Skip to main content

Morpho Chainlink Oracle V2

MorphoChainlinkOracleV2​

This is an oracle that uses Chainlink-interface-compliant feeds to provide price data.

This oracle handles the following cases among others (let's say that our pair is A/B):

  • A/B is a feed (typically, stETH/ETH).
  • B/A is a feed (typically, ETH/USDC).
  • A/C and B/C are feeds (typically, stETH/ETH and USDC/ETH).
  • A/C, C/D and B/D are feeds (typically, WBTC/BTC, BTC/USD, USDC/USD).
  • A/D, and B/C, C/D are feeds (typically, USDC/USD, WBTC/BTC, BTC/USD).
  • A/C, C/D and B/E, E/D are feeds.
  • A/C and C/B are feeds (typically, WBTC/BTC and BTC/ETH).
  • A'/C and B/C are feeds, and there is an exchange rate between A and A'. (typically A=sDAI and A'=DAI).

WstETH/stETH Exchange Rate Adapter​

A specific implementation, the WstEthStEthExchangeRateChainlinkAdapter, provides the exchange rate between wstETH and stETH as a Chainlink-interface-compliant feed.

This adapter is deployed on Ethereum Mainnet at the address 0x905b7dAbCD3Ce6B792D874e303D336424Cdb1421.

MorphoChainlinkOracleV2Factory​

This factory deploys MorphoChainlinkOracleV2 instances.

The factory facilitates the creation and indexing of MorphoChainlinkOracleV2 oracles. This factory contract streamlines the process of deploying new oracles, catering to various market pairs without the need to deploy individual contracts manually for each pair.

Implementation​

Morpho Chainlink Oracle V2 Github repository

The contract implements the Oracle interface to fit Morpho specifications.

Immutables​

  • BASE_VAULT: baseVault. Pass address zero to omit this parameter.
  • BASE_VAULT_CONVERSION_SAMPLE: Base vault conversion sample.
  • BASE_FEED_1: First base feed. Pass address zero if the price = 1.
  • BASE_FEED_2: Second base feed. Pass address zero if the price = 1.
  • BASE_TOKEN_DECIMALS: Base token decimals.
  • QUOTE_VAULT: Quote vault. Pass address zero to omit this parameter.
  • QUOTE_VAULT_CONVERSION_SAMPLE: The sample amount of quote vault shares used to convert to underlying. Pass 1 if the quote asset is not a vault. Should be chosen such that converting quoteVaultConversionSample to assets has enough precision.
  • QUOTE_FEED_1: First quote feed. Pass address zero if the price = 1.
  • QUOTE_FEED_2: Second quote feed. Pass address zero if the price = 1.
  • QUOTE_TOKEN_DECIMALS: Quote token decimals.

Assumptions​

Here is the list of assumptions that guarantees the oracle behaves as expected:

  • The vaults, if set, are ERC4626-compliant.
  • The feeds, if set, are Chainlink-interface-compliant.
  • Decimals passed as argument are correct.
  • The base vaults's sample shares quoted as assets and the base feed prices don't overflow when multiplied.
  • The quote vault's sample shares quoted as assets and the quote feed prices don't overflow when multiplied.