# Updating wstETH price feed - Silo Arbitrum

**URL:** <https://gov.silo.finance/t/updating-wsteth-price-feed-silo-arbitrum/430>\
**Category:** Proposal Discussion\
**Created:** [December 3, 2023, 3:38pm UTC](https://gov.silo.finance/t/updating-wsteth-price-feed-silo-arbitrum/430 "2023-12-03T15:38:27Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![ayham.eth](https://yyz2.discourse-cdn.com/flex032/user_avatar/gov.silo.finance/ayham.eth/32/8_2.png) [@ayham.eth](https://gov.silo.finance/u/ayham.eth)\
**Post date:** [December 3, 2023, 3:38pm UTC](https://gov.silo.finance/t/updating-wsteth-price-feed-silo-arbitrum/430/1 "2023-12-03T15:38:27Z")

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**Introduction**  
The [wrongful liquidation of five wstETH borrow positions](https://twitter.com/SiloFinance/status/1731013330716795038) on December 2nd was due to wstETH/ETH Chainlink price feed reporting exaggerated value for wstETH. It is believed that large trades for wstETH caused Chainlink’s volume-weighted oracle (VWAP) to report erroneous price for wstETH. We still don’t have accurate information about the cause, but a [sandwich attack might have been the cause](https://twitter.com/zerosnacks/status/1731036214721913158) .

**Proposal**

- Change wstETH price oracle
- Silo address: [0xA8897b4552c075e884BDB8e7b704eB10DB29BF0D](https://app.silo.finance/silo/0xA8897b4552c075e884BDB8e7b704eB10DB29BF0D)
- Chain: Arbitrum
- Current feed that needs to be replaced: Chainlink WSTETH / ETH 0xb523AE262D20A936BC152e6023996e46FDC2A95D
- New price Feed: Chainlink stETH/ETH: 0xded2c52b75B24732e9107377B7Ba93eC1fFa4BAf and wstETH-stETH Exchange Rate: 0xB1552C5e96B312d0Bf8b554186F846C40614a540  
Reason: stETH price feed is considered more resilient given stETH deep liquidity cross-chain

**Resources:**  
stETH/ETH feed: [Price Feed Contract Addresses | Chainlink Documentation](https://docs.chain.link/data-feeds/price-feeds/addresses/?network=arbitrum&page=1&search=steth)

wstETH-stETH Exchange Rate: [Price Feed Contract Addresses | Chainlink Documentation](https://docs.chain.link/data-feeds/price-feeds/addresses/?network=arbitrum&page=1&search=wsteth)

If the proposal faces no objections, Silo’s development team will prepare the change and queue it for execution. We will share the executive proposal and execution transaction with the community.

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**Author:** ![ayham.eth](https://yyz2.discourse-cdn.com/flex032/user_avatar/gov.silo.finance/ayham.eth/32/8_2.png) [@ayham.eth](https://gov.silo.finance/u/ayham.eth)\
**Post date:** [December 5, 2023, 3:48pm UTC](https://gov.silo.finance/t/updating-wsteth-price-feed-silo-arbitrum/430/2 "2023-12-05T15:48:04Z")

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Executed successfully: Deploying a new price provider (oracle) for wstETH on Arbitrum. The wstETH-ETH-USDC Arbitrum market now uses an oracle that calculates the value of wstETH using two Chainlink feeds: stETH/ETH and wstETH/stETH exchange rate. Oracle address: [WSTETHPriceByChainlinkArbitrum | Address 0xf1268Fd0F285fCDcA2bC130E1B44229079487DD1 | Arbiscan](https://arbiscan.io/address/0xf1268Fd0F285fCDcA2bC130E1B44229079487DD1#code) **Executed proposal** [Arbitrum Transaction Hash (Txhash) Details | Arbiscan](https://arbiscan.io/tx/0x5b7d2cb3a426af8a320ee6c0cf3b874f0b5b86a63275f036e40b834187b5beec#eventlog) The transaction performed the following:  
_## Action 1: Registering price provider_  
provider: WSTETHPriceByChainlinkArbitrum Developers comment register WSTETHPriceByChainlinkArbitrum as price provider  
_## Action 2: Set up price feed for wstETH_  
Price provider: **WSTETHPriceByChainlinkArbitrum** (0xf1268Fd0F285fCDcA2bC130E1B44229079487DD1) \_asset: 0x5979d7b546e38e414f7e9822514be443a4800529 \_aggregator: 0xb1552c5e96b312d0bf8b554186f846c40614a540, \_fallbackProvider: 0x0000000000000000000000000000000000000000, \_heartbeat: 87001, \_convertToQuote: true Developers comment setup wstETH price  
_# Action 3: Choose a price provider for wstETH_  
wstETH’s price provider: WSTETHPriceByChainlinkArbitrum The action registers a price provider in the protocol’s repository of price providers to be used for the asset. The Repository manages price providers and maps assets to their price providers.

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<div class="post-metadata">

**Author:** ![ayham.eth](https://yyz2.discourse-cdn.com/flex032/user_avatar/gov.silo.finance/ayham.eth/32/8_2.png) [@ayham.eth](https://gov.silo.finance/u/ayham.eth)\
**Post date:** [December 5, 2023, 3:48pm UTC](https://gov.silo.finance/t/updating-wsteth-price-feed-silo-arbitrum/430/3 "2023-12-05T15:48:10Z")

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Closed on December 5, 2023, 3:48pm UTC