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🟢 Deploy & Develop | Compound Developer Meeting
Recorded: Feb. 5, 2025 Duration: 0:29:43Space Recording
Short Summary
The Compound community call covered several key topics, including the launch of new blockchain projects like linear, unit chain, and Sonic, and airdrop events for token distribution. The call also highlighted grants for market development, such as the $100,000 grant for the USDS market on base. Innovations in DeFi mechanisms were discussed, including the Migrator project for liquidity migration. Technical updates included successful protocol upgrades and market assessments. Governance activities were also addressed, focusing on the Delegate Incentive Program to enhance participation.
Full Transcription
Welcome
Turn around to see the frowns on the justice and the clowns when they are mad
To be you
I understood that it ain't no good
You shouldn't let other people get your
Come on
Welcome
Welcome
Carry it on his shoulder, make him
He's scared.
He is hard when you discover that.
He really wasn't when said after he took from you everything.
He couldn't give to you.
How you got your job.
Like you're gonna let it's go.
I'm a lot of people and all the hundred people that are making that day.
What it made?
Exchange your own, rich your skins.
You better take your diamond ring.
You're gonna fall in place.
You take it to the top.
Welcome us.
A little don't know.
They call you you, you can't refuse.
Well, you got nothing to me.
You got no secrets to tell you.
Is it fear?
No direction.
All right. Welcome everybody. We'll wait another minute or so. We're joined with Woff as co-hosts.
Welcome Jared. Welcome Compound Labs. We'll be getting started here in a minute.
And if you've gotten a request to speak, even if you're not speaking yet, definitely accept that.
So when it's your time, there's no problems.
Hey, everyone. Hey, Seby.
Hello, hello. Or it's crypto GMGMGM.
Yeah, so we can start. If anyone, we'll join later, I will not be able to join, we will stand the recording.
And hello, everyone. Welcome to Compone Developer and Community Call. We're welcoming everybody.
to hear from the developers about the protocol updates and from our growth guys about growth updates.
And everyone are free to ask any question after we will go through our agenda.
So as for today call, our agenda is going to compound growth first, Charlotte.
If he's here, if not.
Brian, Kyle.
I just invited Brian up to speak.
I can start us off for compound growth, the most obvious, which is new chains.
We are expecting Ronan.
And with Ronan, we are progressing with enabling structured products for them such as Kian and Contango.
So with our incentives, we can play all the money games needed to make a stable market.
The same approach is going to be taken, but for upcoming chains such as linear, unit chain, and Sonic.
Sonic is something that we have to make sure is delegated, so it's progressing.
They have an airdrop that is pretty timely.
In addition to that, another team member will be discussing some new assets, potential assets.
We saw a proposal for a Sonic type asset.
I don't even think we need to discuss it.
But moving forward, we have some things at Eath, Denver that we will be there for.
So if anybody wants to meet up with the Grow Compound team, we are definitely open and we're filling up our schedule.
So telegram chat us now.
I will pass things over to Ross or Brian.
Cool.
I would say there's three campaigns or activations that are consistently working on.
The first one would be insurance for the protocol, trying to get an insurance rate that could
help us ensure security risk and or bad debt risks and then be able to push up potentially
higher collateral factors to compete with other competitors.
The other big major campaign working on is like starting to put together some savings rate activation
for CUSDC, so CUSDC as collateral in another CDP and or lending protocol,
as well as CUSDC as the stable coin and savings rate kind of mechanism for the Ronan ecosystem.
And there's one other thing, too, that's like a major push, but I can't remember what it is at the top of my head right now.
So I'll just stop on that.
I don't have any additional topics at the moment.
Everything that we're working on is kind of in progress and we'll be shared when it's ready.
Thank you all for growth. Any questions to compound growth team?
Yeah, we're having a good pace right now.
Let's move to our next speaker.
Let's call it. Paul, is Paul here? No, okay, Andrew, please go ahead.
