KVORUM
compoundSource: Compound governor bravo · #350

Initialize cUSDSv3 on Ethereum Mainnet

executedOct 22, 2024, 10:28 AM UTCbyD20xd2a7…5a0c

01Summary

AISummary by Kvorumclaude-haiku-4-5

Compound Growth Program proposes to initialize cUSDSv3 on Ethereum Mainnet, deploying Compound III with USDS as the base asset. The proposal includes setting up risk parameters (based on Gauntlet recommendations), configuring collaterals (wstETH, USDC, USDT, cbETH, and stETH), seeding market reserves with 300,000 DAI converted to USDS at 1:1 ratio, and registering the market on the official markets registry. sUDSS and sUSDe collaterals are excluded pending price feed audits.

Type
protocol addition
Funding
$300000

Key changes

  • Deploy new Compound III cUSDSv3 market on Ethereum Mainnet with USDS as base asset(high)
  • Configure risk parameters for collaterals including wstETH, USDC, USDT, cbETH, and stETH based on Gauntlet recommendations(high)
  • Seed cUSDSv3 market reserves with 300,000 USDS (converted from 300,000 DAI from cDAI reserves)(high)
  • Set up rewards contract configuration for the new cUSDSv3 Comet instance(medium)
  • Register cUSDSv3 as official market in ENS v3-official-markets registry(medium)
  • Exclude sUDSS and sUSDe collaterals pending price feed audits, to be added later(medium)

Notable concerns

  • sUDSS and sUSDe collaterals deferred pending price feed audits
  • Market initialization depends on successful scenario suite simulations
  • Requires conversion of existing cDAI reserves to fund market
Contracts0x5D409e56D886231aDAf00c8775665AD0f9897b560x316f9708bb98af7da9c68c1c3b5e79039cd336e30x1ec63b5883c3481134fd50d5daebc83ecd2e87790x1b0e765f6224c21223aea2af16c1c46e38885a400x5d3a536e4d6dbd6114cc1ead35777bab948e36430x6b175474e89094c44da98b954eedeac495271d0f0x3225737a9bbb6473cb4a45b7244aca2befdb276a0x4976fb03c32e5b8cfe2b6ccb31c09ba78ebaba41
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

326 words

Initialize cUSDSv3 on Ethereum Mainnet

Proposal summary

Compound Growth Program [AlphaGrowth] proposes the deployment of Compound III to the Mainnet network. This proposal takes the governance steps recommended and necessary to initialize a Compound III USDS market on Mainnet; upon execution, cUSDSv3 will be ready for use. 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, deploy market GitHub action run and forum discussion.

wstETH price feed

For LSTs, the goal is to use full exchange rate price feeds. Thus, we treat that stETH:ETH is 1:1.

sUSDS and sUSDe collaterals

Gauntlet suggests having sUDSS and sUSDe collaterals. This proposal does not include them, because the price feed is under the audit. We suggest to start bootstrapping the liquidity without these collaterals and as the price feed is audited, we will add these collaterals. We discussed it with Gauntlet, and we received the approval to have such an approach.

Proposal Actions

The first proposal action sets the CometFactory for the new Comet instance in the existing Configurator.

The second action configures the Comet instance in the Configurator.

The third action deploys an instance of the newly configured factory and upgrades the Comet instance to use that implementation.

The fourth action configures the existing rewards contract for the newly deployed Comet instance.

The fifth action reduces Compound’s cDAI reserves and transfers it to Timelock, in order to convert it to USDS to then seed the market reserves for the cUSDSv3 Comet.

The sixth action approves DAI to DAI-to-USDS native converter.

The seventh action converts DAI to USDS with 1:1 ratio and transfers USDS to cUSDSv3 Comet.

The eight 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 Ethereum Mainnet cUSDSv3 market.

03Mismatch analysis

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

I mapped each of the eight actions described in the proposal text to the eight decoded calldata actions in order. Action 0 (setFactory), 1 (setConfiguration), 2 (deployAndUpgradeTo), 3 (setRewardConfig), 4 (_reduceReserves), 5 (approve), 6 (daiToUsds), and 7 (setText) each correspond exactly to the sequence and semantics described in the 'Proposal Actions' section. The setConfiguration call's collateral array contains 5 assets and notably omits sUSDS and sUSDe, consistent with the description's explicit statement that these are excluded pending price-feed audit. The reduceReserves amount (300,000 DAI-equivalent) matches the approve and daiToUsds amounts, and the USDS is sent to the same address used as the Comet proxy in setFactory/setConfiguration/deployAndUpgradeTo, confirming the seeded market matches the newly deployed Comet. The ENS setText call adds a USDS entry under chain '1' consistent with 'new Ethereum Mainnet cUSDSv3 market'. No numeric values, targets, or omitted/added actions contradict the prose. Overall the description is an accurate, appropriately high-level summary of the calldata with no material or misleading discrepancies found.

