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feat: pendle v2 oracle #78

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feat: pendle v2 oracle #78

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2aaa5fe
feat: pendle v2 oracle
totomanov Jan 26, 2025
2e32a4e
test: lp on fork
totomanov Jan 26, 2025
8201164
feat: rename to PendleUniversalOracle
totomanov Feb 5, 2025
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28 changes: 16 additions & 12 deletions src/adapter/pendle/PendleOracle.sol
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Original file line number Diff line number Diff line change
Expand Up @@ -6,6 +6,7 @@ import {IPPrincipalToken} from "@pendle/core-v2/interfaces/IPPrincipalToken.sol"
import {IPPYLpOracle} from "@pendle/core-v2/interfaces/IPPYLpOracle.sol";
import {IStandardizedYield} from "@pendle/core-v2/interfaces/IStandardizedYield.sol";
import {PendlePYOracleLib} from "@pendle/core-v2/oracles/PendlePYOracleLib.sol";
import {PendleLpOracleLib} from "@pendle/core-v2/oracles/PendleLpOracleLib.sol";
import {BaseAdapter, Errors, IPriceOracle} from "../BaseAdapter.sol";
import {ScaleUtils, Scale} from "../../lib/ScaleUtils.sol";

Expand Down Expand Up @@ -36,12 +37,13 @@ contract PendleOracle is BaseAdapter {
Scale internal immutable scale;

/// @notice Deploy a PendleOracle.
/// @dev The oracle can price PT/SY and PT/Asset. Whether to use SY or Asset depends on the underlying.
/// @dev The oracle can price Pendle PT,LP to SY,Asset. Whether to use SY or Asset depends on the underlying.
/// Consult https://docs.pendle.finance/Developers/Contracts/StandardizedYield#standard-sys for more information.
/// Before deploying this adapter ensure that the oracle is initialized and the observation buffer is filled.
/// Note that this adapter allows specifing any `quote` as the underlying asset.
/// @param _pendleOracle The address of the PendlePYLpOracle contract. Used only in the constructor.
/// @param _pendleMarket The address of the Pendle market.
/// @param _base The address of the PT.
/// @param _base The address of the PT or LP token.
/// @param _quote The address of the SY token or the underlying asset.
/// @param _twapWindow The desired length of the twap window.
constructor(address _pendleOracle, address _pendleMarket, address _base, address _quote, uint32 _twapWindow) {
Expand All @@ -59,19 +61,21 @@ contract PendleOracle is BaseAdapter {

(IStandardizedYield sy, IPPrincipalToken pt,) = IPMarket(_pendleMarket).readTokens();

// Base must be PT
if (_base != address(pt)) revert Errors.PriceOracle_InvalidConfiguration();

// Quote must be SY or Asset.
if (_quote == address(sy)) {
getRate = PendlePYOracleLib.getPtToSyRate;
} else {
(, address asset,) = sy.assetInfo();
if (_quote == asset) {
// Note: we allow using any asset # to any token.
if (_base == address(pt)) {
if (_quote == address(sy)) {
getRate = PendlePYOracleLib.getPtToSyRate;
} else {
getRate = PendlePYOracleLib.getPtToAssetRate;
}
} else if (_base == _pendleMarket) {
if (_quote == address(sy)) {
getRate = PendleLpOracleLib.getLpToSyRate;
} else {
revert Errors.PriceOracle_InvalidConfiguration();
getRate = PendleLpOracleLib.getLpToAssetRate;
}
} else {
revert Errors.PriceOracle_InvalidConfiguration();
}

pendleMarket = _pendleMarket;
Expand Down
1 change: 0 additions & 1 deletion test/adapter/AdapterHelper.sol
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Expand Up @@ -20,7 +20,6 @@ contract AdapterHelper is Test {
FeedReturnsExpoTooLow,
FeedReturnsExpoTooHigh,
Constructor_BaseNotPt,
Constructor_QuoteNotSyOrAsset,
Constructor_CardinalityTooSmall,
Constructor_TooFewObservations,
Constructor_NoPool,
Expand Down
136 changes: 136 additions & 0 deletions test/adapter/pendle/PendleOracle.fork.t.sol
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Expand Up @@ -81,6 +81,39 @@ contract PendleOracleForkTest is ForkTest {
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market is active. 1 LP-sUSDe0924 = 1.8960 SY-sUSDe.
function test_GetQuote_ActiveMarket_sUSDe0924_LP_SY() public {
PendleOracle oracle = new PendleOracle(
PENDLE_ORACLE, PENDLE_SUSDE_0924_MARKET, PENDLE_SUSDE_0924_MARKET, PENDLE_SUSDE_0924_SY, 15 minutes
);

