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Compound Developer Community Call
Recorded: April 30, 2025 Duration: 0:34:51Space Recording
Short Summary
In a recent developer call, Compound's team discussed significant updates including the Unichain deployment and grants competition aimed at incentivizing liquidity. The conversation also highlighted strategic partnerships, growth initiatives, and ongoing developments in the Compound ecosystem, showcasing a proactive approach to enhancing community governance and project sustainability.
Full Transcription
Thank you. Thank you. One, two, three. Thank you. Hello, hello, welcome, welcome.
Let's wait for a couple of minutes before everyone will join. Thank you. One more minute and we will start. Thank you. so hello everyone welcome to compound developer Call, the place where we discuss protocol updates and important topics.
We meet every other Wednesday at half past nine Pacific time.
If you want to speak, please raise your hand and note that this call will be recorded.
We have an agenda today. We have four speakers. It will be Compound Rose, Compound Governors Working Group, Gauntlet, Wolf, and if Jared will raise his hand, we will also listen to Open Zeppelin. And our first speaker is Alpha Girls. Cool. Can you hear me? Yes, yes?
Yes.
Right. Okay, cool.
Okay, cool. We are working on Unichain deployment. futarchy and grants program to deploy grants and to
We are working on Unichain deployment.
incentivize liquidity. Also, I think maybe at the end, we'll throw this out there, how the community
feels about incentivizing the liquidity extra right now to, you know, kind of bootstrap and
kind of take over that market and get the first move event on, on Unichain. So, uh, grants and there's a grants competition coming from Unichain.
So that's probably the biggest thing. Um,
there's a couple of other things that work in working in the background around
helping push the OEV conversation forward. There's, you know, chain link,
there's API three, there's a Redstone, um, getting,
getting and gathering a lot of information around
liquidations and partial liquidations. Yeah, partial liquidations on the OAB side and kind
of the risks involved so that we can make an appropriate recommendation on that either from a
financial business point and kind of protocol standpoint. So there's a lot of considerations there.
And moving forward with a couple other deployments and asset deployments as they pop up,
as well as excited to hear more news around the foundation creation
and figuring out what to do when that happens and occurs.
We are ending, you know, coming towards the end.
There's a lot of like liabilities that we have
from the growth program.
We will be putting up posts and proposals on suggestions
and getting feedback from the community
on how to handle that going forward.
Happy to answer any questions.
Thank you, Brian.
Brian, do you know how much Unichain wants to provide incentives to the compound? And will it be liquidity pools or lending markets?
program called like Futaki, where there's a prediction market of incentives. Whoever is
there now and starting to build TVL will likely get more of the incentives within the Futaki
campaign. I think the Euler, Venus and Compound are the three candidates embedded in uh right now from my understanding uh so pushing up the eth market with the nice tvl
that has with the lsts and lrts to create a a nice looping market would drive a lot of tvl and a lot
of like utility for compound on unichain to garner a lot more uh i I don't want to release the number.
There's kind of like a couple of numbers
floating around.
But effectively,
probably all three protocols
that I mentioned
would get a grant and incentives
from Unichain.
It's nothing set in stone.
It's based on votes
and a prediction market.
So it's something new
and we're happy to play the game.
Any other questions to Alpha Growth?
If you have a question, please raise your hand,
and we will grant you access to speak.
All right, if not, we'll move to our next speaker.
We can feel free to ask any questions later on.
We have compound governance working group.
Let me give you an access to speak.
Okay. So from our end, last week, we set up the community streams for the compound community multisig.
That vote was voted in about a couple weeks ago.
We are using Superfluid as the sort of streaming investing partner
for those streams.
I think they were super helpful in sort of setting it up
and obviously with Aera sort of sunsetting their streaming product
and a general, I guess, maybe lack of community
consensus towards maybe exactly which one we went forward.
We thought that Superfluid was a pretty good option in this case, and the team was really
helpful and useful, and they've been getting some good traction recently as well.
Additionally, the compound OEV discussion that we were hosting and sort of stewarding, that conversation is at a good point where we are looking to work with or looking to have a call with all of the OEV teams and partners.
That discussion is, I think, just about finalized.
We finally found a time, I guess, where everyone is available in the upcoming weeks.
So stay tuned more on that.
