Ampleforth

Summary

This proposal is to upgrade the CPI oracle used by Ampleforth to the latest version of Chainlink’s decentralized oracle network infrastructure and automation solution for the monthly on-chain delivery of the consumer price index.

Rationale

Ampleforth was one of the first protocols that integrated Chainlink oracles back in 2019, providing access to the AMPL price and CPI metric data. The infrastructure delivering CPI data currently uses the same architecture developed at the feed’s inception. Since that time, key improvements in security, reliability, availability, and data quality have been made to Chainlink’s decentralized oracle networks.

This proposal would upgrade the data delivery mechanism to Chainlink’s current infrastructure to take advantage of these improvements to deliver CPI data used as the price target. The push method for data delivery will remain the same; a Chainlink oracle network would perform a monthly push of the CPI metric to the Ampleforth contract during Ampleforth’s specific time window. Chainlink Automation, a decentralized automation solution, would ensure the monthly push of the CPI metric to the Ampleforth contract.

The new architecture includes two new automation jobs that will run monthly:

• A new automation job requests a new round on the OCR feed on the first day of every month at 19:00 UTC.
• A second automation job watches the CPI data feed proxy for new oracle reports, then writes the CPI metric update to Ampleforth’s MedianOracle contract once detected.

Chainlink Automation requires a small fee for transactions on-chain. The two automation jobs use a combined approximately 375K of gas monthly (+/-10k gas). Chainlink Labs will kick off the new proposal by funding approximately the first three months of expected fees. After this initial period, the FORTH DAO would be responsible for maintaining the automation jobs and keeping the account funded.

Upon approval of this proposal, on-chain actions would initiate to remove the old provider address 0xA1FfB3cB206495eE3fE64E4Ee1A9567da220486E from the Medianizer (MedianOracle | Address 0xa759F960dD59A1aD32c995ecabE802a0C35F244F | Etherscan) and add the new provider address 0xab8b9bE60dfAb76FD16621c296B21C61fBf63E91.

With this proposal, the Ampleforth Protocol can receive the following benefits, each offered “as is” without representations, guarantees, or warranties of any kind, on a commercially feasible basis and subject to the FORTH DAO’s acceptance of the Chainlink Labs service terms (available at Terms of Use – Chainlink Labs):

• Automation Networks: Maintenance and support for the current and future Chainlink Automation upkeeps that are integrated to support Ampleforth’s products.
• Network Monitoring: Monitoring and management of the Automation networks that are used by Ampleforth. This includes rapid response support, incident response, and a dedicated communication channel. The benefits are solely being made available to the Ampleforth Protocol and not to any other party, including the FORTH DAO.

These changes are required to ensure the continued reliability and availability of CPI metric data. This proposal follows alongside the previously approved migration of the AMPL Price Feed 1 to the upgraded Chainlink infrastructure.

For more detail and provide feedback, please see the governance forum post: https://forum.ampleforth.org/t/proposal-chainlink-cpi-architecture-upgrade/657