Proposal summary

WOOF! proposes to deprecate wUSDM from cUSDTv3 on Ethereum network, since deprecation of USDM itself and its Chainlink oracle.

In order to achieve this price feed will be updated to a new one, which will return the smallest acceptable price - 0.00000001 (1e-8), and the supply cup will be set to 0 to prevent further deposits. This proposal takes the governance steps recommended and necessary to update a Compound III USDT market on Ethereum. Simulations have confirmed the market’s readiness, as much as possible, using the Comet scenario suite.

Further detailed information can be found on the corresponding proposal pull request.

Proposal Actions

The first proposal action updates wUSDM config to a deprecated state.

The second action deploys and upgrades Comet to a new version.