Add WBTC as collateral into cWETHv3 on Mainnet
01Summary
Compound Growth Program proposes to add WBTC (Wrapped Bitcoin) as collateral to the cWETHv3 market on Ethereum mainnet. The proposal includes adding WBTC with specific risk parameters recommended by Gauntlet and deploying a new version of the Comet contract to support this addition.
- Type
- protocol addition
Key changes
- Add WBTC (0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599) as collateral asset to cWETHv3 market with 8 decimals(high)
- Set WBTC collateral factor at 80% (800000000000000000)(high)
- Set WBTC liquidation threshold at 85% (850000000000000000)(high)
- Set WBTC liquidation incentive at 95% (950000000000000000)(high)
- Set WBTC supply cap at 100,000,000,000 units(medium)
- Deploy and upgrade Comet to new version to support WBTC collateral(high)
Notable concerns
- Risk parameters based on Gauntlet recommendations should be reviewed for appropriateness
- Market readiness simulations should be verified through the Comet scenario suite
Generated by Kvorum
02Description
Add WBTC as collateral into cWETHv3 on Mainnet
Proposal summary
Compound Growth Program [AlphaGrowth] proposes to add WBTC into cWETHv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III WETH market on Ethereum. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite. The new parameters include setting the risk 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 adds WBTC asset as collateral with the corresponding configuration.
The second action deploys and upgrades Comet to a new version.
03Mismatch analysis
The description states two actions: (1) add WBTC as a new collateral asset to the cWETHv3 market on Ethereum with Gauntlet-recommended risk parameters, and (2) deploy and upgrade Comet to a new version to apply this change. The decoded calldata shows exactly two actions matching this: an addAsset call on the Comet Configurator adding WBTC (correct token address) to the cWETHv3 comet address, followed by a deployAndUpgradeTo call targeting the same configurator and the same cWETHv3 proxy address. The target addresses are consistent across both actions (same comet address 0xA175...3aE9 for both the added asset destination and the upgrade target), which aligns with the described market (cWETHv3). The specific numeric risk parameters (80%/85%/95%/1000 WBTC cap) are not explicitly stated in the description beyond a general reference to Gauntlet's recommendations, so there is nothing to compare against for a value mismatch — this is a legitimate summarization, not an omission of something material to flag. No extra, missing, or misdirected actions were found. Overall the on-chain actions faithfully implement what the description claims to do.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))
- Arguments
{ "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94", "1": [ "0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599", "0xd98Be00b5D27fc98112BdE293e487f8D4cA57d07", "8", "800000000000000000", "850000000000000000", "950000000000000000", "100000000000" ] }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3", "1": "0xA17581A9E3356d9A858b789D68B4d866e593aE94" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 8D0x8d07…a265 | For | 55K | 11.83% | — | 2y ago |
| B90xb933…8dd1 | For | 54K | 11.60% | — | 2y ago |
| 680x683a…6c02 | For | 50.1K | 10.76% | — | 2y ago |
| 470x47c1…4770 | For | 50K | 10.75% | — | 2y ago |
| B40xb49f…7948 | For | 50K | 10.75% | — | 2y ago |
| 070x0703…961b | For | 50K | 10.75% | — | 2y ago |
| 130x13bd…8548 | For | 50K | 10.75% | — | 2y ago |
| 7B0x7b3c…cc33 | For | 50K | 10.75% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 10.75% | — | 2y ago |
| B30xb356…c826 | For | 3.9K | 0.85% | — | 2y ago |
| 220x2210…d02e | For | 1.7K | 0.35% | — | 2y ago |
| 660x66cd…65f9 | For | 481.8 | 0.10% | — | 2y ago |
| E40xe459…e666 | For | 5.2 | 0.00% | — | 2y ago |
