Create native USDC market on Base (compound-finance#828)

Proposal: https://compound.finance/governance/proposals/225

.github/workflows/run-scenarios.yaml

@@ -7,7 +7,7 @@ jobs:
     strategy:
       fail-fast: false
       matrix:
-        bases: [ development, mainnet, mainnet-weth, goerli, goerli-weth, sepolia-usdc, sepolia-weth, fuji, mumbai, polygon, arbitrum-usdc.e, arbitrum-usdc, arbitrum-goerli-usdc, arbitrum-goerli-usdc.e, base-usdbc, base-weth, base-goerli, base-goerli-weth, linea-goerli]
+        bases: [ development, mainnet, mainnet-weth, goerli, goerli-weth, sepolia-usdc, sepolia-weth, fuji, mumbai, polygon, arbitrum-usdc.e, arbitrum-usdc, arbitrum-goerli-usdc, arbitrum-goerli-usdc.e, base-usdbc, base-weth, base-usdc, base-goerli, base-goerli-weth, linea-goerli]
     name: Run scenarios
     env:
       ETHERSCAN_KEY: ${{ secrets.ETHERSCAN_KEY }}

deployments/base/usdc/configuration.json

@@ -0,0 +1,47 @@
+{
+  "name": "Compound USDC",
+  "symbol": "cUSDCv3",
+  "baseToken": "USDC",
+  "baseTokenAddress": "0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913",
+  "baseTokenPriceFeed": "0x7e860098F58bBFC8648a4311b374B1D669a2bc6B",
+  "borrowMin": "1e0",
+  "pauseGuardian": "0x3cb4653f3b45f448d9100b118b75a1503281d2ee",
+  "storeFrontPriceFactor": 0.6,
+  "targetReserves": "5000000e6",
+  "rates": {
+    "supplyKink": 0.85,
+    "supplySlopeLow": 0.048,
+    "supplySlopeHigh": 1.6,
+    "supplyBase": 0,
+    "borrowKink": 0.85,
+    "borrowSlopeLow": 0.053,
+    "borrowSlopeHigh": 1.8,
+    "borrowBase": 0.015
+  },
+  "tracking": {
+    "indexScale": "1e15",
+    "baseSupplySpeed": "231_481_481_481e0",
+    "baseBorrowSpeed": "92_592_592_592e0",
+    "baseMinForRewards": "1000e6"
+  },
+  "assets": {
+    "cbETH": {
+      "address": "0x2Ae3F1Ec7F1F5012CFEab0185bfc7aa3cf0DEc22",
+      "priceFeed": "0x4687670f5f01716fAA382E2356C103BaD776752C",
+      "decimals": "18",
+      "borrowCF": 0.75,
+      "liquidateCF": 0.8,
+      "liquidationFactor": 0.85,
+      "supplyCap": "7500e18"
+    },
+    "WETH": {
+      "address": "0x4200000000000000000000000000000000000006",
+      "priceFeed": "0x71041dddad3595F9CEd3DcCFBe3D1F4b0a16Bb70",
+      "decimals": "18",
+      "borrowCF": 0.80,
+      "liquidateCF": 0.90,
+      "liquidationFactor": 0.95,
+      "supplyCap": "11000e18"
+    }
+  }
+}

deployments/base/usdc/deploy.ts

@@ -0,0 +1,42 @@
+import { Deployed, DeploymentManager } from '../../../plugins/deployment_manager';
+import { DeploySpec, deployComet } from '../../../src/deploy';
+
+const HOUR = 60 * 60;
+const DAY = 24 * HOUR;
+
+const MAINNET_TIMELOCK = '0x6d903f6003cca6255d85cca4d3b5e5146dc33925';
+
+export default async function deploy(deploymentManager: DeploymentManager, deploySpec: DeploySpec): Promise<Deployed> {
+  const deployed = await deployContracts(deploymentManager, deploySpec);
+  return deployed;
+}
+
+async function deployContracts(
+  deploymentManager: DeploymentManager,
+  deploySpec: DeploySpec
+): Promise<Deployed> {
+  // Pull in existing assets
+  const cometAdmin = await deploymentManager.fromDep('cometAdmin', 'base', 'usdbc');
+  const cometFactory = await deploymentManager.fromDep('cometFactory', 'base', 'usdbc');
+  const $configuratorImpl = await deploymentManager.fromDep('configurator:implementation', 'base', 'usdbc');
+  const configurator = await deploymentManager.fromDep('configurator', 'base', 'usdbc');
+  const rewards = await deploymentManager.fromDep('rewards', 'base', 'usdbc');
+  const bulker = await deploymentManager.fromDep('bulker', 'base', 'usdbc');
+  const l2CrossDomainMessenger = await deploymentManager.fromDep('l2CrossDomainMessenger', 'base', 'usdbc');
+  const l2StandardBridge = await deploymentManager.fromDep('l2StandardBridge', 'base', 'usdbc');
+  const localTimelock = await deploymentManager.fromDep('timelock', 'base', 'usdbc');
+  const bridgeReceiver = await deploymentManager.fromDep('bridgeReceiver', 'base', 'usdbc');
+  const cbETHMultiplicativePriceFeed = await deploymentManager.fromDep('cbETH:priceFeed','base', 'usdbc');
+
+
+  // Deploy Comet
+  const deployed = await deployComet(deploymentManager, deploySpec);
+
+  return {
+    ...deployed,
+    bridgeReceiver,
+    l2CrossDomainMessenger, // TODO: don't have to part of roots. can be pulled via relations
+    l2StandardBridge,
+    bulker,
+  };
+}

