KVORUM
compoundSource: Compound governor bravo · #45

Add TUSD Support

executedMay 19, 2021, 10:10 AM UTCby3D0x3ddf…5296

01Summary

AISummary by Kvorumclaude-haiku-4-5

Add TrueUSD (TUSD) as a supported asset on Compound with 0% collateral factor, 7.5% reserve factor, unlimited borrow cap, and a $1 peg price feed. TUSD is a fully collateralized stablecoin with real-time attestations from Armanino.

Type
protocol addition

Key changes

  • Add TUSD as a supported collateral asset on Compound protocol(high)
  • Set TUSD collateral factor to 0%, matching USDT parameters(high)
  • Set TUSD reserve factor to 7.5%(medium)
  • Implement $1 price peg for TUSD to prevent collateral requirement changes from underlying asset weakness(high)
  • Use JumpRateModelV2 interest rate model for TUSD, same as cUSDT and cDAI(medium)
  • Deploy upgradeable cToken contract with transfer fee accommodation capability(medium)
Contracts0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0x12392F67bdf24faE0AF363c24AC620a2f67DAd860x4007B71e01424b2314c020fB0344b03A7C499E1A
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

203 words

Add TUSD Support

This proposal adds TrueUSD as a supported asset.

TUSD is a 1:1 US dollar backed stablecoin. TUSD is the only stablecoin that has real-time, 24/7 attestations from Armanino, a top US accounting firm, providing assurance that the token is fully collateralized by US Dollars.

Market Parameters

This proposal sets TUSD with a collateral factor of 0%, reserve factor of 7.5%, and unlimited borrow cap. These parameters follow the values set by USDT, with 0% collateral factor. The collateral factor can be proposed to be higher with a future proposal.

This proposal updates the Compound price feed to peg TUSD to $1, similarly to USDC. By using a peg, weakness in the underlying asset will not change collateral requirements for users borrowing TUSD.

The interest rate model for TrueUSD relies on the same model as cUSDT and cDAI, JumpRateModelV2.

Contracts

cTUSD is an upgradeable cToken contract that has been modified to accommodate potential transfer fees in the underlying token.

The cToken contract has been reviewed by OpenZeppelin and the Compound team. The cTUSD contract has been reviewed by the TrustToken and Ethworks teams.

The case for why TUSD benefits compound has been discussed by the compound community here

03Mismatch analysis

AIMismatch analysis by Kvorum

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

04Actions

3 total
#0_setPriceOracle(address)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setPriceOracle(address)
Arguments
{
  "0": "0x4007B71e01424b2314c020fB0344b03A7C499E1A"
}
Calldata
#1_supportMarket(address)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_supportMarket(address)
Arguments
{
  "0": "0x12392F67bdf24faE0AF363c24aC620a2f67DAd86"
}
Calldata
#2_setReserveFactor(uint256)chain 0x1
Target
0x1239…ad86
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "75000000000000000"
}
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

  • TrueUSD is a compliant, transparent, third-party-attested stablecoin with strong liquidity across major exchanges and DeFi protocols, making it a good fit for Compound.— Joyce
  • TUSD is already supported as collateral on other major DeFi protocols like Aave and MakerDAO, demonstrating a track record of safe integration.— mistertom
  • TrueUSD has undergone multiple third-party security audits and maintains a bug bounty program, supporting confidence in its smart contract security.— mistertom
  • Simulation testing showed the proposal could be successfully proposed, voted, queued, and executed, and that the new market and oracle were configured correctly.— Joyce, arr00
  • A core contributor expressed confidence that the simulation was likely correct and voiced enthusiasm for the proposal moving forward.— jared

Arguments against

None surfaced.

Unresolved concerns

  • No clear diff or explanation was provided showing exactly how the deployed contracts differ from standard Compound contracts and why each change was needed.— mistertom, arr00
  • The simulation script was hard to verify and replicate due to hardcoded transaction data and lack of a standard single-script format, limiting community ability to independently confirm correctness.— jared
  • The oracle configuration itself (beyond the code diff) was not independently verified by community reviewers.— mistertom
  • Prices on the new oracle were stale (over 42 days old) ahead of the proposal's execution window, requiring fresh price postings before execution.— mistertom

Notable participants

  • JoyceProposer from the TrueUSD team who introduced the proposal, provided technical details, and responded to community requests with simulation updates and source code.
  • jaredCompound community/core contributor who pressed for clearer, more reproducible simulation methodology while remaining supportive of the proposal.
  • mistertomCommunity member who raised due-diligence requests around contract diffs, security audits, comparable integrations, and oracle price freshness.
  • arr00Community member who independently verified the deployed contract version against the Compound repository and ran additional simulations.
Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
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