceSource() external view returns (PriceSource);
 }

contracts/src/Interfaces/IPriceFeed.sol

@@ -4,6 +4,7 @@ pragma solidity ^0.8.0;
 
 interface IPriceFeed {
     function fetchPrice() external returns (uint256, bool);
+    function fetchRedemptionPrice() external returns (uint256, bool);
     function lastGoodPrice() external view returns (uint256);
     function setAddresses(address _borrowerOperationsAddress) external;
 }

contracts/src/Interfaces/IRETHPriceFeed.sol

@@ -0,0 +1,9 @@
+// SPDX-License-Identifier: MIT
+import "./IMainnetPriceFeed.sol";
+import "../Dependencies/AggregatorV3Interface.sol";
+
+pragma solidity ^0.8.0;
+
+interface IRETHPriceFeed is IMainnetPriceFeed {
+    function rEthEthOracle() external view returns (AggregatorV3Interface, uint256, uint8);
+}

contracts/src/Interfaces/IWSTETHPriceFeed.sol

@@ -1,9 +1,9 @@
 // SPDX-License-Identifier: MIT
-import "./IPriceFeed.sol";
+import "./IMainnetPriceFeed.sol";
 import "../Dependencies/AggregatorV3Interface.sol";
 
 pragma solidity ^0.8.0;
 
-interface IWSTETHPriceFeed is IPriceFeed {
+interface IWSTETHPriceFeed is IMainnetPriceFeed {
     function stEthUsdOracle() external view returns (AggregatorV3Interface, uint256, uint8);
 }

contracts/src/PriceFeeds/CompositePriceFeed.sol

@@ -4,71 +4,112 @@ pragma solidity 0.8.24;
 
 import "../Dependencies/LiquityMath.sol";
 import "./MainnetPriceFeedBase.sol";
-import "../Interfaces/ICompositePriceFeed.sol";
 
-// Composite PriceFeed: outputs an LST-USD price derived from two external price Oracles: LST-ETH, and ETH-USD.
-// Used where the LST token is non-rebasing (as per rETH, osETH, ETHx, etc).
-contract CompositePriceFeed is MainnetPriceFeedBase, ICompositePriceFeed {
-    Oracle public lstEthOracle;
-    Oracle public ethUsdOracle;
+// import "forge-std/console2.sol";
 
+// The CompositePriceFeed is used for feeds that incorporate both a market price oracle (e.g. STETH-USD, or RETH-ETH)
+// and an LST canonical rate (e.g. WSTETH:STETH, or RETH:ETH).
+abstract contract CompositePriceFeed is MainnetPriceFeedBase {
     address public rateProviderAddress;
 
     constructor(
         address _owner,
         address _ethUsdOracleAddress,
-        address _lstEthOracleAddress,
         address _rateProviderAddress,
-        uint256 _ethUsdStalenessThreshold,
-        uint256 _lstEthStalenessThreshold
-    ) MainnetPriceFeedBase(_owner) {
-        // Store ETH-USD oracle
-        ethUsdOracle.aggregator = AggregatorV3Interface(_ethUsdOracleAddress);
-        ethUsdOracle.stalenessThreshold = _ethUsdStalenessThreshold;
-        ethUsdOracle.decimals = ethUsdOracle.aggregator.decimals();
-        assert(ethUsdOracle.decimals == 8);
-
-        // Store LST-ETH oracle
-        lstEthOracle.aggregator = AggregatorV3Interface(_lstEthOracleAddress);
-        lstEthOracle.stalenessThreshold = _lstEthStalenessThreshold;
-        lstEthOracle.decimals = lstEthOracle.aggregator.decimals();
-
+        uint256 _ethUsdStalenessThreshold
+    ) MainnetPriceFeedBase(_owner, _ethUsdOracleAddress, _ethUsdStalenessThreshold) {
         // Store rate provider
         rateProviderAddress = _rateProviderAddress;
+    }
 
-        _fetchPrice();
+    // Returns:
+    // - The price, using the current price calculation
+    // - A bool that is true if:
+    // --- a) the system was not shut down prior to this call, and 
+    // --- b) an oracle or exchange rate contract failed during this call.
+    function fetchPrice() public returns (uint256, bool) {
+        // If branch is live and the primary oracle setup has been working, try to use it
+        if (priceSource == PriceSource.primary) return _fetchPricePrimary(false);
 
-        // Check an oracle didn't already fail
-        assert(priceFeedDisabled == false);
+        return _fetchPriceDuringShutdown();
     }
 
-    function _fetchPrice() internal override returns (uint256, bool) {
-        (uint256 ethUsdPrice, bool ethUsdOracleDown) = _getOracleAnswer(ethUsdOracle);
-        (uint256 lstEthPrice, bool lstEthOracleDown) = _getOracleAnswer(lstEthOracle);
+    function fetchRedemptionPrice() external returns (uint256, bool) {
+        // If branch is live and the primary oracle setup has been working, try to use it
+        if (priceSource == PriceSource.primary) return _fetchPricePrimary(true);
+
+        return _fetchPriceDuringShutdown();
+    }
 
