Summary
Timeline: From 2025-02-17 To 2025-02-21
Total Issues: 1 (0 resolved)
Notes & Additional Information: 1 (0 resolved)
Scope
OpenZeppelin reviewed pull request #122 at commit 14847bd. This pull request will submit a governance proposal to create a USDC Comet market on the Unichain network using the official Comet Migration process.
In scope were the following files:
deployments/unichain/usdc/migrations/1739783281_configurate_and_ens.ts
deployments/unichain/usdc/deploy.ts
deployments/unichain/usdc/configuration.json
System Overview
Unichain is an OP-Stack, optimistic rollup and a member of the Superchain. It will launch with a standard implementation of the stack but will soon receive feature upgrades, including 250ms block times and the UNI Validation Network.
The deployment of Compound V3 on Unichain is a key component of the growing ecosystem, enabling Compound to explore new use cases and market expansion strategies alongside Uniswap v4 and the broader DeFi landscape. Initially, a USDC Comet will be deployed, with UNI and WETH as the collateral assets.
For this initiative to succeed, Compound must be fully deployed and operational on Unichain. Thus, OpenZeppelin’s review focused on pull request #122, which includes the deployed dependencies, the official migration governance proposal, and potential security concerns related to its execution.
Security Model and Trust Assumptions
Unichain will be the first Day 0 implementation of Compound on a new chain. As such, Gauntlet will provide directional recommendations for market parameters. In addition, Compound’s “Alternative Governance” will be prioritized for Unichain, enabling collateral cap updates within 3 days instead of 8. This faster response time will support the ecosystem’s rapid growth following the launch.
Unichain separates the sequencer from block building through the use of a Trusted Execution Environment (TEE). The TEE is a new primitive for rollups and its purpose is to enforce priority ordering upon the sequencer to maintain neutrality. The initial TEE builder will be open-source and will post execution attestations publicly to enable the verification of block building according to enacted policies.
Although the network uses the aforementioned single-sequencer architecture, it has launched with a permissionless fault-proof system which enables trustless security of the network. Future upgrades will enable the Unichain Validation Network, which aims to mitigate the risks of a single-sequencer architecture by establishing a decentralized network of node operators to validate the latest blockchain state as blocks are proposed. These validators will have to stake UNI on the Ethereum mainnet and adhere to other requirements in order to participate in the validation network and earn fees.
Notes & Additional Information
Use of Legacy Method for Bridging Tokens
The Standard Bridge is a token bridging system available on all standard OP Stack chains, including Unichain. In the migration script, this bridge is used to transfer COMP tokens from Ethereum to Unichain. However, the script makes use of the depositERC20To function to perform the bridging, which is marked as a legacy function. According to the Optimism documentation, the recommended approach is to use the bridgeERC20To function instead.
To ensure compatibility with the latest standards, consider updating the script to use bridgeERC20To instead of depositERC20To when bridging tokens via Optimism’s Standard Bridge.
Conclusion
OpenZeppelin conducted a review of the Unichain network in preparation for the deployment of a USDC Comet Market. No deployment risks for the Unichain network were identified. It was noted that while the network uses a single sequencer architecture, the presence of permissionless fault proofs and verifiable block building serve to enhance the trustless security of the network. The Unichain-USDC deployment and migration scripts were also reviewed and no significant issues were identified.