Summary
This proposal seeks to upgrade FiRM’s wBTC and wETH market price feed to the new ChainlinkBridgeAssetFeed logic. Historically, Inverse Finance implemented feeds on a per-feed basis, leading to repeated code, redundant logic, and an increased risk of errors. By consolidating logic into single-purpose, generalized price feed contracts, review of new price feeds is simplified to only reviewing the deployment, allowing for better use of resources. The ChainlinkBridgeAssetFeed, allows FiRM to simplify its pricing mechanism by combining two well-established Chainlink feeds—one for the collateral/bridge-asset pair and another for the bridge-asset/USD pair. This approach standardizes oracle architecture, reduces maintenance overhead, and ensures a more reliable and secure pricing framework.
Additionally, this proposal introduces a fallback oracle for ETH/USD, using a Redstone oracle to improve resilience in case of Chainlink oracle staleness.
Background
Previously, FiRM relied on individual implementations for compounded price feeds, requiring contracts to handle asset-to-asset conversion, bridge-asset-to-USD conversion, and decimal normalization in a single contract. This resulted in, amongst other things, a more complex verification process.
FiRM has long transitioned away from monolithic price feed implementations toward a modular oracle architecture, which is already used in LP collateral pricing. The new model separates core pricing functions into distinct, independently verified components, which are then composed to derive final price calculations.
Instead of embedding all calculations within a single contract, ChainlinkBridgeAssetFeed aggregates pricing data from two Chainlink feeds—one for a collateral/bridge-asset pair and another for the bridge-asset/USD rate—ensuring clear separation of concerns and easier verification. A boolean flag (bridgeAssetDenominator) allows the contract to handle cases where the denominator in the collateral-bridge pair varies, and thus ensures proper configuration regardless of price feed structure.
By migrating the wBTC market feed to this model, future deployments become faster, verification is streamlined, and protocol reliability improves. This update also introduces a fallback price source for ETH/USD, increasing resilience for the wETH market against temporary oracle failures.
Implementation
E.g. Oracle Setup for WBTC/USD:
| Feed Type | Oracle | Fallback | Feed Address |
|---|---|---|---|
| WBTC/BTC | Chainlink | None | 0x435419607191F1C1c6809E01bb5C38311957c6a8 |
| BTC/USD | Chainlink | Redstone | 0xAe6B44ebdd005669B410524eC076424A7308e9e1 |
| WBTC/USD (Bridge Asset Feed) | ChainlinkBridgeAssetFeed | Derived from WBTC/BTC & BTC/USD | 0xa0c624a99Ec87a8010f65F277787f697346196e6 |
E.g. Oracle Setup for WETH/USD (No ChainlinkBridgeAssetFeed needed but missing a fallback):
| Feed Type | Oracle | Fallback | Feed Address |
|---|---|---|---|
| ETH/USD | Chainlink | Redstone | 0x22390B88C53D1631f673b8Dcd91860267137b2c8 |
On-Chain Actions
- Update wBTC FiRM market price feed to 0xa0c624a99Ec87a8010f65F277787f697346196e6
- Update wETH FiRM market price feed to 0x22390B88C53D1631f673b8Dcd91860267137b2c8