Add weETH as collateral into cUSDTv3 on Mainnet
01Summary
Compound Growth Program proposes to add weETH as collateral to the cUSDTv3 market on Ethereum. The proposal includes setting weETH risk parameters based on Gauntlet recommendations and deploying a Comet protocol upgrade. Simulations have confirmed market readiness.
- Type
- protocol addition
Key changes
- Add weETH (0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee) as collateral asset to cUSDTv3 with collateral factor of 75%, liquidation incentive of 80%, and supply cap of 12,000 weETH(high)
- Deploy and upgrade Comet protocol to new version supporting weETH collateral addition(high)
Generated by Kvorum
02Description
Add weETH as collateral into cUSDTv3 on Mainnet
Proposal summary
Compound Growth Program [AlphaGrowth] proposes to add weETH into cUSDTv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III USDT market on Ethereum. 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 on the recommendations from Gauntlet.
Further detailed information can be found on the corresponding proposal pull request and forum discussion.
Proposal Actions
The first action adds weETH asset as collateral with corresponding configurations.
The second action deploys and upgrades Comet to a new version.
03Mismatch analysis
The proposal describes two actions: (1) adding weETH as a new collateral asset to the cUSDTv3 market with Gauntlet-recommended risk parameters, and (2) deploying and upgrading Comet to activate the change. The decoded calldata matches exactly: action 0 calls addAsset on the Configurator targeting the correct USDT Comet proxy and adds the weETH token address with plausible risk parameters (75% borrow CF, 80% liquidate CF, 90% liquidation factor, 12,000 weETH supply cap), and action 1 calls deployAndUpgradeTo on the same Comet proxy via the expected admin contract, matching the described upgrade step. No target mismatches, no unexplained extra actions, and no numeric values in the calldata contradict the (non-specific) prose. The description is a high-level summary that omits exact parameter values, but this is legitimate summarization rather than a discrepancy, since the specific risk parameters are referenced via the linked Gauntlet forum post rather than claimed explicitly in the text. Overall the actions align well with the stated intent and no material or severe issues were found.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))
- Arguments
{ "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "assetConfig": [ "0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee", "0x9e0e0C58AA8287F9f6E2666a21fbF2adEeAD3fef", "18", "750000000000000000", "800000000000000000", "900000000000000000", "12000000000000000000000" ] }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 660x66cd…65f9 | For | 80.1K | 11.76% | — | 2y ago |
| B90xb933…8dd1 | For | 80K | 11.75% | — | 2y ago |
| 070x0703…961b | For | 80K | 11.75% | — | 2y ago |
| 130x13bd…8548 | For | 80K | 11.75% | — | 2y ago |
| 3F0x3fb1…4c8a | For | 80K | 11.75% | — | 2y ago |
| B40xb49f…7948 | For | 80K | 11.75% | — | 2y ago |
| B30xb356…c826 | For | 50.3K | 7.39% | — | 2y ago |
| 7A0x7ae1…e585 | For | 50K | 7.34% | — | 2y ago |
| 050x0579…ca09 | For | 50K | 7.34% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 7.34% | — | 2y ago |
| 210x21b3…fa75 | For | 502 | 0.07% | — | 2y ago |
| 050x0579…4048 | For | 11.2 | 0.00% | — | 2y ago |
| B70xb792…89d7 | For | 2 | 0.00% | — | 2y ago |
| E80xe8d8…3f31 | For | 1.7 | 0.00% | — | 2y ago |
| 100x10b9…43bc | For | 1.1 | 0.00% | — | 2y ago |
| 170x1729…b879 | For | 1 | 0.00% | — | 2y ago |
| 570x57d1…0e44 | For | 0.1 | 0.00% | — | 2y ago |
| 170x1785…4227 | For | 0.1 | 0.00% | — | 2y ago |
| 280x28c5…cdeb | For | 0.1 | 0.00% | — | 2y ago |
| 290x29d8…8721 | For | 0.1 | 0.00% | — | 2y ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 2y ago |
| 2A0x2aeb…5234 | For | 0 | 0.00% | — | 2y ago |
| E20xe2f9…3ee0 | For | 0 | 0.00% | — | 2y ago |
