KVORUM
compoundSource: Compound governor bravo · #233

Initialize cUSDCv3 on Scroll

executedMar 27, 2024, 09:11 AM UTCby130x13bd…8548

01Summary

AISummary by Kvorumclaude-haiku-4-5

This proposal initializes a Compound III USDC market (cUSDCv3) on the Scroll blockchain. It deploys the market with Gauntlet-recommended parameters, seeds it with 10,000 USDC bridged from Ethereum mainnet, sets COMP as the reward token (with rewards initially disabled), and registers the new market in the official markets list. This is the first proposal to bridge governance actions from Ethereum mainnet to Scroll mainnet.

Type
protocol addition
Funding
$10000

Key changes

  • Deploy new Comet implementation on Scroll with full market configuration including collateral assets (WETH, WBTC, weETH, etc.) and risk parameters based on Gauntlet recommendations(high)
  • Set COMP token as reward token for Scroll market with initial reward speeds set to 0 pending future governance decision(medium)
  • Bridge 10,000 USDC from Ethereum mainnet to Scroll to seed market reserves(high)
  • Register cUSDCv3 on Scroll in the official v3-official-markets ENS record(medium)

Notable concerns

  • This is the first proposal to execute cross-chain bridging from Ethereum mainnet to Scroll mainnet, introducing novel technical risks not present in previous proposals
  • Cross-chain bridge execution includes inherent risks related to the Scroll L1-L2 bridge mechanism
Contracts0xB2f97c1Bd3bf02f5e74d13f02E3e26F93D77CE440xf1AF3b23DE0A5Ca3CAb7261cb0061C0D779A5c7B0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb480x4976fb03c32e5b8cfe2b6ccb31c09ba78ebaba41
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

260 words

Initialize cUSDCv3 on Scroll

This proposal takes the governance steps recommended and necessary to initialize a Compound III USDC market on Scroll; 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/Scroll Alpha bridge, this will be the first proposal to actually bridge from Ethereum mainnet to Scroll mainnet, and therefore includes risks not present in previous proposals.

Although the proposal sets the entire configuration in the Configurator, with parameters based off of the recommendations from Gauntlet.

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

Proposal Actions

The first proposal action sets the Comet configuration and deploys a new Comet implementation on Scroll. This sends the encoded setConfiguration and deployAndUpgradeTo calls across the bridge to the governance receiver on Scroll. It also calls setRewardConfig on the Scroll rewards contract to establish Scroll’s bridged version of COMP as the reward token for the deployment (note that rewards speeds have been set to 0, as Gauntlet has recommended to hold off on including rewards in the comet deployment for now).

The second action approves Scroll’s L1USDCGateway to take Timelock's USDC, in order to seed the market reserves through the bridge.

The third action deposits 10K USDC from mainnet to the Scroll L1USDCGateway contract to bridge to Comet.

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 Scroll cUSDCv3 market.

03Mismatch analysis

AIMismatch analysis by Kvorum

A calldata-vs-description analysis is not generated yet. Review the decoded actions →

04Actions

4 total
#0sendMessage(address,uint256,bytes,uint256)chain 0x1
Target
0x6774…b367
Value
100000000000000000 wei
Function
sendMessage(address,uint256,bytes,uint256)
Arguments
{
  "0": "0xC6bf5A64896D679Cf89843DbeC6c0f5d3C9b610D",
  "1": "0",
  "2": 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  "3": "600000"
}
Calldata
#1approve(address,uint256)chain 0x1
Target
0xa0b8…eb48
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "0": "0xf1AF3b23DE0A5Ca3CAb7261cb0061C0D779A5c7B",
  "1": "10000000000"
}
Calldata
#2depositERC20(address,address,uint256,uint256)chain 0x1
Target
0xf1af…5c7b
Value
100000000000000000 wei
Function
depositERC20(address,address,uint256,uint256)
Arguments
{
  "0": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
  "1": "0xB2f97c1Bd3bf02f5e74d13f02E3e26F93D77CE44",
  "2": "10000000000",
  "3": "300000"
}
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\"},{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0xb125E6687d4313864e53df431d5425969c15Eb2F\"}],\"42161\":[{\"baseSymbol\":\"USDC.e\",\"cometAddress\":\"0xA5EDBDD9646f8dFF606d7448e414884C7d905dCA\"},{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf\"}],\"534352\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0xB2f97c1Bd3bf02f5e74d13f02E3e26F93D77CE44\"}]}"
}
Calldata

05Tally

Summed from votes

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total

No votes recorded yet.

07Forum

AIForum synthesis by Kvorumclaude-sonnet-5
sentiment · favorablethread · constructive

Arguments for

  • Scroll offers strong technical qualifications (EVM-equivalence, Geth-based, minimal bytecode re-audit risk) and Ethereum-aligned zkEVM research credentials that make it a strong scaling partner for Compound.— Scroll_zkEVM
  • Scroll has demonstrated significant ecosystem traction (bridged TVL, transaction counts, unique wallets, 150+ projects deployed) supporting demand for a Compound market.— Scroll_zkEVM
  • Gauntlet's risk parameter analysis of current Scroll liquidity conditions supports a reasonable initial set of collateral, IR curve, and supply cap parameters for a USDC market.— Gauntlet
  • Community members expressed direct support for deploying Comet on Scroll as a good opportunity to expand into zkEVM L2s.— Michigan_Blockchain, WintermuteGovernance
  • OpenZeppelin's audit of the Comet deployment and bridged governance contracts/flows provides security assurance for the launch.— jbass-oz, Scroll_zkEVM
  • The bridged USDC token on Scroll is upgradeable, meaning that if Circle launches native USDC, no migration to a new Comet market would be required, reducing long-term technical risk.— Scroll_zkEVM, kevin
  • Deployment can proceed cautiously as an MVP with a single market and no COMP rewards initially, allowing Gauntlet to monitor performance before scaling up.— Scroll_zkEVM, Gauntlet

Arguments against

None surfaced.

Unresolved concerns

  • Scroll's prover and sequencer set will remain centralized for an unspecified period, and core contracts/parameters can be upgraded via multisig, posing ongoing centralization risk.— Scroll_zkEVM
  • During any future Circle-led upgrade from bridged to native USDC, the USDC bridge on Scroll will be temporarily paused, which could affect bridging activity for Compound users.— Scroll_zkEVM
  • Gauntlet has deferred on recommending COMP rewards for the Scroll Comet market, leaving the timing and conditions for future rewards unresolved.— Gauntlet
  • The initial on-chain proposal (Proposal 221) was found to revert due to an 'Insufficient msg.value' error, requiring cancellation and resubmission, raising questions about proposal construction reliability.— jbass-oz, Michigan_Blockchain
  • Details on what liquidity incentives or growth-program support Compound users would receive for using the protocol on Scroll were requested but not concretely addressed in the thread.— sharp

Notable participants

  • Scroll_zkEVMProposer who introduced the deployment, provided technical details, responded to community questions, and posted deployment/contract details.
  • GauntletRisk service provider who delivered initial asset listing and IR curve recommendations and later decided against COMP rewards at launch.
  • jbass-ozOpenZeppelin representative who published the audit report and flagged the reverting proposal issue before resubmission.
  • Michigan_BlockchainDelegate who expressed support, submitted/cancelled/resubmitted the on-chain proposal.
  • kevinCommunity member who raised a technical question about bridged vs. native USDC migration risk.
  • sharpCompound Growth Program lead who asked about incentives and partnership opportunities for Scroll deployment.
  • WintermuteGovernanceDelegate who voiced support for the MVP deployment with Gauntlet's parameters.
Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
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