deployments/base/usdc/migrations/1689892563_configurate_and_ens.ts

@@ -0,0 +1,205 @@
+import { DeploymentManager } from '../../../../plugins/deployment_manager/DeploymentManager';
+import { diffState, getCometConfig } from '../../../../plugins/deployment_manager/DiffState';
+import { migration } from '../../../../plugins/deployment_manager/Migration';
+import { calldata, exp, getConfigurationStruct, proposal } from '../../../../src/deploy';
+import { expect } from 'chai';
+
+const ENSName = 'compound-community-licenses.eth';
+const ENSResolverAddress = '0x4976fb03C32e5B8cfe2b6cCB31c09Ba78EBaBa41';
+const ENSSubdomainLabel = 'v3-additional-grants';
+const ENSSubdomain = `${ENSSubdomainLabel}.${ENSName}`;
+const ENSTextRecordKey = 'v3-official-markets';
+const baseCOMPAddress = '0x9e1028F5F1D5eDE59748FFceE5532509976840E0';
+
+export default migration('1689892563_configurate_and_ens', {
+  prepare: async (deploymentManager: DeploymentManager) => {
+    return {};
+  },
+
+  enact: async (deploymentManager: DeploymentManager, govDeploymentManager: DeploymentManager) => {
+    const trace = deploymentManager.tracer();
+    const ethers = deploymentManager.hre.ethers;
+    const { utils } = ethers;
+
+    const cometFactory = await deploymentManager.fromDep('cometFactory', 'base', 'usdbc');
+    const {
+      bridgeReceiver,
+      comet,
+      cometAdmin,
+      configurator,
+      rewards
+    } = await deploymentManager.getContracts();
+
+    const {
+      baseL1CrossDomainMessenger,
+      governor,
+      COMP: mainnetCOMP
+    } = await govDeploymentManager.getContracts();
+
+    // ENS Setup
+    // See also: https://docs.ens.domains/contract-api-reference/name-processing
+    const ENSResolver = await govDeploymentManager.existing('ENSResolver', ENSResolverAddress);
+    const subdomainHash = ethers.utils.namehash(ENSSubdomain);
+    const baseChainId = (await deploymentManager.hre.ethers.provider.getNetwork()).chainId.toString();
+    const newMarketObject = { baseSymbol: 'USDC', cometAddress: comet.address };
+    const officialMarketsJSON = JSON.parse(await ENSResolver.text(subdomainHash, ENSTextRecordKey));
+    if (officialMarketsJSON[baseChainId]) {
+      officialMarketsJSON[baseChainId].push(newMarketObject);
+    } else {
+      officialMarketsJSON[baseChainId] = [newMarketObject];
+    }
+
+    const configuration = await getConfigurationStruct(deploymentManager);
+
+    const setFactoryCalldata = await calldata(
+      configurator.populateTransaction.setFactory(comet.address, cometFactory.address)
+    );
+    const setConfigurationCalldata = await calldata(
+      configurator.populateTransaction.setConfiguration(comet.address, configuration)
+    );
+    const deployAndUpgradeToCalldata = utils.defaultAbiCoder.encode(
+      ['address', 'address'],
+      [configurator.address, comet.address]
+    );
+    const setRewardConfigCalldata = utils.defaultAbiCoder.encode(
+      ['address', 'address'],
+      [comet.address, baseCOMPAddress]
+    );
+    const l2ProposalData = utils.defaultAbiCoder.encode(
+      ['address[]', 'uint256[]', 'string[]', 'bytes[]'],
+      [
+        [configurator.address, configurator.address, cometAdmin.address, rewards.address],
+        [0, 0, 0, 0],
+        [
+          'setFactory(address,address)',
+          'setConfiguration(address,(address,address,address,address,address,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint64,uint104,uint104,uint104,(address,address,uint8,uint64,uint64,uint64,uint128)[]))',
+          'deployAndUpgradeTo(address,address)',
+          'setRewardConfig(address,address)'
+        ],
+        [setFactoryCalldata, setConfigurationCalldata, deployAndUpgradeToCalldata, setRewardConfigCalldata]
+      ]
+    );
+
+    const actions = [
+      // 1. Set Comet configuration + deployAndUpgradeTo new Comet and set reward config on Base.
+      {
+        contract: baseL1CrossDomainMessenger,
+        signature: 'sendMessage(address,bytes,uint32)',
+        args: [bridgeReceiver.address, l2ProposalData, 2_500_000]
+      },
+
+      // 2. Update the list of official markets
+      {
+        target: ENSResolverAddress,
+        signature: 'setText(bytes32,string,string)',
+        calldata: ethers.utils.defaultAbiCoder.encode(
+          ['bytes32', 'string', 'string'],
+          [subdomainHash, ENSTextRecordKey, JSON.stringify(officialMarketsJSON)]
+        )
+      },
+
+      // 3. Send 108 COMP to arr00
+      {
+        contract: mainnetCOMP,
+        signature: 'transfer(address,uint256)',
