Add LINK Support
01Summary
Proposal to add LINK as a new supported market on Compound with conservative initial parameters including 0% collateral factor, 25% reserve factor, and a JumpRateModelV2 interest rate model. COMP rewards set at 0.0014625 speed for LINK and three other markets (UNI, BAT, ZRX).
- Type
- protocol addition
Key changes
- Add LINK as a new supported market on Compound protocol(high)
- Set LINK collateral factor to 0% to provide a no-risk approach for testing(high)
- Set LINK reserve factor to 25%, matching similar assets(medium)
- Implement JumpRateModelV2 interest rate model with 2% base rate, 20% rate at 80% kink, and 100% at full utilization(high)
- Set COMP emission speed to 0.0014625 for LINK, UNI, BAT, and ZRX(medium)
- Use cLINK contract based on cWBTC2 implementation with sweepToken enhancement(medium)
Notable concerns
- 0% collateral factor means LINK cannot initially be used as collateral to borrow other assets, limiting utility during testing phase
- Future proposal will be needed to increase collateral factor after market develops and stress testing is completed
Generated by Kvorum
02Description
Add LINK Support
LINK is a widely distributed token, with significant liquidity both on and off-chain. As a new market, it will be introduced with the following conservative market parameters:
- Collateral Factor: 0%
- Reserve Factor: 25%
- COMP Speed: 0.0014625 (also set for UNI, BAT, ZRX)
- Interest Rate Model (JumpRateModelV2)
- 2% APY borrow base rate
- 20% APY borrow rate at kink
- Kink at 80% utilization
- 100% APY borrow rate at 100% utilization
A 0% collateral factor provides a “no risk” approach to adding the new asset, and allows the protocol to test if the interest rate model and other parameters are a proper fit. Once the market develops there can be an immediate follow-up proposal to increase the collateral factor based on market performance, stress tests etc.
The Reserve Factor, COMP Speed, and Interest Rate Models were chosen based off the parameters for similar assets (UNI, ZRX, and BAT)
Oracle
The current oracle and TUSD proposal's new oracle is compatible with LINK there is no change needed.
cLINK Contract
The cLINK contract is based on the most recently deployed cToken (cWBTC2) implementation, which includes a sweepToken enhancement for governance to collect accidentally sent tokens received by the proxy contract.
Special Thanks
Special thanks goes out to MasterofNonce for writing the CAP description; Arr00 for helping write simulations; mistertom, jmo, blck, and rleshner for helping decide the parameter proposals; and the community in general for the support and TRiLeZ to organize and deploy the necessery contract and the whole proposal.
References
03Mismatch analysis
The proposal describes: (1) adding LINK as a new market, (2) setting Reserve Factor to 25%, (3) setting COMP Speed to 0.0014625 for the new cLINK market and also updating three other markets (UNI, BAT, ZRX) to the same speed, and (4) leaving Collateral Factor at 0% (i.e., not calling a setter for it, since 0% is effectively the default/no-op state). Matching this against the calldata: action 0 calls _supportMarket with the cLINK address, directly implementing the market addition. Actions 1-4 are four _setCompSpeed calls, one to the cLINK address and three to other cToken addresses, all set to 1462500000000000 wei (1.4625e15), which converts exactly to 0.0014625 — consistent with the description's claim that COMP speed is also set for three other assets. Action 5 sets the reserve factor on the cLINK contract to 250000000000000000 (2.5e17), which equals 25%, matching the stated Reserve Factor. There is no on-chain action setting a collateral factor, which is consistent with the stated 0% collateral factor (no change needed from the default). The interest rate model and cToken implementation details are handled by the already-deployed cLINK contract referenced in the description and are not separate governance actions, which is normal since IRM/proxy setup is baked into contract deployment rather than a Comptroller call. No value mismatches, no unexplained recipients, and no omitted high-impact actions were found. Confidence is high because each value in the description maps cleanly and precisely to a corresponding decoded calldata value.
Generated by Kvorum
04Actions
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _supportMarket(address)
- Arguments
{ "0": "0xFAce851a4921ce59e912d19329929CE6da6EB0c7" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setCompSpeed(address,uint256)
- Arguments
{ "0": "0xFAce851a4921ce59e912d19329929CE6da6EB0c7", "1": "1462500000000000" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setCompSpeed(address,uint256)
- Arguments
{ "0": "0x6C8c6b02E7b2BE14d4fA6022Dfd6d75921D90E4E", "1": "1462500000000000" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setCompSpeed(address,uint256)
- Arguments
{ "0": "0x35A18000230DA775CAc24873d00Ff85BccdeD550", "1": "1462500000000000" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setCompSpeed(address,uint256)
- Arguments
{ "0": "0xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407", "1": "1462500000000000" }- Calldata
- Target
- 0xface…b0c7
- Value
- 0 wei
- Function
- _setReserveFactor(uint256)
- Arguments
{ "0": "250000000000000000" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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