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feat: Migrate price feeds to USDC-based denomination #3233

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211 changes: 211 additions & 0 deletions protocol/marketmap_updates/step1_msg_upsert_markets_core.json
View file
Open in desktop
Original file line number Diff line number Diff line change
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{
"@type": "/cosmos.gov.v1.MsgSubmitProposal",
"messages": [
{
"@type": "/slinky.marketmap.v1.MsgUpsertMarkets",
"authority": "dydx10d07y265gmmuvt4z0w9aw880jnsr700jnmapky",
"markets": [
{
"ticker": {
"currency_pair": {
"Base": "BTC",
"Quote": "USDC"
},
"decimals": "5",
"min_provider_count": "3",
"enabled": false,
"metadata_JSON": ""
},
"provider_configs": [
{
"name": "binance_ws",
"off_chain_ticker": "BTCUSDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "bybit_ws",
"off_chain_ticker": "BTCUSDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "kucoin_ws",
"off_chain_ticker": "BTC-USDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "gate_ws",
"off_chain_ticker": "BTC_USDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
}
]
},
{
"ticker": {
"currency_pair": {
"Base": "ETH",
"Quote": "USDC"
},
"decimals": "6",
"min_provider_count": "3",
"enabled": false,
"metadata_JSON": ""
},
"provider_configs": [
{
"name": "binance_ws",
"off_chain_ticker": "ETHUSDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "bybit_ws",
"off_chain_ticker": "ETHUSDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "kucoin_ws",
"off_chain_ticker": "ETH-USDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "gate_ws",
"off_chain_ticker": "ETH_USDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
}
]
},
{
"ticker": {
"currency_pair": {
"Base": "SOL",
"Quote": "USDC"
},
"decimals": "8",
"min_provider_count": "3",
"enabled": false,
"metadata_JSON": ""
},
"provider_configs": [
{
"name": "binance_ws",
"off_chain_ticker": "SOLUSDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "bybit_ws",
"off_chain_ticker": "SOLUSDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "kucoin_ws",
"off_chain_ticker": "SOL-USDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "gate_ws",
"off_chain_ticker": "SOL_USDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "kraken_api",
"off_chain_ticker": "SOLUSDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
}
]
},
{
"ticker": {
"currency_pair": {
"Base": "USDT",
"Quote": "USDC"
},
"decimals": "6",
"min_provider_count": "3",
"enabled": false,
"metadata_JSON": ""
},
Comment on lines +141 to +151

@coderabbitai coderabbitai Bot Nov 17, 2025

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⚠️ Potential issue | 🟠 Major

🧩 Analysis chain

Verify USDT/USDC decimals: 9 seems unexpectedly high for a stablecoin pair.

The USDT/USDC market is configured with decimals: "9", which is unusual. Stablecoin pairs (1:1 or near-parity) typically require only 6–8 decimals of precision. A 9-decimal specification may indicate misalignment with actual exchange pair precision, potentially causing rounding errors or data interpretation issues downstream. This may be a copy-paste error or misconfiguration.

Verify that 9 decimals is intentional and aligns with how exchanges (binance, bybit, coinbase, etc.) actually quote this pair. Consider cross-referencing against step 2 and step 3 of the migration to ensure consistency.

I'll verify the concerns raised in the review comment. Let me examine the JSON file and search for external context.

🏁 Script executed:

#!/bin/bash
# Read the JSON file and extract decimal values for all markets and verify authority/deposit
cat protocol/marketmap_updates/step1_msg_upsert_markets_core.json | jq '.tx.body.messages[0].msg_execute_contract.msg | {
  authority: .authority,
  markets_decimals: [.markets[] | {
    ticker: (.ticker.currency_pair.Base + "/" + .ticker.currency_pair.Quote),
    decimals: .ticker.decimals,
    enabled: .ticker.enabled,
    provider_count: (.providers | length)
  }],
  deposit: .deposit
}'

Length of output: 59

🏁 Script executed:

#!/bin/bash
# Extract provider details for USDT/USDC specifically to verify inversion consistency
cat protocol/marketmap_updates/step1_msg_upsert_markets_core.json | jq '.tx.body.messages[0].msg_execute_contract.msg.markets[] | select(.ticker.currency_pair.Base == "USDT" and .ticker.currency_pair.Quote == "USDC") | {
  decimals: .ticker.decimals,
  providers: [.providers[] | {
    name: .name,
    invert: .invert
  }]
}'

