f(x) uses Chainlink 30 min TWAP stETH/USD for mint/redeem transactions under normal circumstances where ABS((Chainlink ETH/USD-stETH/USD)/stETH/USD)< 1% OR 99% <(Curve ETH/stETH)< 101%.
Otherwise, the system will do the followings to protect f(x) Protocol from stETH depegging risk:
- 1.f(x) mint transactions are disabled;
- 2.fETH redeem transactions will be done based on max (Chainlink ETH/USD, Chainlink stETH/USD, Curve stETH/USD);
- 3.xETH redeem transactions will be done based on min (Chainlink ETH/USD, Chainlink stETH/USD, Curve stETH/USD);
- 4.Curve stETH/USD is calculated as Curve stETH/ETH x Chainlink ETH/USD TWAP. Curve stETH/ETH is EMA price from stETH/ETH NG pool;
- 5.All Chainlink price feeds above are quoted as 30 min TWAP.