Proposal: Chainlink Pricefeed Migration

Summary

This proposal is to upgrade the AMPL price feed to Chainlink’s latest decentralized oracle network and automation solution for daily delivery of on-chain price updates.

Rationale

Ampleforth is one of the first consumers of Chainlink pricefeeds starting in 2019. The infrastructure delivering this data uses the same architecture developed at the feed’s inception. Since that time, key improvements in security, reliability, availability, and data quality have been made to decentralized oracle networks. This proposal would upgrade the data delivery mechanism to Chainlink’s current infrastructure to take advantage of these improvements to deliver the AMPL price. The push method for data delivery will remain the same; the Chainlink Decentralized Oracle Network would perform a daily push of the AMPL price to the Ampleforth contract during Ampleforth’s specific time window. Chainlink Automation, a fully decentralized automation solution, will ensure the daily push of the AMPL price to the Ampleforth contract.

The new architecture includes two new automation jobs that will run daily:

  • A new automation job requests a new round on the OCR feed every day at 00:10 UTC.
  • A second automation job watches the proxy for price changes, then writes the price update to Ampleforth’s MedianOracle contract once detected.

Chainlink Automation requires a small fee for transactions on-chain. The two automation jobs use a combined 375K of gas daily. Chainlink Labs will kick off the new proposal by funding approximately the first three months of expected fees. After this initial period, the FORTH Dao would be responsible for maintaining the automation jobs and keeping the account funded.

Upon approval of this proposal, on-chain actions would initiate to remove the old provider address 0xfc4b1Ce32ed7310028DCC0d94C7B3D96dCd880e0 from the Medianizer (MedianOracle | Address 0x99c9775e076fdf99388c029550155032ba2d8914 | Etherscan) and add the new provider address 0xd95AE80B3117Fd410d276F7C276d31B2cbFf773D.

These changes are required to ensure the continued reliability and availability of the AMPL price feed. A follow-up proposal will be submitted to migrate the monthly CPI feed to the same infrastructure.

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