KVORUM
compoundSource: Compound governor oz · #394

Initialize cUSDSv3 on Base

canceledFeb 11, 2025, 12:03 PM UTCbyD20xd2a7…5a0c

01Summary

AISummary by Kvorumclaude-haiku-4-5

Compound Growth Program proposes deploying Compound III to Base network with a cUSDSv3 market. The proposal initializes the market with risk parameters based on Gauntlet recommendations, seeds 100K USDS in reserves by converting cDAI reserves to USDS on mainnet and bridging to Base, and updates the official markets registry.

Type
protocol addition
Funding
$100000

Key changes

  • Deploy Compound III to Base network with cUSDSv3 market using Gauntlet-recommended risk parameters(high)
  • Set COMP reward speeds to 24 COMP/day for supply and 12 COMP/day for borrow on the new Base Comet(high)
  • Convert 100K cDAI reserves to USDS and bridge to Base to seed market reserves(high)
  • Utilize Spark team's pre-deployed sUSDS/USDS price feed on Base instead of deploying new 4626-compatible feed(medium)
  • Update official v3 markets registry to include new Base cUSDSv3 market(medium)

Notable concerns

  • cbBTC collateral recommendations provided internally by Gauntlet without public forum update at time of proposal writing
  • sUSDS price feed implementation differs from mainnet 4626 standard, relying on third-party Spark-deployed oracle
Contracts0x5d3a536e4d6dbd6114cc1ead35777bab948e36430x6b175474e89094c44da98b954eedeac495271d0f0x3225737a9bbb6473cb4a45b7244aca2befdb276a0xdc035d45d973e3ec169d2276ddab16f1e407384f0xa5874756416fa632257eea380cabd2e87ced352a0x4976fb03c32e5b8cfe2b6ccb31c09ba78ebaba410x1Ad4CEBa9f8135A557bBe317DB62Aa125C330F26
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

370 words

Initialize cUSDSv3 on Base

Proposal summary

Compound Growth Program [AlphaGrowth] proposes the deployment of Compound III to the Base network. This proposal takes the governance steps recommended and necessary to initialize a Compound III USDS market on Base; upon execution, cUSDSv3 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 proposal pull request, deploy market GitHub action run and forum discussion.

cbBTC collateral

Due to the high speed of the market deployment, Gauntlet provided recommendations for cbBTC internally. By the voting start of voting, Gauntlet should be able to update forum the thread with recommendations.

sUSDS price feed

The sUSDS on Mainnet was a 4626 contract. However, on Base, the sUSDS contract has another contract standard. To speed up the development we decided to use the already deployed price feed of sUSDS/USDS on Base by Spark team. The price feed is compatible with our price feed interface and can be re-used. The audit report of price feed.

Proposal Actions

The first proposal action sets the Comet configuration, deploys a new Comet implementation on Base and sends the encoded 'setFactory', 'setConfiguration' and 'deployAndUpgradeTo' calls across the bridge to the governance receiver on Base. It also calls 'setRewardConfig' on the Base rewards contract, to set the new Comet’s supply speed to 24 COMP/day and borrow speed to 12 COMP/day.

The second action reduces Compound’s cDAI reserves and transfers it to Timelock, in order to convert it for USDS and then seed the market reserves for the cUSDSv3 Comet.

The third action approves DaiToUsdsConverterAddress to take Timelock’s DAI and covert it into USDS.

The fourth action converts DAI into USDS so it can be transferred to Base in order to seed the reserves.

The fifth action approves L1USDSBridge to take Timelock's USDS.

The sixth action deposits 100K USDS from mainnet to the Base L1USDSBridge contract to bridge to the Comet.

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 cUSDSv3 market.

03Mismatch analysis

AIMismatch analysis by Kvorumclaude-sonnet-5
Minor discrepancy

I compared each of the seven decoded actions against the seven actions described in the proposal's 'Proposal Actions' section. Actions 0-5 (cross-chain Comet deployment/config message with reward config, cDAI reserve reduction, DAI approval, DAI->USDS conversion, USDS approval, and bridging 100,000 USDS to the Base Comet at 0x1Ad4CEBa9...) all match the prose in substance, direction, and magnitude (100,000 DAI/USDS = '100K USDS' claim, matching decimals). Action 6 (ENS setText) correctly updates the 'v3-official-markets' registry to add the Base USDS market (chain ID 8453 in the JSON payload), which aligns with the overall purpose of the proposal (deploying to Base). However, the description text erroneously refers to this as adding a 'Mantle' cUSDSv3 market rather than 'Base', which is inconsistent with the actual chain ID in the calldata and with the rest of the proposal, which is unambiguously about Base. This is very likely a drafting/typo error rather than an attempt to mislead, and it does not change the actual on-chain effect, so I classified it as a low-severity misleading_phrasing issue rather than a material or severe discrepancy. No value mismatches, target mismatches, omitted actions, or extra claimed actions were found beyond this naming error.