Length of output: 59

🏁 Script executed:

#!/bin/bash
# Compare decimals across all markets
cat protocol/marketmap_updates/step1_msg_upsert_markets_core.json | jq '.tx.body.messages[0].msg_execute_contract.msg.markets | map({pair: (.ticker.currency_pair.Base + "/" + .ticker.currency_pair.Quote), decimals: .ticker.decimals})'

Length of output: 59

🌐 Web query:

USDT/USDC decimal precision Binance Bybit Coinbase API 2025

💡 Result:

Short answer — use each exchange's "exchange/symbol info" endpoint and read the price/tick/quote precision fields:

  • Binance (Spot / Futures): GET /api/v3/exchangeInfo (spot) or the futures Exchange Information endpoints. The JSON for each symbol contains pricePrecision and filters[].PRICE_FILTER.tickSize (and quotePrecision). Use those to determine allowed decimal places for price (and LOT_SIZE.stepSize for quantity). [1]

  • Bybit: call the public symbols endpoint (e.g. v2: GET https://api.bybit.com/v2/public/symbols or v5 market-symbols endpoints). Each symbol includes a price_filter / tick_size or price_scale field you must use to compute allowed price decimals. [2]

  • Coinbase (Advanced Trade / Exchange API): GET the product/instrument (products or instruments endpoints). The product object includes base_increment and quote_increment (or base_increment/quote_increment or base_increment/quote_increment-like fields) which give the minimum increments for quantity and price. Use those to derive decimal precision. [3]

If you want, I can fetch the current tickSize / quote_increment values for specific pairs (e.g. USDT‑USD, USDC‑USD, USDT/USDC) right now.

Sources: [Binance exchangeInfo API docs][1], [Bybit public symbols / API docs][2], [Coinbase product/instruments API docs][3].

🌐 Web query:

adv4tnt token dydx denomination

💡 Result:

"adv4tnt" is the dYdX testnet native token denomination (the mainnet native denom is "adydx"). [1][2]

Sources:
[1] dYdX Network Constants (Native Token Denom: testnet = adv4tnt, mainnet = adydx).
[2] dYdX Docs — Accounts (example showing adv4tnt used as the testnet denom).

🌐 Web query:

dydx protocol governance authority deposit requirements

💡 Result:

Short answer

  • Minimum on-chain proposal deposit: 2,000 DYDX (expressed as 2000000000000000000000adydx). [1][2]

Details

  • The proposal JSON must include a "deposit" field (units: aDYDX). If the min_deposit (2,000 DYDX) isn't reached within the max_deposit_period the proposal won't enter voting; deposits are refunded or burned depending on the chain parameter (burn_proposal_deposit_prevote). [1]
  • Some proposal examples (e.g., order-router rev-share) show the deposit set to that 2,000 DYDX minimum; proposers can submit larger deposits. [3]

References

  • dYdX Proposal lifecycle / deposit rules. [1]
  • dYdX CLI — submit a governance proposal (minimum deposit = 2,000 DYDX). [2]
  • Example order-router rev-share proposal JSON (deposit field). [3]

Let me correct my approach and read the JSON structure directly:

🏁 Script executed:

#!/bin/bash
# First, understand the actual JSON structure of the file
head -50 protocol/marketmap_updates/step1_msg_upsert_markets_core.json

Length of output: 1415

🏁 Script executed:

#!/bin/bash
# Extract all market pairs and their decimals using simpler grep/awk since jq path failed
grep -A 5 '"Base"' protocol/marketmap_updates/step1_msg_upsert_markets_core.json | grep -E '(Base|Quote|decimals)' | head -40

Length of output: 352

🏁 Script executed:

#!/bin/bash
# Count how many markets and extract authority/deposit directly
grep -E '(authority|deposit|"decimals")' protocol/marketmap_updates/step1_msg_upsert_markets_core.json

Length of output: 213

🌐 Web query:

USDT USDC stablecoin pair decimal places precision standard

💡 Result:

Short answer: both USDC and USDT are commonly implemented with 6 decimals (i.e., smallest unit = 10^-6). Use the token contract's decimals() call (or a reliable issuer doc) to confirm for the specific chain/deployment before integrating. [1][2]

Sources:

  • Circle / USDC docs (lists USDC decimals = 6). [1]
  • Token-decimals / dev docs (example and guidance showing USDT/USDC use 6; always query decimals() on-chain). [2]

USDT/USDC decimals configuration: 9 is anomalous and should be 6.