-        // If one of Chainlink's responses was invalid in this transaction, disable this PriceFeed and
-        // return the last good LST-USD price calculated
-        if (ethUsdOracleDown) return (_disableFeedAndShutDown(address(ethUsdOracle.aggregator)), true);
-        if (lstEthOracleDown) return (_disableFeedAndShutDown(address(lstEthOracle.aggregator)), true);
+    function _shutDownAndSwitchToETHUSDxCanonical(address _failedOracleAddr, uint256 _ethUsdPrice)
+        internal
+        returns (uint256)
+    {
+        // Shut down the branch
+        borrowerOperations.shutdownFromOracleFailure();
 
-        // Calculate the market LST-USD price: USD_per_LST = USD_per_ETH * ETH_per_LST
-        uint256 lstUsdMarketPrice = ethUsdPrice * lstEthPrice / 1e18;
+        priceSource = PriceSource.ETHUSDxCanonical;
 
-        // Get the ETH_per_LST canonical rate directly from the LST contract
-        // TODO: Should we also shutdown if the call to the canonical rate reverts, or returns 0?
-        uint256 lstEthRate = _getCanonicalRate();
+        emit ShutDownFromOracleFailure(_failedOracleAddr);
+        return _fetchPriceETHUSDxCanonical(_ethUsdPrice);
+    }
+
+    function _fetchPriceDuringShutdown() internal returns (uint256, bool) {
+        // When branch is already shut down and using ETH-USD * canonical_rate, try to use that
+        if (priceSource == PriceSource.ETHUSDxCanonical) {
+            (uint256 ethUsdPrice, bool ethUsdOracleDown) = _getOracleAnswer(ethUsdOracle);
+            //... but if the ETH-USD oracle *also* fails here, switch to using the lastGoodPrice
+            if (ethUsdOracleDown) {
+                // No need to shut down, since branch already is shut down
+                priceSource = PriceSource.lastGoodPrice;
+                return (lastGoodPrice, false);
+            } else {
+                return (_fetchPriceETHUSDxCanonical(ethUsdPrice), false);
+            }
+        }   
+
+        // Otherwise when branch is shut down and already using the lastGoodPrice, continue with it
+        assert(priceSource == PriceSource.lastGoodPrice);
+        return (lastGoodPrice, false);
+    }
 
-        // Calculate the canonical LST-USD price: USD_per_LST = USD_per_ETH * ETH_per_LST
-        uint256 lstUsdCanonicalPrice = ethUsdPrice * lstEthRate / 1e18;
+    // Only called if the primary LST oracle has failed, branch has shut down,
+    // and we've switched to using: ETH-USD * canonical_rate.
+    function _fetchPriceETHUSDxCanonical(uint256 _ethUsdPrice) internal returns (uint256) {
+        assert(priceSource == PriceSource.ETHUSDxCanonical);
+        // Get the underlying_per_LST canonical rate directly from the LST contract
+        (uint256 lstRate, bool exchangeRateIsDown) = _getCanonicalRate();
 
-        // Take the minimum of (market, canonical) in order to mitigate against upward market price manipulation
-        uint256 lstUsdPrice = LiquityMath._min(lstUsdMarketPrice, lstUsdCanonicalPrice);
+        // If the exchange rate contract is down, switch to (and return) lastGoodPrice. 
+        if (exchangeRateIsDown) {
+            priceSource = PriceSource.lastGoodPrice;
+            return lastGoodPrice;
+        }
 
-        lastGoodPrice = lstUsdPrice;
+        // Calculate the canonical LST-USD price: USD_per_LST = USD_per_ETH * underlying_per_LST
+        uint256 lstUsdCanonicalPrice = _ethUsdPrice * lstRate / 1e18;
 
-        return (lstUsdPrice, false);
+        uint256 bestPrice = LiquityMath._min(lstUsdCanonicalPrice, lastGoodPrice);
+
+        lastGoodPrice = bestPrice;
+
+        return bestPrice;
+    }
+
+    function _withinDeviationThreshold(uint256 _priceToCheck, uint256 _referencePrice, uint256 _deviationThreshold) internal pure returns (bool) {
+        // Calculate the price deviation of the oracle market price relative to the canonical price
+        uint256 max = _referencePrice * (DECIMAL_PRECISION + _deviationThreshold) / 1e18;
+        uint256 min = _referencePrice * (DECIMAL_PRECISION - _deviationThreshold) / 1e18;
+
+        return _priceToCheck >= min && _priceToCheck <= max;
     }
 
-    // Returns the ETH_per_LST as from the LST smart contract. Implementation depends on the specific LST.
-    function _getCanonicalRate() internal view virtual returns (uint256) {}
+    // An individual Pricefeed instance implements _fetchPricePrimary according to the data sources it uses. Returns:
+    // - The price
+    // - A bool indicating whether a new oracle failure or exchange rate failure was detected in the call
+    function _fetchPricePrimary(bool _isRedemption) internal virtual returns (uint256, bool) {}
+
+    // Returns the LST exchange rate and a bool indicating whether the exchange rate failed to return a valid rate.
+    // Implementation depends on the specific LST.
+    function _getCanonicalRate() internal view virtual returns (uint256, bool) {} 
 }