Discrepancies

  • lowmisleading phrasing

    The description's seventh action states the ENS record update adds 'the new Mantle cUSDSv3 market,' but the decoded calldata shows the new market entry is added under chain ID 8453 (Base), consistent with the rest of the proposal which is entirely about deploying cUSDSv3 on Base. This appears to be a copy-paste/typo error naming the wrong network, though the actual on-chain effect (adding the Base USDS market) is correct and matches the proposal's stated purpose.

    “updating the official markets JSON to include the new Mantle cUSDSv3 market”

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

7 total
#0sendMessage(address,bytes,uint32)chain 0x1
Target
0x866e…0afa
Value
0 wei
Function
sendMessage(address,bytes,uint32)
Arguments
{
  "_target": "0x18281dfC4d00905DA1aaA6731414EABa843c468A",
  "_message": "0x0000000000000000000000000000000000000000000000000000000000000080000000000000000000000000000000000000000000000000000000000000012000000000000000000000000000000000000000000000000000000000000001c00000000000000000000000000000000000000000000000000000000000000460000000000000000000000000000000000000000000000000000000000000000400000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e58100000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e581000000000000000000000000bde8f31d2ddda895264e27dd990fab3dc87b372d000000000000000000000000123964802e6ababbe1bc9547d72ef1b69b00a6b1000000000000000000000000000000000000000000000000000000000000000400000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000008000000000000000000000000000000000000000000000000000000000000000c000000000000000000000000000000000000000000000000000000000000001e00000000000000000000000000000000000000000000000000000000000000240000000000000000000000000000000000000000000000000000000000000001b736574466163746f727928616464726573732c6164647265737329000000000000000000000000000000000000000000000000000000000000000000000000e6736574436f6e66696775726174696f6e28616464726573732c28616464726573732c616464726573732c616464726573732c616464726573732c616464726573732c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e7436342c75696e743130342c75696e743130342c75696e743130342c28616464726573732c616464726573732c75696e74382c75696e7436342c75696e7436342c75696e7436342c75696e74313238295b5d2929000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c616464726573732900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000020736574526577617264436f6e66696728616464726573732c61646472657373290000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000008000000000000000000000000000000000000000000000000000000000000000e000000000000000000000000000000000000000000000000000000000000005c0000000000000000000000000000000000000000000000000000000000000062000000000000000000000000000000000000000000000000000000000000000400000000000000000000000001ad4ceba9f8135a557bbe317db62aa125c330f26000000000000000000000000e802a0b833f6080feb46dd54c75444c5dba0c87300000000000000000000000000000000000000000000000000000000000004c00000000000000000000000001ad4ceba9f8135a557bbe317db62aa125c330f260000000000000000000000000000000000000000000000000000000000000040000000000000000000000000cc3e7c85bb0ee4f09380e041fee95a0caedd4a020000000000000000000000003cb4653f3b45f448d9100b118b75a1503281d2ee000000000000000000000000820c137fa70c8691f0e44dc420a5e53c168921dc0000000000000000000000002330aae3bca5f05169d5f4597964d44522f629300000000000000000000000003c30b5a5a04656565686f800481580ac4e7ed1780000000000000000000000000000000000000000000000000c7d713b49da000000000000000000000000000000000000000000000000000000bfd8b6c1df00000000000000000000000000000000000000000000000000002a1aeeecd889000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000c7d713b49da000000000000000000000000000000000000000000000000000000b1a2bc2ec500000000000000000000000000000000000000000000000000002f2f39fc6c54000000000000000000000000000000000000000000000000000000354a6ba7a180000000000000000000000000000000000000000000000000000853a0d2313c000000000000000000000000000000000000000000000000000000038d7ea4c6800000000000000000000000000000000000000000000000000000000040acd8847100000000000000000000000000000000000000000000000000000020566c423800000000000000000000000000000000000000000000152d02c7e14af68000000000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000108b2a2c2802909400000000000000000000000000000000000000000000000000000000000000000002a000000000000000000000000000000000000000000000000000000000000000020000000000000000000000005875eee11cf8398102fdad704c9e96607675467a000000000000000000000000c3a73a70d1577cd5b02da0ba91c0afc8fa434daf00000000000000000000000000000000000000000000000000000000000000120000000000000000000000000000000000000000000000000ce80612991d00000000000000000000000000000000000000000000000000000d2f13f7789f00000000000000000000000000000000000000000000000000000d529ae9e860000000000000000000000000000000000000000000000014adf4b7320334b9000000000000000000000000000000cbb7c0000ab88b473b1f5afd9ef808440eed33bf00000000000000000000000007da0e54543a844a80abe69c8a12f22b3aa59f9d00000000000000000000000000000000000000000000000000000000000000080000000000000000000000000000000000000000000000000b1a2bc2ec5000000000000000000000000000000000000000000000000000000bcbce7f1b1500000000000000000000000000000000000000000000000000000d2f13f7789f00000000000000000000000000000000000000000000000000000000000000989680000000000000000000000000000000000000000000000000000000000000004000000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e5810000000000000000000000001ad4ceba9f8135a557bbe317db62aa125c330f2600000000000000000000000000000000000000000000000000000000000000400000000000000000000000001ad4ceba9f8135a557bbe317db62aa125c330f260000000000000000000000009e1028f5f1d5ede59748ffcee5532509976840e0",
  "_minGasLimit": "3000000"
}
Calldata
#1_reduceReserves(uint256)chain 0x1
Target
0x5d3a…3643
Value
0 wei
Function
_reduceReserves(uint256)
Arguments
{
  "reduceAmount": "100000000000000000000000"
}
Calldata
#2approve(address,uint256)chain 0x1
Target
0x6b17…1d0f
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "amount": "100000000000000000000000",
  "address": "0x3225737a9Bbb6473CB4a45b7244ACa2BeFdB276A"
}
Calldata
#3daiToUsds(address,uint256)chain 0x1
Target
0x3225…276a
Value
0 wei
Function
daiToUsds(address,uint256)
Arguments
{
  "usr": "0x6d903f6003cca6255D85CcA4D3B5E5146dC33925",
  "wad": "100000000000000000000000"
}
Calldata
#4approve(address,uint256)chain 0x1
Target
0xdc03…384f
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "amount": "100000000000000000000000",
  "address": "0xA5874756416Fa632257eEA380CAbd2E87cED352A"
}
Calldata
#5bridgeERC20To(address,address,address,uint256,uint32,bytes)chain 0x1
Target
0xa587…352a
Value
0 wei
Function
bridgeERC20To(address,address,address,uint256,uint32,bytes)
Arguments
{
  "_to": "0x1Ad4CEBa9f8135A557bBe317DB62Aa125C330F26",
  "_amount": "100000000000000000000000",
  "_extraData": "0x",
  "_localToken": "0xdC035D45d973E3EC169d2276DDab16f1e407384F",
  "_minGasLimit": "200000",
  "_remoteToken": "0x820C137fa70C8691f0e44Dc420a5e53c168921Dc"
}
Calldata
#6setText(bytes32,string,string)chain 0x1
Target
0x4976…ba41
Value
0 wei
Function
setText(bytes32,string,string)
Arguments
{
  "key": "v3-official-markets",
  "node": "0x7dcf87198fd673716e5a32b206d9379c4fcbad8875073f52bfd0656759bf89ed",
  "value": "{\"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\"},{\"baseSymbol\":\"USDS\",\"cometAddress\":\"0x1Ad4CEBa9f8135A557bBe317DB62Aa125C330F26\"}],\"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