| 7E0x7e1b…6a0f | For | 1.3 | 0.00% | — | 2y ago |
| 720x72c5…7708 | For | 1 | 0.00% | — | 2y ago |
| 050x0579…ca09 | For | 1 | 0.00% | — | 2y ago |
| 4B0x4bb5…1a23 | For | 0.5 | 0.00% | — | 2y ago |
| 1E0x1e65…a776 | For | 0.1 | 0.00% | — | 2y ago |
| C40xc47c…32bd | For | 0.1 | 0.00% | — | 2y ago |
| EC0xec87…a9a9 | For | 0 | 0.00% | — | 2y ago |
| DE0xde7d…2990 | For | 0 | 0.00% | — | 2y ago |
| E00xe005…59d8 | For | 0 | 0.00% | — | 2y ago |
| D20xd2ab…94cd | For | 0 | 0.00% | — | 2y ago |
| E50xe570…3510 | For | 0 | 0.00% | — | 2y ago |
| 7A0x7ac9…73e8 | For | 0 | 0.00% | — | 2y ago |
| 1C0x1c98…f168 | For | 0 | 0.00% | — | 2y ago |
| A10xa1a0…0de0 | For | 0 | 0.00% | — | 2y ago |
| 420x42a5…22d7 | For | 0 | 0.00% | — | 2y ago |
| 710x7160…684c | For | 0 | 0.00% | — | 2y ago |
| 780x7848…fec7 | For | 0 | 0.00% | — | 2y ago |
| 9E0x9e51…eb59 | For | 0 | 0.00% | — | 2y ago |
| DA0xda00…3f51 | For | 0 | 0.00% | — | 2y ago |
| D40xd4cc…2140 | For | 0 | 0.00% | — | 2y ago |
| 2A0x2abf…ba80 | For | 0 | 0.00% | — | 2y ago |
| 9A0x9a9d…7481 | For | 0 | 0.00% | — | 2y ago |
| 1E0x1e21…71b7 | For | 0 | 0.00% | — | 2y ago |
| EE0xee3b…4d02 | For | 0 | 0.00% | — | 2y ago |
| 220x2205…4999 | For | 0 | 0.00% | — | 2y ago |
| A50xa505…fd2d | For | 0 | 0.00% | — | 2y ago |
| 610x618b…de99 | For | 0 | 0.00% | — | 2y ago |
| 560x5689…e0ab | For | 0 | 0.00% | — | 2y ago |
| 220x22de…85a0 | For | 0 | 0.00% | — | 2y ago |
| 0F0x0ff1…fa19 | For | 0 | 0.00% | — | 2y ago |
| ED0xedb2…1897 | For | 0 | 0.00% | — | 2y ago |
| 3D0x3d50…4133 | For | 0 | 0.00% | — | 2y ago |
| F80xf88c…bdfd | For | 0 | 0.00% | — | 2y ago |
| 420x42a2…8df6 | For | 0 | 0.00% | — | 2y ago |
| 580x5884…2db4 | For | 0 | 0.00% | — | 2y ago |
| E30xe37a…239a | For | 0 | 0.00% | — | 2y ago |
07Forum
- Add WBTC to WETH Comets on Ethereum and Arbitrum ↗discourse · high confidence
Arguments for
- WBTC collateral will bring more liquidity into the Compound protocol and enable WETH borrowing against WBTC, matching market demand demonstrated across other protocols.— dmitriywoofsoftware, Gauntlet
- High 0.98 correlation between WBTC and WETH creates an optimal scenario for achieving higher leverage while mitigating risk.— Gauntlet
- Significant market opportunity exists, with $128 million of WETH already borrowed against WBTC in Aave v3 on Ethereum and $16 million on Arbitrum, showing strong ecosystem demand.— Gauntlet
- Risk parameters are well-calibrated based on thorough Gauntlet analysis with appropriate collateral factor, liquidation factor, liquidation penalty, and supply caps for both Ethereum and Arbitrum.— Gauntlet, jbass-oz
- Implementation has passed extensive testing including Forge tests, gas profiler, contract scanning, unit tests, and mainnet-weth scenario simulations.— dmitriywoofsoftware
- OpenZeppelin independently confirmed the proposal executes as intended, uses appropriate WBTC/BTC and BTC/ETH price feeds, and adheres to Gauntlet recommendations.— jbass-oz
Arguments against
None surfaced.
Unresolved concerns
- Slither security analysis failed in the test runs for both Mainnet and Arbitrum PRs, though this was not addressed or explained in subsequent discussion.— dmitriywoofsoftware
- No detailed discussion of what the Slither failures represent or whether they pose actual security risks to the protocol.— dmitriywoofsoftware
Notable participants
- GauntletRisk analysis and parameter recommendations for WBTC collateral addition on both networks.
- dmitriywoofsoftwareCore implementer from WOOF team, submitted PRs and managed proposal execution for both Mainnet and Arbitrum additions.
- jbass-ozProvided OpenZeppelin audit confirmation of proposal execution and price feed validation.
- jbass-ozCommunity voice confirming technical correctness and security of the implementation.
Generated by Kvorum
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