Update USDC and cbBTC price feeds in cWETHv3 on Base with SVR price feeds.
01Summary
This proposal updates the USDC and cbBTC price feeds in the cWETHv3 market on Base to use Chainlink's Sequencer-Validator Run (SVR) price feeds. SVR is an oracle extractable value (OEV) solution approved by community vote. The update will enable the protocol to capture revenue generated from liquidators through the fee mechanism, with fees directed to the Compound DAO multisig at 0xd9496F2A3fd2a97d8A4531D92742F3C8F53183cB.
- Type
- protocol addition
Key changes
- USDC price feed updated to SVR implementation on Base(high)
- cbBTC price feed updated to SVR implementation on Base(high)
- SVR fee recipient set to Compound DAO multisig for protocol revenue capture(high)
Notable concerns
- SVR implementation requires cross-chain bridge communication to Base
- Revenue capture mechanism depends on liquidation activity
Generated by Kvorum
02Description
Update USDC and cbBTC price feeds in cWETHv3 on Base with SVR price feeds.
Proposal summary
This proposal updates existing price feeds for USDC and cbBTC assets on the WETH market on Base.
SVR summary
RFP process and community vote passed and decided to implement Chainlink's SVR solution for Base markets, this proposal updates USDC and cbBTC price feeds to support SVR implementation.
Further detailed information can be found on the corresponding proposal pull request and forum discussion for SVR.
SVR fee recipient
SVR generates revenue from liquidators and Compound DAO will receive that revenue as part of the protocol fee. The fee recipient for SVR is set to Compound DAO multisig: 0xd9496F2A3fd2a97d8A4531D92742F3C8F53183cB.
Proposal actions
The first action updates USDC and cbBTC price feeds to the SVR implementation. This sends the encoded 'updateAssetPriceFeed' and 'deployAndUpgradeTo' calls across the bridge to the governance receiver on Base.
03Mismatch analysis
The proposal contains a single top-level action: a cross-chain sendMessage() to the Base governance receiver carrying an encoded payload. Decoding that payload reveals exactly the operations the description claims: two updateAssetPriceFeed calls (one for the USDC market asset, one for cbBTC) pointing at new price feed addresses, followed by a deployAndUpgradeTo call to apply the configuration change to the cWETHv3 comet proxy on Base. This matches the description's statement that the action 'sends the encoded updateAssetPriceFeed and deployAndUpgradeTo calls across the bridge to the governance receiver on Base' for USDC and cbBTC. The description's claim about the SVR fee recipient being set to the Compound DAO multisig is informational about how the newly deployed price feed contracts are configured (their fee-recipient parameter is presumably baked in at deployment, off-chain from this proposal's calldata) rather than a separate on-chain action expected in this proposal; its absence from the decoded calldata is not a discrepancy since no such action is claimed to occur via this proposal's transactions. No value, target, or recipient mismatches were found, and no significant on-chain action was omitted from the description. The proposal is a faithful, high-confidence match between prose and calldata.
Generated by Kvorum
04Actions
- Target
- 0x866e…0afa
- Value
- 0 wei
- Function
- sendMessage(address,bytes,uint32)
- Arguments
{ "_target": "0x18281dfC4d00905DA1aaA6731414EABa843c468A", "_message": "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", "_minGasLimit": "3000000" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
- OEV RFP Process Update (July 2025) ↗discourse · high confidence
Arguments for
- Chainlink SVR is already live and proven in production (e.g., with Aave) and Compound already relies on Chainlink feeds on mainnet, so adopting it there adds minimal incremental risk.— cylon, allthecolors, pennblockchain
- Ethereum mainnet holds the largest share of liquidation value, making it the most strategically important and comparatively safe place to pilot an OEV solution first.— cylon
- A phased, single-market rollout on mainnet lets the DAO observe real performance (including through a stress event) before expanding further.— cylon
- Delegates demonstrated decisive support for adopting Chainlink SVR on mainnet through the Snapshot vote, reflecting broad community backing.— AranaDigital
Arguments against
- OEV auctions can add latency to liquidations, and historical price-drawdown data shows even a few blocks of delay can push positions into insolvency, especially on volatile assets and L2s.— Gauntlet, victator
- Empirical analysis of past large Compound liquidations shows that slippage, builder tips, and provider fees consume the vast majority of liquidation incentive, meaning actual recapturable OEV revenue is far smaller than advertised (comparable to a minor SFPF adjustment).— victator
- OEV is a patch over a deeper structural flaw in Compound's liquidation mechanism; resources would be better spent on partial liquidations and mechanism redesign rather than locking in an OEV vendor.— victator
- Committing broadly to any OEV vendor now is premature since solutions are not yet fully tested in live, volatile conditions; a cautious, staged approach with real performance data is preferable.— cylon, Avantgarde
- Chainlink's fairness and prioritization for Compound is questionable given it reportedly offered a materially worse revenue share than to Aave, raising doubts about whether L2 rollout and support will be prioritized.— ugurmersin
Unresolved concerns
- Whether OEV-induced liquidation delays could materially increase insolvency risk on mainnet during high-volatility events once Chainlink SVR is live.— Gauntlet, victator
- Whether real-world OEV revenue capture will be far smaller than projected once slippage, builder tips, and provider fees are accounted for.— victator
- Whether Chainlink SVR's actual latency on mainnet and future L2 rollouts will meet Gauntlet's recommended sub-3-block liquidation window.— Gauntlet, mikemassari
- Unresolved questions about Chainlink's comparatively lower revenue share and prioritization for Compound relative to other protocols like Aave.— ugurmersin
- Whether adopting OEV now risks entrenching an inefficient liquidation architecture rather than pursuing higher-leverage fixes like partial liquidations.— victator
Notable participants
- AranaDigitalOrganized and ran the RFP/Snapshot voting process, provided procedural updates and final vote results.
- cylonDelegate who proposed and iteratively refined a risk-minimized, phased rollout strategy across chains, including supporting Chainlink SVR on mainnet.
- GauntletProvided quantitative risk analysis on liquidation latency and price drawdowns, recommending caution and a 3-block latency ceiling.
- victatorAuthored a detailed risk-first analysis (Platonia) arguing OEV revenue is overestimated and that liquidation mechanism redesign is a higher priority than OEV adoption.
- ugurmersinApi3 representative who defended Api3's production track record and raised pointed questions about Chainlink and RedStone's claims and incentives.
- mikemassariRedStone representative who responded to latency/searcher-network critiques and defended RedStone's Venus pilot record.
- allthecolorsDelegate who largely aligned with cylon's cautious approach but advocated testing Chainlink SVR on Base and keeping Api3 on Mantle.
- pennblockchainDelegate who voted with a measured rollout stance, initially favoring Api3 on Arbitrum before revising to no deployment there.
- AvantgardeDelegate who echoed cylon's cautious, phased-testing approach given immature state of OEV solutions.
Generated by Kvorum
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