VIP-310 Set RedStone as the MAIN oracle for BTC and

Question

VIP-310 Set RedStone as the MAIN oracle for BTC and

BNB on BNB Chain

Summary

If passed, this VIP will perform the following actions:

- Configure RedStone as the MAIN oracle of the BTC and BNB tokens on BNB Chain
- Configure Chainlink as the PIVOT and FALLBACK oracles for BTC and BNB tokenson BNB chain

Description

Enabled at VIP-123, Resilient Price Feeds is the logic used by the Venus Protocol to eliminate a single point of failure while fetching asset prices from on-chain sources. Read more about it in the published documentation.

This VIP configures the price feed provided by RedStone as the MAIN oracle of the BTC and BNB tokens on BNB Chain. Chainlink will be configured as the PIVOT and FALLBACK oracles. Therefore, on every transaction, by default the USD price for BTC and BNB provided by RedStone will be used, but if the discrepancy with the prices provided by Chainlink are greater than a configured threshold, then the Chainlink prices will be used.

The difference in the prices will be considered too large if the ratio “pivot_price / main_price” is not between 0.99 and 1.01. These thresholds can be modified in the future via VIP.

Example 1:

- RedStone price for BTC: $71,016
- Chainlink price for BTC: $70,979
- Ratio ($70,979 / $71,016): 0.9994. In [0.99, 1.01]
- So, the RedStone price ($71,016) will be used

Example 2:

- RedStone price for BTC: $71,016
- Chainlink price for BTC: $70,200
- Ratio ($70,200 / $71,016): 0.988. Not in [0.99, 1.01]
- So, the Chainlink price ($70,200) will be used

Security and additional considerations

There were not any changes in the deployed codebase. We applied the following security procedures for this upgrade:

- Prices pre/post upgrade: in a simulation environment, validating the asset token configurations on the ResilientOracle system is the expected one
- Fork tests: specific fork tests simulating different bounds, and verifying the expected behaviour

Additional details in VIP description

🗳 https://app.venus.io/#/governance/proposal/310?chainId=56

#blockchain #cryptocurrency #english #venus

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24.05.2024

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christowarrior🇲🇽 ⚠️ Don't DM First ⚠️ · Answer 1

christowarrior🇲🇽 ⚠️ Don't DM First ⚠️

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VIP-310 Set RedStone as the MAIN oracle for BTC and

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