Andrew's here for Gauntlet. Paul could make it today.
Yeah, I'll run through some of our risk recommendations for the last few weeks.
On January 23, we provided recs for a base U.S.S.C.S. comment.
We evaluate the current liquidity profile on base to provide these initial recs, asset risk parameters, and IRR curve suggestions.
So please take a look on the forum to provide feedback and weigh in on what you think the recs look like.
On January 27, we provided recommendations regarding deprecating compound V2.
This rec suggested decreasing collateral factors for longer tail assets, mainly AVE, Bat,
Link, Maker, Sushi, Uni, and Wi-Fi.
Our analysis shows that these assets have low barring demand, so moving CFs lower is warranted.
So we'll continue to look into deprecation of V2 and you can look forward to some more future recs in the coming months.
On the 31st, we provided a recommendation for CEM-Eath on the Mantle USDA comment.
Again, asking for the community to weigh in there on our recommendations.
And then I've got a bevy of supply cap increases we provided over the last few weeks.
Starting with base on compound V3's Weath Comet, we've got updates to our WRS ETH supply cap.
We've got updates to our rap-staked E-supply cap.
And on the U.S.E.C. comment, CBBTC supply cap increasing from 180 to 400.
Moving over to optimism, we've got two updates for the Weith Comet, REeth, increasing from 3,000 to 5,000.
And...
wrapped RSEath from 1,000 to 1400.
And then our final supply cap was on ETH,
the weed comment we had an increase for Wii ETH,
increasing from 22,500 to 67,500.
So some substantial increases, but based on the growth, the compound, I think they're warranted.
We also provided an update via our Twitter profile on the market update for compound.
There were no bad debt, you know, accumulate over the market volatility we saw over the weekend.
So I just wanted to note that for everyone here on the call today, that things acted as they should.
Thanks.
Thank you, Andrew.
do we have any questions to gauvelet?
all right if not we can move to our next speaker is boob software development team
working on the compound i will speak today for book software so we can start with our grant
and adding new markets collateral networks right now we finished unichain and running test nets
Also, we finished adding super OESB collateral on the base market of RAPTC room.
We are working on pushing eight proposals, mostly updating 24 collaterals from 12 collaterals on different markets.
So please expect to get these proposals pushed.
I want to highlight the importance of deploying Unichain and running this month.
So please prioritize it in terms of risk parameters and audit as well.
Next thing is the sandbox.
We are going with planned base and we developed the requirements and we're starting to development.
So expecting to deliver in time.
As for Migrator, which we are building, Migrator is a project which
migrate liquidity from different protocols like Awe, Spark and Morphe to compound.
We finished my contracts and we are finalizing front end this or next week.
So it will be ready to review shortly.
And yeah, as that's it from our side.
If you have any questions, please feel free to ask.
Hey guys, may I clarify some points. So on this week we have, we, on the last week we pushed
protocol update to 24 collaterals on the three stable coins market on Mainnet. It passed
successfully and currently these three markets extend more collaterals and on this week we're going to
push another proposals to update this.
We had plans to push all another proposal yesterday,
but unfortunately due to the governance update,
the governance update contract used one of the latest versions of solidity,
and because of this current proposal flow is breaking a bit.
because it includes some additional upcode that we need to fix, but gladly we will fix it,
and the proposals to update the whole protocol to new 24 collateral standards will be pushed shortly.
On this week, we also want to push USDS market on base network because we have
a good sign from sky that they want this market and they can support us.
So our goal to push this market tomorrow, it will be just a new market.
So today we expect some recommendation, additional recommendations from Gauntlet,
and we expect to push this market tomorrow.
Also about the current chain development, as Pasha mentioned, we developed test net on Union Chain and TestNet on Ronin.
Current we have small blockers on running that we need to white list some tokens on CCAP because CCAP is
the bridge that is used for bridging tokens. And about Unit Chain, we all
We did all the preparation to push it on Mainet and our current goal is to provide the code on Test not open the Palin to let them estimate how much time it will take to audit Mainet.
