Proposal summary

FranklinDAO team with advice support from Woof Software team proposes deployment of Compound III to the Ethereum Mainnet network. This proposal takes the governance steps recommended and necessary to initialize a Compound III USDT market on Ethereum Mainnet; upon execution, cUSDTv3 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 sets the CometFactory for the new Comet instance in the existing Configurator.

The second action configures the Comet instance in the Configurator.

The third action deploys an instance of the newly configured factory and upgrades the Comet instance to use that implementation.

The fourth action configures the existing rewards contract for the newly deployed Comet instance.

The fifth action reduces Compound’s cUSDT reserves and transfers it to Timelock, in order to seed the market reserves for the cUSDTv3 Comet.

The sixth action transfers reserves from Timelock to the cUSDTv3 Comet.

The seventh 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 Ethereum Mainnet cUSDTv3 market.