KVORUM
compoundSource: Compound governor oz · #427

Initialize cWRONv3 on Ronin

canceledApr 20, 2025, 09:04 AM UTCbyD20xd2a7…5a0c

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to deploy Compound III to Ronin network by initializing cWRONv3 market. Actions include bridging 31 ETH from Ethereum to Ronin, swapping WETH for WRON via Katana DEX (with 20% slippage allowance), deploying Comet implementation with risk parameters recommended by Gauntlet, and updating ENS records. COMP rewards will be configured later once COMP is whitelisted on CCIP.

Type
protocol addition

Key changes

  • Deploy Compound III (Comet) implementation on Ronin network with cWRONv3 market(high)
  • Bridge 31 ETH from Ethereum to Ronin and convert to WRON for market reserves(high)
  • Set risk parameters based on Gauntlet recommendations for WRON market(high)
  • Update ENS TXT record to include new Ronin cWRONv3 market in official markets registry(medium)
  • Allocate 20% slippage tolerance for WETH to WRON swap due to token volatility(medium)

Notable concerns

  • COMP token rewards cannot be configured at deployment time as COMP is not yet whitelisted on CCIP; separate proposal required when whitelisting occurs
  • 20% slippage allowance on DEX swap due to lack of MEV infrastructure on Ronin; noted as cost-inefficient to implement dynamic slippage prevention
  • Swap execution timing dependent on market conditions 8 days from proposal publication
Contracts0x64192819Ac13Ef72bF6b5AE239AC672B43a9AF080x80226fc0Ee2b096224EeAc085Bb9a8cba1146f7D0xc05afc8c9353c1dd5f872eccfacd60fd5a2a9ac70x4976fb03c32e5b8cfe2b6ccb31c09ba78ebaba410xc0Afdbd1cEB621Ef576BA969ce9D4ceF78Dbc0c0
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

293 words

Initialize cWRONv3 on Ronin

Proposal summary

Compound Growth Program [AlphaGrowth] proposes deployment of Compound III to Ronin network. This proposal takes the governance steps recommended and necessary to initialize a Compound III WRON market on Ronin; upon execution, cWRONv3 will be ready for use. Simulations have confirmed the market’s readiness, as much as possible, using the [Comet scenario suite] (https://github.com/compound-finance/comet/tree/main/scenario). The new parameters include setting the risk parameters based off of the recommendations from Gauntlet.

Further detailed information can be found on the corresponding deployment pull request, deploy market GitHub action run and forum discussion.

Rewards

Gauntlet provided recommendations for COMP rewards, however, the COMP token is not whitelisted on CCIP. When the COMP token is whitelisted, we will create a proposal to bridge COMP tokens and set up speeds.

Proposal Actions

The first proposal action bridges ETH using roninl1NativeBridge. Bridged ETH will be converted to WETH automatically and swapped for WRON in order to seed the reserves.

The second proposal action approves and swaps received WETH for WRON via native Katana exchange router. We allocate 20% of the slippage due to WETH and RON volatility at the moment of proposal execution (in 8 days from the proposal published on-chain). Swap should not be snipped because MEV infrastructure has not been developed on Ronin yet. The dynamic mechanism to prevent such slippage will be cost inefficient due to development and audit resource allocation.

The third proposal action sets the Comet configuration and deploys a new Comet implementation on Ronin. This sends the encoded setConfiguration and deployAndUpgradeTo calls across the l1CCIPRouter to the bridge receiver on Ronin.

The fourth 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 Ronin cWRONv3 market.

03Mismatch analysis

AIMismatch analysis by Kvorum

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

04Actions

4 total
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Target
0x6419…af08
Value
31000000000000000000 wei
Function
requestDepositFor((address,address,(uint8,uint256,uint256)))
Arguments
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Calldata
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Value
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Function
ccipSend(uint64,(bytes,bytes,(address,uint256)[],address,bytes))
Arguments
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Calldata
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Target
0x8022…6f7d
Value
620710415465300 wei
Function
ccipSend(uint64,(bytes,bytes,(address,uint256)[],address,bytes))
Arguments
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Calldata
#3setText(bytes32,string,string)chain 0x1
Target
0x4976…ba41
Value
0 wei
Function
setText(bytes32,string,string)
Arguments
{
  "key": "v3-official-markets",
  "node": "0x7dcf87198fd673716e5a32b206d9379c4fcbad8875073f52bfd0656759bf89ed",
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}
Calldata