And when we have Mainet, we expect recommendations. We update our cool request and provide it to open Zepalin.
Yeah, seems like this.
Our next plans, when we finish Unichain running to Basonic deployment,
it's partially completed.
And our next goal is pushing collaterals such as re-Etherals,
SkyToken, and another collateral that's currently in our background.
About front-end, as I know, a pin test should be finished by Monday or start of next week.
Preliminary I have positive feedback. There is no major issues. So like this.
Thank you, Dimitri, for clarifications. Any questions? I see the hands from Brian.
Yes, sir. So that was the third thing I wanted to talk about, which was the USDS market on base.
We secured $100,000 25k per week.
So that should be very, very spicy market on base.
Can you please repeat because he wasn't audible?
I can help Brian.
So off-growth secured 100K grant and there's understand 25K per week for four weeks.
Great.
Good job, guys.
Any other questions to move right now?
Alrighty, if not, we can move to our next speaker, which is OpenZappellant Security Team of Compound.
Share it.
Feel free to speak.
Hello everyone. This is Jared from Huffin Zeppelin. Recently, we made sure that the new governor upgrade went smoothly.
We should now be able to propose to the new governor. The moratorium is over.
We also, prior to the governor upgrade, reviewed the common asset extension scope to make sure that the migration would execute successfully.
There were a few changes to address report issues we had delivered early before the initial report.
was ready and we confirmed that those were addressed in the proposal to enact that.
Next work we currently are working on a linear network assessment and we've combined that with
the linear USC market migration to reduce the time. We expect to deliver that within the next day
and we've already started on the WBTC migration for main net.
That is scheduled to be delivered on Tuesday or earlier of next week.
We have estimated upcoming scopes received for the token asset reviews, as mentioned by Dimitri.
Those are scheduled to start the beginning of next week and should be ready the following week.
We'll be doing all the token reviews at the same time.
And then we currently have the reward scope ready for audit scheduled after that.
will be reviewing and estimating scopes as they're received and updating with the priorities of the contributor as requested.
As always, you can find the current status and the estimated schedule available on the compound GitHub.
Are there any questions?
If no more further questions to Open Zappalin, I believe our next speaker shall be chain risk, and if they're not here, we can go to open discussions.
Is the change risk here?
No, I can't see anyone from chain risk.
All righty, let's go to open discussions.
If anyone has questions regarding the future of the compound
or what we're going to do, please feel free to ask.
Welcome, Abdullah.
Hey, I'm not from chain risk, I'm from the compound governance working group,
but if Cheneersk isn't here, I can go first.
Yeah, please.
Okay, so just quick updates here.
We posted our proposal.
on the forums for the Delegate Incentive Program last month.
It's been about two, a little bit over two weeks since that's been on the forum,
and we've been aggregating feedback from different delegates and folks,
even people who want to potentially get involved in compound that have not previously been involved in any material way.
So one of the main pieces of feedback that we received was increasing the breadth or the scope of the program and opening it to newer delegates as well.
There's going to be a second delegate race at some point in the coming months, which should help with that.
But from this incentive program, we initially stated that we wanted to,
include the top 10 delegates based off of the score,
the delegate score in the dashboard that the WIF team made.
So we increased that by a certain number,
up to at least 14, and we're currently finalizing
how much we want to exactly do.
We may structure a tiered system where there's like a tier one,
tier two based off of score,
where the tier one gets slightly more incentives per month,
and then tier two gets a little bit less,
but this should increase the number of delegates
that can get involved, especially those who don't have
as much voting power.
And then the other discussion we're sort of having right now
is potentially instructing a more quadratic setup
or a more monthly, like a continual monthly update for scores.
So for example, if in March we institute this program,
we have like a top 14, top 15 delegates that we select.
the score may be different from the score that will have like in April.
