Add ETH market on Arbitrum

Summary

Woof Software and the Compound Growth program propose launching ETH market on Arbitrum network.

Motivation

wstETH

wstETH is an asset that has been integrated into multiple money markets, including Compound, across different chains, such as Aave on Mainnet, Arbitrum, Optimism, Base, and Radiant on Mainnet and Arbitrum. It is also the leading liquid staking token (LST) in terms of market cap and liquidity depth on Mainnet and Arbitrum.

rETH

The Rocket Pool team has been in the staking space since its inception in 2016.

The Rocket Pool protocol went live on 9th November 2021. It was a staged rollout with a full unlimited opening on 22 November 2021.

Rocket Pool is the most experienced, trusted Liquid Staking Protocol in existence. It is the base layer protocol for decentralised permissionless, and trustless Ethereum staking.

rETH is a Liquid Staking token representing staked ETH. rETH is fully composable in the wider DeFi landscape while accruing value from ETH earned through staking

Points of contact: @pashabergman, @dmitriywoofsoftware, @sharp, @bryancolligan

Proposed Collateral

We propose adding the following assets as collaterals for the market:

  • rETH (Rocket Pool ETH)
  • wstETH (Lido Wrapped Staked ETH)

We invite the community to suggest and give inputs for any other collateral assets.

Relevant Documents and Links

Lido

Website

Docs

Socials

Token contract address

Rocket Pool

Website

Docs

Socials

Token contract address

Next steps

  • Community feedback
  • Market configuration feedback from Gauntlet
  • Development by Woof Software
  • Audit by OpenZeppelin
  • Deployment by Woof Software

Additionally, we look forward to the community to suggest:

  • Collateral Factor
  • Reserve Factor
  • Borrowing Limit
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