WETH Actions

docs/ACTIONS.md

@@ -43,13 +43,12 @@ range, tolerance, and quote-amount flags apply to every selected base.
 
 ## EtherFi ARM — mainnet
 
-| Action                       | Cron            | Description                                  |
-| ---------------------------- | --------------- | -------------------------------------------- |
-| `autoRequestEtherFiWithdraw` | `10,40 * * * *` | Request EtherFi withdrawals from EtherFi ARM |
-| `autoClaimEtherFiWithdraw`   | `40 * * * *`    | Claim EtherFi withdrawals from EtherFi ARM   |
-| `collectEtherFiFees`         | `45 23 * * *`   | Collect fees from EtherFi ARM                |
-| `allocateEtherFi`            | `52 * * * *`    | Allocate liquidity for EtherFi ARM           |
-| `setPricesEtherFi`           | `2,32 * * * *`  | Set prices for EtherFi ARM                   |
+| Action                     | Cron           | Description                                |
+| -------------------------- | -------------- | ------------------------------------------ |
+| `autoClaimEtherFiWithdraw` | `40 * * * *`   | Claim EtherFi withdrawals from EtherFi ARM |
+| `collectEtherFiFees`       | `45 23 * * *`  | Collect fees from EtherFi ARM              |
+| `allocateEtherFi`          | `52 * * * *`   | Allocate liquidity for EtherFi ARM         |
+| `setPricesEtherFi`         | `2,32 * * * *` | Set prices for EtherFi ARM                 |
 
 ## Ethena ARM — mainnet
 
@@ -73,15 +72,16 @@ range, tolerance, and quote-amount flags apply to every selected base.
 
 ## WETH ARM — mainnet
 
-| Action                           | Cron                    | Description                                    |
-| -------------------------------- | ----------------------- | ---------------------------------------------- |
-| `autoRequestWETHLidoWithdraw`    | `29,58 12-23,0-8 * * *` | Request stETH/wstETH withdrawals from WETH ARM |
-| `autoClaimWETHLidoWithdraw`      | `32 0,12 * * *`         | Claim stETH/wstETH withdrawals for WETH ARM    |
-| `autoRequestWETHEtherFiWithdraw` | `10,40 * * * *`         | Request eETH/weETH withdrawals from WETH ARM   |
-| `autoClaimWETHEtherFiWithdraw`   | `40 * * * *`            | Claim eETH/weETH withdrawals for WETH ARM      |
-| `collectWETHFees`                | `30 12 * * *`           | Collect fees from WETH ARM                     |
-| `allocateWETH`                   | `38,08 * * * *`         | Allocate liquidity for WETH ARM                |
-| `setPricesWETH`                  | `*/30 * * * *`          | Set prices for all four WETH ARM base assets   |
+| Action                                                                                                                                                             | Cron                    | Description                                    |
+| ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------- | ---------------------------------------------- |
+| `autoRequestWETHLidoWithdraw`                                                                                                                                      | `29,58 12-23,0-8 * * *` | Request stETH/wstETH withdrawals from WETH ARM |
+| `autoClaimWETHLidoWithdraw`                                                                                                                                        | `32 0,12 * * *`         | Claim stETH/wstETH withdrawals for WETH ARM    |
+| `autoRequestWETHEtherFiWithdraw`                                                                                                                                   | `10,40 * * * *`         | Request eETH/weETH withdrawals from WETH ARM   |
+| `autoClaimWETHEtherFiWithdraw`                                                                                                                                     | `40 * * * *`            | Claim eETH/weETH withdrawals for WETH ARM      |
+| `collectWETHFees`                                                                                                                                                  | `30 12 * * *`           | Collect fees from WETH ARM                     |
+| `allocateWETH`                                                                                                                                                     | `38,08 * * * *`         | Allocate liquidity for WETH ARM                |
+| `setPricesWETH --bases STETH,WSTETH --fee 0.6 --inch false --kyber true --tolerance 0.1 --amount 30 --offset 0.3 --max-buy-price 0.99996 --min-sell-price 0.99998` | `*/10 * * * *`          | Set WETH ARM prices for Lido base assets       |
+| `setPricesWETH --bases EETH,WEETH --fee 0.6 --inch false --kyber true --tolerance 0.1 --amount 30 --offset 0.3 --max-buy-price 0.99996 --min-sell-price 0.99998`   | `2-59/10 * * * *`       | Set WETH ARM prices for Ether.fi base assets   |
 
