PIP-60 l Update sfrxUSD Oracle for USDp on Sonic

Summary: The proposal aims to update sfrxUSD oracle for USDp on Sonic from Chainlink to RedStone.

Rationale: Following PIP-51, USDp & the Parallelizer module (+ Savings, etc.) have been launched on Sonic.

Among the assets allowed for minting and burning USDp, sfrxUSD is one of them. At the time of the proposal in June, the most reliable price feed was Chainlink's market sfrxUSD/USD.

On December 1st 2025, Chainlink Labs informed us that the sfrxUSD/USD price feed on Sonic will be deprecated starting December 15th 2025. They advised us to stop using this price feed as soon as possible.

In line with these recommendations we’re proposing to switch a sfrxUSD/frxUSD (fundamental) x frxUSD/USD market price feed provided by RedStone, an oracle provider we’re already working with. This price feed will track the fundamental (redemption) value for sfrxUSD against frxUSD, then the market value of frxUSD against USD. Since sfrxUSD is instantly redeemable for frxUSD there is no issue in tracking its fundamental value instead of its market one.

Means:

• Human Resources: Multisig signers will need to sign transactions to execute the proposal.
• Treasury Resources: No treasury costs.

Technical implementation: On Sonic:

• In the ParallelizerUSDp contract, in the SettersGovernor facet, call the ‘setOracle’ function with these parameters:
  • collateral: 0x5bff88ca1442c2496f7e475e9e7786383bc070c0 (sfrxUSD)
  • oracleConfig: to be deployed by Cooper Labs (sfrxUSD/frxUSD/USD RedStone price feed)

Voting options:

• For the Update of sfrxUSD Oracle for USDp on Sonic
• Against / Rework the Proposal
• Abstain

Author(s): Cooper Labs