Add UNI Support
01Summary
Proposal to add UNI (Uniswap) as a supported asset on Compound with conservative parameters: 60% collateral factor, 20% reserve factor, 2M UNI borrowing cap, and updated price feed. cUNI contract includes delegation capability for governance participation but lacks third-party audit.
- Type
- protocol addition
Key changes
- Add Uniswap (UNI) as a new supported market on Compound(high)
- Deploy cUNI upgradable cToken contract with UNI delegation capability for governance participation(high)
- Update Open Price Feed view contract to support cUNI pricing(medium)
- Set collateral factor for cUNI at 60% (same as ZRX and BAT)(high)
- Set reserve factor for cUNI at 20%(medium)
- Implement borrowing cap of 2,000,000 UNI(medium)
- Use same interest rate model as USDT with 30% APY upper bound at full utilization(medium)
Notable concerns
- cUNI contract has been peer-reviewed by Compound Labs and community but has not undergone third-party professional audit
- cUNI contract modifications have limited scope, reducing audit risk but still presents some uncertainty
Generated by Kvorum
02Description
Add UNI Support
This proposal adds Uniswap as a supported asset, and implements an updated Open Price Feed view contract that supports cUNI.
Market Parameters
Uniswap is a widely distributed token, with significant on-chain and off-chain liquidity. However, as a new market, it is being introduced with conservative parameters; a Collateral Factor equal to ZRX and BAT (which are both less liquid, smaller market cap tokens), a lower Reserve Factor of 20%, and a Borrowing Cap of 2,000,000 UNI.
The UNI market uses the same interest rate model as USDT, with an upper bound of 30% APY at 100% utilization.
Contracts
cUNI is an upgradable cToken contract that has been modified with a single new function; the ability to Delegate the UNI held inside the contract to an address specified by Governance. This will allow Compound Governance to participate in Uniswap Governance. Initially, UNI will be undelegated.
The cUNI contract has been peer-reviewed by Compound Labs and community developers, but given the limited scope of the modifications, has not been audited by third-party professional auditors.
A new Open Price Feed view contract has been deployed, which adds support for cUNI. No changes were otherwise made to the view contract.
The contracts were developed in the open, and can serve as a template for the community to launch additional markets.
03Mismatch analysis
I compared each decoded action against the corresponding claim in the proposal description. The price oracle update (action 0) matches the stated deployment of a new Open Price Feed view contract. Market support (action 1) and COMP market addition (action 2) align with the stated goal of adding UNI as a supported asset (COMP market addition is standard boilerplate for new listings and not contradicted by the description). The collateral factor of 600000000000000000 (60%) is consistent with ZRX/BAT's known 60% collateral factor at the time, matching the qualitative claim 'equal to ZRX and BAT'. The reserve factor of 200000000000000000 converts exactly to 20%, matching the stated 'lower Reserve Factor of 20%'. The borrow cap of 2000000000000000000000000 (with 18 decimals) converts exactly to 2,000,000 UNI, matching the stated cap. The interest rate model and delegate-voting capability mentioned in the prose are properties of the deployed cToken contract itself rather than separate governance actions, so their absence from the action list is expected and not a discrepancy. No values, targets, or omitted/extra actions raised concern. Overall the description is an accurate and complete summary of the calldata.'
