Phase One Risk Param Updates (#25)

yan-man · web-flow · commit 5d5d8c70c333 · 2025-08-21T20:44:20.000-05:00
diff --git a/Makefile b/Makefile
@@ -76,6 +76,14 @@ deploy-phase-one-payload :;
 		--verify --chain ${CHAIN} --verifier-url ${VERIFIER_URL} \
 		--sig "run(string)" ${reportPath}
 
+# STEP 5: Deploys payload to update phase one assets. `make deploy-phase-one-update-payload`
+deploy-phase-one-update-payload :;
+	FOUNDRY_PROFILE=${CHAIN} forge script scripts/misc/DeployHorizonPhaseOneUpdatePayload.sol:DeployHorizonPhaseOneUpdatePayload \
+		--rpc-url ${CHAIN} --account ${ACCOUNT} --slow --gas-estimate-multiplier 150 \
+		--chain ${CHAIN} --verifier etherscan \
+		--sig "run()" \
+		--verify --broadcast
+
 # Invariants
 echidna:
 	echidna tests/invariants/Tester.t.sol --contract Tester --config ./tests/invariants/_config/echidna_config.yaml --corpus-dir ./tests/invariants/_corpus/echidna/default/_data/corpus
diff --git a/docs/Horizon/Horizon-overview.md b/docs/Horizon/Horizon-overview.md
@@ -87,7 +87,7 @@ All other existing functionality remains unchanged from v3.3. Stablecoins, or ot
 - borrowingEnabled: true
 - borrowableInIsolation: true
 - withSiloedBorrowing: false
-- flashloanable: true (authorized flashborrowers can be configured)
+- flashloanable: false
 - LTV: 0
 - liquidationThreshold: 0 (to disable its use as collateral)
 - liquidationBonus: N/A (can be 0)
@@ -97,11 +97,11 @@ All other existing functionality remains unchanged from v3.3. Stablecoins, or ot
 - debtCeiling: 0 (only applies to isolated asset)
 - liquidationProtocolFee: 0 (as it won't apply for a non-collateral asset)
 
-Stablecoins, or other non-RWA permissionless assets, may also be configured as collateral in the future, by setting `liquidationThreshold` above `0`. In such case, natively permissionless borrowing would therefore be enabled within the instance.
+Stablecoins, or other non-RWA permissionless assets, may also be configured as collateral in the future, by setting `liquidationThreshold` above `0`. In such case, natively permissionless borrowing would therefore be enabled within the instance. Flashloans and authorized flashborrowers may be configured in the future.
 
 ## Edge Cases of Note
 
-Consider the following scenarios involving the example permissioned `RWA_1` token.
+Consider the following scenarios involving the example permissioned `RWA_1` token. Flashloans may be utilized from other protocols if disabled in Horizon.
 