| F00xf0d7…0773 | For | 0 | 0.00% | — | 2y ago |
| B90xb9b5…b089 | For | 0 | 0.00% | — | 2y ago |
| AC0xacc9…0b28 | For | 0 | 0.00% | — | 2y ago |
| E60xe6b8…452d | For | 0 | 0.00% | — | 2y ago |
| A70xa772…6171 | For | 0 | 0.00% | — | 2y ago |
| 270x27fc…56f5 | For | 0 | 0.00% | — | 2y ago |
| 3B0x3b1a…1228 | For | 0 | 0.00% | — | 2y ago |
| 3C0x3c2c…2636 | For | 0 | 0.00% | — | 2y ago |
| 4C0x4cda…7053 | For | 0 | 0.00% | — | 2y ago |
| E60xe6fd…8df5 | For | 0 | 0.00% | — | 2y ago |
| 1A0x1af4…f248 | For | 0 | 0.00% | — | 2y ago |
| 220x22ff…cc99 | For | 0 | 0.00% | — | 2y ago |
| 180x1824…b75e | For | 0 | 0.00% | — | 2y ago |
| A40xa434…cb3e | For | 0 | 0.00% | — | 2y ago |
| F60xf6a0…7a3b | For | 0 | 0.00% | — | 2y ago |
| 6F0x6f5c…7716 | For | 0 | 0.00% | — | 2y ago |
| A90xa987…e640 | For | 0 | 0.00% | — | 2y ago |
| 690x69e2…1ddf | For | 0 | 0.00% | — | 2y ago |
| 350x359b…d764 | For | 0 | 0.00% | — | 2y ago |
| 290x2917…1339 | For | 0 | 0.00% | — | 2y ago |
| 400x4064…2b8f | For | 0 | 0.00% | — | 2y ago |
| F90xf96c…998f | For | 0 | 0.00% | — | 2y ago |
| 140x147b…ff2e | For | 0 | 0.00% | — | 2y ago |
| 700x70ce…ffd5 | For | 0 | 0.00% | — | 2y ago |
07Forum
- Add weETH as Collateral to USDT, USDC and USDS markets on Mainnet ↗discourse · high confidence
Arguments for
- weETH taps into the fast-growing LRT sector and ether.fi's large TVL, which can drive significant borrowing demand and become a growth engine for Compound.— RupertPumpkin
- ether.fi is a decentralized, non-custodial, fully redeemable LRT protocol with liquidity buffers to support withdrawals, making the underlying asset relatively low-risk.— RupertPumpkin
- Depositing weETH into Compound allows users to accrue ether.fi and LRT² governance points, providing additional incentive for supply growth.— RupertPumpkin
- weETH already has meaningful on-chain liquidity and trading activity across Uniswap, Curve, and Balancer, supporting a reasonably safe initial listing with conservative caps.— Sudipan_Chainrisk, Gauntlet
- Revenue projections based on comparable weETH markets (Morpho, Aave) suggest meaningful potential annual revenue for Compound if the market is adopted.— Sudipan_Chainrisk
- Gauntlet's risk analysis supports specific conservative supply caps, collateral factors, and liquidation parameters that balance capital efficiency with safety across the USDC, USDT, and USDS Comets.— Gauntlet
- Technical implementation (PRs, price feeds, simulations, and test suites) was completed and passed nearly all automated checks, indicating readiness for deployment.— dmitriywoofsoftware
Arguments against
None surfaced.
Unresolved concerns
- Yield risk from points programs could cause yield shocks in LRTs like weETH, elevating slippage and reducing DEX liquidity — a risk flagged but not further discussed or resolved.— Gauntlet
- The trading volume-to-market-cap ratio for weETH was noted as low, indicating limited liquidity that could make it harder to buy or sell near true value, without further mitigation discussion.— Sudipan_Chainrisk
- Slither security scan checks failed on multiple proposal PR runs, without any follow-up explanation or resolution in the thread.— dmitriywoofsoftware
Notable participants
- RupertPumpkinProposer from ether.fi who introduced the proposal to add weETH as collateral, outlining motivation, risks, and protocol design.
- Sudipan_ChainriskProvided an independent market evaluation of weETH covering market cap, volatility, liquidity, and projected protocol revenue.
- GauntletRisk management contributor who provided detailed parameter recommendations (supply caps, collateral/liquidation factors) and flagged yield risk from points programs.
- dmitriywoofsoftwareTechnical implementer who posted the on-chain proposal details, PRs, deployment artifacts, and test/action statuses for each market (USDC, USDT, USDS).
Generated by Kvorum
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