uint256 outAmount = oracle.getQuote(1e18, PENDLE_SUSDE_0924_MARKET, PENDLE_SUSDE_0924_SY);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_SUSDE_0924_MARKET, PENDLE_SUSDE_0924_SY);
assertApproxEqRel(outAmount, 1.896e18, REL_PRECISION);
assertEq(outAmount1000, outAmount * 1000);

uint256 outAmountInv = oracle.getQuote(outAmount, PENDLE_SUSDE_0924_SY, PENDLE_SUSDE_0924_MARKET);
assertEq(outAmountInv, 1e18);
uint256 outAmountInv1000 = oracle.getQuote(outAmount1000, PENDLE_SUSDE_0924_SY, PENDLE_SUSDE_0924_MARKET);
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market is active. 1 LP-sUSDe0924 = 2.0890 USDe.
function test_GetQuote_ActiveMarket_sUSDe0924_LP_Asset() public {
PendleOracle oracle =
new PendleOracle(PENDLE_ORACLE, PENDLE_SUSDE_0924_MARKET, PENDLE_SUSDE_0924_MARKET, USDE, 15 minutes);

uint256 outAmount = oracle.getQuote(1e18, PENDLE_SUSDE_0924_MARKET, USDE);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_SUSDE_0924_MARKET, USDE);
assertApproxEqRel(outAmount, 2.089e18, REL_PRECISION);
assertEq(outAmount1000, outAmount * 1000);

uint256 outAmountInv = oracle.getQuote(outAmount, USDE, PENDLE_SUSDE_0924_MARKET);
assertEq(outAmountInv, 1e18);
uint256 outAmountInv1000 = oracle.getQuote(outAmount1000, USDE, PENDLE_SUSDE_0924_MARKET);
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market is active. 1 PT-eBTC1224 = 0.9849 SY-eBTC. Oracle has no slippage.
function test_GetQuote_ActiveMarket_eBTC1224_PT_SY() public {
PendleOracle oracle = new PendleOracle(
Expand Down Expand Up @@ -114,6 +147,39 @@ contract PendleOracleForkTest is ForkTest {
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market is active. 1 LP-eBTC1224 = 1.9698 SY-eBTC.
function test_GetQuote_ActiveMarket_eBTC1224_LP_SY() public {
PendleOracle oracle = new PendleOracle(
PENDLE_ORACLE, PENDLE_EBTC_1224_MARKET, PENDLE_EBTC_1224_MARKET, PENDLE_EBTC_1224_SY, 15 minutes
);

uint256 outAmount = oracle.getQuote(1e18, PENDLE_EBTC_1224_MARKET, PENDLE_EBTC_1224_SY);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_EBTC_1224_MARKET, PENDLE_EBTC_1224_SY);
assertApproxEqRel(outAmount, 1.9698e8, REL_PRECISION);
assertApproxEqRel(outAmount1000, outAmount * 1000, REL_PRECISION);

uint256 outAmountInv = oracle.getQuote(outAmount, PENDLE_EBTC_1224_SY, PENDLE_EBTC_1224_MARKET);
assertApproxEqRel(outAmountInv, 1e18, REL_PRECISION);
uint256 outAmountInv1000 = oracle.getQuote(outAmount1000, PENDLE_EBTC_1224_SY, PENDLE_EBTC_1224_MARKET);
assertApproxEqRel(outAmountInv1000, 1000e18, REL_PRECISION);
}

