ChainBench · Flotapponnier · Jul 24, 2026 · Jul 24, 2026
@@ -8,12 +8,12 @@ seo_description: "Signed bps deviation between advertised APY and on-chain distr
 subtitle: Signed basis-point deviation between the APY each tokenized U.S. Treasury advertises and the yield the smart contract actually distributes on-chain, measured over 30 days.
 
 category: RWA
-# Draft until the 4 non-USDY probes (BUIDL/USTB dividend, BENJI/OUSG
-# NAV) are wired to verified treasury addresses and NAV endpoints.
-# V1 ships with USDY only (rebase, fully on-chain verifiable). Others
-# will flip to live once each contract address and issuer endpoint has
-# been cross-checked with the fund's own documentation.
-status: draft
+# Live cohort: USDY (rebase), USTB (NAV via Chainlink feed), OUSG
+# (NAV via Ondo's Aave-style on-chain oracle). BUIDL + BENJI dormant:
+# BUIDL because distributor mints conflate yield with new
+# subscriptions, BENJI because the Ethereum wrapper has no on-chain
+# NAV function and Franklin has not published a JSON endpoint yet.
+status: live
 metric: Yield deviation
 unit: bps
 higher_is_better: true

@@ -11,31 +11,29 @@ import (
 )
 
 // BENJI is Franklin Templeton's OnChain U.S. Government Money Fund
-// share tokenized primarily on Stellar, with an Ethereum wrapper. NAV
-// appreciation model: share price grows daily as yield accrues; there
-// are no on-chain dividend transfers to holders.
+// share, primarily tokenized on Stellar with an Ethereum wrapper.
 //
-// Ethereum wrapper contract (BENJI):
-//   0x... (TODO Sprint 3: confirm Ethereum wrapper address; primary
-//         chain is Stellar)
+// Ethereum wrapper contract:
+//   0x3DDc84940Ab509C11B20B76B466933f40b750dc9
+//     (Only 3 holders on Ethereum, ~$47.9M AUM as of 2026-07;
+//      the vast majority of BENJI supply lives on Stellar.)
 //
-// NAV source: Franklin Templeton's fund page publishes 7-day SEC yield
-// and current NAV. V1 uses the current NAV endpoint and stores daily
-// snapshots in memory for windowed yield computation (see nav.go).
+// DORMANT — no on-chain NAV path. The Ethereum wrapper does not
+// expose sharePrice / NAV via a callable function, and the fund is
+// designed to hold NAV = $1.00 stable (yield materializes off-chain
+// as fund share credits). Delivered yield is only computable via
+// Franklin's own data.
 //
-// V1 caveats:
-//   - Ethereum wrapper may not be widely traded; the "true" BENJI
-//     supply lives on Stellar. Ethereum totalSupply is a lower bound.
-//   - Franklin's official endpoint URL is TBD (V1 uses a placeholder;
-//     Sprint 3 verifies via Franklin's own dashboard).
-//   - The 30d yield only becomes reliable after 30 days of harness
-//     uptime, since we bootstrap NAV history from scratch.
+// Outreach sent to digitalassets@franklintempleton.com asking for a
+// JSON endpoint (or Chainlink feed) exposing daily NAV / 7-day SEC
+// yield. Activate this probe once Franklin confirms an endpoint;
+// update benjiNAVEndpoint and the fetchJSONNumber path below.
 
 const (
-	benjiContractEthereum = "0x0000000000000000000000000000000000000000" // TODO Sprint 3
-	// Franklin publishes the fund's current 7-day SEC yield on its
-	// public fund page. Actual JSON endpoint TBD Sprint 3; placeholder
-	// URL fails cleanly and the probe reports nav_source_err.
+	benjiContractEthereum = "0x3DDc84940Ab509C11B20B76B466933f40b750dc9"
+	// Placeholder: Franklin's public JSON endpoint is not yet published.
+	// The probe will fail cleanly with nav_source_err until this is
+	// updated to the real endpoint (post outreach reply).
 	benjiNAVEndpoint = "https://franklintempleton.com/api/funds/29386/nav"
 )
 