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

04Actions

8 total
#0setFactory(address,address)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setFactory(address,address)
Arguments
{
  "0": "0x5D409e56D886231aDAf00c8775665AD0f9897b56",
  "1": "0x698A949f3b4f7a5DdE236106F25Fa0eAcA0FcEF1"
}
Calldata
#1setConfiguration(address,(address,address,address,address,address,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint104,uint104,uint104,(address,address,uint8,uint64,uint64,uint64,uint128)[]))chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setConfiguration(address,(address,address,address,address,address,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint104,uint104,uint104,(address,address,uint8,uint64,uint64,uint64,uint128)[]))
Arguments
{
  "0": "0x5D409e56D886231aDAf00c8775665AD0f9897b56",
  "1": [
    "0x6d903f6003cca6255D85CcA4D3B5E5146dC33925",
    "0xbbf3f1421D886E9b2c5D716B5192aC998af2012c",
    "0xdC035D45d973E3EC169d2276DDab16f1e407384F",
    "0xfF30586cD0F29eD462364C7e81375FC0C71219b1",
    "0x95DeDD64b551F05E9f59a101a519B024b6b116E7",
    "900000000000000000",
    "39000000000000000",
    "3600000000000000000",
    "0",
    "900000000000000000",
    "33300000000000004",
    "4000000000000000000",
    "15000000000000000",
    "600000000000000000",
    "1000000000000000",
    "289351851851",
    "289351851851",
    "10000000000000000000000",
    "10000000000000000000",
    "20000000000000000000000000",
    [
      [
        "0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2",
        "0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419",
        "18",
        "830000000000000000",
        "900000000000000000",
        "950000000000000000",
        "50000000000000000000000"
      ],
      [
        "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3",
        "0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961",
        "18",
        "700000000000000000",
        "750000000000000000",
        "850000000000000000",
        "50000000000000000000000000"
      ],
      [
        "0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf",
        "0x2665701293fCbEB223D11A08D826563EDcCE423A",
        "8",
        "800000000000000000",
        "850000000000000000",
        "950000000000000000",
        "15000000000"
      ],
      [
        "0x18084fbA666a33d37592fA2633fD49a74DD93a88",
        "0x8350b7De6a6a2C1368E7D4Bd968190e13E354297",
        "18",
        "760000000000000000",
        "810000000000000000",
        "900000000000000000",
        "285000000000000000000"
      ],
      [
        "0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0",
        "0x7dE363b6Bf0a892B94a1Cd0C9DF76826bFC14228",
        "18",
        "820000000000000000",
        "870000000000000000",
        "920000000000000000",
        "10000000000000000000000"
      ]
    ]
  ]
}
Calldata
#2deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3",
  "1": "0x5D409e56D886231aDAf00c8775665AD0f9897b56"
}
Calldata
#3setRewardConfig(address,address)chain 0x1
Target
0x1b0e…5a40
Value
0 wei
Function
setRewardConfig(address,address)
Arguments
{
  "0": "0x5D409e56D886231aDAf00c8775665AD0f9897b56",
  "1": "0xc00e94Cb662C3520282E6f5717214004A7f26888"
}
Calldata
#4_reduceReserves(uint256)chain 0x1
Target
0x5d3a…3643
Value
0 wei
Function
_reduceReserves(uint256)
Arguments
{
  "0": "300000000000000000000000"
}
Calldata
#5approve(address,uint256)chain 0x1
Target
0x6b17…1d0f
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "0": "0x3225737a9Bbb6473CB4a45b7244ACa2BeFdB276A",
  "1": "300000000000000000000000"
}
Calldata
#6daiToUsds(address,uint256)chain 0x1
Target
0x3225…276a
Value
0 wei
Function
daiToUsds(address,uint256)
Arguments
{
  "0": "0x5D409e56D886231aDAf00c8775665AD0f9897b56",
  "1": "300000000000000000000000"
}
Calldata
#7setText(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\"},{\"baseSymbol\":\"USDT\",\"cometAddress\":\"0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840\"},{\"baseSymbol\":\"wstETH\",\"cometAddress\":\"0x3D0bb1ccaB520A66e607822fC55BC921738fAFE3\"},{\"baseSymbol\":\"USDS\",\"cometAddress\":\"0x5D409e56D886231aDAf00c8775665AD0f9897b56\"}],\"10\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0x2e44e174f7D53F0212823acC11C01A11d58c5bCB\"},{\"baseSymbol\":\"USDT\",\"cometAddress\":\"0x995E394b8B2437aC8Ce61Ee0bC610D617962B214\"},{\"baseSymbol\":\"WETH\",\"cometAddress\":\"0xE36A30D249f7761327fd973001A32010b521b6Fd\"}],\"137\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0xF25212E676D1F7F89Cd72fFEe66158f541246445\"},{\"baseSymbol\":\"USDT\",\"cometAddress\":\"0xaeB318360f27748Acb200CE616E389A6C9409a07\"}],\"8453\":[{\"baseSymbol\":\"USDbC\",\"cometAddress\":\"0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf\"},{\"baseSymbol\":\"WETH\",\"cometAddress\":\"0x46e6b214b524310239732D51387075E0e70970bf\"},{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0xb125E6687d4313864e53df431d5425969c15Eb2F\"},{\"baseSymbol\":\"AERO\",\"cometAddress\":\"0x784efeB622244d2348d4F2522f8860B96fbEcE89\"}],\"42161\":[{\"baseSymbol\":\"USDC.e\",\"cometAddress\":\"0xA5EDBDD9646f8dFF606d7448e414884C7d905dCA\"},{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf\"},{\"baseSymbol\":\"WETH\",\"cometAddress\":\"0x6f7D514bbD4aFf3BcD1140B7344b32f063dEe486\"},{\"baseSymbol\":\"USDT\",\"cometAddress\":\"0xd98Be00b5D27fc98112BdE293e487f8D4cA57d07\"}],\"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

No forum thread is confidently linked to this proposal.