Liquid Buybacks: NEST execution with LDO/wstETH liquidity

Proposals
111

Vitaly from the DAO Tech team here. Great news, the NEST contracts have been audited, deployed on mainnet, and verified :tada:
The finalized audit report with verified addresses is available in the Lido audits repository.

The scope also includes the updated TokenRateNotifier contract from the core repository, reworked to make on-chain staking revenue fetching easier for NEST. It was audited and its deployment verified alongside the rest of the NEST system.

Deployed contracts:

Contract Address
StonksFactory 0x632C0CCDca849eeD780FC685BBa9AbC3c7407Cb2
Order sample 0x2569633AdB492ca9327cb7433277aa7c68D69e28
StakingRevenueSource 0x6220212a33a87Ed7Cc386B67eB2c393974F28C38
BuybackExecutor 0x6c213ca5A10Cc26548C742229569B4AeD2A9C9B7
BuybackAllocator 0xAA568141c051f2D1132b110f8391F18D48E8D889
Stonks instance, LP mode 0x8c595aA4AEc6F42B9e7D77F83179768D37CE3042
Stonks instance, Treasury mode 0xb368586CB980895E51e1D82102E63b3F69d3F151
TokenRateNotifier 0xbe05d12Fd10919F1881125006523452F6aFF791b
LidoLocator implementation, new 0xF2Ffb952e129a63F0614Ff87126E1d4a494A2313

Voting Items

To make the system operational we propose adding the following items to the upcoming vote:

  • Add the existing OpStackTokenRatePusher to the new TokenRateNotifier as a NoArgs observer, kind 0. This is needed to restore the previous observer on the updated deployment of the TokenRateNotifier

    OpStackTokenRatePusher  0xd54c1c6413caac3477AC14b2a80D5398E3c32FfE
TokenRateNotifier       0xbe05d12Fd10919F1881125006523452F6aFF791b

  • Add StakingRevenueSource to the new TokenRateNotifier as a WithArgs observer, kind 1, so it receives a callback after each rebase.

    StakingRevenueSource  0x6220212a33a87Ed7Cc386B67eB2c393974F28C38
TokenRateNotifier     0xbe05d12Fd10919F1881125006523452F6aFF791b

  • Upgrade the LidoLocator proxy to the new implementation, repointing postTokenRebaseReceiver to the new notifier.

    LidoLocator proxy   0xC1d0b3DE6792Bf6b4b37EccdcC24e45978Cfd2Eb
new implementation  0xF2Ffb952e129a63F0614Ff87126E1d4a494A2313

  • Add BuybackAllocator as allowed recipient on the Stonks stETH top-up AllowedRecipientsRegistry for funding via the Easy Track.

    BuybackAllocator           0xAA568141c051f2D1132b110f8391F18D48E8D889
AllowedRecipientsRegistry  0x1a7cFA9EFB4D5BfFDE87B0FaEb1fC65d653868C0

  • Set the Treasury Management Committee as manager on OracleRouter to maintain the stETH and LDO feeds.

    manager (TMC)  0xa02FC823cCE0D016bD7e17ac684c9abAb2d6D647
OracleRouter   0x79ef3a538200Fe4981D67E7e886bfb36D4Cb5a31

  • Set the Treasury-mode Stonks on BuybackExecutor. The NEST operation mode is derived from Stonks.RECEIVER().

    Stonks, Treasury mode  0xb368586CB980895E51e1D82102E63b3F69d3F151
BuybackExecutor        0x6c213ca5A10Cc26548C742229569B4AeD2A9C9B7

  • Grant ALLOCATOR_ROLE to BuybackAllocator on BuybackExecutor. Lets the allocator fund the executor and trigger buyback processing.

    role  Buybacks.BuybackExecutor.ALLOCATOR_ROLE
      0x87905334ad07701d0cd9b21ea0599de1a0cab067e0ab49596d423d87159ac7f2
to    BuybackAllocator  0xAA568141c051f2D1132b110f8391F18D48E8D889
on    BuybackExecutor   0x6c213ca5A10Cc26548C742229569B4AeD2A9C9B7

  • Grant MANAGER_ROLE to the Treasury Management Committee on BuybackExecutor. Covers asset recovery to the treasury and LP withdrawal.

    role  Buybacks.MANAGER_ROLE
      0x24bec1f1283f989ed510b4d89bc7ef5002f20db1b60c1b3192336791c868543e
to    Treasury Management Committee  0xa02FC823cCE0D016bD7e17ac684c9abAb2d6D647
on    BuybackExecutor                0x6c213ca5A10Cc26548C742229569B4AeD2A9C9B7

  • Grant EMERGENCY_ROLE to the Treasury Management Committee on BuybackExecutor. Covers emergency controlls: pausing the executor, halting Stonks creation and order signatures, and cancelling the last order.

    role  Buybacks.BuybackExecutor.EMERGENCY_ROLE
      0xc748c205190870b4e890036f373e30556929f7fbf3db8644c998a652c1996dbd
to    Treasury Management Committee  0xa02FC823cCE0D016bD7e17ac684c9abAb2d6D647
on    BuybackExecutor                0x6c213ca5A10Cc26548C742229569B4AeD2A9C9B7

  • Grant EMERGENCY_ROLE to the Emergency Brakes Committee on BuybackExecutor. Same emergency controls, held independently of the TMC.

    role  Buybacks.BuybackExecutor.EMERGENCY_ROLE
      0xc748c205190870b4e890036f373e30556929f7fbf3db8644c998a652c1996dbd
to    Emergency Committee  0x73b047fe6337183A454c5217241D780a932777bD
on    BuybackExecutor      0x6c213ca5A10Cc26548C742229569B4AeD2A9C9B7

  • Grant MANAGER_ROLE to the Treasury Management Committee on BuybackAllocator. Covers asset recovery to the treasury.

    role  Buybacks.MANAGER_ROLE
      0x24bec1f1283f989ed510b4d89bc7ef5002f20db1b60c1b3192336791c868543e
to    Treasury Management Committee  0xa02FC823cCE0D016bD7e17ac684c9abAb2d6D647
on    BuybackAllocator               0xAA568141c051f2D1132b110f8391F18D48E8D889

  • Call activate() on BuybackAllocator. Records the revenue baseline, so only revenue earned after activation funds the buyback budget, and starts the allocation process.

    BuybackAllocator  0xAA568141c051f2D1132b110f8391F18D48E8D889
10 Likes