Add weETH as collateral into cWETHv3 on Base
01Summary
Compound Growth Program proposes to add weETH as collateral to the cWETHv3 market on Base network. The proposal includes executing an addAsset call with risk parameters recommended by Gauntlet, and deploying an upgrade to the WETH Comet contract on Base via cross-chain messaging.
- Type
- protocol addition
Key changes
- Add weETH token (0x04c0599ae5a44757c0af6f9ec3b93da8976c150a) as collateral asset to cWETHv3 market on Base(high)
- Set risk parameters for weETH based on Gauntlet recommendations including collateral factor of 0x12, liquidation threshold of 0xc7d713b49da00000, and other risk parameters(high)
- Deploy and upgrade the WETH Comet contract implementation on Base network(high)
Generated by Kvorum
02Description
Add weETH as collateral into cWETHv3 on Base
Proposal summary
Compound Growth Program [AlphaGrowth] proposes to add weETH into cWETHv3 on Base network. This proposal takes the governance steps recommended and necessary to update a Compound III WETH market on Base. 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 weETH to the WETH Comet on Base. This sends the encoded addAsset and deployAndUpgradeTo calls across the bridge to the governance receiver on Base.
03Mismatch analysis
The proposal describes a single action: sending a cross-chain message via the bridge to add weETH as collateral to the WETH Comet on Base, encoding addAsset and deployAndUpgradeTo calls. The decoded calldata shows exactly one action, a sendMessage call to the known Base governance receiver address, whose embedded calldata contains the function signatures addAsset(...) and deployAndUpgradeTo(address,address), matching the description precisely in structure and target. No specific numeric risk parameters (collateral factors, supply cap, etc.) are stated in the prose beyond a reference to Gauntlet's forum recommendations, so there is no explicit value to cross-check for mismatch — the calldata's numeric parameters (borrow/liquidate collateral factors, liquidation factor, supply cap) are consistent with what would be expected for such an addAsset call and cannot be shown to contradict the description. No extra, omitted, or misdirected actions were found; the single decoded action fully aligns with the single described action. Given the clear match in function names, target address, and overall intent, and no verifiable numeric contradiction, the proposal is assessed as consistent with high confidence.
Generated by Kvorum
04Actions
- Target
- 0x866e…0afa
- Value
- 0 wei
- Function
- sendMessage(address,bytes,uint32)
- Arguments
{ "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A", "1": "0x000000000000000000000000000000000000000000000000000000000000008000000000000000000000000000000000000000000000000000000000000000e000000000000000000000000000000000000000000000000000000000000001400000000000000000000000000000000000000000000000000000000000000280000000000000000000000000000000000000000000000000000000000000000200000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e581000000000000000000000000bde8f31d2ddda895264e27dd990fab3dc87b372d0000000000000000000000000000000000000000000000000000000000000002000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000c00000000000000000000000000000000000000000000000000000000000000046616464417373657428616464726573732c28616464726573732c616464726573732c75696e74382c75696e7436342c75696e7436342c75696e7436342c75696e743132382929000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c61646472657373290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000200000000000000000000000000000000000000000000000000000000000000400000000000000000000000000000000000000000000000000000000000000160000000000000000000000000000000000000000000000000000000000000010000000000000000000000000046e6b214b524310239732d51387075e0e70970bf00000000000000000000000004c0599ae5a44757c0af6f9ec3b93da8976c150a000000000000000000000000841e380e3a98e4ee8912046d69731f4e21efb1d700000000000000000000000000000000000000000000000000000000000000120000000000000000000000000000000000000000000000000c7d713b49da00000000000000000000000000000000000000000000000000000ce80612991d00000000000000000000000000000000000000000000000000000d529ae9e8600000000000000000000000000000000000000000000000000071d75ab9b920500000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e58100000000000000000000000046e6b214b524310239732d51387075e0e70970bf", "2": "3000000" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 680x683a…6c02 | For | 90.1K | 14.72% | — | 2y ago |
| 220x2210…d02e | For | 85.9K | 14.04% | — | 2y ago |
| B90xb933…8dd1 | For | 80K | 13.08% | — | 2y ago |
| 070x0703…961b | For | 70K | 11.44% | — | 2y ago |
| ED0xed11…bb04 | For | 50K | 8.17% | — | 2y ago |
| 130x13bd…8548 | For | 50K | 8.17% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 8.17% | — | 2y ago |
| 7B0x7b3c…cc33 | For | 50K | 8.17% | — | 2y ago |
| 3F0x3fb1…4c8a | For | 45.6K | 7.45% | — | 2y ago |
| 660x66cd…65f9 | For | 35.6K | 5.82% | — | 2y ago |
| B30xb356…c826 | For | 4.6K | 0.75% | — | 2y ago |
| 720x72c5…7708 | For | 12 | 0.00% | — | 2y ago |
| E40xe459…e666 | For | 5.2 | 0.00% | — | 2y ago |
| 210x21b3…fa75 | For | 2 | 0.00% | — | 2y ago |
| 8B0x8bc8…7276 | For | 1.1 | 0.00% | — | 2y ago |
| 050x0579…ca09 | For | 1 | 0.00% | — | 2y ago |
| 170x1729…b879 | For | 1 | 0.00% | — | 2y ago |
| D20xd2a7…5a0c | For | 1 | 0.00% | — | 2y ago |
| 7D0x7d55…b6f6 | For | 0.2 | 0.00% | — | 2y ago |
| 780x78c9…2f25 | For | 0.1 | 0.00% | — | 2y ago |
| 130x1340…8385 | For | 0 | 0.00% | — | 2y ago |
| 880x88f6…0ec0 | For | 0 | 0.00% | — | 2y ago |
| F80xf88c…bdfd | For | 0 | 0.00% | — | 2y ago |
| B50xb5c1…6e58 | For | 0 | 0.00% | — | 2y ago |
07Forum
- Add weETH as Collateral to ETH Markets on Optimism and Base ↗discourse · high confidence
Arguments for
- weETH is 100% redeemable for ETH since inception with substantial liquidity reserves and on-chain pools across multiple chains to facilitate low-slippage withdrawals.— RupertPumpkin
- Adding weETH can serve as a growth engine by tapping into the rapidly growing LRT sector in 2024.— RupertPumpkin
- Users depositing weETH into Compound will accumulate ether.fi and EigenLayer points for future incentives, creating additional value for participants.— RupertPumpkin
- Gauntlet's risk analysis supports the addition with specific parameters (90% collateral factor, 93% liquidation factor, 4% penalty) and supply caps deemed appropriate for both chains.— Gauntlet
- Technical implementation has passed extensive testing including forge tests, gas profiling, scenario simulations, and unit tests for both Optimism and Base deployments.— dmitriywoofsoftware
Arguments against
None surfaced.
Unresolved concerns
- Slither static analysis fails for both the Optimism and Base implementations, though the functional significance of these failures is not explained.— dmitriywoofsoftware
Notable participants
- RupertPumpkinProposer representing ether.fi, presenting the motivation and case for weETH collateral addition.
- GauntletRisk analyst providing detailed parameter recommendations and DEX liquidity analysis for both Optimism and Base deployments.
- dmitriywoofsoftwareCore implementation contributor preparing and testing the smart contract deployment proposals for both chains.
- sharpCommunity participant noting overlap with an existing Base collateral proposal to avoid duplicate work.
- AlphaGrowthCompound Growth Program member referenced in the proposal descriptions for coordinating the additions.
Generated by Kvorum
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