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total

No votes recorded yet.

07Forum

AIForum synthesis by Kvorumclaude-haiku-4-5
sentiment · favorablethread · constructive

Arguments for

  • USDS market on Base is experiencing significant growth with over $200M in TVL, positioning Compound to be an early mover and capture market share in Q1-Q2 2025.— Gauntlet, sharp
  • The proposed $25M supply cap for sUSDS is reasonable and conservative given current market conditions and liquidity constraints.— DudeCOMPONLY, Gauntlet
  • Gauntlet's recommended risk parameters (93% CF, 95% LF, 4% LP for sUSDS) are well-calibrated based on liquidity analysis and aligned with comparable assets like sUSDe on Mantle.— Gauntlet
  • The incentive structure with 24 COMP/day supply rewards and 12 COMP/day borrow rewards provides attractive early-stage APYs (10.20% net supply, 3.04% net borrow) to bootstrap the market.— Gauntlet
  • All technical testing and deployment checks passed successfully, including Forge tests, gas profiling, unit tests, and contract deployment on Base.— dmitriywoofsoftware

Arguments against

  • USDS liquidity on Base is currently thin with only $1.38M in DEX TVL, creating concerns about liquidation pathways and market depth.— mexilc

Unresolved concerns

  • Slither static analysis failed for the proposed code, and there is no indication this was resolved before deployment.— dmitriywoofsoftware
  • The sUSDS price feed on Base uses a different contract standard than mainnet's 4626 implementation, relying instead on Spark team's existing price feed which may introduce dependency and validation concerns.— dmitriywoofsoftware

Notable participants

  • GauntletRisk analyst providing detailed parameter recommendations and liquidity analysis for the USDS market on Base.
  • dmitriywoofsoftwareCore contributor implementing the proposal, conducting technical testing, and managing contract deployment on Base.
  • sharpCompound Growth Program representative affirming support and indicating inclusion in the Growth Program pipeline.
  • mexilcCommunity member raising concerns about thin liquidity conditions on Base for USDS trading.
  • DudeCOMPONLYCommunity member expressing approval of the proposal and the proposed $25M supply cap.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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