Proposal summary

This proposal updates existing price feeds for USDC and cbBTC assets on the WETH market on Base.

SVR summary

RFP process and community vote passed and decided to implement Chainlink's SVR solution for Base markets, this proposal updates USDC and cbBTC price feeds to support SVR implementation.

Further detailed information can be found on the corresponding proposal pull request and forum discussion for SVR.

SVR fee recipient

SVR generates revenue from liquidators and Compound DAO will receive that revenue as part of the protocol fee. The fee recipient for SVR is set to Compound DAO multisig: 0xd9496F2A3fd2a97d8A4531D92742F3C8F53183cB.

Proposal actions

The first action updates USDC and cbBTC price feeds to the SVR implementation. This sends the encoded 'updateAssetPriceFeed' and 'deployAndUpgradeTo' calls across the bridge to the governance receiver on Base.