KVORUM
compoundSource: Compound governor bravo · #178

Initialize native USDC market cUSDCv3 on Arbitrum

executedAug 29, 2023, 12:58 PM UTCbyC60xc66e…68a9

01Summary

AISummary by Kvorumclaude-haiku-4-5

Initialize a new native USDC (cUSDCv3) market on Arbitrum by deploying a Comet implementation, configuring it identically to the existing bridged USDC.e market, seeding it with 10,000 USDC via Circle's CCTP, migrating COMP supply incentives from the bridged market to the new native market, and updating official market registries.

Type
protocol addition
Funding
$10000

Key changes

  • Deploy new Comet implementation for native USDC market on Arbitrum with configuration mirroring the existing bridged USDC.e market(high)
  • Set initial COMP reward speeds for new native USDC market at 10 COMP/day supply and 0 COMP/day borrow(high)
  • Migrate COMP supply incentives from bridged USDC.e market by setting its supply and borrow speeds to 0 COMP/day(high)
  • Seed the new native USDC market reserves with 10,000 USDC via Circle's CCTP by depositing and burning mainnet USDC(high)
  • Update ENS TXT record to register the new native USDC market and rename bridged market baseSymbol from USDC to USDC.e in official markets registry(medium)

Notable concerns

  • This is the first proposal to mint native USDC on Arbitrum mainnet via CCTP, introducing risks not present in previous bridged-token proposals
  • The proposal relies on Circle's Cross-Chain Transfer Protocol (CCTP) for cross-chain USDC transfer, adding dependency on external infrastructure
  • Migration of COMP incentives from bridged to native market may affect users of the existing bridged USDC.e market
Contracts0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf0xA5EDBDD9646f8dFF606d7448e414884C7d905dCA0xBd3fa81B58Ba92a82136038B25aDec7066af3155
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

371 words

Initialize native USDC market cUSDCv3 on Arbitrum

This proposal takes the governance steps recommended and necessary to initialize a Compound III USDC (native USDC on Arbitrum) market on Arbitrum; upon execution, cUSDCv3 will be ready for use. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite. Although real tests have also been run over the Goerli/Arbitrum Goerli, this will be the first proposal to mint native USDC on Arbitrum mainnet by burning USDC on mainnet via the depositAndBurn function on the Cross-Chain Transfer Protocol (CCTP) provided by Circle, and therefore includes risks not present in previous proposals.

The proposal sets the entire configuration in the Configurator to be the same as the existing bridged USDC.e market. Finally, the parameters include a migration of bridged USDC.e market supply-side COMP incentives to users in the new native USDC market.

Further detailed information can be found on the corresponding proposal pull request and forum discussion.

Proposal Actions

The first proposal action sets the Comet Factory, Comet configuration and deploys a new Comet implementation on Arbitrum. This sends the encoded setFactory, setConfiguration and deployAndUpgradeTo calls across the bridge to the governance receiver on Arbitrum. It also calls setRewardConfig on the Arbitrum rewards contract, to establish Arbitrum’s bridged version of COMP as the reward token for the deployment and set the initial supply speed to be 10 COMP/day and borrow speed to be 0 COMP/day. It calls another setBaseTrackingSupplySpeed and setBaseTrackingBorrowSpeed to set the supply speed and borrow speed of the existing USDC.e market to be 0 COMP/day. Lastly it calls deployAndUpgradeTo to deploy an updated Comet implementation for the existing bridged USDC.e market to have the new supply and borrow rewards speed.

The second action approves Circle’s Cross-Chain Transfer Protocol (CCTP)TokenMessenger to take the Timelock's USDC on Mainnet, in order to seed the market reserves through the CCTP.

The third action deposits and burns 10K USDC from mainnet via depositForBurn function on CCTP’s TokenMessenger contract to mint native USDC to Comet on Arbitrum.

The fourth action updates the ENS TXT record v3-official-markets on v3-additional-grants.compound-community-licenses.eth, updating the official markets JSON to include the new native USDC market and renames the bridged USDC market’s baseSymbol to USDC.e from USDC.

