The proposals aim to deprecate wUSDM by: Reducing the supply cap. Lowering the collateral factor (CF) and liquidation factor (LF). Setting the price feed to a constant value of 1 / 1e8. WOOF! will also update Comet in a future development cycle to support complete asset deprecation.
PR - Deprecate wUSDM from cUSDTv3 on Mainnet by MishaShWoof · Pull Request #1013 · compound-finance/comet · GitHub
PR(woof) - Deprecate wUSDM from cUSDTv3 on Mainnet by MishaShWoof · Pull Request #189 · woof-software/comet · GitHub
Proposal - Tally | Compound | Deprecate wUSDM from cUSDTv3 on Ethereum
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-usdt) |
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 Simulate on Mainnet |
Link |
Success |
| 12 |
Run Enact |
Link |
Success |
Artifacts
| № |
Name |
Value |
| 1 |
Migration name |
1755167158_deprecate_wusdm_collateral |
| 2 |
Branch name |
woof-software/deprecate-wusdm-on-mainnet-usdt |
| 3 |
Prepare id |
16966143186 |
| 4 |
Network |
mainnet |
| 5 |
Deployment |
usdt |
Deprecate wUSDM from cUSDTv3 on Ethereum
Proposal summary
WOOF! proposes to deprecate wUSDM from cUSDTv3 on Ethereum network, since deprecation of USDM itself and its Chainlink oracle.
In order to achieve this price feed will be updated to a new one, which will return the smallest acceptable price - 0.00000001 (1e-8), and the supply cup will be set to 0 to prevent further deposits. This proposal takes the governance steps recommended and necessary to update a Compound III USDT market on Ethereum. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite.
Further detailed information can be found on the corresponding proposal pull request.
Proposal Actions
The first proposal action updates wUSDM price feed to return the smallest possible price.
The second action updates wUSDM supply cap to 0 to prevent further deposits.
The third action deploys and upgrades Comet to a new version.
1 Like
Gauntlet supports the offboarding of wUSDM due to the outlined rationale and is aligned with the proposed next steps. Thank you for publishing the onchain proposal @dmitriywoofsoftware
1 Like
Deprecate wUSDM from the USDC market on Arbitrum, and USDC and USDT Optimism
The proposals aim to deprecate wUSDM by: Reducing the supply cap. Lowering the collateral factor (CF) and liquidation factor (LF). Setting the price feed to a constant value of 1 / 1e8. WOOF! will also update Comet in a future development cycle to support complete asset deprecation.
PR - Deprecate wUSDM on cUSDCv3 on Arbitrum, and cUSDCv3 and cUSDTv3 on Optimism by MishaShWoof · Pull Request #1014 · compound-finance/comet · GitHub
PR(woof) - Deprecate wUSDM on cUSDCv3 on Arbitrum, and cUSDCv3 and cUSDTv3 on Optimism by MishaShWoof · Pull Request #195 · woof-software/comet · GitHub
Proposal - Tally | Compound | Deprecate wUSDM from Arbitrum and Optimism markets
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 (arbitrum-usdc) |
Link |
Success |
| 6 |
Run Scenarios (optimism-usdc) |
Link |
Success |
| 7 |
Run Scenarios (optimism-usdt) |
Link |
Success |
| 8 |
Run Unit Tests |
Link |
Success |
| 9 |
Run ESLint |
Link |
Success |
| 10 |
Run Contact Linter |
Link |
Success |
| 11 |
Run Prepare |
Link |
Success |
| 12 |
Run Enact impersonate |
Link |
Success |
| 13 |
Tenderly Simulate on Mainnet |
Link |
Success |
| 14 |
Run Enact |
Link |
Success |
Artifacts
| № |
Name |
Value |
| 1 |
Migration name |
1755518118_deprecate_wusdm_collateral |
| 2 |
Branch name |
woof-software/deprecate-wusdm-on-every-network |
| 3 |
Prepare id |
17045973900 |
| 4 |
Network |
arbitrum |
| 5 |
Deployment |
usdc |
Description
Deprecate wUSDM from Arbitrum and Optimism markets
Proposal summary
WOOF! proposes to deprecate wUSDM from cUSDCv3 on Arbitrum network, and cUSDCv3 and cUSDTv3 on Optimism, since deprecation of USDM itself and its Chainlink oracle.
In order to achieve this price feed on both networks will be updated to a new one, which will return the smallest acceptable price - 0.00000001 (1e-8), and the supply cup will be set to 0 to prevent further deposits. This proposal takes the governance steps recommended and necessary to update a Compound III USDC market on Arbitrum, and a Compound III USDC and USDT market on Optimism. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite.
Further detailed information can be found on the corresponding proposal pull request.
Proposal Actions
The first proposal action updates wUSDM’s configuration to deprecate it from cUSDCv3 on Arbitrum. This sends the encoded ‘updateAsset’ and ‘deployAndUpgradeTo’ calls across the bridge to the governance receiver on Arbitrum.
The second proposal action updates wUSDM’s configuration to deprecate it from cUSDCv3 and cUSDTv3 on Optimism. This sends the encoded ‘updateAsset’ and ‘deployAndUpgradeTo’ calls across the bridge to the governance receiver on Optimism.
1 Like
Deprecating wUSDM makes sense from a risk management perspective, especially if liquidity and oracle support are thin. My only concern is whether the transition plan gives borrowers enough time to unwind positions without unnecessary liquidations. Could we clarify the grace period or any safety measures for users?
1 Like