EBIP-9: Temporarily Disable the Well Minting Oracle

Committed: October 20, 2023

Submitter
Emergency Process Note
Links
Problem
Solution
Contract Changes
Effective

Submitter

Beanstalk Community Multisig

Emergency Process Note

Per the process outlined in the BCM Emergency Response Procedures, the BCM can take swift action to protect Beanstalk in the event of a bug or security vulnerability.

Problem

The first stage of the BIP-38 migration process is complete. The final stage of the process is to add the BEAN and ETH in the Beanstalk Community Multisig (BCM) as liquidity in the BEANETH Well.

However, given (1) time-weighted average reserves in the Multi Flow Pump are used by Beanstalk for minting, (2) the 0.1% cap on changes in the TWA Multi Flow Pump reserves each block and (3) the extreme % increase in the Well reserves as a result of the addition of liquidity, it will take about a substantial amount of time after the addition of liquidity for the TWA Multi Flow Pump reserves to catch up to the current Well reserves. This is exaggerated if the ETH price moves up some % during the catch up period.

The reserves in the BEANETH Well are expected to increase by ~7700% as a result of adding the liquidity. Increasing at 0.1% a block, it would take 4345.98 blocks for the TWA Multi Flow Pump reserves to catch up to the current Well reserves. This is ~14.4866 hours.

Solution

Turn off minting in the BEANETH Well until Season 16665 (about 20 Seasons after the transaction was committed, in order to substantially overestimate the calculation of ~14.4866 hours) by adding a check in LibWellMinting.initializeOracle.

All changes were reviewed by Cyfrin.

Contract Changes

Initialization Contract

The init function on the following InitTurnOffBeanEthWell contract is called:

0xc42B40bb807bCCb5eae2d0279926E2c4aAbFE6cb

The following SeasonFacet is removed from Beanstalk:

0x17b31771a04af17b131246c3c9d442e3c3908a27

The following SeasonFacet is added to Beanstalk:

0x49435d19a5dcf8Ffe8a4EA5C310758784D3F4561

`SeasonFacet` Function Changes

Name	Selector	Action	Type	New Functionality
`abovePeg`	`0x2a27c499`	Replace	View
`curveOracle`	`0x07a3b202`	Replace	View
`paused`	`0x5c975abb`	Replace	View
`plentyPerRoot`	`0xe60d7a83`	Replace	View
`poolDeltaB`	`0x471bcdbe`	Replace	View
`rain`	`0x43def26e`	Replace	View
`season`	`0xc50b0fb0`	Replace	View
`seasonTime`	`0xca7b7d7b`	Replace	View
`sunriseBlock`	`0x3b2ecb70`	Replace	View
`time`	`0x16ada547`	Replace	View
`totalDeltaB`	`0x06c499d8`	Replace	View
`weather`	`0x686b6159`	Replace	View
`wellOracleSnapshot`	`0x597490c0`	Replace	View
`gm`	`0x64ee4b80`	Replace	Call	✓
`sunrise`	`0xfc06d2a6`	Replace	Call

Event Changes

None.

Beans Minted