 ## Origin ARM — Sonic
 

migrations/seed_schedules.sql

@@ -13,6 +13,8 @@ WHERE product = 'arm-oeth'
     'mainnet_collect_usd_fees',
     'mainnet_allocate_usd',
     'mainnet_set_prices_usd',
+    'mainnet_set_prices_weth',
+    'mainnet_auto_request_etherfi_withdraw',
     'mainnet_pause_usd',
     'mainnet_pause_lido',
     'mainnet_pause_etherfi',
@@ -24,7 +26,6 @@ INSERT INTO schedules (product, name, command, cron_expr, timezone, enabled, not
 ('arm-oeth', 'healthcheck',                          'cd /app && pnpm hardhat healthcheck',                                       '*/5 * * * *',           'UTC', false, NULL),
 ('arm-oeth', 'mainnet_auto_request_lido_withdraw',   'cd /app && pnpm hardhat autoRequestLidoWithdraw --network mainnet',         '29,58 12-23,0-8 * * *', 'UTC', false, NULL),
 ('arm-oeth', 'mainnet_auto_claim_lido_withdraw',     'cd /app && pnpm hardhat autoClaimLidoWithdraw --network mainnet',           '32 0,12 * * *',         'UTC', false, NULL),
-('arm-oeth', 'mainnet_auto_request_etherfi_withdraw','cd /app && pnpm hardhat autoRequestEtherFiWithdraw --network mainnet',      '10,40 * * * *',         'UTC', false, NULL),
 ('arm-oeth', 'mainnet_auto_claim_etherfi_withdraw',  'cd /app && pnpm hardhat autoClaimEtherFiWithdraw --network mainnet',        '40 * * * *',            'UTC', false, NULL),
 ('arm-oeth', 'mainnet_auto_request_ethena_withdraw', 'cd /app && pnpm hardhat autoRequestEthenaWithdraw --network mainnet',       '12 * * * *',            'UTC', false, NULL),
 ('arm-oeth', 'mainnet_auto_claim_ethena_withdraw',   'cd /app && pnpm hardhat autoClaimEthenaWithdraw --network mainnet',         '40 * * * *',            'UTC', false, NULL),
@@ -48,7 +49,8 @@ INSERT INTO schedules (product, name, command, cron_expr, timezone, enabled, not
 ('arm-oeth', 'mainnet_auto_claim_weth_etherfi_withdraw',  'cd /app && pnpm hardhat autoClaimWETHEtherFiWithdraw --network mainnet',   '40 * * * *',            'UTC', false, NULL),
 ('arm-oeth', 'mainnet_collect_weth_fees',                 'cd /app && pnpm hardhat collectWETHFees --network mainnet',                '30 12 * * *',           'UTC', false, NULL),
 ('arm-oeth', 'mainnet_allocate_weth',                     'cd /app && pnpm hardhat allocateWETH --network mainnet',                   '38,08 * * * *',         'UTC', false, NULL),
-('arm-oeth', 'mainnet_set_prices_weth',                   'cd /app && pnpm hardhat setPricesWETH --network mainnet',                  '*/30 * * * *',          'UTC', false, NULL),
+('arm-oeth', 'mainnet_set_prices_weth_lido',              'cd /app && pnpm hardhat setPricesWETH --bases STETH,WSTETH --network mainnet --fee 0.6 --inch false --kyber true --tolerance 0.1 --amount 30 --offset 0.3 --max-buy-price 0.99996 --min-sell-price 0.99998', '*/10 * * * *', 'UTC', false, NULL),
+('arm-oeth', 'mainnet_set_prices_weth_etherfi',           'cd /app && pnpm hardhat setPricesWETH --bases EETH,WEETH --network mainnet --fee 0.6 --inch false --kyber true --tolerance 0.1 --amount 30 --offset 0.3 --max-buy-price 0.99996 --min-sell-price 0.99998', '2-59/10 * * * *', 'UTC', false, NULL),
 -- Emergency pause action: manual-only (enabled=false). Edit `--arm` before
 -- using "Run now". The supported Ethereum ARMs are lido, etherfi, ethena,
 -- oeth, usdc, and weth. cron_expr is a placeholder and never fires while disabled.

