Add weETH as collateral into the cUSDCv3 on Mainnet
01Summary
Proposal to add weETH as collateral to the cUSDCv3 market on Ethereum mainnet with risk parameters recommended by Gauntlet, involving adding the asset configuration and deploying a new Comet version.
- Type
- protocol addition
Key changes
- Add weETH (0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee) as collateral asset to cUSDCv3(high)
- Set collateral factor to 75% (750000000000000000)(high)
- Set liquidation threshold to 80% (800000000000000000)(high)
- Set liquidation incentive to 90% (900000000000000000)(high)
- Set supply cap to 12,000 weETH (12000000000000000000000)(high)
- Deploy and upgrade Comet to new version with updated configurations(high)
Notable concerns
- Market readiness was confirmed through Comet scenario suite simulations
- Risk parameters based on Gauntlet recommendations
Generated by Kvorum
02Description
Add weETH as collateral into the cUSDCv3 on Mainnet
Proposal summary
Compound Growth Program [AlphaGrowth] proposes to add weETH into cUSDCv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III USDC 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 description states two actions: (1) adding weETH as a new collateral asset to the cUSDCv3 market with parameters per Gauntlet's recommendation, and (2) deploying and upgrading Comet to activate the change. The calldata contains exactly two actions matching this order and intent: an addAsset call on the Configurator contract targeting the correct cometProxy (cUSDCv3) with a full weETH asset configuration (address, price feed, decimals, collateral factors, supply cap), followed by a deployAndUpgradeTo call on the same cometProxy/configuratorProxy pair, which is the standard mechanism for activating configurator changes in Compound III. The description does not quote specific numeric risk parameters, so there is nothing to numerically cross-check beyond confirming the actions exist and target the correct market/asset — which they do. No unexplained extra actions, no target mismatches, and no omitted major steps. This is a standard, well-formed Compound collateral-onboarding proposal. There are no additional actions beyond what is described (e.g., no unrelated transfers or role grants), and the addresses for the asset, price feed, and Comet/Configurator proxies all align with expected Compound III mainnet USDC market infrastructure. Overall the prose and calldata are consistent.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))
- Arguments
{ "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "assetConfig": [ "0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee", "0xE26A969Ffd2EF1434c1c6955F8202DCC41e821C0", "18", "750000000000000000", "800000000000000000", "900000000000000000", "12000000000000000000000" ] }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 070x0703…961b | For | 80K | 11.41% | — | 2y ago |
| 130x13bd…8548 | For | 80K | 11.41% | — | 2y ago |
| 3F0x3fb1…4c8a | For | 80K | 11.41% | — | 2y ago |
| B40xb49f…7948 | For | 80K | 11.41% | — | 2y ago |
| 660x66cd…65f9 | For | 80K | 11.41% | — | 2y ago |
| 220x2210…d02e | For | 50K | 7.14% | — | 2y ago |
| ED0xed11…bb04 | For | 50K | 7.13% | — | 2y ago |
| 050x0579…ca09 | For | 50K | 7.13% | — | 2y ago |
| 4F0x4f89…fd3c | For | 50K | 7.13% | — | 2y ago |
| B30xb356…c826 | For | 50K | 7.13% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 7.13% | — | 2y ago |
| CE0xce8a…8ca3 | For | 878 | 0.13% | — | 2y ago |
| BE0xbe1d…c953 | For | 231 | 0.03% | — | 2y ago |
| 050x0579…4048 | For | 11.2 | 0.00% | — | 2y ago |
| B90xb933…8dd1 | For | 9.3 | 0.00% | — | 2y ago |
| 4A0x4a46…c1a6 | For | 3 | 0.00% | — | 2y ago |
| 210x21b3…fa75 | For | 2 | 0.00% | — | 2y ago |
| B70xb792…89d7 | For | 2 | 0.00% | — | 2y ago |
| 170x1729…b879 | For | 1 | 0.00% | — | 2y ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 2y ago |
| C60xc6d7…bfb2 | For | 0.1 | 0.00% | — | 2y ago |
| 9A0x9a0f…8de8 | For | 0.1 | 0.00% | — | 2y ago |
| 610x61ff…9630 | For | 0.1 | 0.00% | — | 2y ago |
| 100x1084…3695 | For | 0.1 | 0.00% | — | 2y ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 2y ago |
| E50xe5bd…7091 | For | 0 | 0.00% | — | 2y ago |
| A80xa8d3…360b | Against | 0 | 0.00% | — | 2y ago |
| 470x47c0…4659 | Abstain | 0 | 0.00% | — | 2y ago |
| 620x62b2…4960 | For | 0 | 0.00% | — | 2y ago |
| 0B0x0bef…edf6 | For | 0 | 0.00% | — | 2y ago |
| 330x33e8…f2a9 | For | 0 | 0.00% | — | 2y ago |
| 7E0x7ec9…44ce | For | 0 | 0.00% | — | 2y ago |
| C10xc1e8…bb3c | For | 0 | 0.00% | — | 2y ago |
| D60xd636…b468 | For | 0 | 0.00% | — | 2y ago |
| 1A0x1a79…f2d0 | For | 0 | 0.00% | — | 2y ago |
| FD0xfd52…84ae | For | 0 | 0.00% | — | 2y ago |
| 350x3511…91e6 | For | 0 | 0.00% | — | 2y ago |
| 000x00db…e32c | For | 0 | 0.00% | — | 2y ago |
| 910x913d…2a26 | For | 0 | 0.00% | — | 2y ago |
| 970x97b7…7591 | For | 0 | 0.00% | — | 2y ago |
| 520x52e7…de53 | For | 0 | 0.00% | — | 2y ago |
| D90xd912…f85f | For | 0 | 0.00% | — | 2y ago |
| 4E0x4ea9…cc98 | For | 0 | 0.00% | — | 2y ago |
| D20xd2f9…399c | For | 0 | 0.00% | — | 2y ago |
| E00xe005…59d8 | For | 0 | 0.00% | — | 2y ago |
| 950x95c5…fd13 | For | 0 | 0.00% | — | 2y ago |
| 9B0x9bc1…50dd | For | 0 | 0.00% | — | 2y ago |
| 490x491f…9fbb | Against | 0 | 0.00% | — | 2y ago |
| 1E0x1e7e…65d4 | For | 0 | 0.00% | — | 2y ago |
| B50xb5ea…a037 | 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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