Over the past six weeks, considerable effort has gone into reviewing the Compound III testnet deployments, codebase, and documentation. Thank you everyone for your feedback, edits, audits, and testing.
Audits were completed by OpenZeppelin and ChainSecurity. These are significant documents that everyone in the community is encouraged to review.
Full documentation of Compound III is available for developers to prepare new application integrations, and for liquidators to begin building bots to protect the protocol.
Compound III is now ready for production!
The first deployment of Compound III is a USDC market on Ethereum. The release candidate contracts have been deployed; Compound Governance controls these contracts, and is solely capable of activating the market.
Deployed Contracts
cUSDCv3: 0xc3d688B66703497DAA19211EEdff47f25384cdc3 
This is the main proxy contract for interacting with the new market. The address should remain fixed and independent from future upgrades to the market. It is an OpenZeppelin TransparentUpgradeableProxy contract.
cUSDCv3 Implementation: 0x42F9505a376761b180e27a01bA0554244ED1DE7D
This is the implementation of the market logic contract, as deployed by the Comet Factory via the Configurator.
cUSDCv3 Ext: 0x285617313887d43256F852cAE0Ee4de4b68D45B0
This is an extension of the market logic contract which supports some auxiliary/independent interfaces for the protocol. This is used to add additional functionality without requiring contract space in the main protocol contract.
Configurator: 0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3
This is a proxy contract for the ‘configurator’, which is used to set and update parameters of a Comet proxy contract. The configurator deploys implementations of the Comet logic contract according to its configuration. This pattern allows significant gas savings for users of the protocol by ‘constantizing’ the parameters of the protocol.
Configurator Implementation: 0xcFC1fA6b7ca982176529899D99af6473aD80DF4F
This is the implementation of the Configurator contract, which can also be upgraded to support unforeseen changes to the protocol.
Proxy Admin: 0x1EC63B5883C3481134FD50D5DAebc83Ecd2E8779
This is the admin of the Comet and Configurator proxy contracts. It is a ProxyAdmin as recommended/implemented by OpenZeppelin according to their upgradeability pattern.
Comet Factory: 0x1C1853Bc7C6bFf0D276Da53972C0b1a066DB1AE7
This is the factory contract capable of producing instances of the Comet implementation/logic contract, and invoked by the Configurator.
Rewards: 0x1B0e765F6224C21223AeA2af16c1C46E38885a40
This is a rewards contract which can hold rewards tokens (e.g. COMP, WETH) and allows claiming rewards by users, according to the core protocol tracking indices.
Parameters
The risk parameters for the USDC market were configured based on recommendations by Gauntlet. Supply caps are set to 0, and require a governance proposal to activate the market, before users can supply collateral or borrow USDC.
| Collateral Asset | Borrow CF | Liquidation CF | Liquidation Fee |
|---|---|---|---|
| WETH | 82.5% | 89.5% | 5.0% |
| WBTC | 70.0% | 77.0% | 5.0% |
| LINK | 79.0% | 85.0% | 7.0% |
| UNI | 75.0% | 81.0% | 7.0% |
| COMP | 65.0% | 70.0% | 7.0% |
| Parameter | Supply Rate Model | Borrow Rate Model |
|---|---|---|
| Base | 0.00% | 1.50% |
| SlopeLow | 3.25% | 3.50% |
| Kink | 0.80 | 0.80 |
| SlopeHigh | 40.00% | 25.00% |
Target Reserves: 5,000,000 USDC
Storefront Price Factor: 50%
Minimum Borrow Size: 100 USDC
Supply Reward Speed: 0.00 (usage is not tracked for rewards)
Borrow Reward Speed: 0.00 (usage is not tracked for rewards)
Next Steps
Everyone has a chance to review the contracts and parameters of the market, in preparation for its activation. Compound III is now just a governance proposal away from being live!