Compound

Details

Set new price oracle to 0x50ce56A3239671Ab62f185704Caedf626352741e

Info

GFX Labs is proposing on behalf of Chainlink to upgrade the Compound II UniswapAnchoredView (UAV) Oracle. The upgrade will update the UAV’s reference prices from Uniswap V2 pools to Uniswap V3 pools.

Forum Post

Updates include:

• The new UniswapAnchoredView (UAV) no longer records and keeps observations but instead queries the respective Uniswap V3 pool’s observe function to get a TWATP with the set anchor period when it’s needed (i.e., when a reporter calls validate on the UAV).
• The price of an asset in Uniswap V3 is a function of the “tick” of the pool. The formula is price = 1.0001^tick. The math required for conversion between posted prices and the Uniswap V3 TWATP and the UAV representation has been modified to support this. Relevant libraries (TickMath and FullMath) have been included from the Uniswap V3 codebase.
• The tests from the original UAV have been adapted to the new Uniswap V3 architecture - i.e., observations/TWATP tests were removed. Hardhat (+typechain) has been implemented so real Uniswap V3 pools can be used via forked mainnet in tests and eliminate the need for mocking Uniswap V3 pools.
• Increased the Uniswap observation cardinality to 150 on pools that were below 150.
• Updated the getUnderlyingPrice function to fetch the token configuration using the cToken address instead of calling the underlying function from the token.

The community can review changes in PR14 and successful test results here. Please note that GFX Labs has not simulated the full outcome of the proposal, but OZ has reviewed it and Chainlink has thoroughly tested it.