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Decrease Ethena ARM cross price to 0.9999#301

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clement-ux wants to merge 2 commits into
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feat/decrease-ethena-arm-cross-price
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Decrease Ethena ARM cross price to 0.9999#301
clement-ux wants to merge 2 commits into
mainfrom
feat/decrease-ethena-arm-cross-price

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@clement-ux

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Summary

  • Add mainnet governance proposal script 038_DecreaseEthenaARMCrossPriceScript.
  • Call setCrossPrice(Mainnet.SUSDE, 0.9999e36) on the governance-owned Ethena ARM.
  • Reproduce the required operational preparation on forks by claiming pending sUSDe redemptions and selling the remaining sUSDe balance before simulating governance.
  • Update the Ethena ARM smoke-test expectation to the new cross price.

Operational requirements

Ethena ARM rejects a cross-price decrease while it still has meaningful sUSDe exposure. Before the proposal is executed on mainnet, the operator must:

  1. Claim all pending sUSDe redemptions.
  2. Clear the remaining sUSDe balance from the ARM.

The preparation implemented in _prepareForkState() is fork-only and does not broadcast operational transactions during real deployment.

Testing

  • forge build
  • Ethena ARM smoke suite: 12 passed, 0 failed
  • Full smoke run: Ethena and Paxos passed; four unrelated Lido/EtherFi tests initially hit transient RPC timeouts and all passed with forge test --rerun

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