Author

Chaos Labs

Overview

Chaos Labs recommends creating a new Gearbox deployment on the Sonic Chain. In the analysis below, we cover the configuration of the initial pools and collateral assets.

PriceOracle

• USDC.e (0x29219dd400f2Bf60E5a23d13Be72B486D4038894)
  • Main: Chainlink USDC/USD (0x55bCa887199d5520B3Ce285D41e6dC10C08716C9)
  • Reserve: Redstone USDC
• wS (0x039e2fB66102314Ce7b64Ce5Ce3E5183bc94aD38)
  • Main: Chainlink S/USD (0xc76dFb89fF298145b417d221B2c747d84952e01d)
  • Reserve: Redstone S/USD (https://app.redstone.finance/app/feeds/sonic-mainnet/s/)
• wETH (0x50c42dEAcD8Fc9773493ED674b675bE577f2634b)
  • Main: Chainlink ETH/USD (0x824364077993847f71293B24ccA8567c00c2de11)
  • Reserve: Redstone ETH
• stS (0xe5da20f15420ad15de0fa650600afc998bbe3955)
  • Main: composite of (Redstone stS_FUNDAMENTAL * Chainlink S)
  • Reserve: Chainlink S
• scUSD (0xd3DCe716f3eF535C5Ff8d041c1A41C3bd89b97aE)
  • Main: Chainlink USDC/USD (0x55bCa887199d5520B3Ce285D41e6dC10C08716C9)
  • Reserve: Redstone USDC

Compatibility (zero price feed):

• Beets (Balancer fork) ws/stS (0x374641076b68371e69d03c417dac3e5f236c32fa000000000000000000000006)
• Beets USDC.e/scUSD (0xcd4d2b142235d5650ffa6a38787ed0b7d7a51c0c000000000000000000000037)
• Beets scUSD/stS (0x25ca5451cd5a50ab1d324b5e64f32c0799661891000200000000000000000018)
• Beets USDC.e/stS (0x713fb5036dc70012588d77a5b066f1dd05c712d7000200000000000000000041)

$GEAR token & Quota rate voting

$GEAR is deployed on 0x0fDbce271bea0d9819034cd09021e0bBE94be3Fd and can be bridged fom Mainnet using Sonic Gateway

USDC pool

IRM

Parameter	Proposed value
r0	0
r1	2
r2	5
r3	23
U1	70
U2	90
isBorrowingMoreU2Forbidden	true

Pool parameters

Parameter	Value
symbol	dUSDC.eV3
name	USDC.e v3 Sonic
underlying	USDC
accountAmount	100,000
totalDebtLimit	50,000,000

Quota parameters

Token	scUSD	stS	wS	wETH
Quota Limit	750,000	400,000	800,000	100,000
minRate	0.05%	0.05%	0.05%	0.05%
maxRate	15%	20%	20%	20%

Compatibility (quota limit: 0; minRate: 0.01%; maxRate: 0.01%):

• Beets ws/stS (0x374641076b68371e69d03c417dac3e5f236c32fa000000000000000000000006)
• Beets USDC.e/scUSD (0xcd4d2b142235d5650ffa6a38787ed0b7d7a51c0c000000000000000000000037)
• Beets scUSD/stS (0x25ca5451cd5a50ab1d324b5e64f32c0799661891000200000000000000000018)
• Beets USDC.e/stS (0x713fb5036dc70012588d77a5b066f1dd05c712d7000200000000000000000041)

Credit Managers

USDC.e Correlated Tier 1

Parameter	Value
minDebt	50000
maxDebt	1000000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.02
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.02
poolLimit	30000000

USDC.e Correlated Tier 2

Parameter	Value
minDebt	2500
maxDebt	50000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.03
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.03
poolLimit	10000000

Adapters

• Beets (Balancer fork)
  • USDC.e/scUSD (0xcd4d2b142235d5650ffa6a38787ed0b7d7a51c0c000000000000000000000037)
• Shadow
  • USDC.e/scUSD (tickSpacing: 5)
  • USDC.e/WETH (tickSpacing: 100)
  • wS/USDC.e (tickSpacing: 50)
  • wS/stS (tickSpacing: 1)

Collateral tokens

Add the following tokens as collateral to “USDC.e Correlated Tier 1” and “USDC.e Correlated Tier 2” Credit Managers:

