Initialize cWETHv3 on Unichain

Proposal summary

Compound Growth Program [AlphaGrowth] proposes the deployment of Compound III to the Unichain network. This proposal takes the governance steps recommended and necessary to initialize a Compound III WETH market on Unichain; upon execution, cWETHv3 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 proposal pull request, deploy market GitHub action run and forum discussion.

Price feeds

For wstETH deployment, uses market rate price feed whereas for ezETH and weETH, exchange price feeds are used. The price feed provider is Redstone as on the USDC Unichain market.

Proposal Actions

The first action bridges 100 ETH as seed reserves from Mainnet Timelock to Unichain L2 Timelock using UnichainL1StandardBridge.

The second action transfers 3,600 COMP as rewards from the Comptroller to Timelock.

The third action approves 3,600 COMP to be bridged to Unichain via UnichainL1StandardBridge.

The fourth action bridges 3,600 COMP to Unichain via UnichainL1StandardBridge.

The fifth proposal action sets the Comet configuration and deploys a new Comet implementation on Unichain. This sends the encoded setFactory, setConfiguration, deployAndUpgradeToand setRewardConfig calls across the bridge to the governance receiver on Unichain. Supply rewards are 12 COMP per day, and borrow rewards are 8 COMP per day. Finally, bridged ETH is wrapped to WETH and transferred to Comet as seed reserves.

The sixth 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 Unichain cWETHv3 market.

https://tally.xyz/gov/compound/proposal/438