 ### RWA Holder Loses Private Keys to Wallet
 
diff --git a/scripts/misc/DeployHorizonPhaseOneUpdatePayload.sol b/scripts/misc/DeployHorizonPhaseOneUpdatePayload.sol
@@ -0,0 +1,17 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.0;
+
+import {HorizonPhaseOneUpdate} from '../../src/deployments/inputs/HorizonPhaseOneUpdate.sol';
+import {Script} from 'forge-std/Script.sol';
+
+contract DeployHorizonPhaseOneUpdatePayload is Script {
+  address public constant CONFIG_ENGINE = 0x366D1e3F41Ad5CC699bb8FC0B41323C68d895E2c; // horizon
+
+  function run() public returns (address) {
+    vm.startBroadcast();
+    HorizonPhaseOneUpdate horizonPhaseOneUpdate = new HorizonPhaseOneUpdate(CONFIG_ENGINE);
+    vm.stopBroadcast();
+
+    return address(horizonPhaseOneUpdate);
+  }
+}
diff --git a/src/deployments/inputs/HorizonPhaseOneUpdate.sol b/src/deployments/inputs/HorizonPhaseOneUpdate.sol
@@ -0,0 +1,329 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.0;
+
+import {IAaveV3ConfigEngine as IEngine} from '../../contracts/extensions/v3-config-engine/IAaveV3ConfigEngine.sol';
+import {EngineFlags} from '../../contracts/extensions/v3-config-engine/EngineFlags.sol';
+import {AaveV3Payload} from '../../contracts/extensions/v3-config-engine/AaveV3Payload.sol';
+
+contract HorizonPhaseOneUpdate is AaveV3Payload {
+  address public constant GHO_ADDRESS = 0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f;
+  address public constant USDC_ADDRESS = 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48;
+  address public constant RLUSD_ADDRESS = 0x8292Bb45bf1Ee4d140127049757C2E0fF06317eD;
+  address public constant USTB_ADDRESS = 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e;
+  address public constant USCC_ADDRESS = 0x14d60E7FDC0D71d8611742720E4C50E7a974020c;
+  address public constant USYC_ADDRESS = 0x136471a34f6ef19fE571EFFC1CA711fdb8E49f2b;
+  address public constant JTRSY_ADDRESS = 0x8c213ee79581Ff4984583C6a801e5263418C4b86;
+  address public constant JAAA_ADDRESS = 0x5a0F93D040De44e78F251b03c43be9CF317Dcf64;
+
+  constructor(address configEngine) AaveV3Payload(IEngine(configEngine)) {}
+
+  function capsUpdates() public view override returns (IEngine.CapsUpdate[] memory) {
+    IEngine.CapsUpdate[] memory caps = new IEngine.CapsUpdate[](8);
+
+    caps[0] = IEngine.CapsUpdate({
+      asset: USTB_ADDRESS,
+      supplyCap: 1_800_000,
+      borrowCap: EngineFlags.KEEP_CURRENT
+    });
+
+    caps[1] = IEngine.CapsUpdate({
+      asset: USCC_ADDRESS,
+      supplyCap: 960_000,
+      borrowCap: EngineFlags.KEEP_CURRENT
+    });
+
+    caps[2] = IEngine.CapsUpdate({
+      asset: USYC_ADDRESS,
+      supplyCap: 10_300_000,
+      borrowCap: EngineFlags.KEEP_CURRENT
+    });
+
+    caps[3] = IEngine.CapsUpdate({
+      asset: JTRSY_ADDRESS,
+      supplyCap: 4_600_000,
+      borrowCap: EngineFlags.KEEP_CURRENT
+    });
+
+    caps[4] = IEngine.CapsUpdate({
+      asset: JAAA_ADDRESS,
+      supplyCap: 9_900_000,
+      borrowCap: EngineFlags.KEEP_CURRENT
+    });
+
+    caps[5] = IEngine.CapsUpdate({asset: GHO_ADDRESS, supplyCap: 1_000_000, borrowCap: 900_000});
+
+    caps[6] = IEngine.CapsUpdate({
+      asset: RLUSD_ADDRESS,
+      supplyCap: 30_000_000,
+      borrowCap: 27_000_000
+    });
+
+    caps[7] = IEngine.CapsUpdate({
+      asset: USDC_ADDRESS,
+      supplyCap: 16_000_000,
+      borrowCap: 14_400_000
+    });
+
+    return caps;
+  }
+
+  function collateralsUpdates() public view override returns (IEngine.CollateralUpdate[] memory) {
+    IEngine.CollateralUpdate[] memory collaterals = new IEngine.CollateralUpdate[](5);
+
+    collaterals[0] = IEngine.CollateralUpdate({
+      asset: USTB_ADDRESS,
+      ltv: 83_00,
+      liqThreshold: 88_00,
+      liqBonus: 3_00,
+      debtCeiling: EngineFlags.KEEP_CURRENT,
+      liqProtocolFee: EngineFlags.KEEP_CURRENT
+    });
+
+    collaterals[1] = IEngine.CollateralUpdate({
+      asset: USCC_ADDRESS,
+      ltv: 73_00,
+      liqThreshold: 80_00,
+      liqBonus: 7_50,
+      debtCeiling: EngineFlags.KEEP_CURRENT,
+      liqProtocolFee: EngineFlags.KEEP_CURRENT
+    });
+
+    collaterals[2] = IEngine.CollateralUpdate({
+      asset: USYC_ADDRESS,
+      ltv: 85_00,
+      liqThreshold: 89_00,
+      liqBonus: 3_10,
+      debtCeiling: EngineFlags.KEEP_CURRENT,
+      liqProtocolFee: EngineFlags.KEEP_CURRENT
+    });
+
+    collaterals[3] = IEngine.CollateralUpdate({
+      asset: JTRSY_ADDRESS,
+      ltv: 77_00,
+      liqThreshold: 83_00,
+      liqBonus: 4_50,
+      debtCeiling: EngineFlags.KEEP_CURRENT,
+      liqProtocolFee: EngineFlags.KEEP_CURRENT
+    });
+
+    collaterals[4] = IEngine.CollateralUpdate({
+      asset: JAAA_ADDRESS,
+      ltv: 71_00,
+      liqThreshold: 78_00,
+      liqBonus: 9_00,
+      debtCeiling: EngineFlags.KEEP_CURRENT,
+      liqProtocolFee: EngineFlags.KEEP_CURRENT
+    });
+
+    return collaterals;
+  }
+
+  function eModeCategoriesUpdates()
+    public
+    pure
+    override
+    returns (IEngine.EModeCategoryUpdate[] memory)
+  {
+    IEngine.EModeCategoryUpdate[] memory eModeCategories = new IEngine.EModeCategoryUpdate[](6);
