KVORUM
compoundSource: Compound governor bravo · #357

Initialize cUSDEv3 on Mantle

executedNov 6, 2024, 12:19 PM UTCbyD20xd2a7…5a0c

01Summary

AISummary by Kvorumclaude-haiku-4-5

Compound governance proposes deploying Compound III to the Mantle network with a cUSDEv3 market, including bridging 78.86M USDT from Ethereum to Mantle for market seeding, deploying 3.6K COMP tokens as rewards at 4 COMP/day for both supply and borrow, and updating official market registries.

Type
protocol addition
Funding
$78858450960

Key changes

  • Deploy Compound III (cUSDEv3) on Mantle network with USDe as base asset(high)
  • Bridge 78.86M USDT from Ethereum to Mantle via L1StandardBridge for market reserves(high)
  • Bridge 3.6K COMP tokens to Mantle as reward token with initial supply speed of 4 COMP/day and borrow speed of 4 COMP/day(high)
  • Deploy Safe-based pauseGuardian on Mantle for market safety controls(medium)
  • Deploy OptimismMintableERC20 COMP token on Mantle following Optimism USDC deployment pattern(medium)
  • Update official v3-official-markets ENS registry to include new Mantle cUSDEv3 market on chain ID 5000(medium)
  • Set market risk parameters based on Gauntlet recommendations(high)

Notable concerns

  • Cross-chain bridging introduces additional operational and technical risk
  • Market relies on external USDe token which introduces dependency on Ethena protocol
  • Reward distribution parameters (4 COMP/day) should be monitored for sustainability
Contracts0x676a795fe6e43c17c668de16730c3f690feb71200xf650c3d88d12db855b8bf7d11be6c55a4e07dcc90xdac17f958d2ee523a2206206994597c13d831ec70x95fc37a27a2f68e3a647cdc081f0a89bb47c30120xc00e94cb662c3520282e6f5717214004a7f268880x4976fb03c32e5b8cfe2b6ccb31c09ba78ebaba41
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

360 words

Initialize cUSDEv3 on Mantle

Proposal summary

Compound Growth Program [AlphaGrowth] proposes deployment of Compound III to Mantle network. This proposal takes the governance steps recommended and necessary to initialize a Compound III USDe market on Mantle; upon execution, cUSDEv3 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 pull request, deploy market GitHub action run and forum discussion.

COMP token on Mantle

For creating a COMP token we used the same approach that we used before in the first Optimism USDC deployment. It uses OptimismMintableERC20 standard. The deployment COMP transaction. COMP token on Mantle.

Pause Guardian

We deployed Safe pauseGuardian using clone-multisig.ts. Deployment transaction. Address of pauseGuardian

Proposal Actions

The first proposal action sets the Comet configuration, deploys a new Comet implementation on Mantle and swaps received USDT for USDe. This sends the encoded 'setConfiguration', 'deployAndUpgradeTo', 'transfer' and 'swap' calls across the bridge to the governance receiver on Mantle. It also calls 'setRewardConfig' on the Mantle rewards contract, to establish Mantle’s bridged version of COMP as the reward token for the deployment and set the initial supply speed to be 4 COMP/day and borrow speed to be 4 COMP/day.

The second action reduces Compound’s cUSDT reserves and transfers it to Timelock, in order to swap it for USDe and then seed the market reserves for the cUSDEv3 Comet.

The third action approves Mantle’s L1StandardBridge to take USDT, in order to then swap it for USDe./n/nThe fourth action deposits USDT from mainnet to the Mantle L1StandardBridge contract to bridge to Timelock which will swap it for USDe to seed the reserves.

The fifth action approves Mantle’s L1StandardBridge to take Timelock's COMP, in order to seed the rewards contract through the bridge.

The sixth action deposits 3.6K COMP from mainnet to the Mantle L1StandardBridge contract to bridge to CometRewards.

The seventh 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 Mantle cUSDEv3 market.

