Compound

Proposal summary

Compound Growth Program [AlphaGrowth] proposes deployment of Compound III to Mantle network. This proposal takes the governance steps recommended and necessary to initialize a Compound III USDe market on Mantle; upon execution, cUSDEv3 will be ready for use. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite. The new parameters include setting the risk parameters based off of the recommendations from Gauntlet.

Further detailed information can be found on the corresponding pull request, deploy market GitHub action run and forum discussion.

COMP token on Mantle

For creating a COMP token we used the same approach that we used before in the first Optimism USDC deployment. It uses OptimismMintableERC20 standard. The deployment COMP transaction. COMP token on Mantle.

Pause Guardian

We deployed Safe pauseGuardian using clone-multisig.ts. Deployment transaction. Address of pauseGuardian

Proposal Actions

The first proposal action sets the Comet configuration, deploys a new Comet implementation on Mantle and swaps received USDT for USDe. This sends the encoded ‘setConfiguration’, ‘deployAndUpgradeTo’, ‘transfer’ and ‘swap’ calls across the bridge to the governance receiver on Mantle. It also calls ‘setRewardConfig’ on the Mantle rewards contract, to establish Mantle’s bridged version of COMP as the reward token for the deployment and set the initial supply speed to be 4 COMP/day and borrow speed to be 4 COMP/day.

The second action reduces Compound’s cUSDT reserves and transfers it to Timelock, in order to swap it for USDe and then seed the market reserves for the cUSDEv3 Comet.

The third action approves Mantle’s L1StandardBridge to take USDT, in order to then swap it for USDe./n/nThe fourth action deposits USDT from mainnet to the Mantle L1StandardBridge contract to bridge to Timelock which will swap it for USDe to seed the reserves.

The fifth action approves Mantle’s L1StandardBridge to take Timelock’s COMP, in order to seed the rewards contract through the bridge.

The sixth action deposits 3.6K COMP from mainnet to the Mantle L1StandardBridge contract to bridge to CometRewards.

The seventh action updates the ENS TXT record ‘v3-official-markets’ on ‘v3-additional-grants.compound-community-licenses.eth’, updating the official markets JSON to include the new Mantle cUSDEv3 market.