KVORUM
compoundSource: Compound governor oz · #412

Initialize cUSDCv3 on Unichain

executedMar 4, 2025, 07:23 AM UTCbyD20xd2a7…5a0c

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to initialize cUSDCv3 (Compound III USDC market) on Unichain by bridging 300M COMP tokens and 50B USDC, deploying the market with Redstone price feeds and Gauntlet-recommended risk parameters, and updating official markets registry.

Type
protocol addition

Key changes

  • Bridge 300M COMP tokens to Unichain via standard bridge(high)
  • Bridge 50B USDC to Unichain via CCTP bridge(high)
  • Deploy Compound III implementation on Unichain with setConfiguration, deployAndUpgradeTo, and setRewardConfig calls(high)
  • Configure market with Redstone price feeds for all assets(medium)
  • Apply Gauntlet-recommended risk parameters for cUSDCv3 market(high)
  • Update ENS TXT record to register new Unichain cUSDCv3 market in official markets registry(medium)

Notable concerns

  • Market readiness has been simulated but not yet live tested on Unichain
  • Dependency on Redstone price feeds for all market assets
  • Cross-chain bridge operations introduce standard operational risks
Contracts0xc00e94cb662c3520282e6f5717214004a7f268880x81014f44b0a345033bb2b3b21c7a1a308b35feea0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb480xbd3fa81b58ba92a82136038b25adec7066af31550x9a3d64e386c18cb1d6d5179a9596a4b5736e98a60x4976fb03c32e5b8cfe2b6ccb31c09ba78ebaba410x2c7118c4c88b9841fcf839074c26ae8f035f2921
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

228 words

Initialize cUSDCv3 on Unichain

Proposal summary

Compound Growth Program [AlphaGrowth] proposes the deployment of Compound III to the Unichain network. This proposal takes the governance steps recommended and necessary to initialize a Compound III USDC market on Unichain; upon execution, cUSDCv3 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.

Price feeds

The market uses all price feeds by Redstone. All other price feeds in the USDC market should be used from Redstone as well.

Proposal Actions

The first action approves COMP tokens to be bridged.

The second action sends COMP tokens to the Unichain via a native standard bridge.

The third action approves USDC tokens to be bridged.

The fourth action sends USDC tokens to the Unichain via a CCTP bridge.

The fifth proposal action sets the Comet configuration and deploys a new Comet implementation on Unichain. This sends the encoded setConfiguration, deployAndUpgradeToand setRewardConfig calls across the bridge to the governance receiver on Unichain.

The sixth 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 Unichain cUSDCv3 market.

03Mismatch analysis

AIMismatch analysis by Kvorum

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

04Actions

6 total
#0approve(address,uint256)chain 0x1
Target
0xc00e…6888
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "amount": "300000000000000000000",
  "address": "0x81014F44b0a345033bB2b3B21C7a1A308B35fEeA"
}
Calldata
#1bridgeERC20To(address,address,address,uint256,uint32,bytes)chain 0x1
Target
0x8101…feea
Value
0 wei
Function
bridgeERC20To(address,address,address,uint256,uint32,bytes)
Arguments
{
  "_to": "0x6f7D514bbD4aFf3BcD1140B7344b32f063dEe486",
  "_amount": "300000000000000000000",
  "_extraData": "0x",
  "_localToken": "0xc00e94Cb662C3520282E6f5717214004A7f26888",
  "_minGasLimit": "200000",
  "_remoteToken": "0xdf78e4F0A8279942ca68046476919A90f2288656"
}
Calldata
#2approve(address,uint256)chain 0x1
Target
0xa0b8…eb48
Value
0 wei
Function
approve(address,uint256)
Arguments
{
  "amount": "50000000000",
  "address": "0xBd3fa81B58Ba92a82136038B25aDec7066af3155"
}
Calldata
#3depositForBurn(uint256,uint32,bytes32,address)chain 0x1
Target
0xbd3f…3155
Value
0 wei
Function
depositForBurn(uint256,uint32,bytes32,address)
Arguments
{
  "amount": "50000000000",
  "burnToken": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
  "mintRecipient": "0x0000000000000000000000002c7118c4c88b9841fcf839074c26ae8f035f2921",
  "destinationDomain": "10"
}
Calldata
#4sendMessage(address,bytes,uint32)chain 0x1
Target
0x9a3d…98a6
Value
0 wei
Function
sendMessage(address,bytes,uint32)
Arguments
{
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  "_minGasLimit": "3000000"
}
Calldata
#5setText(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\"}],\"130\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0x2c7118c4C88B9841FCF839074c26Ae8f035f2921\"}],\"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\":\"0x2c776041CCFe903071AF44aa147368a9c8EEA518\"}],\"42161\":[{\"baseSymbol\":\"USDC.e\",\"cometAddress\":\"0xA5EDBDD9646f8dFF606d7448e414884C7d905dCA\"},{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf\"},{\"baseSymbol\":\"WETH\",\"cometAddress\":\"0x6f7D514bbD4aFf3BcD1140B7344b32f063dEe486\"},{\"baseSymbol\":\"USDT\",\"cometAddress\":\"0xd98Be00b5D27fc98112BdE293e487f8D4cA57d07\"}],\"59144\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0x8D38A3d6B3c3B7d96D6536DA7Eef94A9d7dbC991\"}],\"534352\":[{\"baseSymbol\":\"USDC\",\"cometAddress\":\"0xB2f97c1Bd3bf02f5e74d13f02E3e26F93D77CE44\"}]}"
}
Calldata

