Thank you to everyone who was able to join the community call on Wednesday! I’ve posted notes from the call below. You can listen to an audio recording of the call here or on your favorite podcast platform.
Compound Developer Community Call Notes
Wednesday, January 27, 2021
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Peteris Erins shared an update on Gauntlet’s implementation of COMP vesting, which is currently being audited by Quantstamp. The latest implementation modifies the claimComp function to include the cooldown mechanism, instead of creating a new cooldown function and changing the API. Calling the claimComp function will automatically trigger a cooldown period for any accrued COMP, with the duration specified by governance. The Gauntlet team welcomes the community to provide feedback in the accompanying forum post and review the code in the pull request.
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Yaron Velner provided an update on B.Protocol, a liquidation layer that sits on top of interest rate protocols like Compound and incentivizes a group of permanent liquidators to share guaranteed liquidations, as opposed to an ecosystem of liquidators who compete on high gas prices to gain an advantage. In this system, liquidators are able to provide cushion to an at-risk borrowing position, which gives them a priority on the position. When the borrowing position exceeds the specified collateral factor, B.Protocol liquidators that provided cushion can liquidate an equal share of the assets. This ‘fairness mechanism’ is described in more detail in B.Protocol’s most recent blog post, a slide deck shared during the call, and a forum post from November. B.protocol currently has a live integration with MakerDao and plans to go to mainnet with a Compound integration in February.
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Getty Hill shared an idea for a medianizer that would aggregate prices from a variety of onchain and offchain sources, similar to what MakerDao uses. Getty notes that Coinbase being the only reporter in the Open Price Feed presents security concerns and limits the number of assets that the protocol can support. Paul Nattapatsiri, the CPO of Band Protocol, chimed in that his team would be excited to build the medianizer, as well as propose Band Protocol’s oracle system being added as a reporter to the OPF. Paul thinks that he will likely be able to share Band’s implementation of the medianizer on the next Community Developer Call, so stay tuned for any updates in the next couple of weeks. You can read more about the proposed medianizer in the forum post, and feel free to provide feedback on a price oracle that will hopefully benefit the entire DeFi ecosystem.