+
+    // USTB Stablecoins
+    eModeCategories[0] = IEngine.EModeCategoryUpdate({
+      eModeCategory: 1,
+      ltv: EngineFlags.KEEP_CURRENT,
+      liqThreshold: EngineFlags.KEEP_CURRENT,
+      liqBonus: EngineFlags.KEEP_CURRENT,
+      label: ''
+    });
+
+    // USCC Stablecoins
+    eModeCategories[1] = IEngine.EModeCategoryUpdate({
+      eModeCategory: 3,
+      ltv: EngineFlags.KEEP_CURRENT,
+      liqThreshold: EngineFlags.KEEP_CURRENT,
+      liqBonus: EngineFlags.KEEP_CURRENT,
+      label: ''
+    });
+
+    // USCC GHO
+    eModeCategories[2] = IEngine.EModeCategoryUpdate({
+      eModeCategory: 4,
+      ltv: 74_00,
+      liqThreshold: 81_00,
+      liqBonus: EngineFlags.KEEP_CURRENT,
+      label: EngineFlags.KEEP_CURRENT_STRING
+    });
+
+    // USYC Stablecoins
+    eModeCategories[3] = IEngine.EModeCategoryUpdate({
+      eModeCategory: 5,
+      ltv: EngineFlags.KEEP_CURRENT,
+      liqThreshold: EngineFlags.KEEP_CURRENT,
+      liqBonus: EngineFlags.KEEP_CURRENT,
+      label: ''
+    });
+
+    // JTRSY Stablecoins
+    eModeCategories[4] = IEngine.EModeCategoryUpdate({
+      eModeCategory: 7,
+      ltv: EngineFlags.KEEP_CURRENT,
+      liqThreshold: EngineFlags.KEEP_CURRENT,
+      liqBonus: EngineFlags.KEEP_CURRENT,
+      label: ''
+    });
+
+    // JAAA Stablecoins
+    eModeCategories[5] = IEngine.EModeCategoryUpdate({
+      eModeCategory: 9,
+      ltv: EngineFlags.KEEP_CURRENT,
+      liqThreshold: EngineFlags.KEEP_CURRENT,
+      liqBonus: EngineFlags.KEEP_CURRENT,
+      label: ''
+    });
+
+    return eModeCategories;
+  }
+
+  function assetsEModeUpdates() public view override returns (IEngine.AssetEModeUpdate[] memory) {
+    IEngine.AssetEModeUpdate[] memory assetsEMode = new IEngine.AssetEModeUpdate[](20);
+
+    uint256 index = 0;
+
+    // USTB Stablecoins
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USTB_ADDRESS,
+      eModeCategory: 1,
+      collateral: EngineFlags.DISABLED,
+      borrowable: EngineFlags.KEEP_CURRENT
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USDC_ADDRESS,
+      eModeCategory: 1,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: RLUSD_ADDRESS,
+      eModeCategory: 1,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: GHO_ADDRESS,
+      eModeCategory: 1,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+
+    // USCC Stablecoins
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USCC_ADDRESS,
+      eModeCategory: 3,
+      collateral: EngineFlags.DISABLED,
+      borrowable: EngineFlags.KEEP_CURRENT
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USDC_ADDRESS,
+      eModeCategory: 3,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: RLUSD_ADDRESS,
+      eModeCategory: 3,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: GHO_ADDRESS,
+      eModeCategory: 3,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+
+    // USYC Stablecoins
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USYC_ADDRESS,
+      eModeCategory: 5,
+      collateral: EngineFlags.DISABLED,
+      borrowable: EngineFlags.KEEP_CURRENT
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USDC_ADDRESS,
+      eModeCategory: 5,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: RLUSD_ADDRESS,
+      eModeCategory: 5,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: GHO_ADDRESS,
+      eModeCategory: 5,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+
+    // JTRSY Stablecoins
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: JTRSY_ADDRESS,
+      eModeCategory: 7,
+      collateral: EngineFlags.DISABLED,
+      borrowable: EngineFlags.KEEP_CURRENT
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USDC_ADDRESS,
+      eModeCategory: 7,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: RLUSD_ADDRESS,
+      eModeCategory: 7,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: GHO_ADDRESS,
+      eModeCategory: 7,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+
+    // JAAA Stablecoins
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: JAAA_ADDRESS,
+      eModeCategory: 9,
+      collateral: EngineFlags.DISABLED,
+      borrowable: EngineFlags.KEEP_CURRENT
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: USDC_ADDRESS,
+      eModeCategory: 9,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: RLUSD_ADDRESS,
+      eModeCategory: 9,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+    assetsEMode[index++] = IEngine.AssetEModeUpdate({
+      asset: GHO_ADDRESS,
+      eModeCategory: 9,
+      collateral: EngineFlags.KEEP_CURRENT,
+      borrowable: EngineFlags.DISABLED
+    });
+
+    require(index == assetsEMode.length, 'length mismatch');
+
+    return assetsEMode;
+  }
+
+  function getPoolContext() public pure override returns (IEngine.PoolContext memory) {
+    return IEngine.PoolContext({networkName: 'Horizon RWA', networkAbbreviation: 'HorRwa'});
+  }
+}
diff --git a/tests/deployments/HorizonPhaseOneListing.t.sol b/tests/deployments/HorizonPhaseOneListing.t.sol
diff --git a/tests/deployments/HorizonPhaseOneUpdate.t.sol b/tests/deployments/HorizonPhaseOneUpdate.t.sol
