Proposal 23: Update cUSDC interest rate model

Following Dharma’s lead, I believe that all stable-coins should have their interest rate model updated to match. DAI and USDT have already been updated to the latest and greatest interest rate model but USDC lags behind.

I have written some new code which allows for the logic used in the existing JumpRateModelV2 to be used for another new contract, LegacyJumpRateModelV2. This contract supports legacy cTokens, like cUSDC.

I propose setting cUSDC interest rate model to a new LegacyJumpRateModelV2 deployed with the same parameters as the current DAI and USDT interest rate models: base rate of 0%, 4% at kink, kink at 80% utilization, and 25% at 100% utilization.

This proposal will finish the standardization of stable coin interest rate models on Compound.

Pull Request here
Contract deployed here


The proposal is live.

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