Proposal summary
This proposal withdraws all reserves from the Compound III WETH market on Ronin following the deprecation. The proposal also sweeps any WETH already sitting on the Ronin governance bridge receiver, and bridges everything back to the Compound Timelock on Ethereum Mainnet using Chainlink's CCIP.
Withdrawing the reserves is the final step of the deprecation process and secures the market: once the reserves are moved to the Timelock on Mainnet, no protocol-owned funds remain in the deprecated market on Ronin.
Reserves withdrawal
Reserves are the protocol-owned portion of the market's base asset: the Comet's WETH balance plus outstanding borrows, minus what is owed to suppliers, as reported by getReserves(). They do not belong to any user, so withdrawing them does not change supplier or borrower balances. Only the governor of the market (the Ronin Timelock) can call withdrawReserves.
The amounts below were read on-chain at the moment the proposal was created and are fixed in the proposal calldata:
| Source | Amount |
|---|
cWETHv3 reserves (getReserves()) | 24.449267210582631868 WETH |
| WETH held by the Ronin bridge receiver | 31.0 WETH |
| Total bridged to the Mainnet Timelock | 55.449267210582631868 WETH |
Since the withdrawal amount is fixed, any reserves accrued by the market between proposal creation and execution stay in the market and can be withdrawn by a later proposal.
Proposal actions
The first proposal action approves the L1CCIPRouter to transfer GHO stable token from the Timelock to pay for the proposal execution fee on Ronin. The approved amount is the fee quoted by the router at proposal creation with a 2x buffer, to cover fee changes before execution.
The second proposal action sends a message through CCIP to the Ronin governance receiver, which queues the following calls on the Ronin Timelock:
- Call
withdrawReserves(address,uint256) on the Ronin cWETHv3 to withdraw 24.449267210582631868 WETH of reserves to the Ronin Timelock.
- Call
sweepToken(address,address) on the bridge receiver to sweep the WETH held there to the Ronin Timelock.
- Approve the L2 CCIP router to spend the combined 55.449267210582631868 WETH from the Ronin Timelock.
- Call
ccipSend on the L2 CCIP router to bridge the WETH back to the Mainnet Timelock, paying the CCIP fee in native RON from the Ronin Timelock's own balance. A fixed 400.0 RON (approximately $25) is sent with the call: CCIP's fee quoter on Ronin currently prices WRON at a stale value, so the quoted fee is far below the real one and would be insufficient if the price is corrected before execution. The CCIP router keeps the full amount sent, so any excess over the real fee is not refunded.
