LP Linear Discount Oracle

Sources:

Overview

PendleLpLinearDiscountOracle is a deterministic feed that returns a discount factor for a Pendle LP token. It works identically to the Spark Linear Discount Oracle for PT, except the convergence target is a configurable lpMaturedPrice (≥ 1.0) rather than exactly 1.0 — reflecting that LP tokens accrue SY yield while the market is live.

The returned value is a multiplier in 18 decimals, not a USD price. It implements IPChainlinkOracleEssential and is cardinality-free (no ring-buffer setup required).

For use cases and integration examples, see the integration guide.

Deployment

Deploy via PendleLpLinearDiscountOracleFactory. Find the factory address under "lpLinearDiscountOracleFactory" in the Deployments on GitHub.

function create(
    address market,
    uint256 baseLpDiscountPerYear,
    uint256 lpMaturedPrice
) external returns (address);

Parameter	Description
`market`	The `PendleMarket` (LP token) address
`baseLpDiscountPerYear`	Annual discount slope in wad (`1e18 = 100%/year`)
`lpMaturedPrice`	Target LP price at maturity in wad; must be `>= 1e18`. Set slightly above `1e18` to reflect SY yield accrued in the pool by maturity.

See Choosing Linear Discount Parameters for guidance on selecting these values.

No factory wrapper for LP

There is no dedicated LP factory wrapper. To satisfy protocols that check updatedAt staleness, wrap the oracle manually after deployment:

address lpOracle  = lpFactory.create(market, baseLpDiscountPerYear, lpMaturedPrice);
address lpWrapped = address(new PendleLinearDiscountOracleWrapper(lpOracle));

See LinearDiscountOracleWrapper for details.

Reading the Price

function latestRoundData()
    external
    view
    returns (uint80 roundId, int256 answer, uint256 startedAt, uint256 updatedAt, uint80 answeredInRound);

Only answer carries meaningful data. All other fields return 0.

Formula:

timeLeft   = max(maturity - block.timestamp, 0)
lpDiscount = timeLeft × baseLpDiscountPerYear / SECONDS_PER_YEAR
answer     = (1e18 - lpDiscount) × lpMaturedPrice / 1e18

Reverts if lpDiscount > 1e18 (only possible if baseLpDiscountPerYear is set so high that the discount at launch would exceed 100%).

function decimals() external pure returns (uint8);   // returns 18

Contract Reference

Immutable Variables

Variable	Type	Description
`LP`	`address`	The Pendle market (LP token) this oracle prices
`maturity`	`uint256`	Expiry timestamp, read from `LP.expiry()` at construction
`baseLpDiscountPerYear`	`uint256`	Annual discount slope; `1e18 = 100%/year`
`lpMaturedPrice`	`uint256`	Target LP price at maturity in wad; enforced `>= 1e18` at construction

`getLpPrice`

function getLpPrice(uint256 timeLeft) public view returns (uint256);

Returns the LP price factor for a given timeLeft in seconds. Same value as answer in latestRoundData().

`getLpDiscount`

function getLpDiscount(uint256 timeLeft) public view returns (uint256);

Returns the raw discount for a given timeLeft in seconds:

lpDiscount = timeLeft × baseLpDiscountPerYear / SECONDS_PER_YEAR

Overview​

Deployment​

Reading the Price​

Contract Reference​

Immutable Variables​

getLpPrice​

getLpDiscount​

Further Reading​