LBTC and eBTC Price Feeds Update
01Summary
Update price feed strategies for LBTC and eBTC on Ethereum and Base to support yield-bearing functionality. LBTC will use a StakedLBTCOracle ratio provider with 2% yearly growth cap, while eBTC will use AccountantWithRateProviders with 1.9% yearly growth cap, both backed by Chainlink BTC/USD feeds. Changes align with LBTC's upgrade to yield-bearing token launching August 11, 2025.
- Type
- parameter change
Key changes
- LBTC price strategy upgraded to use StakedLBTCOracle ratio provider on Ethereum and Base to reflect value accrual from Babylon stake rewards post-upgrade(high)
- eBTC price strategy updated to use AccountantWithRateProviders as ratio provider to account for restaking rewards accrual(high)
- LBTC maxYearlyRatioGrowthPercent set to 2.00% on both Ethereum and Base(medium)
- eBTC maxYearlyRatioGrowthPercent set to 1.90% on Ethereum(medium)
- Both assets maintain Chainlink BTC/USD as underlying feed with snapshot ratios of 1.00(low)
Notable concerns
- Snapshot ratio of 1.00 for both assets as of June 15, 2025 (LBTC) and July 12, 2025 (eBTC) requires verification that these accurately reflect current yield accrual rates
- The 2% yearly growth cap for LBTC may need monitoring to ensure it appropriately constrains price growth from Babylon rewards without creating arbitrage opportunities
Generated by Kvorum
02Description
Simple Summary
AIP for updating the price feeds of LBTC and eBTC, ensuring accurate prices for both assets that will be upgraded to yield-bearing tokens.
Motivation
Lombard is upgrading LBTC into a yield-bearing asset launching on August 11th, 2025. The asset will start accruing BABY rewards from Babylon; therefore, we need to upgrade the LBTC price strategy to reflect value accrual after the upgrade.
Currently, LBTC has been priced with the BTC / USD price feed as previously recommended in the LBTC analysis. In the price strategy section, it was mentioned that in the future, the asset would start generating yield from Babylon stake rewards and would need to upgrade the price strategy.
eBTC is an LRT that is mainly backed by LBTC. We also highlight in the eBTC technical analysis that the price cap adapter must be updated as soon as restaking rewards start accruing.
Specification
The table below illustrates the configuration parameters recommended by Chaos Labs:
Price feed details
<br>LBTC
| Parameter (Mainnet) | Value |
|---|---|
| Oracle | Capped LBTC / BTC / USD |
| Ratio Provider | StakedLBTCOracle |
| Underlying Feed | Chainlink SVR BTC/USD |
| Oracle Latest Answer | (Aug-11-2025) USD 119,667.05332541 |
| Snapshot Ratio | 1.00 |
| Snapshot Timestamp | Jun-15-2025 |
| maxYearlyRatioGrowthPercent | 2.00% |
| Parameter (Base) | Value |
|---|---|
| Oracle | Capped LBTC / BTC / USD |
| Ratio Provider | StakedLBTCOracle |
| Underlying Feed | Chainlink BTC/USD |
| Oracle Latest Answer | (Aug-11-2025) USD 119,714.02384483 |
| Snapshot Ratio | 1.00 |
| Snapshot Timestamp | Jun-15-2025 |
| maxYearlyRatioGrowthPercent | 2.00% |
eBTC
| Parameter (Mainnet) | Value |
|---|---|
| Oracle | Capped eBTC / BTC / USD |
| Ratio Provider | AccountantWithRateProviders |
| Underlying Feed | Chainlink SVR BTC/USD |
| Oracle Latest Answer | (Aug-11-2025) USD 119,665.73000000 |
| Snapshot Ratio | 1.00 |
| Snapshot Timestamp | Jul-12-2025 |
| maxYearlyRatioGrowthPercent | 1.90% |
References
- Implementation: AaveV3Ethereum, AaveV3Base
- Tests: AaveV3Ethereum, AaveV3Base
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows Aave's standard governance execution pattern: the on-chain action is a single execute() call into a dedicated payload contract (0x399d...086ac) rather than individually decoded parameter-setting calls. Because the payload's internal logic (oracle addresses, ratio providers, growth caps) is not exposed in the decoded_arguments, I cannot directly verify the specific numeric parameters (e.g., 2.00%/1.90% maxYearlyRatioGrowthPercent, oracle addresses) claimed in the description against on-chain state — this is typical for BGD/Aave payload proposals where implementation detail lives in verified, linked source code (referenced in the proposal) rather than in the top-level calldata. I also note the description covers both an Ethereum mainnet payload and a Base payload, but only one action (mainnet) appears in the decoded actions list; this is common when cross-chain execution is bundled inside the mainnet payload's cross-chain controller call, so it is not treated as a discrepancy absent evidence of omission. Given the opacity of the single execute() call, I found no evidence of a mismatch, but also cannot fully confirm parameter-level accuracy, so confidence is set to low rather than flagging unconfirmed concerns as high-severity issues.
Generated by Kvorum
04Actions
- Target
- 0x399d…86ac
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
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| EA0xea0c…6b5a | For | 333K | 37.75% | — | 1y ago |
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07Forum
No forum thread is confidently linked to this proposal.
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