With some of the compound foundation news and general compound foundation sort of up in the air,
we had a nice couple of conversations with some of the team members on that front,
and everything is chugging
along pretty smoothly. They, I think last we heard, should expect maybe a forum proposal in the
upcoming week to two weeks. Had some questions and sort of were just going back and forth on maybe
how we can best formats and sort of provide as much productive feedback as we could. So
personally and from our end, we're pretty excited to see that upcoming and coming out in the near future. And then a couple
other smaller projects that are also on the roadmap, but I think we will give updates on
those in the coming weeks. Thank you. Thank you, PGOF. Any questions to compound governance working group?
Alrighty.
If not, we can discuss OEB as well because I believe Groves program and working
group, we're working together the same thing.
So we can discuss a little bit later after all speakers will chat through their updates.
So if no more questions, our next speaker is Gauntlet and i believe andrew
feel free to speak yeah hey guys andrew here from gauntlet um i'll give a overview of some
of the things you've been working on the last few weeks um we continue to see rates kind of
compress across markets um so to keep compound comments in line with those uh we recommend
updating the ir curves for stablecoin comments to reduce borrow APR at kink
from 5.25 to 4%.
We recommend that for mainnet, USDC, USDT, and USDS comments,
as well as Arbitrum, USDC, and USDT comments,
the base USDC comment, optimism, USDT, and USDC comments,
as well as Polygon, USDC, USDT comets. So we have those recommendations
up in the forums. Please take a look, let us know what you think. We've also supplied a few
recommendations for a few supply cap updates, mainly looking at Mainnet's USDT comets increasing
the Weath supply cap from 12,000 to 18,000, the mainnet V3 weath comet TE supply cap, and as well as
Unichain supply caps on the USCC comet to grow on Unichain. Outside of that, we also added some
recommendations for a new weath comet on Unichain. Unichain is seeing explosive growth and we want
to make sure Compound can tap into that. So we asked to, we recommended for some supply caps for WBTC, EZETH, WAPSTAKEETH,
WEETH, and Uni. They're pretty substantial, pretty sizable, so looking forward to see
users fill that demand and we can revisit those coming up here soon once it's deployed.
Then outside of that, we also have a holistic review of all the comp spend going on across Comments to make sure that we're spending comp wisely.
We're looking to reduce some comp incentives across a few markets, and then we'll have a holistic review on the forums here shortly for reducing the comp spend overall.
So lots of growth going on with Compound, lots of good growth levers we can pull.
But yeah, that's the wrap up from my side.
Thank you, Andrew.
Is there any questions to Galvet?
Just a comment, thank you for getting the recommendations for Unichain up so quickly. It's super helpful to get going on that. There's a weird timing of the essence thing with their
new food truck, I think. So thank you.
Yeah, I'm personally very excited about Unichain. Yeah, excited to see Compound grow.
Yeah, it seems like Unichain is theited to see Compound grow.
Yeah, it seems like Unichain is the next big thing for us.
Any questions, comments related to GANLIT? All righty. Alrighty.
If not, our next speaker is Wolf.
I think Dmitry's connection is unstable,
so I can update.
During the last period,
we've worked on Migrator autofixes.
So we provided the autofixes to migrator.
And hopefully the next iteration will be integrated to the compound frontend.
Also, we worked on rewards.
V2 recently received access to the frontend.
And we are working on integrating it to the compound.finance frontend.
So hopefully, Unichain rewards
will be distributed directly on the application.
We're also working on the sandbox
and preparing to release at late June,
working with planned pace, everything going smoothly.
So probably we will update early June and we'll have release at late june
we also are working on oev stuff helping advising and trying to facilitate it in the best way possible
so all delegates will be will be able to choose the best way probably after the call of the snapshot vote will will follow it and after that there will
be on chain proposals also we are working pretty hard for increasing of lte one or collateral
factors on a compound it's related to the kill switch it's related to the capo and also we are working on partial liquidations
yesterday we pushed
research of how
partial liquidations can be implemented
so if you are familiar
technically or if you want to take a look
and comment please feel free
because we spend a lot of time and efforts
to make this research
live on the forum
happy to integrate it to the compound also we are working on several markets to make this research live on forum.
Happy to integrate it to the compound.
Also, we are working on the several markets.
We deployed UCT on Sonic, CWS on Sonic.
Oh, no, sorry, that's in progress right now.
