Chainlink SVR onboarding on USDC Mainnet

Update price feeds to CAPO and SVR in cUSDCv3 on Mainnet

Summery

During the market volatility on October 10th, the Chainlink SVR feeds remained fully operational, showing no unexpected behavior. We’d like to suggest onboarding the feeds for the USDC Mainnet market, as it’s the largest market and offers the greatest potential for liquidation capturing.

PR - CAPO and OEV for cUSDCv3 on Mainnet by MishaShWoof · Pull Request #1031 · compound-finance/comet · GitHub
PR(woof) - CAPO and OEV for cUSDCv3 on Mainnet by MishaShWoof · Pull Request #219 · woof-software/comet · GitHub
Proposal - Tally | Compound | Update price feeds in cUSDCv3 on Mainnet with CAPO and Chainlink SVR implementation.

Recommendations
The recommendations provided by Gauntlet

Symbol r sigma_r r_upper
ezETH 3.92% 3.15% 7.07%
wstETH 3.61% 0.43% 4.04%
weETH 2.95% 0.28% 3.23%
rsETH 3.57% 1.97% 5.54%
osETH 2.84% 0.26% 3.10%
rETH 2.66% 0.24% 2.90%
rswETH 3.27% 1.63% 4.90%
ETHx 2.88% 0.52% 3.40%
sFRAX 4.51% 0.44% 4.95%
wUSDM 4.53% 0.41% 4.94%
mETH 3.09% 0.82% 3.91%

Actions

Action name Link Status
1 Run Slither Link Success
2 Run Forge Tests Link Success
3 Run Tests With Gas Profiler Link Success
4 Run Semgremp Link Success
5 Run Scenarios (mainnet) Link Success
6 Run Unit Tests Link Success
7 Run ESLint Link Success
8 Run Contact Linter Link Success
9 Run Prepare Link Success
10 Run Enact impersonate Link Success
11 Tenderly Simulation Link Success
12 Run Enact (by delegator) Link Success

Artifacts

Name Value
1 Migration name 1759236467_upgrade_to_capo_price_feeds
2 Branch name woof-software/capo-and-oev-for-mainnet-usdc
3 Prepare id 18134764317
4 Network mainnet
5 Deployment usdc

Price feeds

Name Address Route OEV CAPO
1 wstETH 0xA2699232B341881B1Ed85d91592b7c259E029aCf wstETH / stETH (direct) → ETH / USD (OEV, we consider stETH / ETH as 1:1) + +
2 WBTC 0xc8E4c3F58d5FC4409522503927Ecea057EbbA1fc WBTC / BTC → BTC / USD (OEV) + -
3 WETH 0xc0053f3FBcCD593758258334Dfce24C2A9A673aD ETH / USD (OEV) + -
4 LINK 0x83B34662f65532e611A87EBed38063Dec889D5A7 LINK / USD (OEV) + -
5 rsETH 0xD6a48f6f687A5FeF8A69834C49514B747012cf1c rsETH / ETH (direct) → ETH / USD (OEV) + +
6 weETH 0x4F12633d511dC3049DE1ea923b7047fBeD0070D2 weETH / eETH (direct) → ETH / USD (OEV, we consider eETH / ETH as 1:1) + +
7 COMP 0x69B50fF403E995d9c4441a303438D9049dAC8cCD COMP / USD (OEV) + -

Description

Update price feeds in cUSDCv3 on Mainnet with CAPO and Chainlink SVR implementation.

Proposal summary

This proposal updates existing price feeds for wstETH, WBTC, WETH, LINK, rsETH, weETH and COMP on the USDC market on Mainnet.

SVR summary

RFP process and community vote passed and decided to implement Chainlink’s SVR solution for Mainnet markets, this proposal updates wstETH, WETH, WBTC, LINK, rsETH, weETH and COMP price feeds to support SVR implementations.

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, rsETH and weETH price feeds are updated to their CAPO 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, 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 wstETH price feed.
The second action updates WBTC price feed.
The third action updates WETH price feed.
The fourth action updates LINK price feed.
The fifth action updates rsETH price feed.
The sixth action updates weETH price feed.
The seventh action updates COMP price feed.
The eighth action deploys and upgrades Comet to a new version.

4 Likes

Hi everyone. Bek from Chainlink Labs. I will use this thread to update the community on SVR.

Searcher activity on Compound since launch has been relatively limited due to the limited size of the opportunity with only the USDT comet live. With the USDC comet now online, we expect significantly higher searcher interest and participation. Over the next few weeks, we’ll double down on onboarding and activation. We expect that as volatility picks up again we should see healthy recapture chances and recapture rates.

For this period (2025-10-07 - 2025-10-27), Chainlink Labs will transfer 0.01382 ETH to the Compound DAO, representing 55% of the recaptured OEV for this period.

During this period, 7 liquidations occurred on the SVR-activated markets of which 4 liquidations in 4 backruns went through SVR.

Of the ~$125.49 liquidation bonus paid to SVR searchers, ~$97.49 was recaptured in ETH equivalent at the time of the recapture, making the recapture rate 78%.

1 Like

Update from last week’s post:

This week we saw the highest recapture since the introduction of SVR on Compound. This indicates that searchers are becoming increasingly more comfortable with running on Compound.

For the period (2025-10-07 - 2025-11-03), Chainlink Labs transferred 2.52843 ETH to the Compound DAO, representing 55% of the recaptured OEV for this period.

During this period, 51 liquidations occurred on the SVR-activated markets of which 10 liquidations in 9 backruns went through SVR.

Of the liquidation bonus paid to SVR searchers, ~$17,244.23 was recaptured in ETH equivalent at the time of the recapture, making the recapture rate 65%.

Over the next weeks we will continue to focus on searcher onboarding to drive the recapture chance higher. This week it was ~20%, but our experience on other protocols has taught us that we expect it to increase and become stable around 90% in the long term.