[Gauntlet] wstETH Listing for USDC and USDT Comet on Optimism

Proposals
1

Simple Summary

If the community decides, Gauntlet recommends to list the following assets with the following risk parameters:

USDT Comet Risk Parameters

Asset Collateral Factor Liquidation Factor Liquidation Penalty Supply Cap
wstETH 80% 85% 10% 400 ($1.6M)

USDC Comet Risk Parameters

Asset Collateral Factor Liquidation Factor Liquidation Penalty Supply Cap
wstETH 80% 85% 10% 600 ($2.4M)

Analysis

wstETH was recommended within our initial asset listing post for USDC and USDT Comets on OP. wstETH was not included in the Comet initialization since the community had not resolved Oracle implementation for staked assets at the time. Gauntlet would like to push these wstETH listings on-chain with updated risk parameters.

Next Steps

  • Welcome feedback from the community
2

Add wstETH to cUSDTv3 on Optimism

PR - Add wstETH as collateral to USDT market on Optimism by MishaShWoof · Pull Request #891 · compound-finance/comet · GitHub

Actions

  1. Run Slither. Fails. :x: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  2. Forge test. Success.:white_check_mark: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  3. Gas Profiler. Success.:white_check_mark: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  4. Scan. Success.:white_check_mark: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  5. optimism-usdt Scenario. Success.:white_check_mark: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  6. Unit tests. Success.:white_check_mark: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  7. Eslint. Success.:white_check_mark: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  8. Contract linter. Success.:white_check_mark: Add wstETH as collateral to USDT market on Optimism · woof-software/comet@b7da566 · GitHub
  9. Prepare migration. Success.:white_check_mark: Prepare Migration · woof-software/comet@b7da566 · GitHub
  10. Enact migration with impersonate. Success.:white_check_mark: Enact Migration · woof-software/comet@b7da566 · GitHub
  11. Enact migration for delegator. Enact Migration · woof-software/comet@b7da566 · GitHub

Description we use:

Add wstETH as collateral into cUSDTv3 on Optimism\n\n

Proposal summary\n\n

Compound Growth Program [AlphaGrowth] proposes to add wstETH into cUSDTv3 on Optimism network. This proposal takes the governance steps recommended and necessary to update a Compound III USDT market on Optimism. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite. The new parameters include setting the risk parameters based off of the recommendations from Gauntlet.\n\n

Further detailed information can be found on the corresponding proposal pull request and forum discussion.\n\n\n

Proposal Actions\n\n

The first proposal action adds wstETH to the USDT Comet on Optimism. This sends the encoded addAsset and deployAndUpgradeTo calls across the bridge to the governance receiver on Optimism.

3

Add wstETH to cUSDCv3 on Optimism

PR - Add wstETH as collateral to USDC market on Optimism by MishaShWoof · Pull Request #892 · compound-finance/comet · GitHub

Actions

  1. Run Slither. Fails. :x: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  2. Forge test. Success.:white_check_mark: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  3. Gas Profiler. Success.:white_check_mark: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  4. Scan. Success.:white_check_mark: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  5. optimism-usdc Scenario. Success.:white_check_mark: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  6. Unit tests. Success.:white_check_mark: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  7. Eslint. Success.:white_check_mark: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  8. Contract linter. Success.:white_check_mark: Add wstETH as collateral to USDC market on Optimism · woof-software/comet@4550852 · GitHub
  9. Prepare migration. Success.:white_check_mark: Prepare Migration · woof-software/comet@4550852 · GitHub
  10. Enact migration with impersonate. Success.:white_check_mark: Enact Migration · woof-software/comet@4550852 · GitHub
  11. Enact migration for delegator. Enact Migration · woof-software/comet@4550852 · GitHub

Description we use:

Add wstETH as collateral into cUSDCv3 on Optimism\n\n

Proposal summary\n\n

Compound Growth Program [AlphaGrowth] proposes to add wstETH into cUSDCv3 on Optimism network. This proposal takes the governance steps recommended and necessary to update a Compound III USDC market on Optimism. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite. The new parameters include setting the risk parameters based off of the recommendations from Gauntlet.\n\n

Further detailed information can be found on the corresponding proposal pull request and forum discussion.\n\n\n

Proposal Actions\n\n

The first proposal action adds wstETH to the USDC Comet on Optimism. This sends the encoded addAsset and deployAndUpgradeTo calls across the bridge to the governance receiver on Optimism.';