+        args: ['0x2B384212EDc04Ae8bB41738D05BA20E33277bf33', exp(115, 18)]
+      }
+    ];
+
+    const description = '# Initialize cUSDCv3 on Base\n\nThis proposal initializes the Compound III USDC market on Base as a first step to fully migrating to native USDC on base. The entirety of this proposal was simulated and indicates success. The [parameters for this deployment](https://www.comp.xyz/t/gauntlet-usdc-native-comet-market-to-compound-base-02-09-24/4982) and the [rewards configuration](https://www.comp.xyz/t/gauntlet-native-usdc-base-comet-incentives-recommendations/5009) were recommended by Gauntlet.\n\nSee links for more details:\n- [proposal pull request](https://github.com/compound-finance/comet/pull/828)\n- [forum discussion](https://www.comp.xyz/t/gauntlet-usdc-native-comet-market-to-compound-base-02-09-24/4982)\n\n## Proposal Actions\n1) The first proposal action sets the configurator factory address, sets Comet configuration, and deploys a new Comet implementation on Base. It also sets the rewards config for the new market to 20 COMP/Day for suppliers and 8 COMP/Day for borrowers.\n2) The second action updates the ENS TXT record `v3-official-markets` on `v3-additional-grants.compound-community-licenses.eth`, updating the official markets JSON to include the new Base cUSDCv3 market.\n3) The third action pays arr00 115 COMP for the development effort for this proposal.';
+    const txn = await govDeploymentManager.retry(async () =>
+      trace(await governor.propose(...(await proposal(actions, description))))
+    );
+
+    const event = txn.events.find(event => event.event === 'ProposalCreated');
+    const [proposalId] = event.args;
+
+    trace(`Created proposal ${proposalId}.`);
+  },
+
+  async enacted(deploymentManager: DeploymentManager): Promise<boolean> {
+    return true;
+  },
+
+  async verify(deploymentManager: DeploymentManager, govDeploymentManager: DeploymentManager, preMigrationBlockNumber: number) {
+    const ethers = deploymentManager.hre.ethers;
+    await deploymentManager.spider(); // We spider here to pull in Base COMP now that reward config has been set
+
+    const {
+      comet,
+      rewards,
+      COMP
+    } = await deploymentManager.getContracts();
+
+    // 1.
+    const stateChanges = await diffState(comet, getCometConfig, preMigrationBlockNumber);
+    expect(stateChanges).to.deep.equal({
+      baseTrackingSupplySpeed: exp(20 / 86400, 15, 18),
+      baseTrackingBorrowSpeed: exp(8 / 86400, 15, 18),
+      WETH: {
+        supplyCap: exp(11000, 18)
+      },
+      cbETH: {
+        supplyCap: exp(7500, 18)
+      }
+    });
+
+    const config = await rewards.rewardConfig(comet.address);
+    expect(config.token).to.be.equal(COMP.address);
+    expect(config.rescaleFactor).to.be.equal(exp(1, 12));
+    expect(config.shouldUpscale).to.be.equal(true);
+
+    // 2.
+    const ENSResolver = await govDeploymentManager.existing('ENSResolver', ENSResolverAddress);
+    const subdomainHash = ethers.utils.namehash(ENSSubdomain);
+    const officialMarketsJSON = await ENSResolver.text(subdomainHash, ENSTextRecordKey);
+    const officialMarkets = JSON.parse(officialMarketsJSON);
+    expect(officialMarkets).to.deep.equal({
+      1: [
+        {
+          baseSymbol: 'USDC',
+          cometAddress: '0xc3d688B66703497DAA19211EEdff47f25384cdc3',
+        },
+        {
+          baseSymbol: 'WETH',
+          cometAddress: '0xA17581A9E3356d9A858b789D68B4d866e593aE94',
+        },
+      ],
+      137: [
+        {
+          baseSymbol: 'USDC',
+          cometAddress: '0xF25212E676D1F7F89Cd72fFEe66158f541246445',
+        },
+      ],
+      42161: [
+        {
+          baseSymbol: 'USDC.e',
+          cometAddress: '0xA5EDBDD9646f8dFF606d7448e414884C7d905dCA',
+        },
+        {
+          baseSymbol: 'USDC',
+          cometAddress:'0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf',
+        }
+      ],
+      8453: [
+        {
+          baseSymbol: 'USDbC',
+          cometAddress: '0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf',
+        },
+        {
+          baseSymbol: 'WETH',
+          cometAddress: '0x46e6b214b524310239732D51387075E0e70970bf',
+        },
+        {
+          baseSymbol: 'USDC',
+          cometAddress: comet.address,
+        }
+      ],
+    });
+
+    // 20 comp per day to suppliers
+    expect(await comet.baseTrackingSupplySpeed()).to.be.equal(exp(20 / 86400, 15, 18));
+    // 8 comp per day to borrowers
+    expect(await comet.baseTrackingBorrowSpeed()).to.be.equal(exp(8 / 86400, 15, 18));
+  }
+});