03Mismatch analysis

AIMismatch analysis by Kvorum

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

04Actions

7 total
#0sendMessage(address,bytes,uint32)chain 0x1
Target
0x676a…7120
Value
0 wei
Function
sendMessage(address,bytes,uint32)
Arguments
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  "2": "2500000"
}
Calldata
#1_reduceReserves(uint256)chain 0x1
Target
0xf650…dcc9
Value
0 wei
Function
_reduceReserves(uint256)
Arguments
{
  "0": "78858450960"
}
Calldata
#2approve(address,uint256)chain 0x1
Target
0xdac1…1ec7
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "0": "0x95fC37A27a2f68e3A647CDc081F0A89bb47c3012",
  "1": "78858450960"
}
Calldata
#3depositERC20To(address,address,address,uint256,uint32,bytes)chain 0x1
Target
0x95fc…3012
Value
0 wei
Function
depositERC20To(address,address,address,uint256,uint32,bytes)
Arguments
{
  "0": "0xdAC17F958D2ee523a2206206994597C13D831ec7",
  "1": "0x201EBa5CC46D216Ce6DC03F6a759e8E766e956aE",
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  "3": "78858450960",
  "4": "200000",
  "5": "0x"
}
Calldata
#4approve(address,uint256)chain 0x1
Target
0xc00e…6888
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "0": "0x95fC37A27a2f68e3A647CDc081F0A89bb47c3012",
  "1": "3600000000000000000000"
}
Calldata
#5depositERC20To(address,address,address,uint256,uint32,bytes)chain 0x1
Target
0x95fc…3012
Value
0 wei
Function
depositERC20To(address,address,address,uint256,uint32,bytes)
Arguments
{
  "0": "0xc00e94Cb662C3520282E6f5717214004A7f26888",
  "1": "0x52b7D8851d6CcBC6342ba0855Be65f7B82A3F17f",
  "2": "0xCd83CbBFCE149d141A5171C3D6a0F0fCCeE225Ab",
  "3": "3600000000000000000000",
  "4": "200000",
  "5": "0x"
}
Calldata
#6setText(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\"}],\"5000\":[{\"baseSymbol\":\"USDe\",\"cometAddress\":\"0x606174f62cd968d8e684c645080fa694c1D7786E\"}],\"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

Voters29
VP participating707.7K
Outcome (current)For
Current support100%

06Voters

29 total

No votes recorded yet.

07Forum

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

Arguments for

  • Mantle offers a large and rapidly growing L2 ecosystem (TVL, bridged assets, active addresses) that would expand Compound's cross-chain footprint and tap into an active user base.— 0xGabe, sharp, rossgates
  • Mantle Treasury and EcoFund are offering concrete financial support ($10M supply-side liquidity and $1M in MNT incentives) to bootstrap adoption of the new market.— 0xGabe, PGov
  • Partnership with Bybit provides native support for Mantle deposits/withdrawals, giving Compound instant access to a large, fast-growing exchange user base.— 0xGabe
  • Gauntlet's risk analysis of collateral factors, liquidation penalties, supply caps and IR curves indicates the proposed USDe market parameters are appropriately calibrated for safe launch.— Gauntlet
  • Technical due diligence—audits, Slither/Forge scans, unit tests, scenario tests, and successful migration simulations—confirms the market implementation is ready for deployment.— dmitriywoofsoftware, Olha

Arguments against

None surfaced.

Unresolved concerns

  • No clear guidance exists for bridging the COMP token back from Mantle to Ethereum, as there is no official or third-party frontend for this action.— BlueSteve
  • Mantle's sequencer remains centralized and its fault-proof system is not yet live, posing residual security risks that were flagged but not further debated.— 0xGabe

Notable participants

  • 0xGabeProposer from Mantle Network who authored the original deployment proposal, provided ecosystem data, and negotiated treasury incentive commitments.
  • sharpAlphaGrowth representative expressing support for the expansion and requesting Gauntlet's risk review.
  • rossgatesSupportive voice highlighting the strategic value of involving Mantle, Ethena, and Bybit in Compound's growth.
  • PGovDelegate who expressed support while asking for clarification on potential incentive/reward levels.
  • GauntletRisk management provider that delivered detailed parameter recommendations (collateral factors, caps, IR curves, incentives) for the new market.
  • dmitriywoofsoftwareContributor from Woof Software who ran technical audits/tests and drafted the on-chain proposal actions for the market initialization.
  • OlhaPosted a duplicate/updated version of the technical audit and proposal actions for the Mantle USDe market.
  • BlueSteveCommunity member who raised an unresolved practical question about bridging COMP tokens off Mantle.
  • woofLater contributor who submitted follow-up proposals updating price feeds (CAPO/SVR) and expanding collateral support for the Mantle USDe market.
Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
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