Following the conversations on this thread, and discussions on recent community calls and in Discord, the parameters to deploy cWETHv3 have been finalized on the pull request:
The initial risk parameters follow Gauntlet’s recommendations:
- wstETH: $100mm supply cap (64,500 tokens), 90% CF, 93% LCF, and 5% liquidation fee
- cbETH: $10mm supply cap (7,100 tokens), 90% CF, 93% LCF, and 5% liquidation fee
The interest rate models follow Gauntlet’s first recommendation, with an adjustment to increase the supply rate slope. After the launch of the market, Gauntlet will monitor and consider recommendations to the interest rate model based on preliminary utilization & growth.
The price feeds of the deployment use the following inputs:
- The base asset, WETH, uses a constant price feed of unity in terms of ETH with 8 decimals.
- For wstETH, we deployed a custom wrapper around the ChainLink
stETH/ETHfeed to convert using thewstETH/stETHexchange rate. - For cbETH, Coinbase has launched a new
cbETH/ETHprice feed together with ChainLink, which we wrap with a scaling price feed to convert the decimals to the constant 8 decimals that Comet expects.
OpenZeppelin has completed an additional audit of modifications to the price input contracts, since the original post in this thread.
The cWETHv3 market has been deployed to 0xA17581A9E3356d9A858b789D68B4d866e593aE94.
A new proxy contract, to support advanced user transactions, has been deployed to 0xa397a8C2086C554B531c02E29f3291c9704B00c7. Please note that the UI will ask you to approve a new proxy contract to bundle multiple actions into a single transaction.
Initialization Proposal
To initialize the market, the deployment process deviates from the script used to initialize the USDC market, since the WETH market shares contracts in common with the USDC market, including the Configurator and Rewards contract.
The initialization proposal will take the following actions:
- Migrate the COMP distribution, 38.70/day, from Compound v2 ETH to the new WETH market
- Set the CometFactory for the new Comet instance in the existing Configurator
- Configure the Comet instance in the Configurator
- Deploy an instance of the newly configured factory and upgrades the Comet instance to use that implementation
- Configure the existing Rewards contract for the newly deployed Comet instance
- Seed the market with 500 WETH of reserves, by wrapping Ether held by the Timelock, then
- Transfer the Timelock’s WETH to the deployment
- Transfer 25,000 COMP from the Comptroller to the Rewards contract to refresh it’s supply
The deployment and proposal migrations have been built using the Comet scenario framework and deployed using the Comet deployment manager. The deployment was run through a GitHub action using seacrest and the scenario checks can be seen from the proposal branch CI checks.