Add Market: MATIC & Update Price Oracle

MATIC is the ecosystem token of Polygon (previously Matic) - an EVM compatible sidechain & L2 project with a current TVL of more than $4B and 7000+ dapps deployed across DeFi, NFT, Gaming, and DAO spaces. Polygon's scope and vision are to become an Ethereum scaling aggregator.

With a market cap of $11BB and +$300MM daily exchange volume, MATIC is a strong asset to be listed on Compound.

Interestingly, MATIC has significant usage on Aave Polygon at $280MM in liquidity but isn't supported by Aave's mainnet contracts. This is an opportunity for Compound to become the mainnet destination for MATIC.

It should be noted this asset addition has not been reviewed by Open Zeppelin. Given that MATIC is a well-established contract and the ctoken contract utilizes the current standard, there is a good precedent to support the asset addition. As usual, the proposal is to list MATIC with a 0 collateral factor. This allows Compound to onboard assets incrementally and safely.

Forum thread

The proposal also updates the protocol's oracle from here to here. The contract code is identical, all existing markets retain the same configuration, and we introduce FRAX, LUSD, and RAI to the mix.

These have been added to the oracle on a best-efforts basis and exist for governance's consideration in future asset-specific governance votes. Their addition to the oracle is not our endorsement or opposition for their addition to the protocol. They are there so votes can occur to add the assets to the protocol, and the full merits of each asset should be considered at that time.