Weekly Update - June 26, 2023
Welcome to the Compound Weekly Update, your guide to what's happening in Compound governance.
⌛ Key Points
Compound Labs proposes deploying v3 on Base.
Chaos Labs and Wido provide updates on their Grants projects.
Summary: A proposal to approve OpenZeppelin's compensation for the third quarter of 2023. Based on last week's average price of $29.31 per COMP, the total quarterly payment will be 34,118 COMP, equal to $1M, per the original agreement dating back to December 21, 2021.
Status: Voting is live until Thursday, June 29th at 07:07 am ET
Summary: A proposal to replenish the supply of COMP used for rewards to users of Compound v3 on mainnet. The proposal would transfer 78,015 COMP from the Comptroller to the Rewards contract, corresponding to 150 days of rewards.
Status: Voting is live until Tuesday, June 27th at 05:10 am ET
✍️ Forum Highlights
The Compound Labs team has begun the proposal process for deploying v3 on Base with a forum post outlining the idea. According to the post, the Labs team sees "two promising use cases for borrowing on Base... The first will be a USDC market with crypto majors as collateral (e.g. WETH, WBTC, etc.). The second will be a WETH market with LSDs as collateral (e.g. cbETH, wstETH, etc.)." The proposal requests the community grant a license exemption to "allow the Base network to obtain a Compound Business Source License (BSL) to use the Licensed Work, update compound-community-licenses.eth, and deploy it on the Base network."
User kallolborah posted in the forum following their "proposal to the Compounds Grants committee about implementing an extension to support real world assets with the Compound protocol" and requested feedback on potential governance frameworks for approving which RWA's would be admitted as collateral.
The Chaos Labs team provided an update on their grant from the Compound Grants Program to build a "a state-of-the-art Compound Cross-Chain Analytics and Observability platform." It is now complete and Chaos Labs is looking for feedback from the community.
Wido announced that they have "completed Milestone 2" for their grant to build the "Compound Collateral Swap Extension" which "will enable Compound III users to swap deposited collateral, even if the collateral is locked due to an open borrowing position." It is now live in Sandbox and Wido is requesting feedback.
📞 Developer Community Call Summary
Compound's most recent Developer Community Call was Wednesday, June 14, 2023. Click here to listen to the recording. Here's what was discussed:
Paul from Gauntlet discussed actions taken during the recent period of market volatility (e.g. actions taken to mitigate issues from Sushiswap's price not updating in Compound v2) and provided an update on the Polygon and Arbitrum Comets. He also highlighted upcoming work from Gauntlet, including recommendations about stMatic and MaticX (see above) as well as deployments to new chains like Base.
Michael from OpenZeppelin provided an update on what OZ has been working on, including auditing and security monitoring. OZ collaborated with Gauntlet and others to deal with the Sushiswap situation. Michael noted that while OZ's system to monitor similar situations worked well, there are certain improvements they will make going forward. They plan to after further share their thoughts with the community in the forum.
Roger from Chainlink (the oracle service that provides price data) clarified that the issue was not rooted in Chainlink, but rather the underlying data from Uniswap. This prompted agreement that there are improvements that could be made. Michael from OZ said more data would be gathered and shared with the community.
Nick from Rocket Pool gave an overview of Rocket Pool for the Compound community and floated the idea of $rETH - the liquid staking token - as collateral to Compound v3.
Aditya from Stader Labs provided an update on next steps for listing MaticX as a collateral on Compound v3 on Polygon, which is blocked by the need for Gauntlet's parameter recommendations and OpenZeppelin audits.
Mark from Fuji Finance discussed their project building a cross-chain migration tool for Compound and asked for guidance on how to handle admin roles for this tool, which prompted a discussion with several community members.
Boardroom gave our update on Compound governance activity.
Adam from Compound Labs highlighted Compound Grants' plan to host a demo day for grant projects as well as Compound's prizes at the ETHGlobal Waterloo hackathon.
📅 Upcoming Events
The next Compound Developer Community Call will be on June 28, 2023 at 12pm ET in the Compound Discord.
🔮 Upcoming Votes
There are no upcoming votes in the queue.
Thank you for reading the Compound Weekly Governance Update.
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