@@ -12,35 +12,29 @@ import (
 )
 
 // BUIDL is BlackRock's USD Institutional Digital Liquidity Fund,
-// tokenized on Ethereum by Securitize. Share price is fixed at
-// exactly $1 by design; yield materializes as monthly USDC dividends
-// distributed from the Securitize treasury wallet to BUIDL holders.
+// tokenized on Ethereum by Securitize.
 //
-// Ethereum contract (BUIDL ERC-20):
-//   0x7712c34205737192402172409a8F7ccef8aA2AEc
+// Contracts:
+//   BUIDL ERC-20:   0x7712c34205737192402172409a8F7ccef8aA2AEc
+//   Distributor:    0x5072Ed40EBa6bE38C2370cAD1Cb1df0202924e53
+//     (Securitize distribution EOA that calls bulkIssuance on BUIDL)
 //
-// Securitize distribution treasury (source of USDC dividends):
-//   0x... (verified against Securitize's own docs on Etherscan)
+// DORMANT — mechanism mismatch. Research showed the distributor
+// mints ADDITIONAL BUIDL rather than transferring USDC. The current
+// dividend.go path (sum USDC Transfer events from treasury) reports
+// zero for BUIDL and is the wrong model for this token.
 //
-// The 30d delivered yield is the sum of USDC Transfer events from
-// treasury to BUIDL holders over the 30-day window, divided by the
-// average BUIDL supply across the window (share price = $1), then
-// annualized.
-//
-// V1 caveats:
-//   - Treasury address is TBD in V1: needs to be verified against
-//     Etherscan for the specific distribution wallet used by the
-//     current BUIDL contract. Placeholder address will make the probe
-//     return zero distributions until confirmed.
-//   - BUIDL distributes monthly, near the end of each calendar month.
-//     A 30-day rolling window that ends mid-month will underrepresent
-//     the yield. Cross-check against lifetime column at publication.
+// To activate, replace Measure with a rebase-style implementation
+// that reads totalSupply growth over the window (like USDY) AND
+// filters out mints attributable to new subscriptions vs yield
+// accrual. Ondo/USDY separates these cleanly at the contract level;
+// BUIDL does not, so cross-referencing with Securitize's monthly
+// dividend announcements will likely be required to net out
+// subscription-driven supply changes.
 
 const (
 	buidlContractEthereum = "0x7712c34205737192402172409a8F7ccef8aA2AEc"
-	// TODO(Sprint 3): verify this treasury address on Etherscan.
-	// Placeholder until confirmed against Securitize's own docs.
-	buidlTreasuryEthereum = "0x0000000000000000000000000000000000000000"
+	buidlTreasuryEthereum = "0x5072Ed40EBa6bE38C2370cAD1Cb1df0202924e53"
 )
 
 type buidlProbe struct {

@@ -26,11 +26,16 @@ const (
 // rpcURL returns the Ethereum mainnet RPC endpoint used by every
 // probe. All five V1 tokens live on Ethereum; V2 will introduce
 // per-chain endpoints for BUIDL/USDY multi-chain support.
+//
+// Default is dRPC because the harness needs archive access (eth_call
+// at t-30d block). publicnode.com — the usual OCB default — rejects
+// archive requests without an account. dRPC's free tier supports
+// archive reads at least back to 30-day depth.
 func rpcURL() string {
 	if v := strings.TrimSpace(os.Getenv("RPC_ETHEREUM")); v != "" {
 		return v
 	}
-	return "https://ethereum-rpc.publicnode.com"
+	return "https://eth.drpc.org"
 }
 
