The USDC market has been live for over 2 months now, and undergone 4 governance proposals (116, 124, 128, 132). The market (as of 10/27/2022) has $91.33M of collateral assets, $45.33M of USDC borrowed, and $88.86M of USDC supplied. It has generated $22.84K of USDC reserves since its inception.
With the Compound III codebase having proven itself thus far, we think now would be a good time to launch a second market on Ethereum Mainnet, utilizing WETH as the base asset: cWETHv3. The deployment pull request can be found here.
We propose initializing the market with 2 collateral assets: wstETH and cbETH.
For the base asset, we use the ChainLink ETH/USD price feed, as is used for WETH in the cUSDCv3 market. For wstETH, we use a custom wrapper around the ChainLink stETH/USD feed to multiply by the
wstETH/stETH exchange rate. This contract is currently in OpenZeppelin’s queue for audit. For cbETH, Coinbase has just launched a new
cbETH/USD price feed together with ChainLink.
As before, we would first deploy the contracts to mainnet (with supply caps set to 0), and update this thread with the verified contract addresses. We would then initiate a proposal to raise supply caps and launch the market with an initial set of reserves. The contracts can be deployed once we have (1) received input on parameters from Gauntlet and the rest of the community here, and (2) received audit feedback from OpenZeppelin on the pull request.
We suggest following up with another proposal after this one (as was done for cUSDCv3), to migrate remaining rewards from v2 to cWETHv3 and cUSDCv3.