A huge value proposition in DeFi is the fact that trust assumptions can be minimized through on-chain verification that a set of actions will occur programmatically in a predictable format with limited or no reliance on owners/contributors of a given protocol. Currently within the BPSFeed in Bloom-Protocol there are major trust assumptions present as the multisig can theoretically manipulate the price inserted into the feed at any point. While there are various precautions in place such as time-weighted rate changes and minimum and maximum price deviations in place to protect users, this is not enough. Below are changes that will be made to the BPSFeed that reduce these trust assumptions significantly and bring 100% of the rate calculations for BPSFeed on-chain.
- Will use the chainlink
ib01/USD PriceFeed as the base source of all rate change calculations
- PriceFeedSource will be stored and called directly in
BPSFeed
BPSFeed interface will be based off of Chainlink's Price Feeds allowing for easier 3rd party developer integrations.
- Use on-chain logic to update prices:
- Use on-chain historical data (from
ib01/USD) to calculate the average value accrual of ib01.
- Decreasing the APR by a function of active Bloom Pools slippage and leverage
- This rate will be eligible for update every 24hrs.
- Rate updates integrated directly within
StakeupStaking and stTBY.
- The use of LayerZero endpoints to pass the
ib01/USD price cross-chain to receiving BPSFeed once BloomPools are deployed on L2s
This change will go into affect before the deployment of stTBY launch.
A huge value proposition in DeFi is the fact that trust assumptions can be minimized through on-chain verification that a set of actions will occur programmatically in a predictable format with limited or no reliance on owners/contributors of a given protocol. Currently within the
BPSFeedinBloom-Protocolthere are major trust assumptions present as the multisig can theoretically manipulate the price inserted into the feed at any point. While there are various precautions in place such as time-weighted rate changes and minimum and maximum price deviations in place to protect users, this is not enough. Below are changes that will be made to theBPSFeedthat reduce these trust assumptions significantly and bring 100% of the rate calculations forBPSFeedon-chain.ib01/USDPriceFeed as the base source of all rate change calculationsBPSFeedBPSFeedinterface will be based off of Chainlink's Price Feeds allowing for easier 3rd party developer integrations.ib01/USD) to calculate the average value accrual of ib01.StakeupStakingandstTBY.ib01/USDprice cross-chain to receivingBPSFeedonceBloomPoolsare deployed on L2sThis change will go into affect before the deployment of
stTBYlaunch.