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ebtc-protocol / ebtc-multisig

eBTC's EVM multisig operations.
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Parameter Change Request: Set Secondary Oracle #66

Closed sajanrajdev closed 1 month ago

sajanrajdev commented 1 month ago

Protocol Parameter Change

Set Secondary Oracle

Parameter Value(s)

0x9E34E639fD8659880ECBbb6873a665680A074c16

Justification and Details

After a thorough analysis and scoping with multiple Oracle providers, Chronicle oracles were found to be the most reliable option for providing a reliable stETH/BTC price feed for the system's fallback. They custom made a feed for eBTC with a 2% deviation threshold and a 24hr heartbeat. These parameters were approved by both economic risk and protocol security advisors. The same parameters informed the redemption fee floor (2.5%).

An adapter was developed by reusing existing code for the most, this was reviewed internally and by eBTC's security advisors. The production deployment can be found here: 0x9E34E639fD8659880ECBbb6873a665680A074c16.

Additional Notes

Call ebtc_feed.setSecondaryOracle(0x9E34E639fD8659880ECBbb6873a665680A074c16) to be executed through the low sec timelock.

Verification

sajanrajdev commented 1 month ago

Adapter's PR: https://github.com/ebtc-protocol/ebtc/pull/807

sajanrajdev commented 1 month ago

Executed: https://etherscan.io/tx/0x2b87e7cceac9ea57d6a9dfdf6872e89c9de0f0bcfd4f6636ac322cfc29e643aa