So it could be a continual setup.
We're currently finalizing these structures.
If you do have more feedback or comments,
please send us a message and let us know.
We'll likely have an on-chain proposal up with a total budget and general structure for this up in the next week and a half or so.
Once we finalize the exact structure here,
But those are where the current ideas are at.
And the other additional thing that we're going to start adding for people who will get admitted to the program are obviously participation rate.
And then the second part will be more rationales as a handful of other dads have put into place for proposals.
So, for example, market updates just to basically like.
two lines or so regarding why you voted in a particular way.
And then the other one would be more sophisticated proposals,
potentially like the snapshot that the alpha growth team had recently
around like organizational structure.
So that's more of like a deeper discussion.
So hopefully these incentives will start pulling more delegates in
and increasing forum-based contributions as well.
That sounds great.
Looking forward to second delegate race and
incentivizing the delegates for voting and participating in the Dow.
I think it's great idea and exceptional.
Does anyone have questions to come from governance working group?
All righty.
If not, feel free to put any topic on a table.
I can also see your journey.
Hi. So one of the things that I just was thinking of different ideas that I think could really, you know, benefit compound in general is not only posting on compound growth, but the compound finance Twitter account. I just feel like the following count is so...
much bigger on that other account.
It's over 260,000 versus 3,000,
where if you posted on both, you would reach more people
and let people know in the crypto space what we're doing
and, you know, gain more audience.
Yeah, that's true.
We have boss compound growth and compound labs accounts here,
so if you want to answer and elaborate, please do.
Yeah.
Jordan, great idea.
Yeah.
I love your idea.
We would love to do that in some day that potentially could be possible.
At this time, the protocol in the Dow and the Labs team are two separate organizations.
And we post from compound growth on this, but in the future, that could be possible.
I can see Compal Labs joined as a speaker.
Do you have any specific opinion on this?
And say, hey guys, this is Tori from Compound Labs.
Maybe to provide a little bit more color transparency here,
traditionally in the past, compound labs has not been able to tweet or mention too much stuff
on the official Compound Labs Twitter account just due to ongoing litigation that Compound Labs is currently facing.
Now it's unclear what of that will change with the new administration coming in.
It is only a couple of weeks into this new administration.
So I think from Compound Labs perspective, from our legal standpoint,
We're kind of taking a little bit of a way and see approach.
We expect things to change for the,
more flexibility for labs and maybe others to post
to the compound finance Twitter handle.
But until we have better clarification from our legal side,
we're kind of at the moment not able to post
as much as we normally would.
So maybe that can add a little bit more color
to what your request was.
At least we have understanding that someday it will happen.
And that's enough for us right now.
Jeremy, we hope we answered your question.
I saw Sudapan come up for chain risk.
Wanted to give them a slot to talk.
Yep.
Hi, everyone.
So from chain risks and we've come up with recommendations for the initial two markets.
Initially, it was suggested to be USDC market and wet market on Ronin.
And then it was later changed to be a Ron market or native Ron market on Ronin to be launched.
We've come up with recommendations for all three and hope to move forward with an on-chain snapshot soon.
That's number one. Second is we would be moving ahead with recommendations for Unichain as well as Sonic in the coming weeks.
That's all from my say.
Thank you, Sudipan. Any questions to chain weeks so far?
Alrighty, if not, feel free to raise your hand if you want to, if you have a question to ask anyone what you're interested in.
Alrighty.
i can see anyone wants to speak but it was quick and efficient and if we have no more topics
no more questions i think we can add the call what do you think i see no questions i will add
i will add we're going to be putting some posts out for what we'll be doing at eith denver
both on grow compound and also on the alpha growth page
We love working with everybody here, and we'd love to, you know, enjoy some time together, IRL after we've done months and months of these URL-type events.
So that's all.
Thank you, everybody, for your time.
And I hope to see you on the next call.
Thank you, everyone.
Host
Compound Growth
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