Initialize cWETHv3 on Linea network

Proposal summary

WOOF! proposes the deployment of Compound III to the Linea network. This proposal takes the governance steps recommended and necessary to initialize a Compound III WETH market on Linea; 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.

Proposal Actions

The first proposal action sends ether to the Linea Timelock so it can be wrapped and used to seed the reserves, sets the Comet configuration and deploys a new Comet implementation on Linea. This sends the encoded setFactory, setConfiguration, deployAndUpgradeTo calls across the bridge to the governance receiver on Linea.

The second 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 Linea cWETHv3 market.

https://tally.xyz/gov/compound/proposal/474