Also, we are fixing U USDCE market on Sonic migration,
and we are working on WES Unichain.
Our next calls are switching the bridge on running
for our proposals and deploying Sonic USDT and CWS markets,
as well as Unichain WDs.
I think that's it for now, except some minor work,
which is not worth to mention, but yeah,
in general, just what was done for the last weeks.
So if you have any questions, feel free to ask
thanks for having me do you hear me
yeah kind of sorry my internet connection was bad today so yeah we're working pretty hard on east market on union chain everything is
ready we're waiting for price swe switch. I hope we're gonna have them by end of week and my goal is to push the
proposal chain by Friday. Thanks for good recommendation. Also looking forward
for new collateral on USDC market on Unichain. I suppose we can disrupt
very good liquidity on these two markets and we are cooking some good promotion for this UN chain integration.
So we are cooking, cooking.
About the Ronin, unfortunately we should have cancelled the proposal because Ronin has deprecated their native bridge that they used for a while,
exactly near the date that our proposal should have been executed.
So unfortunately we need to push one more proposal and use another bridge.
That's how it works.
Yeah, working on new palaterals, on new markets, by this week we should push several proposals.
So just monitor the proposals
mode
thank you any questions suggestions
Yeah, I wanted to ask the community to pay attention for partial liquidation because
we're all talking about increasing the LTV and creating partial liquidation, but let's
make not just speeches, but let's make a constructive discussion from development side, from business side to do something.
So happy to communicate, happy to support, happy to develop, happy to investigate some new and other approaches.
I have a question. You mentioned you were planning to propose to governance on Friday.
Is there an advantage to doing it over the weekend as opposed to on Monday? I would think
that the community would have time to review during the week and that might be a better
alternative. Yeah, so we're gonna provide everything to the community today except of the part that's related to price feed
because this price feed literally doesn't exist and why we want to push it on Friday?
Because we want to play an optimistic governance because Unichain already deployed and we're
gonna literally use factories of existing contracts and everything should
be smooth and if we push on Friday and standoff Monday we can save two to three
days I don't know if somebody prepare launching of an other landing baron
protocol but I suppose we should save time here somehow and as soon as we get price
speeds we want to push the proposal. But we will share the what we developed so far with
you with community today. The community I suppose will have enough time to go over.
There could still be a difference between what is shared in advance and what actually goes on change so I recommend that the community still
take a look at that even if it's on the weekend. Yeah Jared if you're against of
posting a proposal on Friday happy to post it on Monday. Just wanted to align with general timelines to deliver markets faster.
What do you think, Jared?
I don't think the decision should be up to me.
Obviously, I want to do what's best for the security of the protocol,
and I think you have the attention of the protocol more during the business hours,
during the week.
I know for OpenSuppling, we review every proposal. So obviously, our team tries not to work
every weekend, but it would be better for us to put dedicated time into it. And it wouldn't be
a surprise that we would need to do the work on the weekend for that.
But if that's something the community wants, we can accommodate. I was just trying to see if there was a significant advantage and understand the trade-off potentially
with the security.
I'm not quite sure what the community's preference is on that.
It may just be whatever's fastest unless they need the time to review the proposal.
I think Dimitri said something about optimistic governance, which I wasn't expecting, which won't go through the normal channel.
But I think that is even more important to not be done on the weekend because there's a very short amount of time available to review it.
It doesn't go for a vote. And so it gets executed after like two days. So you of time available to review it. It doesn't go for a vote.
And so it gets executed after like two days.
So you have limited time to review it.
And I'm not saying that you would intentionally
post on chain something that is different
than what you would share in advance.
But sometimes there might be discrepancies.
And if you review one, but not the other,
I mean, you should just view, you should review the on-chain proposal because that's what's actually getting executed.
I think Andrew and Brian, they work more closely with Unichain. So if you have any comments, please for free. Yeah, it's a race to get to market and get the incentives, especially on the ETH market.
So as fast and securely as possible would be best.
But I think there's a wonder of opportunity here that will close quickly if we're on the
couple weeks timeline.
So whatever you guys can do as fastly and security as possible that would be great
all right we will communicate with open sapling and jareth internally so
uh to align how to make it fast and secure at the same time i don't want to take
time with all listeners so jared do you have updates do you want to because you're not an
agenda i'm sorry do you want to do one update community yes of course thank you very much
uh hello everyone uh in the last two weeks, we reviewed every proposal, identified a couple
issues, both of which Dimitri has already shared with us, specifically the price fee
configuration in 430, and then the unfortunate bridge deprecation for 427 prior to execution.