/// @dev This market is active. 1 LP-eBTC1224 = 1.9836 eBTC.
function test_GetQuote_ActiveMarket_eBTC1224_LP_Asset() public {
PendleOracle oracle =
new PendleOracle(PENDLE_ORACLE, PENDLE_EBTC_1224_MARKET, PENDLE_EBTC_1224_MARKET, EBTC, 15 minutes);

uint256 outAmount = oracle.getQuote(1e18, PENDLE_EBTC_1224_MARKET, EBTC);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_EBTC_1224_MARKET, EBTC);
assertApproxEqRel(outAmount, 1.9836e8, REL_PRECISION);
assertApproxEqRel(outAmount1000, outAmount * 1000, REL_PRECISION);

uint256 outAmountInv = oracle.getQuote(outAmount, EBTC, PENDLE_EBTC_1224_MARKET);
assertApproxEqRel(outAmountInv, 1e18, REL_PRECISION);
uint256 outAmountInv1000 = oracle.getQuote(outAmount1000, EBTC, PENDLE_EBTC_1224_MARKET);
assertApproxEqRel(outAmountInv1000, 1000e18, REL_PRECISION);
}

/// @dev This market is active. 1 PT-LBTC1224 = 0.9802 SY-LBTC. Oracle has no slippage.
function test_GetQuote_ActiveMarket_LBTC1224_PT_SY() public {
PendleOracle oracle = new PendleOracle(
Expand Down Expand Up @@ -147,6 +213,45 @@ contract PendleOracleForkTest is ForkTest {
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market is active. 1 LP-LBTC1224 = 2.0775 SY-LBTC.
function test_GetQuote_ActiveMarket_LBTC1224_LP_SY() public {
PendleOracle oracle = new PendleOracle(
PENDLE_ORACLE,
PENDLE_CORN_LBTC_1224_MARKET,
PENDLE_CORN_LBTC_1224_MARKET,
PENDLE_CORN_LBTC_1224_SY,
15 minutes
);

uint256 outAmount = oracle.getQuote(1e18, PENDLE_CORN_LBTC_1224_MARKET, PENDLE_CORN_LBTC_1224_SY);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_CORN_LBTC_1224_MARKET, PENDLE_CORN_LBTC_1224_SY);
assertApproxEqRel(outAmount, 2.0775e8, REL_PRECISION);
assertApproxEqRel(outAmount1000, outAmount * 1000, REL_PRECISION);

uint256 outAmountInv = oracle.getQuote(outAmount, PENDLE_CORN_LBTC_1224_SY, PENDLE_CORN_LBTC_1224_MARKET);
assertApproxEqRel(outAmountInv, 1e18, REL_PRECISION);
uint256 outAmountInv1000 =
oracle.getQuote(outAmount1000, PENDLE_CORN_LBTC_1224_SY, PENDLE_CORN_LBTC_1224_MARKET);
assertApproxEqRel(outAmountInv1000, 1000e18, REL_PRECISION);
}

/// @dev This market is active. 1 LP-LBTC1224 = 2.0775 WBTC.
function test_GetQuote_ActiveMarket_LBTC1224_LP_Asset() public {
PendleOracle oracle = new PendleOracle(
PENDLE_ORACLE, PENDLE_CORN_LBTC_1224_MARKET, PENDLE_CORN_LBTC_1224_MARKET, WBTC, 15 minutes
);

uint256 outAmount = oracle.getQuote(1e18, PENDLE_CORN_LBTC_1224_MARKET, WBTC);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_CORN_LBTC_1224_MARKET, WBTC);
assertApproxEqRel(outAmount, 2.0775e8, REL_PRECISION);
assertApproxEqRel(outAmount1000, outAmount * 1000, REL_PRECISION);

uint256 outAmountInv = oracle.getQuote(outAmount, WBTC, PENDLE_CORN_LBTC_1224_MARKET);
assertApproxEqRel(outAmountInv, 1e18, REL_PRECISION);
uint256 outAmountInv1000 = oracle.getQuote(outAmount1000, WBTC, PENDLE_CORN_LBTC_1224_MARKET);
assertApproxEqRel(outAmountInv1000, 1000e18, REL_PRECISION);
}

