Celo x Compound Finance & Compound Chain

Ideas
5

Thanks for the thoughtful comments @jamico . (sorry for the delayed reply, the notification got burried)

  1. The minor league is a potential on-ramp to compound chain where initially CELO/cUSD and COMP/CASH would be the major liquidity providers. The more demand from the minor league to other assets, the more the starport will lock up CELO/cUSD + COMP/CASH to access the major league. We’d regard it as a success when liquidity starts off-ramping from Compound Chain to minor league assets would lock up more CELO/cUSD and COMP/CASH as they’re the bridge and relay assets.

  2. Integration in Valora is a great idea. Considering Valora has a production and feature release cycle, having the mobile app integrated would require c-Labs to plan the feature integration in the future. We consider a separate mobile app using the dAppKit SDK as a great starting point to test out the compound features on the Celo Network. This allows target focus groups, feedback and voice of community. Upon success the stand-alone app can be promoted to c-Labs as a Valora integration. But that feels out of scope for this grant

  3. Thanks for pointing this out. We’re fully aligned to ensure excellence in delivery, audits included:

  • Compound Chain: We assume that the Starport smart contracts are being audited by Compound Finance and come with appropriate implementation and operational guidelines to deploy the smart contracts on EVM compatible networks such as Celo. Here we’re happy to collaborate with auditors that have engaged with Compound Chain. For the client-side implementation, we can collaborate with the Celo Core team to make sure the transactional guidelines and wallet KMS patterns are followed. Additionally, we can assist to improve operational excellence for the Compound Chain Oracles that will feed the prices of CELO and cUSD, if needed.

  • Celo Compound: Here, we identify two main modules that require additional audit oversight. First the Open Price Feed will require the cTokens to receive oraclized inputs from a set of trusted signers. Hereto, CELO and cUSD are already oraclized on-chain. Minor League ERC20 tokens on the Celo Network will most likely get their initial price feed from Uniswap-style market makers such as UbeSwap (obviously subject to low-liquidity slippage). Secondly the governance module is swapped out with a mature Multisig implementation. This would require auditing on the correct connection of roles and delegates from the multisig signer to the compound finance contracts.

Budget based on past experience ranges between 30-50k USD for the scope.
If this sounds about right, we can update the proposal and allocate a budget to ensure the novelties are audited. Our preference would be to reach out to auditors that have subject matter expertise on the modules mentioned above.

  1. I think next steps would be to:
  • Iron out some of the details mentioned above.
  • The Celo community has expressed their commitment to move this forward cc/ @marek
  • Find enough COMP support for this idea to move to an on-chain proposal as described here . Hereby we would like to learn more on how to practically set up the transactions that allow COMP voters to approve the release of tokens according to the schedule that’s in the on-chain proposal.

Hope this helps.
Thanks again for the feedback and input.

Dimi at keyko

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