[ARM] Deploy 037 Stables ARM (PYUSD/USDG) on mainnet by clement-ux · Pull Request #290 · OriginProtocol/arm-oeth

clement-ux · 2026-07-07T11:12:09Z

Description

Record the mainnet deployment of the Stables ARM: a USDC-quoted MultiAssetARM with two Paxos-issued base assets, each wired through its own PaxosAssetAdapter behind a proxy:

PYUSD — pegged 1:1 to USDC, redeemed off-chain through Paxos Actions that settle USDC back to the adapter.
USDG — pegged 1:1 to USDC, same off-chain Paxos redemption flow.

Ownership of the ARM, its CapManager and both adapter proxies is handed to the multi-chain 2/8 multisig (STRATEGIST); the operational role (request/claim redemptions, submit Paxos redeems, set prices) is the Talos KMS relayer (ARM_TALOS_RELAYER). No lending market is wired up — idle USDC stays in the ARM until a market is added in a follow-up script.

This PR also marks 036_DeployMultiAssetARMScript (the WETH-quoted LST ARM) as skipped — it is not being deployed in this round.

The following PRs are included in this deployment

ARM

Add PaxosAssetAdapter and Stables ARM (PYUSD/USDG) deployment #289

Deployment

Script script/deploy/mainnet/037_DeployPaxosARMScript.s.sol

Contracts

Contract	Address
Stables ARM (`MultiAssetARM`) proxy	0x03D727Fc343FE42621DD28074350f99d005f0D18
Stables ARM implementation (`MultiAssetARM`)	0x16dd498828Ecd2835d113e838Af18A4b7f7B10F3
Stables ARM `CapManager` proxy	0x93D182bF55F9B320a731cEbD1c39916319241FFE
Stables ARM `CapManager` implementation	0xE63730c6D1045A183E7153F6cB915b8a8f464525
`PaxosAssetAdapter` (PYUSD) implementation	0x0CD57291231E4ba8788E13939eD9aA22825A0F11
`PaxosAssetAdapter` (PYUSD) proxy	0x720395F299526b1EeD73D15cdFA8a9788084EBce
`PaxosAssetAdapter` (USDG) implementation	0xbf87518d0c366D0E0A5aF12720d85f10640f6fF6
`PaxosAssetAdapter` (USDG) proxy	0xC905Cd9DC6d4032282494ca792b3e93Dac737554

Contract diff

make match file=src/contracts/Proxy.sol addr=0x03D727Fc343FE42621DD28074350f99d005f0D18
make match file=src/contracts/MultiAssetARM.sol addr=0x16dd498828Ecd2835d113e838Af18A4b7f7B10F3
make match file=src/contracts/Proxy.sol addr=0x93D182bF55F9B320a731cEbD1c39916319241FFE
make match file=src/contracts/CapManager.sol addr=0xE63730c6D1045A183E7153F6cB915b8a8f464525
make match file=src/contracts/adapters/PaxosAssetAdapter.sol addr=0x0CD57291231E4ba8788E13939eD9aA22825A0F11
make match file=src/contracts/Proxy.sol addr=0x720395F299526b1EeD73D15cdFA8a9788084EBce
make match file=src/contracts/adapters/PaxosAssetAdapter.sol addr=0xbf87518d0c366D0E0A5aF12720d85f10640f6fF6
make match file=src/contracts/Proxy.sol addr=0xC905Cd9DC6d4032282494ca792b3e93Dac737554

Configuration

The ARM implementation is deployed with USDC (6-decimal) parameters — the 6-decimal analogues of the 035/036 18-decimal WETH values:

Param	Value	Note
`liquidityAsset`	`0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48`	USDC
`claimDelay`	`10 minutes`
`minSharesToRedeem`	`1e6`	1 USDC
`allocateThreshold`	`100e6`	100 USDC
`name` / `symbol`	`Stables ARM` / `ARM-USDC-Stables`
performance fee	`2000`	20%
fee collector	`0xBB077E716A5f1F1B63ed5244eBFf5214E50fec8c`	`BUYBACK_OPERATOR`
`owner` (ARM / CapManager / adapter proxies)	`0x4FF1b9D9ba8558F5EAfCec096318eA0d8b541971`	`STRATEGIST` — multi-chain 2/8 multisig
`operator`	`0x739212d5bAfE6AAC8Be49a60B7d003bD41DBf38b`	`ARM_TALOS_RELAYER`

CapManager: total-assets cap 100,000e6 (100,000 USDC), account cap enabled, per-LP cap 100,000e6 for TREASURY_LP (0x6E3fddab68Bf1EBaf9daCF9F7907c7Bc0951D1dc).

