Optimism USDT Migration Review
June 4, 2024
Summary
Total Issues
: 0 (0 resolved)
Scope
OpenZeppelin reviewed Pull Request 852 of the compound-finance/comet repository at commit 11a4bc4 which will submit a governance proposal to create a USDT Comet market on Optimism using the official Comet Migration process.
In scope was the governance proposal created by the simulated Enact Workflow output using the migration files:
.github/workflows/enact-migration.yaml
deployments/optimism/usdt/migrations/1713012100_configurate_and_ens.ts
Overview
The recent Compound Community Forum Proposal identified a USDT Comet Market on Optimism as one of the top priorities of the Compound Growth Program. The community largely agreed and the motivation was to begin servicing users on Optimism as well as begin making inroads for new users.
To deploy an official market on Optimism, a series of specific Compound Governance steps must be taken. Dependencies must be accurately and securely deployed after which an official governance proposal is to be proposed on-chain. The focus of OpenZeppelin’s review was Pull Request 852 which includes the deployed dependencies, the official migration governance proposal, and all the security concerns that may arise during execution of the proposal. Specifically we checked:
- That the simulation workflow created the same proposal as the deployment workflow.
- That the proposal description was accurate and descriptive of its effects.
- That proposal dependencies were verified as deployed with correct configurations.
- That proposal instructions were decoded and verified as complete.
- That proposal instructions were simulated and executed successfully without errors on both Mainnet and Optimism.
- That the eventual market configuration was verified to match the latest parameter values provided by Gauntlet and accepted by the community.
Security Model and Trust Assumptions
Before proposal enactment to incorporate the USDT market on Optimism, it is assumed that there will not be any upgrades or changes to the implementations of the proposal or Comet ecosystem at large.
Notes & Additional Information
Comet Version
USDT on Mainnet exhibits non-standard ERC20 behaviors and indeed development has been done in Comet to handle this token. USDT on Optimism, however, is not the same and does not exhibit this non-standard behavior. Therefore, this deployment utilizes the “standard” Comet implementation and not the newer version meant for handling USDT on Mainnet. We have no compatibility concerns with the token and market contracts deployed.
Conclusion
Upon reviewing the migration, our team at OpenZeppelin is confident that the proposal has been correctly created and follows all the recommendations. During our evaluation of this migration there were no issues found and we confirmed that the new market should function with USDT as its base asset seamlessly on Optimism.