Generated by Kvorum
04Actions
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setPriceOracle(address)
- Arguments
{ "0": "0x922018674c12a7F0D394ebEEf9B58F186CdE13c1" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _supportMarket(address)
- Arguments
{ "0": "0x35A18000230DA775CAc24873d00Ff85BccdeD550" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _addCompMarkets(address[])
- Arguments
{ "0": [ "0x35A18000230DA775CAc24873d00Ff85BccdeD550" ] }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setCollateralFactor(address,uint256)
- Arguments
{ "0": "0x35A18000230DA775CAc24873d00Ff85BccdeD550", "1": "600000000000000000" }- Calldata
- Target
- 0x35a1…d550
- Value
- 0 wei
- Function
- _setReserveFactor(uint256)
- Arguments
{ "0": "200000000000000000" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setMarketBorrowCaps(address[],uint256[])
- Arguments
{ "0": [ "0x35A18000230DA775CAc24873d00Ff85BccdeD550" ], "1": [ "2000000000000000000000000" ] }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 660x6626…c35c | For | 125K | 23.27% | — | 6y ago |
| 540x54a3…e189 | For | 100.1K | 18.63% | — | 6y ago |
| 7E0x7e4a…19fa | For | 100K | 18.61% | — | 6y ago |
| E50xe5a5…beb9 | For | 65K | 12.10% | — | 6y ago |
| 1D0x1d29…5d1f | For | 50K | 9.31% | — | 6y ago |
| 870x879d…0f11 | For | 24.5K | 4.55% | — | 6y ago |
| DAdakeshi.eth0xe3c9…6b21 | For | 20K | 3.72% | — | 6y ago |
| 0A0x0a09…b92e | For | 15K | 2.79% | — | 6y ago |
| CF0xcfae…135a | For | 10K | 1.86% | — | 6y ago |
| A80xa8c6…3985 | For | 10K | 1.86% | — | 6y ago |
| 2B0x2b38…bf33 | For | 7.5K | 1.40% | — | 6y ago |
| 8D0x8d07…a265 | For | 7.5K | 1.40% | — | 6y ago |
| FC0xfc04…5ac2 | For | 2.3K | 0.43% | — | 6y ago |
| 7F0x7f84…4d0b | For | 161.5 | 0.03% | — | 6y ago |
| 7D0x7de0…a044 | For | 114 | 0.02% | — | 6y ago |
| 1F0x1f76…f6dd | For | 62.5 | 0.01% | — | 6y ago |
| F80xf853…e619 | For | 28.5 | 0.01% | — | 6y ago |
| 020x02be…6ff7 | For | 10.1 | 0.00% | — | 6y ago |
| 840x84e3…5a95 | For | 10.1 | 0.00% | — | 6y ago |
| 650x65b9…f782 | For | 7.7 | 0.00% | — | 6y ago |
| 6E0x6e90…41f7 | For | 4 | 0.00% | — | 6y ago |
| D30xd353…ccc2 | For | 3.3 | 0.00% | — | 6y ago |
| 7A0x7a1f…2d61 | For | 2.5 | 0.00% | — | 6y ago |
| 830x835d…fc90 | For | 2.1 | 0.00% | — | 6y ago |
| 900x9056…bd9c | For | 2 | 0.00% | — | 6y ago |
| 960x967c…cbc4 | Against | 1.6 | 0.00% | — | 6y ago |
| D70xd7e0…b422 | For | 1.1 | 0.00% | — | 6y ago |
| 020x021f…c842 | For | 1.1 | 0.00% | — | 6y ago |
| ED0xed93…47bf | For | 1 | 0.00% | — | 6y ago |
| 920x92e5…a14a | For | 1 | 0.00% | — | 6y ago |
| 600x60a7…5f4d | For | 0.7 | 0.00% | — | 6y ago |
| E70xe775…e8b2 | For | 0.5 | 0.00% | — | 6y ago |
| E20xe264…6c17 | For | 0.5 | 0.00% | — | 6y ago |
| E00xe095…7452 | For | 0.5 | 0.00% | — | 6y ago |
| 7F0x7fd1…a454 | For | 0.4 | 0.00% | — | 6y ago |
| 770x7782…5157 | For | 0.4 | 0.00% | — | 6y ago |
| 6A0x6a1c…6f23 | For | 0.3 | 0.00% | — | 6y ago |
| NEneozaru.eth0x92a0…a590 | For | 0.2 | 0.00% | — | 6y ago |
| 750x7578…b191 | For | 0.2 | 0.00% | — | 6y ago |
| 9F0x9fc3…2ebc | For | 0.1 | 0.00% | — | 6y ago |
| 8D0x8dbc…77ef | For | 0.1 | 0.00% | — | 6y ago |
| E30xe3e1…54be | For | 0.1 | 0.00% | — | 6y ago |
| DC0xdcc9…0ff1 | For | 0.1 | 0.00% | — | 6y ago |
| 940x9429…6f47 | For | 0.1 | 0.00% | — | 6y ago |
| 160x16a6…38c4 | For | 0.1 | 0.00% | — | 6y ago |
| 7B0x7bcb…b476 | For | 0.1 | 0.00% | — | 6y ago |
| CC0xccf8…446d | For | 0.1 | 0.00% | — | 6y ago |
| 740x74aa…017a | For | 0.1 | 0.00% | — | 6y ago |
| B90xb946…343f | For | 0 | 0.00% | — | 6y ago |
| E80xe830…56b9 | For | 0 | 0.00% | — | 6y ago |
07Forum
No forum thread is confidently linked to this proposal.