src/js/tasks/armPrices.js

@@ -18,6 +18,7 @@ const {
   rangeSellPrice,
   rangeBuyPrice,
 } = require("../utils/pricing");
+const { haveSwapCapsChanged } = require("../utils/priceUpdate");
 
 const log = require("../utils/logger")("task:prices");
 
@@ -360,11 +361,32 @@ const setPrices = async (options) => {
   const toleranceScaled = parseUnits(tolerance.toString(), 36 - 4);
   log(`tolerance          : ${formatUnits(toleranceScaled, 32)} basis points`);
 
+  const targetBuyAmount = parseSwapCap(buyAmount);
+  const targetSellAmount = parseSwapCap(sellAmount);
+  const swapCapsChanged = haveSwapCapsChanged(
+    baseContext,
+    targetBuyAmount,
+    targetSellAmount,
+  );
+  if (baseContext.version === "multiBase") {
+    log(`current buy amount : ${config.buyLiquidityRemaining}`);
+    log(`target buy amount  : ${targetBuyAmount}`);
+    log(`current sell amount: ${config.sellLiquidityRemaining}`);
+    log(`target sell amount : ${targetSellAmount}`);
+  }
+
   // decide if rates need to be updated
-  if (diffSellPrice > toleranceScaled || diffBuyPrice > toleranceScaled) {
+  if (
+    diffSellPrice > toleranceScaled ||
+    diffBuyPrice > toleranceScaled ||
+    swapCapsChanged
+  ) {
     console.log(`About to update ARM prices`);
     console.log(`sell: ${formatUnits(targetSellPrice, 36)}`);
     console.log(`buy : ${formatUnits(targetBuyPrice, 36)}`);
+    if (swapCapsChanged) {
+      console.log(`Buy or sell amount has changed`);
+    }
 
     if (dryrun) {
       console.log(`Dry run mode - not calling setPrices`);
@@ -376,8 +398,8 @@ const setPrices = async (options) => {
       signer,
       buyPrice: targetBuyPrice,
       sellPrice: targetSellPrice,
-      buyAmount: parseSwapCap(buyAmount),
-      sellAmount: parseSwapCap(sellAmount),
+      buyAmount: targetBuyAmount,
+      sellAmount: targetSellAmount,
     });
 
     await logTxDetails(tx, "setPrices", options.confirm);

src/js/utils/priceUpdate.js

@@ -0,0 +1,8 @@
+const haveSwapCapsChanged = (baseContext, buyAmount, sellAmount) =>
+  baseContext.version === "multiBase" &&
+  (buyAmount !== baseContext.config.buyLiquidityRemaining ||
+    sellAmount !== baseContext.config.sellLiquidityRemaining);
+
+module.exports = {
+  haveSwapCapsChanged,
+};

test/js/armPrices.test.js

@@ -0,0 +1,37 @@
+const assert = require("assert");
+
+const { haveSwapCapsChanged } = require("../../src/js/utils/priceUpdate");
+
+const multiBaseContext = (buyLiquidityRemaining, sellLiquidityRemaining) => ({
+  version: "multiBase",
+  config: {
+    buyLiquidityRemaining,
+    sellLiquidityRemaining,
+  },
+});
+
+assert.strictEqual(
+  haveSwapCapsChanged(multiBaseContext(10n, 20n), 10n, 20n),
+  false,
+  "unchanged buy and sell amounts should not trigger an update",
+);
+
+assert.strictEqual(
+  haveSwapCapsChanged(multiBaseContext(9n, 20n), 10n, 20n),
+  true,
+  "a changed buy amount should trigger an update",
+);
+
+assert.strictEqual(
+  haveSwapCapsChanged(multiBaseContext(10n, 19n), 10n, 20n),
+  true,
+  "a changed sell amount should trigger an update",
+);
+
+assert.strictEqual(
+  haveSwapCapsChanged({ version: "legacy" }, 10n, 20n),
+  false,
+  "legacy ARMs do not support buy and sell amounts",
+);
+
+console.log("ARM price tests passed");