CIP-4: Upgrade Compound v2 Oracle To Disable UAV

Proposals
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Hey everyone,

Now that OpenZeppelin has completed their above audit with all notes resolved, we have deployed the new PriceOracle contract here.

Most of the price feed values of the new PriceOracle contract match the existing UAV deployment apart from two extra decimals of precision that the new contract provides. The only prices that didn’t match are below, but this is expected as they are not expected to match given the upgraded design.

  1. Fixed price stablecoins - The existing UAV returns a hard-coded value of “1” for these tokens, while the new contract uses Chainlink Data Feeds to return the actual market price.
  2. WBTCv2 - while the existing UAV uses one dedicated Data Feed, the new contract uses the custom Data Feed from Compound Labs used in the Compound III USDC Ethereum Market, which uses a combination of two Chainlink Data Feeds under the hood for a WBTC-USD Price Feed. Learn more here.

We encourage the community to review the new PriceOracle contract and deployed configurations, and provide any feedback on the forum here.

Next Steps

If there’s no feedback from the community or service providers, then we will proceed with replacing the UAV with the new PriceOracle contract by

  1. Transferring ownership of the PriceOracle contract to the Compound Community multisig.
  2. Working with one of the Compound Service Providers or delegates to initiate a DAO vote that points the Comptroller to the new PriceOracle contract.

Additionally, OpenZeppelin will conduct a fork test before the vote begins or during the 2-day wait period to ensure a seamless deployment.

We’re excited to continue working with the Compound community in completing this upgrade!

Disclaimer

Chainlink Labs’ development work is offered “as is” without representations, guarantees, or warranties of any kind, on a commercially feasible basis and subject to the Compound DAO’s acceptance of the Chainlink Labs terms of service (available at Terms of Use – Chainlink Labs). The benefits are solely being made available to the Compound Protocol and not to any other party, including the Compound DAO.

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