Update price feeds in cUSDCv3 on Base with CAPO and SVR price feeds.
01Summary
This proposal resubmits a previously passed governance action to update price feeds for WETH, USDC, cbETH, and wstETH assets on the cUSDCv3 market on Base. It implements CAPO (Correlated Assets Price Oracle) for wstETH to handle liquid staking token yield accumulation, and SVR (Solver Virtual Routing) for WETH and USDC to support oracle extractable value (OEV) solutions. The Compound DAO will receive revenue from SVR liquidations. This is a resubmission of Proposal 526 which was not executed on L2.
- Type
- protocol addition
Key changes
- Update WETH price feed to SVR implementation on Base(high)
- Update USDC price feed to SVR implementation on Base(high)
- Update wstETH price feed to CAPO implementation to handle liquid staking yield accumulation(high)
- Update cbETH price feed to CAPO implementation(high)
- Set SVR fee recipient to Compound DAO multisig (0xd9496F2A3fd2a97d8A4531D92742F3C8F53183cB) to capture protocol revenue from liquidations(medium)
Notable concerns
- This is a resubmission of Proposal 526 which failed to execute on L2, indicating potential technical complexities
- Implementation relies on Chainlink's SVR solution which was selected through RFP process
- CAPO implementation for liquid staking tokens introduces new price oracle logic that requires understanding of yield accumulation mechanics
Generated by Kvorum
02Description
Update price feeds in cUSDCv3 on Base with CAPO and SVR price feeds.
Resubmit
This proposal is a resubmission of previously passed Proposal 526, as it was not executed on L2.
Original proposal: https://www.tally.xyz/gov/compound/proposal/526
Proposal summary
This proposal updates existing price feeds for WETH, USDC, cbETH and wstETH assets on the USDC market on Base.
CAPO summary
CAPO is a price oracle adapter designed to support assets that grow gradually relative to a base asset - such as liquid staking tokens that accumulate yield over time. It provides a mechanism to track this expected growth while protecting downstream protocol from sudden or manipulated price spikes. wstETH price feed is updated to their CAPO implementations.
SVR summary
RFP process and community vote passed and decided to implement Chainlink's SVR solution for BASE markets, this proposal updates WETH and USDC price feeds to support SVR implementations.
Further detailed information can be found on the corresponding proposal pull request, forum discussion for CAPO and forum discussion for SVR.
CAPO audit
CAPO has been audited by [OpenZeppelin](https://www.comp.xyz/t/capo-price-feed-audit/6631, as well as the LST / LRT implementation here.
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 WETH, USDC, cbETH and wstETH price feeds to the CAPO and SVR implementations. This sends the encoded 'updateAssetPriceFeed', 'setBaseTokenPriceFeed' and 'deployAndUpgradeTo' calls across the bridge to the governance receiver on Base.
03Mismatch analysis
The proposal's single on-chain action is a cross-chain sendMessage call to the Base governance receiver, whose embedded payload decodes into exactly the five sub-calls the description claims: three updateAssetPriceFeed calls (WETH, cbETH, wstETH), one setBaseTokenPriceFeed call (USDC), and one deployAndUpgradeTo call to finalize the Comet configuration upgrade — all targeting the same Base USDC Comet proxy (0xb125...5eb2f) and its Configurator (0x4593...31e581). This matches the description's claim that the proposal updates WETH, USDC, cbETH and wstETH price feeds via these exact three function types, bridged to the Base governance receiver. The mention of the SVR fee recipient (Compound DAO multisig) is presented as background/context about how the already-deployed SVR price feed contracts are configured, not as a distinct on-chain action of this proposal, and no calldata is expected or found for it — so its absence from the decoded action is not a discrepancy. No value, target, or scope mismatches were found between the prose and the decoded 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
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 3F0x3fb1…4c8a | For | 104.8K | 0.00% | — | 7mo ago |
| 660x66cd…65f9 | For | 80K | 0.00% | — | 7mo ago |
| B30xb356…c826 | For | 60.3K | 0.00% | — | 7mo ago |
| B40xb49f…7948 | For | 60K | 0.00% | — | 7mo ago |
| 050x0579…ca09 | For | 60K | 0.00% | — | 7mo ago |
| 170x1729…b879 | For | 60K | 0.00% | — | 7mo ago |
| B70xb792…89d7 | For | 60K | 0.00% | — | 7mo ago |
| D20xd2a7…5a0c | For | 60K | 0.00% | — | 7mo ago |
| B90xb933…8dd1 | For | 60K | 0.00% | — | 7mo ago |
| 070x0703…961b | For | 51.7K | 0.00% | — | 7mo ago |
| 130x13bd…8548 | For | 30K | 0.00% | — | 7mo ago |
| 1F0x1f3d…0591 | For | 440.7 | 0.00% | — | 7mo ago |
| 9F0x9f77…2768 | For | 0.9 | 0.00% | — | 7mo ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 7mo ago |
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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