1. Summary
This proposal finalizes the deployment of the PT-sUSDe-29MAY2025 market on FiRM by switching its price feed to the newly deployed Discount to NAV Feed that returns a proper updatedAt timestamp, preventing stale price reverts. The market was introduced in Proposal #276, with its liquidation incentive subsequently adjusted in Proposal #279. However, borrowers encountered reverts due to the current feed not producing an updatedAt round data, leading to the borrow controller denying the stale answer. With this fix, users will be able to borrow from the market without reverts.
2. Background
- Proposal #276 created the PT-sUSDe-29MAY2025 market, aiming for a 91.5% Collateral Factor, a 5% Liquidation Incentive, and an initial 20% discount to NAV rate.
- Proposal #279 set the Liquidation Incentive to 5% first, resolving a revert triggered by the order of operations during on-chain execution.
- Subsequent testing revealed that the original Discount to NAV Feed returned a zero timestamp, causing the staleness check to fail. A revised Discount to NAV Feed now outputs a proper timestamp, enabling the market to function as intended.
3. Implementation
- Deploy Revised NAV Feed & FeedSwitch Contracts
- The Discount to NAV Feed at 0xDc229F233EAb9b94Cf48555ab457C95B37987F11 returns the block timestamp instead of 0.
- The FeedSwitch at 0x8f5d8a77e6c1943218854b1eef22401760d4ca10 coordinates the primary Discount to NAV feed, the before-maturity feed, and the after-maturity feed.
- Guardian Fallback remains assigned to the Policy multisig, ensuring timely mitigation in extreme events (e.g., a USDe depeg).
4. On-Chain Actions
- For PT-sUSDe-29MAY2025, call setFeed on the FiRM PPO Oracle contract to switch from the old FeedSwitch to 0x8f5d8a77e6c1943218854b1eef22401760d4ca10