Moonwell

Summary

This proposal seeks to list cUSDO, a non-rebasing, yield-bearing stablecoin issued by OpenEden, as a new market on Moonwell Base. cUSDO is a wrapped version of USDO — a stablecoin backed 1:1 by U.S. Treasury Bills — and allows users to earn real-world yield while participating in DeFi lending, borrowing, and collateralization within the Moonwell ecosystem.

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Motivation

Integrating cUSDO brings several benefits to Moonwell:

• Capital Efficiency – Supply cUSDO, earn passive yield, and use it as collateral simultaneously.
• Real-World Yield – Backed by U.S. T-Bills through OpenEden’s USDO vault.
• Non-Rebasing = DeFi Ready – cUSDO maintains ERC-20 compatibility, avoiding issues of rebasing tokens.
• Institutional-Grade Structure – Transparent, regulated custodianship, real-time reserve attestation.

This listing would further Moonwell’s mission to bridge DeFi and real-world assets (RWAs).

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Asset Overview

Item	Description
Token Name	cUSDO (Compounding Open Dollar)
Type	ERC-20, yield-bearing, non-rebasing
Network	Base
Token Address	0x83dB73EF5192de4b6a4c92bD0141Ba1a0Dc87c65
Contract Code	Verified Source on BaseScan
Issuer	OpenEden
Underlying Asset	USDO (rebasing stablecoin backed by T-Bills)
Documentation	OpenEden Docs
Audit	ChainSecurity (No critical issues) – Audit Report
Oracle Status	Chainlink

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Market Risk Assessment

1. Swap Size & Liquidity A $500K swap on Base and Ethereum DEXs (e.g., Aerodrome, Curve) results in <25% price impact.

2. TVL Requirements Combined TVL of USDO and cUSDO > $40M across Base and other chains.

3. Security & Audit

• Fully verified contract
• Standard role-based access controls for mint/burn
• Third-party audit by ChainSecurity (no critical vulnerabilities)
• Transparent reserves and regulated custodians

4. Market Caps

• on BASE: 3.5M
• on ETHEREUM: 214M

5. Total Transactions

• on BASE: 65K transfers & 15K direct txs & 9K holders
• on ETHEREUM: 60K transfers & 9K direct txs & 2K holders

6. Age of Token

• on BASE: 131 days
• on ETHEREUM: 237 days

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Smart Contract Review

Contract: cUSDO

• Proxy Architecture: The cUSDO contract is deployed as an ERC1967Proxy.

• Base Contracts: The logic implementation inherits from OpenZeppelin’s battle-tested upgradeable libraries:

  • ERC4626Upgradeable – Vault standard
  • AccessControlUpgradeable – Role-based permissions
  • PausableUpgradeable – Circuit breaker functionality
  • IERC20PermitUpgradeable, EIP712Upgradeable – Meta-transactions support

• Permission Structure: Role-based access is enforced using AccessControl. Critical roles include:

  • DEFAULT_ADMIN_ROLE
  • UPGRADER_ROLE
  • PAUSER_ROLE All minting/burning and upgrades are gated by these roles.

• Security Observations:

  • ChainSecurity audit (Feb 2024) identified no critical issues.
  • No proxy self-destruct, delegatecall hazards, or unsafe upgrade paths were found.
  • The proxy implementation was verified on BaseScan and follows standard OpenZeppelin conventions.

• Blacklist Functionality: No.

• Is the token pausable? Yes.

• Does the project have an active bug bounty program? No.

Top 10 holders on Base

click here for latest changes!

Rank	Address	Name Tag	Quantity	% Supply	Value (USD)
1	0x1155...a28	PT-cUSDO	2,029,779.43	58.56%	$2,068,345.24
2	0x5fed...023	Aerodrome-LP	806,591.92	23.27%	$821,917.16
3	0x5e3a...ba0	Curve-LP	373,079.07	10.76%	$380,167.57
4	0xbbbb...fcb	Morpho: Morpho	144,642.12	4.17%	$147,390.32
5	0xe79c...262		14,816.28	0.43%	$15,097.79
6	0xf875...142		8,912.84	0.26%	$9,082.18
7	0x39c3...959		8,338.93	0.24%	$8,497.37
8	0x77b5...78c		7,583.06	0.22%	$7,727.13
9	0x5d47...068	pandario.base.eth	4,937.63	0.14%	$5,031.44
10	0x3399...d9f		4,751.73	0.14%	$4,842.01

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Why List cUSDO Instead of USDO

Feature	USDO	cUSDO
Token Type	Rebasing	Non-rebasing
DeFi Compatibility	Limited	Full (ERC-20 standard)
Interest Handling	Balance increases via rebasing	Value increases via internal exchange rate
Use as Collateral	Problematic	Seamless
Price Oracle	Less practical	Available via Chainlink

Reserve Attestation Transparency

OpenEden’s USDO vaults are backed 1:1 by U.S. Treasury Bills. Reserve holdings are verified via a live Chainlink Proof-of-Reserves (PoR) oracle, ensuring transparency and onchain trust in the asset’s collateralization.

Risk Considerations

To ensure safe integration, the following risks should be reviewed:

• RWA Exposure – USDO is backed by U.S. T-Bills. Low volatility but subject to regulatory or market shifts.
• Centralization – While the token is issued by a regulated entity (OpenEden Digital Limited), it remains a centralized asset in terms of custody and minting permissions. However, it uses independent custodians (e.g., Zodia Custody) and a bankruptcy-remote trust structure to mitigate this.
• Oracle Risk - Chainlink’s native cUSDO/USD price feed is live and operational on Base, ensuring a decentralized and reliable price source. It uses a time-weighted average price (TWAP) model to reduce volatility or manipulation.
• And Of Course Smart Contracts Risk!

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OpenEden Team Overview

OpenEden was founded in 2022 by a team of seasoned professionals with extensive experience in both traditional finance and the digital asset industry. The team collectively brings experience from top-tier institutions such as Goldman Sachs, Morgan Stanley, Deutsche Bank, Barclays, BlockFi, Bybit, Binance, SEA, and Accenture.

• twitter(X) : profile with 55K followers
• linkedin : profile with 19 employees
• discord: profile with 2.8K members
• telegram : channel with 2K subscribers

Service Providers of OpenEden

Category	Service Provider
Digital Asset Issuer	OpenEden Digital Limited
Digital Asset Custody	Bitgo Custody / Coinbase MPC Web3 Wallet
Smart Contract Auditor	ChainSecurity
Financial Auditor	Harris And Trotter
Onramp	Coinbase Prime
Compliance Analytics	Elliptic
Offshore Representation	Carey Olsen
Third-party Signing	Protege Fund Services

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Technical Implementation Plan

1. @Gauntlet Risk Assessment – Set CAPS , CF , and IR model.
2. Snapshot proposal – Community approval on Snapshot will be required before proceeding to mainnet launch.
3. Mainnet Launch – Deploy with active monitoring and community feedback.

• MIP-based deployment using Moonwell Contracts V2 guide

Proposal Author Information

Name: AsgardAdmin X: Azgardinvest Github: AzgardMultiSig (AzgardAdmin) · GitHub Delegate Address: 0xC4c1e942c6B97EE736d15E6edE71dBc323200c3d Relationship with Token: I have no personal or professional relationship with openeden team.

Conclusion

cUSDO is a strong candidate to expand Moonwell’s Base markets with a secure, transparent, and yield-generating RWA-backed asset. The combination of Chainlink oracles, proof of reserves, and OpenZeppelin-based upgradeable contracts offers both transparency and safety.

We look forward to the community’s feedback and collaboration to move this proposal forward.