Add pufETH as collateral into cWETHv3 on Mainnet
01Summary
Proposal to add pufETH as collateral to the Compound III WETH market (cWETHv3) on Ethereum mainnet. This involves configuring pufETH with specific risk parameters recommended by Gauntlet and deploying an upgraded version of Comet to support the new collateral asset.
- Type
- protocol addition
Key changes
- Add pufETH (0xD9A442856C234a39a81a089C06451EBAa4306a72) as collateral asset to cWETHv3 with risk parameters: LTV 88%, liquidation threshold 91%, liquidation incentive 95%, and supply cap of 4,500 pufETH(high)
- Deploy and upgrade Comet to new version to support pufETH collateral integration(high)
Generated by Kvorum
02Description
Add pufETH as collateral into cWETHv3 on Mainnet
Proposal summary
WOOF! proposes to add pufETH into cWETHv3 on Ethereum network. This proposal takes the governance steps recommended and necessary to update a Compound III WETH 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 pufETH 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 pufETH as a new collateral asset to the cWETHv3 market with risk parameters per Gauntlet's recommendation, and (2) deploying and upgrading the Comet implementation to activate the change. The decoded calldata contains exactly two actions matching this: an addAsset call on the Configurator targeting the correct cWETHv3 Comet proxy address with pufETH's token address and standard risk-parameter fields (collateral factor, liquidation factor, supply cap), followed by a deployAndUpgradeTo call on the same Comet proxy via the Configurator, which is the standard pattern for finalizing a new Compound III collateral listing. There are no numeric claims in the prose to cross-check against the calldata's risk parameters, and no unrelated recipients, targets, or extra actions appear. This is a textbook, well-formed Compound III collateral-onboarding proposal where prose and calldata align cleanly.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))
- Arguments
{ "cometProxy": "0xA17581A9E3356d9A858b789D68B4d866e593aE94", "assetConfig": [ "0xD9A442856C234a39a81a089C06451EBAa4306a72", "0x5546198BE8479Dcd69044e90F50783BA1A25A8F5", "18", "880000000000000000", "910000000000000000", "950000000000000000", "4500000000000000000000" ] }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0xA17581A9E3356d9A858b789D68B4d866e593aE94", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 070x0703…961b | For | 80K | 15.97% | — | 1y ago |
| 130x13bd…8548 | For | 80K | 15.97% | — | 1y ago |
| 3F0x3fb1…4c8a | For | 80K | 15.97% | — | 1y ago |
| 660x66cd…65f9 | For | 80K | 15.97% | — | 1y ago |
| B30xb356…c826 | For | 50K | 9.98% | — | 1y ago |
| 4F0x4f89…fd3c | For | 50K | 9.98% | — | 1y ago |
| 050x0579…ca09 | For | 50K | 9.98% | — | 1y ago |
| B40xb49f…7948 | For | 30K | 5.99% | — | 1y ago |
| CE0xce8a…8ca3 | For | 858 | 0.17% | — | 1y ago |
| C50xc554…7759 | Against | 11.2 | 0.00% | — | 1y ago |
| B90xb933…8dd1 | For | 9.4 | 0.00% | — | 1y ago |
| 210x21b3…fa75 | For | 2 | 0.00% | — | 1y ago |
| B70xb792…89d7 | For | 2 | 0.00% | — | 1y ago |
| 170x1729…b879 | For | 1 | 0.00% | — | 1y ago |
| 790x79b6…ca6b | Abstain | 0.7 | 0.00% | — | 1y ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 1y ago |
| C40xc47c…32bd | For | 0.1 | 0.00% | — | 1y ago |
| 3F0x3fc3…d4f7 | For | 0.1 | 0.00% | — | 1y ago |
07Forum
- Compound Listing Proposal for pufETH from Puffer Finance ↗discourse · high confidence
Arguments for
- pufETH has substantial TVL ($1.39B in ETH) and significant DeFi integrations (Pendle, Curve, Zircuit, Karak) demonstrating market adoption and demand.— puffer
- Puffer Finance has undergone extensive security audits by 10 different firms and is backed by leading institutional investors including Binance Labs, Brevan Howard, Fidelity, Franklin Templeton, Coinbase Ventures, and Kraken Ventures.— puffer
- Adding pufETH as collateral will enhance Compound's liquidity and borrowing activity by allowing users to borrow against an asset that provides staking and restaking rewards.— puffer
- pufETH has minimal price volatility relative to WETH (30-day log volatility of ~5%), indicating stable collateral characteristics.— Gauntlet
- Gauntlet's recommended risk parameters (88% collateral factor, 91% liquidation factor, 5% liquidation penalty, 4500 supply cap) appropriately balance safety with capital efficiency.— Gauntlet
Arguments against
None surfaced.
Unresolved concerns
- The proposal uses a custom PriceFeedWith4626Support instead of the more secure audited CAPO price feed, which offers stronger protection against price manipulation attacks for appreciating assets like pufETH.— jbass-oz
- Puffer Finance was relatively new at the time of initial proposal with long-term stability yet to be fully tested, though this was acknowledged as a risk to consider.— puffer
Notable participants
- pufferProposer who initiated the listing request and provided motivation, TVL data, and security credentials for pufETH.
- GauntletRisk analyst who provided comprehensive collateral risk assessment, recommended parameters, and initially advised waiting for withdrawal functionality before listing.
- dmitriywoofsoftwareImplementation lead from WOOF who submitted the technical proposal and managed the deployment process with testing and GitHub PRs.
- jbass-ozOpenZeppelin reviewer who conducted security review and identified the medium severity issue regarding price feed selection.
Generated by Kvorum
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