/// @dev This market has expired, so 1 PT = 0.95712 SY-weETH without slippage.
function test_GetQuote_ExpiredMarket_eETH0624_PT_SY() public {
PendleOracle oracle = new PendleOracle(
Expand Down Expand Up @@ -178,6 +283,37 @@ contract PendleOracleForkTest is ForkTest {
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market has expired, so 1 LP = 2.0058 SY-weETH without slippage.
function test_GetQuote_ExpiredMarket_eETH0624_LP_SY() public {
PendleOracle oracle = new PendleOracle(
PENDLE_ORACLE, PENDLE_EETH_0624_MARKET, PENDLE_EETH_0624_MARKET, PENDLE_EETH_0624_SY, 15 minutes
);
uint256 outAmount = oracle.getQuote(1e18, PENDLE_EETH_0624_MARKET, PENDLE_EETH_0624_SY);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_EETH_0624_MARKET, PENDLE_EETH_0624_SY);
assertApproxEqRel(outAmount, 2.0058e18, REL_PRECISION);
assertApproxEqRel(outAmount1000, 2.0058e18 * 1000, REL_PRECISION);

uint256 outAmountInv = oracle.getQuote(outAmount, PENDLE_EETH_0624_SY, PENDLE_EETH_0624_MARKET);
assertEq(outAmountInv, 1e18);
uint256 outAmountInv1000 = oracle.getQuote(outAmount1000, PENDLE_EETH_0624_SY, PENDLE_EETH_0624_MARKET);
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market has expired, so 1 LP = 2.1031 eETH without slippage.
function test_GetQuote_ExpiredMarket_eETH0624_LP_Asset() public {
PendleOracle oracle =
new PendleOracle(PENDLE_ORACLE, PENDLE_EETH_0624_MARKET, PENDLE_EETH_0624_MARKET, EETH, 15 minutes);
uint256 outAmount = oracle.getQuote(1e18, PENDLE_EETH_0624_MARKET, EETH);
uint256 outAmount1000 = oracle.getQuote(1000e18, PENDLE_EETH_0624_MARKET, EETH);
assertApproxEqRel(outAmount, 2.1031e18, REL_PRECISION);
assertApproxEqRel(outAmount1000, 2.1031e18 * 1000, REL_PRECISION);

uint256 outAmountInv = oracle.getQuote(outAmount, EETH, PENDLE_EETH_0624_MARKET);
assertEq(outAmountInv, 1e18);
uint256 outAmountInv1000 = oracle.getQuote(outAmount1000, EETH, PENDLE_EETH_0624_MARKET);
assertEq(outAmountInv1000, 1000e18);
}

/// @dev This market's oracle buffer is not initialized, so deployment should revert.
function test_Constructor_OracleBufferNotInitialized() public {
// Oracle does not support 15 minutes.
Expand Down
6 changes: 0 additions & 6 deletions test/adapter/pendle/PendleOracle.unit.t.sol
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Expand Up @@ -22,12 +22,6 @@ contract PendleOracleTest is PendleOracleHelper {
setUpState(s);
}

function test_Constructor_RevertsWhen_Constructor_QuoteNotSyOrAsset(FuzzableState memory s) public {
setBehavior(Behavior.Constructor_QuoteNotSyOrAsset, true);
vm.expectRevert();
setUpState(s);
}

function test_Constructor_RevertsWhen_Constructor_TwapWindowTooShort(FuzzableState memory s) public {
setBehavior(Behavior.Constructor_TwapWindowTooShort, true);
vm.expectRevert();
Expand Down
6 changes: 0 additions & 6 deletions test/adapter/pendle/PendleOracleHelper.sol
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Expand Up @@ -55,12 +55,6 @@ contract PendleOracleHelper is AdapterHelper {
s.base = s.pt;
}

if (behaviors[Behavior.Constructor_QuoteNotSyOrAsset]) {
vm.assume(s.quote != s.sy && s.quote != s.asset);
} else {
s.quote = uint160(s.quote) % 2 == 0 ? s.sy : s.asset;
}

if (behaviors[Behavior.Constructor_TwapWindowTooShort]) {
s.twapWindow = uint32(bound(s.twapWindow, 1, 5 minutes - 1));
} else if (behaviors[Behavior.Constructor_TwapWindowTooLong]) {
Expand Down