Hello Compound community, this is Joyce from the TrueUSD(TUSD) team!
It has been a while since TUSD first launched on Compound Finance and we at TUSD are pleased to see that it performed well over the past several months. Circulation and number of active addresses have increased dramatically with billions of dollars in monthly transaction volume. To take it a step further, we think that it would be an excellent opportunity to bring more members of the rapidly growing TUSD community to experience Compound and update TUSD market parameters.
These are the two aspects we would like to update:
We propose to add TUSD as a collateral asset on Compound. TUSD has proven its security and performance as a collateral asset on several other lending platforms with healthy utilization rates, and we believe it would be beneficial to the Compound community and project as a whole to have TUSD included here as well. As the TUSD collateral factor (or LTV) on AAVE is 80%, 80% on Venus, and 75% on JustLend, we propose to have TUSD’s collateral factor on Compound be 75%.
Add COMP rewards to the TUSD market.
We also propose to add COMP rewards to the TUSD market and bring more TUSD liquidity into Compound. TUSD is integrated on several DeFi projects across various chains, with total supply reaching approximately 80M from Compound, AAVE, PancakeSwap, and Ellipsis. This gives excellent APY to users, and we would like to further that for the Compound community.
To summarize, TrueUSD would like to propose the following updates:
1） Add TUSD as a collateral asset with a collateral factor of 75%
2） Distribute COMP rewards to TUSD market participants.
Detailed parameters we are going to propose is as follows:
Update COMP speed for TUSD, USDC, USDT, DAI markets
cUSDC 67000000000000000 → 66500000000000000
cDAI 67000000000000000 → 66500000000000000
cUSDT 9650000000000000 → 9150000000000000
cTUSD 0 → 1500000000000000
Calculated by the COMP distributed per day, it would be 19.7 for TUSD market, 120.19 for USDT market, and 873.48 for USDC, DAI market.
We appreciate the support from the Compound community, and thank you for considering our proposals! We hope to hear from you soon, and we are available to provide any additional support or resources that the community may need.