Simple Summary
As part of a marketing campaign, Coinbase will be distributing USDC to protocols for the purposes of marketing usage on BASE. For transparency, Gauntlet has been approached by the Coinbase team to manage these USDC rewards across Compound’s BASE deployments, given Gauntlet’s existing work with Incentive Optimization with Compound.
Compound currently has two BASE comets - USDC and Ether. At this time, Coinbase is considering distributing $50k/mo ($150k/quarter) of USDC for a quarter, with potential to distribute more depending on the results of the campaign.
One initial step would be to spin up a native USDC comet on BASE. Part of the budget can be reserved to compensate this work, if any members of the community are interested in developing and launching this comet.
Next Steps
We welcome community feedback. Some guiding questions:
- If you would like to work on developing and launching the native USDC comet on BASE, please comment in this forum thread.
- Which BASE comets would you like to see USDC distributed to?
- What are your thoughts on distributing USDC to suppliers vs borrowers?
- For the quarter - would you prefer seeing reward distribution frontloaded, backloaded, or distributed evenly throughout the quarter?
Disclaimer
By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.