USDT and USDC are standard 6-decimal tokens. The USDT/USDC market is configured with decimals: "9" (line 141), which deviates from both token standards and the typical precision needed for stablecoin pairs. This differs from the pattern in the same proposal: BTC/USDC (5), ETH/USDC (6), SOL/USDC (8). The 9-decimal specification is likely a data entry error or misalignment with actual exchange pair precision, and may cause rounding or interpretation issues downstream.

Correct the USDT/USDC decimals to "6" unless there is explicit documentation justifying the 9-decimal choice (e.g., matching a specific exchange API).

🤖 Prompt for AI Agents 
In protocol/marketmap_updates/step1_msg_upsert_markets_core.json around lines
141 to 151, the USDT/USDC market entry incorrectly sets "decimals": "9"; change
this to "6" to match standard USDT/USDC 6-decimal precision and align with other
stablecoin pairs, ensuring no other fields are altered and validate the JSON
after editing.

"provider_configs": [
{
"name": "binance_ws",
"off_chain_ticker": "USDCUSDT",
"normalize_by_pair": null,
"invert": true,
"metadata_JSON": ""
},
{
"name": "bybit_ws",
"off_chain_ticker": "USDCUSDT",
"normalize_by_pair": null,
"invert": true,
"metadata_JSON": ""
},
{
"name": "coinbase_ws",
"off_chain_ticker": "USDT-USDC",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "huobi_ws",
"off_chain_ticker": "usdcusdt",
"normalize_by_pair": null,
"invert": true,
"metadata_JSON": ""
},
{
"name": "kraken_api",
"off_chain_ticker": "USDCUSDT",
"normalize_by_pair": null,
"invert": true,
"metadata_JSON": ""
},
{
"name": "kucoin_ws",
"off_chain_ticker": "USDC-USDT",
"normalize_by_pair": null,
"invert": true,
"metadata_JSON": ""
},
{
"name": "okx_ws",
"off_chain_ticker": "USDC-USDT",
"normalize_by_pair": null,
"invert": true,
"metadata_JSON": ""
}
]
}
]
}
],
"metadata": "Create helper markets for USDC-based normalization",
"deposit": "10000000adv4tnt",
"title": "Create USDC Helper Markets",
"summary": "Create BTC/USDC, ETH/USDC, SOL/USDC, and USDT/USDC markets (enabled: false) for use as normalization sources"
}
57 changes: 57 additions & 0 deletions protocol/marketmap_updates/step2_msg_create_oracle_markets_fixed.json
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Original file line number Diff line number Diff line change
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{
"@type": "/cosmos.gov.v1.MsgSubmitProposal",
"messages": [
{
"@type": "/dydxprotocol.prices.MsgCreateOracleMarket",
"authority": "dydx10d07y265gmmuvt4z0w9aw880jnsr700jnmapky",
"params": {
"id": 9000,
"pair": "BTC-USDC",
"exponent": -5,
"min_exchanges": 3,
"min_price_change_ppm": 500,
"exchange_config_json": "{\"exchanges\":[]}"
}
},
{
"@type": "/dydxprotocol.prices.MsgCreateOracleMarket",
"authority": "dydx10d07y265gmmuvt4z0w9aw880jnsr700jnmapky",
"params": {
"id": 9001,
"pair": "ETH-USDC",
"exponent": -6,
"min_exchanges": 3,
"min_price_change_ppm": 500,
"exchange_config_json": "{\"exchanges\":[]}"
}
},
{
"@type": "/dydxprotocol.prices.MsgCreateOracleMarket",
"authority": "dydx10d07y265gmmuvt4z0w9aw880jnsr700jnmapky",
"params": {
"id": 9002,
"pair": "SOL-USDC",
"exponent": -8,
"min_exchanges": 3,
"min_price_change_ppm": 500,
"exchange_config_json": "{\"exchanges\":[]}"
}
},
{
"@type": "/dydxprotocol.prices.MsgCreateOracleMarket",
"authority": "dydx10d07y265gmmuvt4z0w9aw880jnsr700jnmapky",
"params": {