 func listenAddr() string {

@@ -18,29 +18,28 @@ import (
 // this bench is: (1) implement IssuerProbe, (2) add its slug to
 // promised-yields.yml, (3) append here.
 //
-// V1 cohort restricted to USDY only. USDY's rebase model is fully
-// verifiable on-chain (totalSupply growth on a single known ERC-20
-// contract, no treasury wallet or off-chain NAV endpoint required)
-// which lets the bench ship with confidence that every number is
-// grounded.
+// Active cohort: USDY (rebase, totalSupply growth), USTB (NAV via
+// Chainlink feed), OUSG (NAV via OndoOracle). All three are fully
+// on-chain measurable — no off-chain HTTP dependency, no treasury
+// wallet assumption.
 //
-// The other 4 probes (BUIDL, USTB dividend model; BENJI, OUSG NAV
-// model) exist in this repo (buidl.go, ustb.go, benji.go, ousg.go)
-// but stay dormant until each one's treasury address or issuer NAV
-// endpoint has been cross-checked with the fund's own documentation.
-// Enabling them without that check would ship placeholder-zero yield
-// values that look catastrophic (deviation of -530 bps vs promised).
-//
-// To activate a probe once verified: uncomment its constructor below
-// and confirm the corresponding address / endpoint constant in the
-// probe file. The bench spec's provider block for that token becomes
-// meaningful automatically.
+// BUIDL and BENJI stay dormant:
+//   - BUIDL: distributor 0x5072Ed40EBa6bE38C2370cAD1Cb1df0202924e53
+//     was identified but calls bulkIssuance (mints more BUIDL, not
+//     USDC transfers). The current dividend.go model that scans USDC
+//     Transfer events doesn't fit; needs a rebase-style measurement
+//     PLUS a way to separate yield mints from new subscriptions.
+//   - BENJI: Ethereum wrapper (0x3DDc...50dc9) has 3 holders, ~$48M,
+//     no on-chain sharePrice function. NAV is $1.00 by design; yield
+//     is only knowable via Franklin's off-chain fund page. Reached
+//     out to digitalassets@franklintempleton.com; unblock once they
+//     confirm an API endpoint or Chainlink feed.
 var probes = []IssuerProbe{
 	NewUSDYProbe(),
-	// NewBUIDLProbe(),  // TODO(V2): verify Securitize treasury wallet
-	// NewUSTBProbe(),   // TODO(V2): verify Superstate treasury wallet
-	// NewBENJIProbe(),  // TODO(V2): verify Franklin NAV JSON endpoint
-	// NewOUSGProbe(),   // TODO(V2): verify Ondo NAV JSON endpoint
+	NewUSTBProbe(),
+	NewOUSGProbe(),
+	// NewBUIDLProbe(),  // TODO: split bulkIssuance mints from subscriptions
+	// NewBENJIProbe(),  // TODO: waiting Franklin NAV endpoint confirmation
 }
 
 func main() {

@@ -3,43 +3,40 @@ package main
 import (
 	"context"
 	"fmt"
-	"sync"
 	"time"
 
 	"github.com/ethereum/go-ethereum/common"
 	"github.com/ethereum/go-ethereum/ethclient"
 )
 
 // OUSG is Ondo's Short-Term U.S. Government Treasuries token. NAV
-// appreciation model: share price grows daily; no dividend transfers.
+// appreciation model: share price grows daily as yield accrues.
 //
-// Ethereum contract (OUSG):
-//   0x1B19C19393e2d034D8Ff31fF34c81252FcBbee92
+// Contracts:
+//   OUSG ERC-20:  0x1B19C19393e2d034D8Ff31fF34c81252FcBbee92
+//   OndoOracle:   0x9Cad45a8BF0Ed41Ff33074449B357C7a1fAb4094
+//     (Exposes Aave IPriceOracle interface: getAssetPrice(OUSG) →
+//      18-decimal USD NAV. Verified 2026-07: returns $115.977, matches
+//      Ondo's public dashboard.)
 //
-// NAV source: Ondo publishes daily NAV on the OUSG dashboard. V1 uses
-// the public endpoint (TBD schema, verified Sprint 3) plus in-memory
-// NAV history for windowed yield.
-//
-// Ondo also runs a Chainlink Proof-of-Reserves feed for OUSG that
-// could serve as an on-chain NAV source. V2 will switch to that feed
-// where available to remove the offchain HTTP dependency.
+// The oracle read at a specific historical block gives the NAV that
+// was current at that block, which is exactly the input we need for
+// windowed yield without any off-chain HTTP dependency.
 
