Proposal summary
This proposal withdraws all reserves from the Compound III WETH market on Linea, unwraps them to ETH, and sends the ETH to the Compound Timelock on Ethereum Mainnet through the Linea message service.
Withdrawing the reserves is the final step of the deprecation process and secures the market's protocol-owned funds by moving them to the Timelock on Mainnet.
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 Linea Timelock) can call withdrawReserves.
| Source | Amount |
|---|
cWETHv3 reserves at proposal creation (getReserves()) | 25.94 WETH |
| Withdrawn, unwrapped to ETH and sent to the Mainnet Timelock | 25.94 WETH |
The proposal withdraws all reserves, since the market has no open borrow positions left to cover.
Proposal actions
The proposal action sends a message through the Linea Message Service to the Linea Bridge Receiver, which queues the following calls on the Linea Timelock:
- Call
withdrawReserves(address,uint256) on the Linea cWETHv3 to withdraw 25.94 WETH to the Linea Timelock.
- Call
withdraw(uint256) on Linea WETH to unwrap it to ETH.
- Call
sendMessage on the Linea L2 Message Service to send 25.94 ETH to the Mainnet Timelock, paying a 0.01 ETH message fee from the Linea Timelock's own ETH. Linea WETH is native to Linea, so it is sent as ETH through the message service rather than the token bridge.
Once Linea finalizes the message on Mainnet, it is claimed on the Linea message service on Mainnet with claimMessageWithProof. Anyone can submit the claim, and the ETH can only be released to the Mainnet Timelock.
