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Overview

Price adapters give Multiliquid a consistent USD price for assets with different pricing sources. Every adapter implements the same read-only interface and returns an 18-decimal WAD value, allowing MultiliquidSwap to use one pricing engine for every supported route.

RWA valuation

Registered RWA adapters provide the prices used to quote and execute swaps.

Stablecoin guardrails

Optional stablecoin adapters validate configured USD values against live oracle prices.

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Interface and units

All price adapters implement IPriceAdapter:
The returned price is denominated in USD with 18 decimals: MultiliquidSwap rejects a zero price. Individual adapters may also validate source-specific conditions such as oracle freshness, completed rounds, and positive values.

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How pricing is used

For RWA routes, MultiliquidSwap reads the adapter registered for each RWA ID. For stablecoins, the protocol uses an administrator-configured USD value and can optionally compare it with a registered price adapter before accepting that value.

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Adapter catalog

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Direct NAV adapters

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ULTRAAdapter

ULTRAAdapter reads lastSetMintExchangeRate() and BPS_DENOMINATOR() from the ULTRA manager, then normalizes the result to 18 decimals:
The adapter rejects a zero manager address at deployment and a zero calculated price.

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USTBAdapter

USTBAdapter reads the latest answer from a Chainlink-compatible feed and multiplies the 6-decimal answer by 1e12. It rejects a zero feed address and non-positive answers.

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FalconXUSDCPriceAdapter

FalconXUSDCPriceAdapter reads priceAA() from the Pareto credit vault for AA_FalconXUSDC. Because the vault reports the price in the 6-decimal USDC underlying unit, the adapter multiplies it by 1e12. It rejects a zero vault address and a zero price.

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General oracle adapters

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ChainlinkPriceAdapter

ChainlinkPriceAdapter supports feeds with up to 18 decimals and calculates its WAD multiplier from the feed’s decimals() value at deployment. Each price read validates:
  • The answer is positive.
  • The update belongs to a completed round.
  • The update timestamp is present and is not in the future.
  • The update is no older than MAX_AGE.
Addresses with OPERATOR_ROLE can update MAX_AGE to a nonzero value with setMaxAge(). The adapter emits MaxAgeUpdated whenever the threshold changes.

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ChroniclePriceAdapter

ChroniclePriceAdapter reads tryReadWithAge() from a Chronicle oracle. Chronicle prices are already WAD-denominated, so the adapter returns the value without decimal scaling. Each price read requires a valid, nonzero value with a timestamp that is not in the future or older than MAX_AGE. Addresses with OPERATOR_ROLE can update the nonzero freshness threshold with setMaxAge().

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Fixed and managed adapters

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DollarPeggedAdapter

DollarPeggedAdapter always returns 1e18, representing exactly $1.00. It has no external dependencies or mutable state and is suitable for assets whose protocol price is fixed at one dollar.

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ThirdPartySetterPriceAdapter

ThirdPartySetterPriceAdapter stores a WAD-denominated price published by an authorized account:
  • DEFAULT_ADMIN_ROLE manages price setters.
  • PRICE_SETTER_ROLE authorizes calls to setPrice().
  • getPrice() returns the current value and reverts while that value is zero.
  • PriceUpdated records the new price and the account that submitted it.
The production VBILL adapter uses this model for its published NAV.

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Stablecoin price guardrails

A stablecoin registration includes an administrator-configured USD value. An optional price adapter and deviation threshold can add an oracle guardrail to that value. When a guardrail is enabled, MultiliquidSwap compares the configured value with the adapter’s live WAD price. The configured value is accepted only when its absolute deviation from the oracle price is within the stablecoin’s configured threshold.
This keeps the stablecoin value used for route math explicit while allowing onchain oracle validation. The same IPriceAdapter interface supports both Chainlink and Chronicle guardrails.

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Production asset assignments

See Deployments for the corresponding production addresses.

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Integration considerations

  • Treat every adapter price as an 18-decimal USD WAD, independent of the token’s own decimals.
  • Use quoteSwap() to obtain the exact token and fee amounts produced by the protocol’s registered adapters.
  • Monitor adapter-specific update events and source freshness where the adapter has mutable pricing or freshness parameters.
  • A successful price read validates pricing data; token inventory, custody balances, allowances, and recipient eligibility are enforced during settlement.

Next: V1 to V2 Changes

Review the integration-facing changes introduced by the current protocol architecture.