We do plan to post some reports on that to inform the community.
I don't know how much of it can serve as a reference because one of them was a timing issue, but those will be there for the community's reference.
We've also delivered the initial report of the Sonic Web Market Migration, also the Migrator v2 audit, we are expecting, we've received one version of the fixes for
that and we're expecting a few more changes this week.
We're targeting the fixed review of the Migrator v2 audit for beginning of next week.
We are scheduled to audit or review the Compound Blue UI on-chain interactions starting mid-May.
We'll be following up with Paperclip, the contributors of that interface, in the next week to receive the latest versions of their code.
We've also received a new version of Compensator, a project from the Compound Grants
program, and we are currently reviewing that latest revision and should have some feedback
for the contributor by the end of the week with the initial report delivery scheduled
for early next week. Lastly, we reviewed Avant-Garde's Treasury strategy proposal, which includes a novel
solution using the Avatar version of the SAFE with Zodiac modules to constrain multi-sig
operations to only those necessary for performing the duties outlined in their proposal.
We see this as a new benchmark for securing Treasury assets and minimizing trust of members that are entrusted
with those treasury allocations.
And I'm planning to post about this in the coming weeks
to highlight the advantages of the approach
and also how others can use a similar approach going forward
to secure funds that are delegated
to a subset of trusted delegates
for operations with funds
at the DAL. That's the majority of my updates that I have prepared. If you have any questions,
I'd be happy to answer them. Jared, it seems like no more questions to open Zeppelin.
Alrighty, if no more questions, I think we can move to open discussion.
So if anyone has any topics to discuss, any questions to ask, just raise your hand or speak up if you're already a speaker. And let's push it forward.
Yeah, not sure if this is the exact right time to bring this up,
but I think we should have another OA OEV session with all the all the
providers and have a conversation.
I think understanding kind of what
this all entails the pros and cons in
each and each each kind of implementation,
each kind of like.
Service provider as pros and cons with
each of it and try to figure out how
to sell all of that out. Is going to be some major challenge it and try to figure out how to suss all of that out is going to be a major challenge.
And then trying to figure out what KPIs or what qualifications
are important to the community, I think is kind of
a hard challenge as well as something that needs
to be considered, plus historic relationships with the community
as well. So I'd like to throw that out there if anybody wants to talk about that, of like any thoughts
around the KPIs and or considerations of each of the different service providers around
OEV.
I think on this point, actually, the OEV providers got together and basically decided um we want to have a basically
compound discussion community discussion may 21st i think is in so two and a half weeks three weeks
is when they basically are like all right like this is the day that we decided you know we're
all free um and i think uh we'll work with guess, Wolf to basically facilitate that and also host that on the space.
So that's like a public conversation.
That's great.
We got a date of the books. Let's go.
Yeah, we also have a forum post where you can check the comparison before a call.
And we'll also prepare some questions to every speaker.
And if you have any questions you want to ask or you're interested in, let us know and
we'll ask it.
Peter, do you want to ask something?
Yeah, just a quick question and apologies if I missed this earlier.
Is there a timeline for enabling sonic markets in the front-end UI? I think it's a great question for labs, who is not here right now.
But Peter, if we are connected or you can DM me on forum, I will ask them.
Okay, I can do that.
What's your username in the forum?
Pasha.
P-A-S-H.
Hey Dark Bull.
Hey, Darko.
Hey, yeah, Jacob from Fastlane here.
Just wanted to quickly note for everyone regarding the OEV comparison that Woof put up.
We will be submitting a couple small clarifications to that.
So just a note, please don't take that as the end state. We have a couple things to
clear up still. And this will all be done way in time before the May 21st meeting, so everyone can
understand what they're going into. Just wanted to say that.
Thank you, Jacob. Excited about that. Any other questions or topics? All right, no more topics, no more questions.
Last chance, guys.
Thank you for a great call, Pasha.
Have a great day.
You too.
Thank you, everyone.
I wish you a great week.
It's a great day.
Let's build. Thanks. Thank you, everyone. I wish you a great week. It's a great day. Let's go.
Thanks. See you.