05Tally

Summed from votes

Voters65
VP participating634K
Outcome (current)For
Current support100%

06Voters

65 total
Filter:
VoterChoice% of totalRationale
660x66cd…65f9For80.1K12.63%—2y ago
B90xb933…8dd1For80K12.62%—2y ago
070x0703…961bFor80K12.62%—2y ago
130x13bd…8548For80K12.62%—2y ago
3F0x3fb1…4c8aFor80K12.62%—2y ago
B40xb49f…7948For80K12.62%—2y ago
220x2210…d02eFor53.1K8.38%—2y ago
B30xb356…c826For50.3K7.93%—2y ago
050x0579…ca09For50K7.89%—2y ago
210x21b3…fa75For5020.08%—2y ago
050x0579…4048For11.20.00%—2y ago
C30xc33f…0477For60.00%—2y ago
E40xe459…e666For5.20.00%—2y ago
B70xb792…89d7For20.00%—2y ago
010x0151…c3b9For1.10.00%—2y ago
170x1729…b879For10.00%—2y ago
6D0x6de8…5dfdFor0.20.00%—2y ago
BD0xbd92…9999For0.10.00%—2y ago
C10xc103…7f1bFor0.10.00%—2y ago
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C60xc6d7…bfb2For0.10.00%—2y ago
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610x61ff…9630For0.10.00%—2y ago
0E0x0ee2…4248For0.10.00%—2y ago
CD0xcd8d…20cfFor0.10.00%—2y ago
410x41f0…0000For0.10.00%—2y ago
E20xe287…4444For0.10.00%—2y ago
100x1084…3695For0.10.00%—2y ago
190x19b4…9694For0.10.00%—2y ago
200x20a1…5555For0.10.00%—2y ago
6D0x6df8…3333For0.10.00%—2y ago
370x371e…fb82For0.10.00%—2y ago
AA0xaa40…10b0For0.10.00%—2y ago
E10xe107…5aa3For0.10.00%—2y ago
140x146d…11a5For0.10.00%—2y ago
180x1887…5b67For0.10.00%—2y ago
540x5408…a2cbFor0.10.00%—2y ago
9F0x9f3a…3fcbFor0.10.00%—2y ago
CB0xcba8…88c1For0.10.00%—2y ago
D80xd8de…ae41For0.10.00%—2y ago
0D0x0dc0…1111For0.10.00%—2y ago
C50xc507…2222For0.10.00%—2y ago
E00xe04a…c052For00.00%—2y ago
950x95f8…19c0For00.00%—2y ago
EF0xeffa…8de6For00.00%—2y ago
E50xe5bd…7091Against00.00%—2y ago
230x2360…2c34For00.00%—2y ago
B90xb986…2175For00.00%—2y ago
F10xf14c…3d1bFor00.00%—2y ago
920x9237…92b7For00.00%—2y ago
Showing 50

07Forum

AIForum synthesis by Kvorumclaude-sonnet-5
sentiment · favorablethread · constructive

Arguments for

  • Unichain will have native USDC from Day 0, avoiding the liquidity fragmentation issues Compound faced on chains with bridged USDC like Arbitrum and Polygon.— sharp
  • Uniswap Foundation's committed grants program ($450k each to two lending protocols via a futarchy market) provides added incentives to grow Compound usage on Unichain.— uniswapfoundation, sharp
  • Unichain's DEX environment, built by the Uniswap team and featuring Uniswap v4, will provide deep liquidity important for supporting Compound collateral assets.— sharp, uniswapfoundation
  • Being an early/Day0 deployment lets Compound capture greater market share in Unichain's lending space as top DeFi projects, LSTs, and LRTs plan to deploy there.— sharp, uniswapfoundation
  • Unichain's OP-stack architecture is similar to other Superchains Compound has already deployed on (e.g., Optimism), so deployment and audit effort should be lower.— sharp, dmitriywoofsoftware
  • The deployment enables new product opportunities combining Compound with Uniswap v4, such as using LP tokens as collateral, delta-neutral vaults, and protocol-owned liquidity strategies.— uniswapfoundation, sharp
  • As delegates and ecosystem participants, several community members expressed general support and enthusiasm for the collaboration with no substantive objections, especially given Gauntlet's risk sign-off.— PGov, Avantgarde, RupertPumpkin, mexilc

Arguments against

  • Unichain currently has very little liquidity, so Compound may be better off waiting for liquidity to grow before deploying, especially given the low supply caps.— mexilc

Unresolved concerns

  • Whether Compound should wait for Unichain's liquidity to mature before launching, given the low proposed supply caps, was raised but not directly addressed by the proposal team or Gauntlet.— mexilc
  • WETH Comet deployment was postponed by Gauntlet due to lack of verified LST/LRT token instances on Unichain, with recommendations to follow once contracts are deployed and verified — leaving the timeline and final risk parameters for that market unresolved at time of this discussion.— Gauntlet

Notable participants

  • uniswapfoundationProposer of the deployment, providing the overview, motivation, market proposals, and grant program details.
  • sharpRepresented the Compound Growth Program (AlphaGrowth), providing an ICE framework analysis strongly supporting the deployment.
  • GauntletProvided risk parameter recommendations for the USDC comet and advised postponing the WETH comet pending verified collateral contracts.
  • dmitriywoofsoftwareRepresented WOOF!, the development partner executing the technical deployment, audit coordination, and proposal actions.
  • mexilcVoiced support for the deployment but also raised a concern about low liquidity and supply caps.
  • PGovDelegate for both Uniswap and Compound expressing support for the proposal.
  • AvantgardeDelegate for both Uniswap and Compound expressing support, contingent on Gauntlet's risk analysis.
  • RupertPumpkinRepresentative of ether.fi expressing support and interest in driving borrow/lend demand.
  • woofPosted a later follow-up proposal to update price feeds to CAPO implementation on the deployed cWETHv3 market.
Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Open the thread ↗