Initialize cUSDCv3 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 USDC market on Unichain; upon execution, cUSDCv3 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

The market uses all price feeds by Redstone. All other price feeds in the USDC market should be used from Redstone as well.

Proposal Actions

The first action approves COMP tokens to be bridged.

The second action sends COMP tokens to the Unichain via a native standard bridge.

The third action approves USDC tokens to be bridged.

The fourth action sends USDC tokens to the Unichain via a CCTP bridge.

The fifth proposal action sets the Comet configuration and deploys a new Comet implementation on Unichain. This sends the encoded setConfiguration, deployAndUpgradeToand setRewardConfig calls across the bridge to the governance receiver on Unichain.

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 cUSDCv3 market.

https://tally.xyz/gov/compound/proposal/412