deployments/base/usdc/relations.ts

@@ -0,0 +1,28 @@
+import baseRelationConfig from '../../relations';
+
+export default {
+  ...baseRelationConfig,
+  governor: {
+    artifact: 'contracts/bridges/optimism/OptimismBridgeReceiver.sol:OptimismBridgeReceiver'
+  },
+
+  Proxy: {
+    artifact: 'contracts/ERC20.sol:ERC20'
+  },
+
+  l2CrossDomainMessenger: {
+    delegates: {
+      field: {
+        slot: '0x360894a13ba1a3210667c828492db98dca3e2076cc3735a920a3ca505d382bbc'
+      }
+    }
+  },
+
+  l2StandardBridge: {
+    delegates: {
+      field: {
+        slot: '0x360894a13ba1a3210667c828492db98dca3e2076cc3735a920a3ca505d382bbc'
+      }
+    }
+  }
+};

deployments/base/usdc/roots.json

@@ -0,0 +1,9 @@
+{
+    "comet": "0xb125E6687d4313864e53df431d5425969c15Eb2F",
+    "configurator": "0x45939657d1CA34A8FA39A924B71D28Fe8431e581",
+    "rewards": "0x123964802e6ABabBE1Bc9547D72Ef1B69B00A6b1",
+    "bridgeReceiver": "0x18281dfC4d00905DA1aaA6731414EABa843c468A",
+    "l2CrossDomainMessenger": "0x4200000000000000000000000000000000000007",
+    "l2StandardBridge": "0x4200000000000000000000000000000000000010",
+    "bulker": "0x78D0677032A35c63D142a48A2037048871212a8C"
+}

hardhat.config.ts

@@ -32,6 +32,7 @@ import arbitrumBridgedUsdcGoerliRelationConfigMap from './deployments/arbitrum-g
 import arbitrumGoerliNativeUsdcRelationConfigMap from './deployments/arbitrum-goerli/usdc/relations';
 import baseUsdbcRelationConfigMap from './deployments/base/usdbc/relations';
 import baseWethRelationConfigMap from './deployments/base/weth/relations';
+import baseUsdcRelationConfigMap from './deployments/base/usdc/relations';
 import baseGoerliRelationConfigMap from './deployments/base-goerli/usdc/relations';
 import baseGoerliWethRelationConfigMap from './deployments/base-goerli/weth/relations';
 import lineaGoerliRelationConfigMap from './deployments/linea-goerli/usdc/relations';
@@ -319,7 +320,8 @@ const config: HardhatUserConfig = {
       },
       'base': {
         usdbc: baseUsdbcRelationConfigMap,
-        weth: baseWethRelationConfigMap
+        weth: baseWethRelationConfigMap,
+        usdc: baseUsdcRelationConfigMap
       },
       'base-goerli': {
         usdc: baseGoerliRelationConfigMap,
@@ -422,6 +424,12 @@ const config: HardhatUserConfig = {
         deployment: 'weth',
         auxiliaryBase: 'mainnet'
       },
+      {
+        name: 'base-usdc',
+        network: 'base',
+        deployment: 'usdc',
+        auxiliaryBase: 'mainnet'
+      },
       {
         name: 'base-goerli',
         network: 'base-goerli',