Token	scUSD
LT	90%

Compatibility (LT:0):

• Beets USDC.e/scUSD (0xcd4d2b142235d5650ffa6a38787ed0b7d7a51c0c000000000000000000000037)

USDC.e Volatile Tier 1

Parameter	Value
minDebt	50000
maxDebt	1000000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.03
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.03
poolLimit	5000000

USDC.e Volatile Tier 2

Parameter	Value
minDebt	2500
maxDebt	50000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.04
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.04
poolLimit	5000000

Adapters

• Equalizer

  • USDC.e/WETH 0xbCbC5777537c0D0462fb82BA48Eeb6cb361E853f

• Beets (Balancer fork)

  • wS/stS (0x374641076b68371e69d03c417dac3e5f236c32fa000000000000000000000006)
  • USDC.e/scUSD (0xcd4d2b142235d5650ffa6a38787ed0b7d7a51c0c000000000000000000000037)
  • scUSD/stS (0x25ca5451cd5a50ab1d324b5e64f32c0799661891000200000000000000000018)
  • USDC.e/stS (0x713fb5036dc70012588d77a5b066f1dd05c712d7000200000000000000000041)

• Shadow

  • USDC.e/scUSD (tickSpacing: 5)
  • USDC.e/WETH (tickSpacing: 100)
  • wS/USDC.e (tickSpacing: 50)
  • wS/stS (tickSpacing: 1)

Collateral tokens

Add the following tokens as collateral to “USDC.e Volatile Tier 1” and “USDC.e Volatile Tier 2” Credit Managers:

Token	stS	wS	wETH
LT	82%	85%	85%

Compatibilty (LT:0)

• Beets ws/stS (0x374641076b68371e69d03c417dac3e5f236c32fa000000000000000000000006)
• Beets USDC.e/scUSD (0xcd4d2b142235d5650ffa6a38787ed0b7d7a51c0c000000000000000000000037)
• Beets scUSD/stS (0x25ca5451cd5a50ab1d324b5e64f32c0799661891000200000000000000000018)
• Beets USDC.e/stS (0x713fb5036dc70012588d77a5b066f1dd05c712d7000200000000000000000041)

wS pool

IRM

Parameter	Proposed value
r0	0
r1	1.5
r2	2
r3	21.5
U1	70
U2	90
isBorrowingMoreU2Forbidden	true

Pool parameters

Parameter	Value
symbol	dWSV3
name	wS v3 Sonic
underlying	wS
accountAmount	100,000
totalDebtLimit	50,000,000

Quota parameters

Token	stS
Quota Limit	7,500,000
minRate	0.05%
maxRate	10%

Compatibility (quota limit: 0; minRate: 0.01%; maxRate: 0.01%):

• Beets ws/stS (0x374641076b68371e69d03c417dac3e5f236c32fa000000000000000000000006)

Credit Managers

wS Correlated Tier 1

Parameter	Value
minDebt	50000
maxDebt	1000000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.02
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.02
poolLimit	700000

wS Correlated Tier 2

Parameter	Value
minDebt	2500
maxDebt	50000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.03
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.03
poolLimit	300000

Collateral tokens

Add the following tokens as collateral to “wS Correlated Tier 1” and “wS Correlated Tier 2” Credit Managers:

Token	stS
LT	90%

Compatibility(LT:0)

• Beets ws/stS (0x374641076b68371e69d03c417dac3e5f236c32fa000000000000000000000006)

Adapters

• Beets (Balancer fork)

  • wS/stS (0x374641076b68371e69d03c417dac3e5f236c32fa000000000000000000000006)

• Shadow

  • wS/stS (tickSpacing: 1)

Partial liquidation bot

Deploy PLB with the following parameters: minHealthFactor: 10000 maxHealthFactor: 65535 premiumScaleFactor: 10000 feeScaleFactor: 10000

Give it permissions to add collateral, decrease debt and withdraw collateral in wS Correlated Tier 1, wS Correlated Tier 2, USDC.e Volatile Tier 1, USDC.e Volatile Tier 2, USDC.e Correlated Tier 1, USDC.e Correlated Tier 2 CM.

Transaction log

Txn log can be found here Md5 checksums are bc2927a35d2fd34961af9c01d16d35b8 and c5226c8d3854d5dc9ec5f378dd466634.