05Tally

Summed from votes

Voters63
VP participating679.9K
Outcome (current)For
Current support100%

06Voters

63 total
Filter:
VoterChoice% of totalRationale
B90xb933…8dd1For80K11.77%—2y ago
2B0x2b38…bf33Abstain80K11.77%—2y ago
130x13bd…8548For80K11.77%—2y ago
3F0x3fb1…4c8aFor80K11.77%—2y ago
B40xb49f…7948For80K11.77%—2y ago
660x66cd…65f9For79.5K11.69%—2y ago
220x2210…d02eFor50K7.36%—2y ago
050x0579…ca09For50K7.35%—2y ago
4F0x4f89…fd3cFor50K7.35%—2y ago
B30xb356…c826For50K7.35%—2y ago
CE0xce8a…8ca3For300.50.04%—2y ago
050x0579…4048For11.20.00%—2y ago
C30xc33f…0477For60.00%—2y ago
210x21b3…fa75For20.00%—2y ago
B70xb792…89d7For20.00%—2y ago
8B0x8bb9…ccc2For1.10.00%—2y ago
9B0x9bc5…7c3bFor1.10.00%—2y ago
2B0x2bb6…7431For1.10.00%—2y ago
170x1729…b879For10.00%—2y ago
2F0x2f2f…f78aFor0.50.00%—2y ago
C60xc6d7…bfb2For0.10.00%—2y ago
9A0x9a0f…8de8For0.10.00%—2y ago
610x61ff…9630For0.10.00%—2y ago
060x06c4…66a2For0.10.00%—2y ago
7F0x7f21…31e0Abstain0.10.00%—2y ago
C30xc32f…e2c5Abstain0.10.00%—2y ago
2C0x2cf2…ccb0Abstain0.10.00%—2y ago
A90xa947…e8eaFor0.10.00%—2y ago
040x0484…fef4For0.10.00%—2y ago
D80xd8de…ae41For0.10.00%—2y ago
740x749d…ef0cAbstain00.00%—2y ago
940x94ad…b824Against00.00%—2y ago
0A0x0ae0…b5afFor00.00%—2y ago
210x21ed…1150For00.00%—2y ago
FF0xff15…08b7For00.00%—2y ago
AF0xaf7e…2f38For00.00%—2y ago
380x38dc…472dFor00.00%—2y ago
BE0xbef8…9999For00.00%—2y ago
4D0x4d12…7d7cFor00.00%—2y ago
7A0x7a04…17a8For00.00%—2y ago
A00xa0d0…604aFor00.00%—2y ago
A60xa6ac…2bf3For00.00%—2y ago
D20xd248…32aeFor00.00%—2y ago
210x21ff…c5a8For00.00%—2y ago
ED0xed4c…9508Abstain00.00%—2y ago
140x1475…6e15For00.00%—2y ago
930x93e0…f6eeFor00.00%—2y ago
AC0xacc9…0b28For00.00%—2y ago
D70xd712…1366For00.00%—2y ago
E60xe6b8…452dFor00.00%—2y ago
Showing 50

07Forum

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

Arguments for

  • Ronin brings a massive, highly active gaming user base (millions of MAUs/wallets) and a maturing DeFi vertical (Open Ronin) that offers Compound a strategic first foray into an alt-L1 and a growth flywheel for both ecosystems.— Lionel
  • The Ronin team committed to the Compound Growth Program's standard 10-1 liquidity bootstrapping and incentive requirements, signaling strong ecosystem backing for the deployment.— sharp
  • Independent risk assessments from Chainrisk and Gauntlet provided detailed, conservative parameter recommendations (collateral factors, liquidation penalties, supply caps, IR curves) that made a calibrated deployment feasible.— Sudipan_Chainrisk, Gauntlet
  • Chainlink oracle price feeds and infrastructure were successfully deployed on Ronin ahead of the permissionless launch, addressing a key technical prerequisite for the market.— Lionel, sharp
  • Being an early DeFi protocol on Ronin as it opens up permissionlessly in Q1 2025 offers Compound a first-mover advantage to build stickiness with a large net-new user base.— Lionel

Arguments against

  • Ronin's oracle infrastructure and overall DeFi liquidity/infra were not yet mature enough to warrant a deployment at the time of the initial proposal.— mexilc
  • Several proposed collateral assets (PIXEL, WBTC) had insufficient on-chain DEX liquidity, risking significant slippage during liquidations, so risk teams recommended excluding them initially.— Sudipan_Chainrisk
  • OpenZeppelin's review of Proposal 414 identified a high-severity issue that could put protocol funds at risk, leading to a recommendation to cancel and resubmit with additional validation.— jbass-oz
  • Automated security tooling (Slither) repeatedly failed across multiple deployment PRs for the Ronin markets, raising code-quality/security flags even as other tests passed.— dmitriywoofsoftware

Unresolved concerns

  • How reliable and complete Ronin's oracle and broader DeFi infrastructure would be at launch, given the chain was still transitioning to permissionless deployment.— mexilc
  • Why a critical vulnerability in Proposal 414 was not caught despite the scope having been audited twice previously, and whether that report should be made public to confirm no vulnerable proposal was pushed.— dmitriywoofsoftware, jbass-oz
  • Persistent Slither scan failures across successive Ronin market deployment PRs were never explicitly explained or resolved in the thread.— dmitriywoofsoftware
  • Long-term oracle dependency risk materialized later when Chainlink discontinued support on Ronin, forcing a migration to API3 feeds and eventual deprecation of the WETH and WRON comets.— woof

Notable participants

  • LionelPrimary proposer from the Ronin Ecosystem team who authored the original proposal and posted updates on price feeds and market composition.
  • sharpRepresented the Growth Program perspective, confirming Ronin's incentive commitments and oracle progress, expressing support for deployment.
  • mexilcEarly skeptical voice raising concerns about oracle reliability and Ronin's infrastructure readiness.
  • Sudipan_ChainriskRisk analyst who provided extensive, iterative collateral and parameter recommendations for the USDC, WETH, and RON comets.
  • GauntletSecond risk provider who delivered alternative, more risk-tolerant parameter recommendations for all three proposed comets.
  • dmitriywoofsoftwareTechnical implementer/coordinator who managed deployment PRs, responded to the OpenZeppelin security finding, and pushed follow-up proposals (WRON market, depreciation).
  • jbass-ozOpenZeppelin auditor who flagged a high-severity issue in Proposal 414 and recommended cancellation.
  • woofLater posted the eventual depreciation proposals for cWETHv3 and cWRONv3 on Ronin, reflecting the market's wind-down.
Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Open the thread ↗