`addBaseAsset` parameters (PYUSD)

Param	Value	Note
`newBaseAsset`	`0x6c3ea9036406852006290770BEdFcAbA0e23A0e8`	PYUSD
`adapter`	`0x720395F299526b1EeD73D15cdFA8a9788084EBce`	`PaxosAssetAdapter` (PYUSD) proxy
`buyPrice`	`998000000000000000000000000000000000`	`0.998e36`
`sellPrice`	`1000000000000000000000000000000000000`	`1e36`
`buyAmount`	`0`	no swaps until the operator enables trading via `setPrices()`
`sellAmount`	`0`	no swaps until the operator enables trading via `setPrices()`
`newCrossPrice`	`999970000000000000000000000000000000`	`0.99997e36` — totalAssets() valuation
`peggedToLiquidityAsset`	`true`

`addBaseAsset` parameters (USDG)

Param	Value	Note
`newBaseAsset`	`0xe343167631d89B6Ffc58B88d6b7fB0228795491D`	USDG
`adapter`	`0xC905Cd9DC6d4032282494ca792b3e93Dac737554`	`PaxosAssetAdapter` (USDG) proxy
`buyPrice`	`998000000000000000000000000000000000`	`0.998e36`
`sellPrice`	`1000000000000000000000000000000000000`	`1e36`
`buyAmount`	`0`	no swaps until the operator enables trading via `setPrices()`
`sellAmount`	`0`	no swaps until the operator enables trading via `setPrices()`
`newCrossPrice`	`999970000000000000000000000000000000`	`0.99997e36` — totalAssets() valuation
`peggedToLiquidityAsset`	`true`

Governance

Unlike EtherFiARM (Timelock-owned), the Stables ARM is owned by the multi-chain 2/8 multisig (STRATEGIST, 0x4FF1b9D9ba8558F5EAfCec096318eA0d8b541971). Ownership of the ARM, its CapManager and both adapter proxies is transferred to that multisig directly inside _execute() — there is no GovernorSix proposal and no _buildGovernanceProposal() for this script.

The deployment is therefore recorded in build/deployments-1.json with proposalId: 1 (NO_GOVERNANCE), so the fork/smoke framework replays the deployment without simulating any governance action.

Skipped script

036_DeployMultiAssetARMScript (the WETH-quoted LST ARM: stETH / wstETH / eETH / weETH) is marked skip = true. It is not deployed in this round and is left in place for a future deployment.

Post-deployment follow-ups (owner / operator)

Set the real Paxos deposit address. Both adapters are initialized with PAXOS_RECIPIENT = 0x…dEaD as a placeholder; the 2/8 multisig owner must call setPaxosRecipient() on each adapter with the real Paxos deposit address before enabling redemptions.
Enable trading. buyAmount / sellAmount are both 0, so no swaps are possible until the operator (Talos) sets the swap limits via setPrices().

Record the on-chain execution of 037_DeployPaxosARMScript: the USDC-quoted Stables ARM (MultiAssetARM) with PYUSD and USDG wired through their own PaxosAssetAdapter proxies. Adds the 8 deployed contracts and the 037 execution entry to deployments-1.json, and normalizes the 035 proposalId to a string. Skip 036_DeployMultiAssetARMScript (the WETH-quoted LST ARM), which is not being deployed in this round.