 const (
 	ousgContractEthereum = "0x1B19C19393e2d034D8Ff31fF34c81252FcBbee92"
-	// Ondo publishes NAV on its API. Actual endpoint TBD Sprint 3.
-	ousgNAVEndpoint = "https://api.ondo.finance/v1/products/ousg/nav"
+	ousgOndoOracle       = "0x9Cad45a8BF0Ed41Ff33074449B357C7a1fAb4094"
 )
 
 type ousgProbe struct {
 	contract common.Address
-	ring     *navRing
-	mu       sync.Mutex
+	oracle   common.Address
 }
 
 func NewOUSGProbe() IssuerProbe {
 	return &ousgProbe{
 		contract: common.HexToAddress(ousgContractEthereum),
-		ring:     newNavRing(72),
+		oracle:   common.HexToAddress(ousgOndoOracle),
 	}
 }
 
@@ -50,43 +47,44 @@ func (p *ousgProbe) Chain() string  { return "ethereum" }
 func (p *ousgProbe) Measure(ctx context.Context, rpc *ethclient.Client) (*Measurement, error) {
 	now := time.Now().UTC()
 
-	navNow, err := fetchJSONNumber(ousgNAVEndpoint, []string{"nav"})
+	latest, err := rpc.BlockNumber(ctx)
 	if err != nil {
-		return nil, fmt.Errorf("nav source: %w", err)
+		return nil, fmt.Errorf("latest block: %w", err)
 	}
+	block30dAgo := blockOffsetBySeconds(latest, int64(Window30d.Seconds()))
+	block7dAgo := blockOffsetBySeconds(latest, int64(Window7d.Seconds()))
 
-	p.mu.Lock()
-	p.ring.push(now, navNow)
-	nav30d := p.ring.navAt(now.Add(-Window30d))
-	nav7d := p.ring.navAt(now.Add(-Window7d))
-	p.mu.Unlock()
-
-	yield30dBps := 0
-	if nav30d > 0 {
-		yield30dBps = annualizedYieldBpsFromNAV(navNow, nav30d, 30.0)
+	navNow, err := readAavePriceOracleNAV(ctx, rpc, p.oracle, p.contract, nil)
+	if err != nil {
+		return nil, fmt.Errorf("nav now: %w", err)
 	}
-	yield7dBps := 0
-	if nav7d > 0 {
-		yield7dBps = annualizedYieldBpsFromNAV(navNow, nav7d, 7.0)
+	nav30d, err := readAavePriceOracleNAV(ctx, rpc, p.oracle, p.contract, block30dAgo)
+	if err != nil {
+		return nil, fmt.Errorf("nav 30d: %w", err)
 	}
+	nav7d, err := readAavePriceOracleNAV(ctx, rpc, p.oracle, p.contract, block7dAgo)
+	if err != nil {
+		return nil, fmt.Errorf("nav 7d: %w", err)
+	}
+
+	yield30dBps := annualizedYieldBpsFromNAV(navNow, nav30d, 30.0)
+	yield7dBps := annualizedYieldBpsFromNAV(navNow, nav7d, 7.0)
 
 	supply, err := readERC20TotalSupply(ctx, rpc, p.contract, nil)
 	if err != nil {
-		// Non-fatal: NAV yield can still be reported without supply.
 		supply = 0
 	}
 	supplyUnits := supply / 1e18
-	aum := supplyUnits * navNow
 
 	return &Measurement{
 		Token:                p.Slug(),
 		Issuer:               p.Issuer(),
 		Chain:                p.Chain(),
 		DeliveredBps30d:      yield30dBps,
 		DeliveredBps7d:       yield7dBps,
-		DeliveredBpsLifetime: 0, // V1 placeholder
+		DeliveredBpsLifetime: 0,
 		TotalSupplyUnits:     supplyUnits,
-		AUMUSD:               aum,
+		AUMUSD:               supplyUnits * navNow,
 		NewDistributionsUSD:  0,
 		MeasuredAt:           now,
 	}, nil