Add USDe as collateral into cUSDTv3 on Mainnet
01Summary
WOOF! proposes to add USDe (a stablecoin) as collateral to the Compound III USDT market on Ethereum mainnet. The proposal includes setting risk parameters based on Gauntlet recommendations and upgrading the Comet protocol contract to support this new collateral asset.
- Type
- protocol addition
Key changes
- Add USDe token as collateral asset to cUSDTv3 market with collar parameters: 89% lower bound, 94% upper bound, 96% liquidation threshold, and 30M supply cap(high)
- Deploy and upgrade Comet to new version to enable USDe collateral support(high)
Generated by Kvorum
02Description
Add USDe as collateral into cUSDTv3 on Mainnet
Proposal summary
WOOF! proposes to add USDe 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 USDe 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 USDe as collateral with risk parameters recommended by Gauntlet, and (2) deploying and upgrading Comet to activate those changes. The decoded calldata shows exactly two actions matching this: an addAsset call configuring USDe as collateral on the correct cUSDTv3 Comet proxy with plausible risk parameters (89% borrow CF, 94% liquidate CF, 96% liquidation factor, 30M supply cap), followed by a deployAndUpgradeTo call on the same Comet proxy via the Configurator, which is the standard mechanism for activating a new asset configuration on Compound III. There are no numeric claims in the prose to cross-check against specific values, and no evidence of extra, omitted, or mismatched targets. Both actions are fully consistent with the stated intent of the proposal, and the technical steps (addAsset + deployAndUpgradeTo) are the expected implementation pattern for this type of Compound III governance action.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))
- Arguments
{ "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "assetConfig": [ "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961", "18", "890000000000000000", "940000000000000000", "960000000000000000", "30000000000000000000000000" ] }- 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 | ||
|---|---|---|---|---|---|
| 3F0x3fb1…4c8a | For | 104.8K | 15.45% | — | 9mo ago |
| 660x66cd…65f9 | Against | 80K | 11.79% | — | 9mo ago |
| 680x683a…6c02 | For | 61.2K | 9.02% | — | 9mo ago |
| B40xb49f…7948 | For | 60K | 8.85% | — | 9mo ago |
| 050x0579…ca09 | For | 60K | 8.85% | — | 9mo ago |
| 170x1729…b879 | For | 60K | 8.85% | — | 9mo ago |
| B70xb792…89d7 | For | 60K | 8.85% | — | 9mo ago |
| B90xb933…8dd1 | For | 60K | 8.85% | — | 9mo ago |
| 070x0703…961b | For | 51.7K | 7.63% | — | 9mo ago |
| 4F0x4f89…fd3c | For | 50K | 7.37% | — | 9mo ago |
| 130x13bd…8548 | For | 30K | 4.42% | — | 9mo ago |
| 1F0x1f3d…0591 | For | 440.7 | 0.06% | — | 9mo ago |
| 220x2210…d02e | For | 35.2 | 0.01% | — | 9mo ago |
| C50xc554…7759 | For | 11.2 | 0.00% | — | 9mo ago |
| 8B0x8bb9…ccc2 | Against | 1.1 | 0.00% | — | 9mo ago |
| 010x0151…c3b9 | Against | 1.1 | 0.00% | — | 9mo ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 9mo ago |
| BA0xba03…b48b | For | 0.1 | 0.00% | — | 9mo ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 9mo ago |
| F20xf2e8…bee4 | For | 0 | 0.00% | — | 9mo ago |
| CD0xcde3…ff68 | For | 0 | 0.00% | — | 9mo ago |
07Forum
- [Gauntlet] Parameter Recommendations for USDe on Mainnet USDC & USDT Comets ↗discourse · high confidence
Arguments for
- USDe has sufficient DEX liquidity with a 30M supply cap swappable to USDC or USDT with less than 1% slippage, and cumulative caps can be swapped if needed.— Gauntlet
- Quantitative analysis of volatility shows typical USDe/USDC and USDe/USDT volatility is quite low, supporting the recommended 89% collateral factor and 4% liquidation penalty.— Gauntlet
- All technical tests including Slither, Forge Tests, Semgrep, ESLint, and Tenderly simulations passed successfully, confirming market readiness.— woof
- Ethena has been announced as a V4 partner, indicating broader protocol alignment with the USDe integration.— allthecolors
Arguments against
- USDe's depeg risk profile is qualitatively different from USDC or USDT, making it unsuitable for the mainnet USDC and USDT comets which should be unassailable for DAO reputation.— allthecolors
- The deUSD incident demonstrated that depositors do not understand stablecoin collateral risk exposures, and adding USDe to the mainnet USDC and USDT markets risks repeating this confusion.— allthecolors
Unresolved concerns
- Whether the DAO should prioritize qualitative security and asset backing model review beyond quantitative risk parameters for collateral on critical stablecoin markets.— allthecolors
- Whether depositors in mainnet USDC and USDT markets truly understand the additional collateral risk exposure introduced by USDe, given prior confusion with deUSD.— allthecolors
Notable participants
- GauntletRisk analyst providing quantitative parameter recommendations based on liquidity, volatility, and depeg scenario analysis.
- woofProposer implementing the governance actions with technical validation through PR reviews and successful test deployments.
- allthecolorsCautious stakeholder raising qualitative risk concerns about USDe's suitability for mainnet stablecoin markets despite quantitative support.
Generated by Kvorum
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