naddison36 · 2026-07-07T11:44:45Z

I've verified the deployed contract

✅ Success: Local contract Proxy                matches deployment at 0x03D727Fc343FE42621DD28074350f99d005f0D18
✅ Success: Local contract MultiAssetARM        matches deployment at 0x16dd498828Ecd2835d113e838Af18A4b7f7B10F3
✅ Success: Local contract Proxy                matches deployment at 0x93D182bF55F9B320a731cEbD1c39916319241FFE
✅ Success: Local contract CapManager           matches deployment at 0xE63730c6D1045A183E7153F6cB915b8a8f464525
✅ Success: Local contract PaxosAssetAdapter    matches deployment at 0x0CD57291231E4ba8788E13939eD9aA22825A0F11
✅ Success: Local contract Proxy                matches deployment at 0x720395F299526b1EeD73D15cdFA8a9788084EBce
✅ Success: Local contract PaxosAssetAdapter    matches deployment at 0xbf87518d0c366D0E0A5aF12720d85f10640f6fF6
✅ Success: Local contract Proxy                matches deployment at 0xC905Cd9DC6d4032282494ca792b3e93Dac737554

I also verified the live mainnet config against the PR: proxy implementations, owners, operator, fee collector, USDC liquidity asset, caps, base asset configs, zero swap liquidity, and Paxos recipient placeholders all match.

naddison36 · 2026-07-07T11:48:40Z

+            "name": "037_DeployPaxosARMScript",
+            "proposalId": 1,
+            "tsDeployment": 1783421579,
+            "tsGovernance": 0


shouldn't tsGovernance be set to 1?

Good catch — fixed in 098d036.

037_DeployPaxosARMScript has no governance proposal and no pending manual actions (ownership of the ARM, CapManager and both adapter proxies is handed to the 2/8 STRATEGIST multisig inside _execute()), so this should be NO_GOVERNANCE (1) like every other non-governance deployment in the file.

The 0 is just what _recordExecution() emits: when there are no governance actions it sets proposalId = NO_GOVERNANCE (1) but leaves tsGovernance at its default 0, which then has to be bumped to 1 manually (as the docstring / ARCHITECTURE.md note). With tsGovernance: 0 the framework treats the script as pending and re-runs it on every fork/smoke replay instead of skipping it.

037_DeployPaxosARMScript has no governance proposal and no pending manual actions (ownership is handed to the 2/8 STRATEGIST multisig within _execute()). Record tsGovernance as NO_GOVERNANCE (1) instead of 0 so the deploy framework treats it as fully done and skips it on fork/smoke replays, matching every other non-governance deployment in the file.

naddison36

I've verified the deployment

clement-ux · 2026-07-08T07:17:15Z

Superseded by #292.

The smart contract was renamed (037_DeployPaxosARMScript → 037_DeployUSDARMScript; deployment names STABLES_ARM* → USD_ARM*; ARM name/symbol Stables ARM/ARM-USDC-Stables → USD ARM/ARM-USD) and both ARMs were actually deployed on-chain in the same round, so the recorded addresses here are stale and this PR's "skip 036" no longer reflects reality. The USD ARM (037) is now recorded in #292 with the real deployed addresses, and the companion LST ARM (036) in #293. Closing in favor of #292.

naddison36 reviewed Jul 7, 2026

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clement-ux self-assigned this Jul 7, 2026

clement-ux added the Deployment Deploys smart contracts to the network. label Jul 7, 2026

naddison36 approved these changes Jul 8, 2026

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clement-ux mentioned this pull request Jul 8, 2026

[ARM] Deploy 037 USD ARM (PYUSD/USDG) on mainnet #292

Merged

clement-ux closed this Jul 8, 2026

clement-ux deleted the clement/deploy-037-stables-arm-paxos branch July 8, 2026 07:17

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[ARM] Deploy 037 Stables ARM (PYUSD/USDG) on mainnet - #290

[ARM] Deploy 037 Stables ARM (PYUSD/USDG) on mainnet#290
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clement-ux commented Jul 7, 2026

Description

ARM

Deployment

Contracts

Contract diff

Configuration

addBaseAsset parameters (PYUSD)

addBaseAsset parameters (USDG)

Governance

Skipped script

Post-deployment follow-ups (owner / operator)

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`addBaseAsset` parameters (PYUSD)

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