Add Market: USDP
01Summary
Add Pax Dollar (USDP), a NYDFS-regulated stablecoin, as a new market on Compound with standard stablecoin parameters: 0% collateral factor, 25% reserve factor, same interest rate model as cDAI/cUSDT/cTUSD, and no initial COMP rewards. Also updates the Chainlink oracle to support USDP pricing.
- Type
- protocol addition
Key changes
- Add USDP market with 0% collateral factor (cannot be used as collateral initially)(high)
- Set reserve factor to 25% for USDP market(medium)
- Update Chainlink oracle to support USDP price feeds pegged to 1 USD(high)
- Apply stablecoin standard interest rate model (same as cDAI, cUSDT, cTUSD)(medium)
- No COMP rewards allocated to USDP market initially(low)
Notable concerns
- Proposer holds no USDP and receives no compensation, indicating independence from Paxos
- 0% collateral factor means USDP cannot initially be used as collateral despite being a regulated stablecoin
- Future COMP rewards allocation pending broader community discussion
Generated by Kvorum
02Description
Add Market: USDP
Pax Dollar (USDP) is one of the most regulated stablecoin around being regulated by the New York State Department of Financial Services (“NYDFS”). This has the following benefits (taken from here):
- The value of each stablecoin token is tied directly to the value of the US dollar, and the amount of “reserve” dollars equal or exceed the number of stablecoins outstanding.
- Regulators are overseeing the establishment and maintenance of reserves backing the stablecoins.
- Reserves may only be held in the safest forms, such as FDIC-insured bank accounts and in short-term maturity US Treasury instruments.
- Reserves are fully segregated from corporate assets, specifically for the benefit of token holders, and are held bankruptcy remote pursuant to the New York Banking Law.
This proposal serves to add a market for Pax Dollar (USDP) with the following parameters:
- Interest rate model: same as cDAI, cUSDT, and cTUSD (stablecoin standard)
- Collateral factor: 0% (standard to start)
- Reserve factor: 25% (standard)
- Borrow limit: none
- COMP rewards: none (for now, pending a broader discussion)
This proposal also updates the Uniswap-anchored ChainLink oracle with support for USDP (pegged to 1 USD).
References:
Proposer disclaimers, affiliations, and transparency:
- USDP held over the past 90 days: none
- Compensation for this proposal: none
- Affiliation to USDP/Paxos: none
03Mismatch analysis
The three decoded actions map cleanly onto the three substantive claims in the description: (1) setting the price oracle to the exact UAV oracle address cited in the references section, (2) adding support for a new cUSDP market, and (3) setting the reserve factor to 25% (250000000000000000 in 18-decimal fixed point, which correctly converts to 25%). The description's other parameter claims (0% collateral factor, no borrow limit, no COMP rewards, and interest rate model matching other stablecoin markets) require no explicit on-chain action in this proposal since they either match protocol defaults (0% collateral factor, no COMP speed) or are set at cToken deployment time outside this governance action, so their absence from the calldata is expected and not a discrepancy. I noted the reference link labeled 'cUSDP' actually points to the underlying USDP token address rather than the cUSDP contract address used in the calldata, but this is a minor documentation/link labeling issue in the references section, not a claim about what the proposal's actions do, and does not affect the substantive accuracy of the description versus the calldata. No value, target, or scope mismatches were found between the prose and the decoded actions.
Generated by Kvorum
04Actions
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setPriceOracle(address)
- Arguments
{ "0": "0x046728da7cb8272284238bD3e47909823d63A58D" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _supportMarket(address)
- Arguments
{ "0": "0x041171993284df560249B57358F931D9eB7b925D" }- Calldata
- Target
- 0x0411…925d
- Value
- 0 wei
- Function
- _setReserveFactor(uint256)
- Arguments
{ "0": "250000000000000000" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| EA0xea6c…3bf7 | For | 306K | 0.00% | — | 5y ago |
| 810x8169…9806 | Against | 101K | 0.00% | — | 5y ago |
| 680x683a…6c02 | For | 100K | 0.00% | — | 5y ago |
| 8D0x8d07…a265 | For | 77.5K | 0.00% | — | 5y ago |
| 9B0x9b68…2984 | For | 66.1K | 0.00% | — | 5y ago |
| 450x458c…730e | For | 50K | 0.00% | — | 5y ago |
| DC0xdc1f…e432 | For | 50K | 0.00% | — | 5y ago |
| 070x0703…961b | For | 50K | 0.00% | — | 5y ago |
| 2B0x2b38…bf33 | Against | 7.7K | 0.00% | — | 5y ago |
| A50xa5dc…d648 | For | 3.3K | 0.00% | — | 5y ago |
| 800x8085…38bd | For | 341.5 | 0.00% | — | 5y ago |
| 840x84e3…5a95 | For | 165.2 | 0.00% | — | 5y ago |
| 910x9140…3013 | For | 30 | 0.00% | — | 5y ago |
| 660x66cd…65f9 | For | 13.4 | 0.00% | — | 5y ago |
| 710x71e2…0d9a | For | 4.6 | 0.00% | — | 5y ago |
07Forum
No forum thread is confidently linked to this proposal.
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