03Mismatch analysis

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

I compared each of the four actions described in the proposal prose against the four decoded on-chain actions. Action 0 (bridged retryable ticket) matches the description's claim of setting the Comet factory/configuration, deploying the new implementation, configuring reward speeds for the new market (10 COMP/day supply / 0 borrow), and zeroing then redeploying the existing USDC.e market's reward speeds — the encoded function selectors (setFactory, setConfiguration, deployAndUpgradeTo, setRewardConfig, setBaseTrackingSupplySpeed, setBaseTrackingBorrowSpeed) all appear in the calldata as claimed. Action 1 is an approve() for exactly 10,000 USDC (10000000000 with 6 decimals) to the CCTP TokenMessenger address, matching the 'seed reserves' claim. Action 2 is a depositForBurn of the same 10,000 USDC amount, targeting Arbitrum domain 3 with mint recipient matching the native USDC Comet address (0x9c4ec768...58bf) that also appears in the ENS update — consistent with 'mint native USDC to Comet on Arbitrum.' Action 3's setText call adds the new native USDC market entry for chain 42161 and leaves the existing market labeled 'USDC.e', matching the described rename/addition. No value, target, or recipient mismatches were found, and no significant omitted or extra actions were detected. Given the high complexity of the encoded calldata (especially action 0), some deep parameter-level values (exact reward speed magnitudes) could not be fully hand-verified byte-by-byte, but the decoded function selectors and high-level structure align cleanly with the prose, supporting a consistent assessment with high confidence.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

4 total
#0createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)chain 0x1
Target
0x4dbd…ab3f
Value
10331361000000000 wei
Function
createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)
Arguments
{
  "0": "0x42480C37B249e33aABaf4c22B20235656bd38068",
  "1": "0",
  "2": "5348810000000000",
  "3": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A",
  "4": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A",
  "5": "9965102",
  "6": "500000000",
  "7": 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}
Calldata
#1approve(address,uint256)chain 0x1
Target
0xa0b8…eb48
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "0": "0xBd3fa81B58Ba92a82136038B25aDec7066af3155",
  "1": "10000000000"
}
Calldata
#2depositForBurn(uint256,uint32,bytes32,address)chain 0x1
Target
0xbd3f…3155
Value
0 wei
Function
depositForBurn(uint256,uint32,bytes32,address)
Arguments
{
  "0": "10000000000",
  "1": "3",
  "2": "0x0000000000000000000000009c4ec768c28520b50860ea7a15bd7213a9ff58bf",
  "3": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48"
}
Calldata
#3setText(bytes32,string,string)chain 0x1
Target
0x4976…ba41
Value
0 wei
Function
setText(bytes32,string,string)
Arguments
{
  "0": "0x7dcf87198fd673716e5a32b206d9379c4fcbad8875073f52bfd0656759bf89ed",
  "1": "v3-official-markets",
  "2": "{\"1\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0xc3d688B66703497DAA19211EEdff47f25384cdc3\"},{\"baseSymbol\":\"WETH\",\"cometAddress\":\"0xA17581A9E3356d9A858b789D68B4d866e593aE94\"}],\"137\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0xF25212E676D1F7F89Cd72fFEe66158f541246445\"}],\"8453\":[{\"baseSymbol\":\"USDbC\",\"cometAddress\":\"0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf\"},{\"baseSymbol\":\"WETH\",\"cometAddress\":\"0x46e6b214b524310239732D51387075E0e70970bf\"}],\"42161\":[{\"baseSymbol\":\"USDC.e\",\"cometAddress\":\"0xA5EDBDD9646f8dFF606d7448e414884C7d905dCA\"},{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf\"}]}"
}
Calldata

05Tally

Summed from votes

Voters36
VP participating555.7K
Outcome (current)For
Current support100%

06Voters

36 total

No votes recorded yet.

07Forum

AIForum synthesis by Kvorumclaude-haiku-4-5
sentiment · favorablethread · constructive

Arguments for

  • Native USDC is becoming the standard on Arbitrum as Circle and major exchanges (Binance, Coinbase) transition away from bridged USDC.e, making a native USDC market necessary to align with ecosystem changes.— hans
  • Deploying a native USDC market follows the established successful pattern from the USDC.e market deployment with identical parameters, reducing implementation risk.— hans
  • Migrating rewards from USDC.e to native USDC will facilitate the gradual deprecation of the bridged asset market and consolidate liquidity.— hans
  • The proposal includes a phased approach with initial zero supply caps followed by gradual cap increases, allowing for careful monitoring and risk management.— hans
  • Using Circle's Cross-Chain Transfer Protocol (CCTP) for seeding reserves provides a secure, official channel for funding the market.— hans

Arguments against

None surfaced.

Notable participants

  • hansProposer and primary communicator from Compound Labs; authored and championed the proposal through deployment and execution.
  • cmrnCommunity member who engaged with the proposal and shared celebratory metrics post-execution.
  • GauntletRisk management and incentive monitoring partner designated to manage the market's incentives going forward.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Open the thread ↗