Thanks for the update — really appreciate the clear communication around the USDC and USDS unpauses.
Regarding the USDT market:
Will the recommended transfer of USDT reserves from Compound V2 to the V3 USDT Comet require a new governance proposal, and should we expect the same approximate timeline (a few days for voting and execution) as with the recent unpause proposals?
Or is there a plan to fast-track this process through the community multisig given the urgency to restore full market functionality?
That tiny top note about the pause guardian being enabled? It should’ve been blasted in big, bold red text – impossible to miss. I skimmed right past it, deposited collateral, and now I’m stuck with it locked up, missing out on other opportunities.
Next time something like this hits – especially pausing withdrawals on major markets like Ethereum USDC/USDT – make it a huge popup or alert. No one should be dumping funds into a frozen system without crystal-clear warnings.
Appreciate the rationale and updates, but visibility matters big time in DeFi. Let’s avoid this headache for everyone.
Given that Elixir has announced (https://x.com/elixir/status/1986443495351927257) the termination of its maintenance of the price pegs for deUSD and sdeUSD, the corresponding token prices in the market have already dropped to $0.03.
At present, there are still 17,753,804.3997 deUSD (including the amount after unwrapping sdeUSD) being used as collateral in the lending market, accounting for 1.46% of the total collateral value in the USDT and USDC markets. This undoubtedly leaves a significant shortfall in the overall market.
Unless cooperation with the Elixir protocol can be established to facilitate repayment, I believe it may still be necessary to freeze the entire market for further handling.
on the compound cUSDC and cusdt smart contracts the amounts of deusd and sdeUSD is lower than 80k usd. so I’m unsure how their collapse is affecting Compound. Was there an arrangement that I’m missing?
I have a position of 10m usdt and it’d be nice to know why the usdt-eth market hasn’t been restored yet and what’s the plan. Thanks.
The numbers you see are based on current market prices. You should calculate the price using the original values, which will allow you to quickly arrive at the figures I’ve provided. For individuals, this means your funds have lost that proportion.
Hi.
You mentioned that it may be necessary to freeze the entire market due to the deUSD/sdeUSD situation.
My question is simple:
If the market is frozen, when will users be able to withdraw their collateral (in my case — WBTC on Ethereum)?
Is there any estimated timeline or a clear plan for resolving the shortfall and restoring withdrawals?
Thank you for the continued updates and all the work done so far.
However, the community’s confidence is fading due to the prolonged uncertainty surrounding the USDT Comet market.
It has now been several days since Proposal 491 executed, and no new proposal for the V2 → V3 reserve transfer or USDT unpause has been posted on-chain. The lack of a timeline or confirmation from governance representatives is creating serious anxiety among depositors and investors.
Submitting the new proposal, or Providing an official update on the execution schedule?
Transparency and timely communication are critical to maintaining trust in Compound’s governance process.
Thank you again for your hard work, but please understand that users urgently need clarity on when normal USDT operations will resume.
i am a usdt supplier on ethereum comet and not involed in any deusd positions. my usdt has been stuck for several days and i urgently need acces ( 412,000.00 usdt)
I saw Elixir has alreqady started usdc compensation for affected lending platforms
could you please confirm when usdt withdrawals will be unpaused and whether normal suppliers (with no deusd exposure ) can withdraw soon???
Please unpause withdrawalas for users who only supplied usdt and have no exposure to deusd or sdeusd.
Elixir has already opened its redemption process for deusd holders.those users can handle thier claims there. while unaffected depoistors should not be locked in the same pool.
we ask that compound sepaarates deusd - exposed accounts and restores normail withdrawlas for everyone else as soon as possible.
It seems like Compound incurred the losses in their reserves as liquidated deUSD is sent to the Compound reserves with the deUSD supplier being returned USDT at the liquidation price (lucky them).
This will explain why the contract only holds small amounts of deUSD as most of it has been transferred to the governance reserves in exchange for USDT (check the negative $7.5M reserves on cUSDC).
At least as far as what I understand about their architecture.
Yes it makes sense. and in fact there are many out transactions from the smart contracts of deusd and sdeUSD.
so, now, how does compound plan to refill the reserves? The v2 reserves that @Gauntlet mentioned are not enough to cover the missing reserves as they are ~5m usdt.
@Gauntlet you said “This would fully cover any temporary reserve gap and provide an additional safety buffer”
can you explain how? considering that the usdt reserves on v3 are ~ -7.6m and the reserves on v2 are around 5m?
Submitting the new proposal, or
Providing an official update on the execution schedule?