"id": 9003,
"pair": "USDT-USDC",
"exponent": -6,
"min_exchanges": 3,
"min_price_change_ppm": 10,
"exchange_config_json": "{\"exchanges\":[]}"
}
}
],
"metadata": "Enable BTC/USDC, ETH/USDC, SOL/USDC, USDT/USDC markets for price normalization",
"title": "Enable USDC Helper Markets",
"summary": "Create and enable BTC/USDC, ETH/USDC, SOL/USDC, and USDT/USDC markets in x/prices to enable USDC-based price normalization across all markets",
"deposit": "10000000adv4tnt"
}
83 changes: 83 additions & 0 deletions protocol/marketmap_updates/step3_msg_update_usdc_usd_market.json
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Original file line number Diff line number Diff line change
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{
"@type": "/cosmos.gov.v1.MsgSubmitProposal",
"messages": [
{
"@type": "/slinky.marketmap.v1.MsgUpsertMarkets",
"authority": "dydx10d07y265gmmuvt4z0w9aw880jnsr700jnmapky",
"markets": [
{
"ticker": {
"currency_pair": {
"Base": "USDC",
"Quote": "USD"
},
"decimals": "10",
"min_provider_count": "1",
"enabled": true,
"metadata_JSON": "{\"reference_price\":9987985104,\"liquidity\":452991176,\"aggregate_ids\":[{\"venue\":\"coinmarketcap\",\"ID\":\"3408\"}]}"
},
"provider_configs": [
{
"name": "bitstamp_api",
"off_chain_ticker": "USDC/USD",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "kraken_api",
"off_chain_ticker": "USDCUSD",
"normalize_by_pair": null,
"invert": false,
"metadata_JSON": ""
},
{
"name": "kraken_btc_usd",
"off_chain_ticker": "XXBTZUSD",
"normalize_by_pair": {
"Base": "BTC",
"Quote": "USDC"
},
"invert": false,
"metadata_JSON": ""
},
{
"name": "raydium_api",
"off_chain_ticker": "SOL,RAYDIUM,SO11111111111111111111111111111111111111112/USDC,RAYDIUM,EPJFWDD5AUFQSSQEM2QN1XZYBAPC8G4WEGGKZWYTDT1V",
"normalize_by_pair": {
"Base": "SOL",
"Quote": "USDC"
},
"invert": true,
"metadata_JSON": "{\"base_token_vault\":{\"token_vault_address\":\"DQyrAcCrDXQ7NeoqGgDCZwBvWDcYmFCjSb9JtteuvPpz\",\"token_decimals\":9},\"quote_token_vault\":{\"token_vault_address\":\"HLmqeL62xR1QoZ1HKKbXRrdN1p3phKpxRMb2VVopvBBz\",\"token_decimals\":6},\"amm_info_address\":\"58oQChx4yWmvKdwLLZzBi4ChoCc2fqCUWBkwMihLYQo2\",\"open_orders_address\":\"HmiHHzq4Fym9e1D4qzLS6LDDM3tNsCTBPDWHTLZ763jY\"}"
},
{
"name": "uniswapv3_api-base",
"off_chain_ticker": "USDC,UNISWAP_V3_BASE,0X833589FCD6EDB6E08F4C7C32D4F71B54BDA02913/WETH,UNISWAP_V3_BASE,0X4200000000000000000000000000000000000006",
"normalize_by_pair": {
"Base": "ETH",
"Quote": "USDC"
},
"invert": false,
"metadata_JSON": "{\"address\":\"0xd0b53d9277642d899df5c87a3966a349a798f224\",\"base_decimals\":6,\"quote_decimals\":18,\"invert\":true}"
},
{
"name": "uniswapv3_api-ethereum",
"off_chain_ticker": "WETH,UNISWAP_V3,0XC02AAA39B223FE8D0A0E5C4F27EAD9083C756CC2/USDC,UNISWAP_V3,0XA0B86991C6218B36C1D19D4A2E9EB0CE3606EB48",
"normalize_by_pair": {
"Base": "ETH",
"Quote": "USDC"
},
"invert": true,
"metadata_JSON": "{\"address\":\"0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640\",\"base_decimals\":18,\"quote_decimals\":6,\"invert\":true}"
}
]
}
]
}
],
"metadata": "Update USDC/USD market to use BTC/USDC, ETH/USDC, SOL/USDC normalizations",
"deposit": "10000000adv4tnt",
"title": "Update USDC/USD Market Normalizations",
"summary": "Add Kraken BTC/USD (normalized by BTC/USDC), Raydium SOL, and Uniswap ETH providers to USDC/USD market"
}
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