0x13bdae8c…8548sent to0xc0da0293…6529·#20,315,345·view on Etherscan
depositETHTo(address,uint32,bytes)sendMessage(address,bytes,uint32)# Initialize cWETHv3 on Optimism
## Proposal summary
Compound Growth Program [AlphaGrowth] proposes the deployment of Compound III to the Optimism network. This proposal takes the governance steps recommended and necessary to initialize a Compound III WETH market on Optimism; upon execution, cWETHv3 will be ready for use. Simulations have confirmed the market’s readiness, as much as possible, using the [Comet scenario suite](https://github.com/compound-finance/comet/tree/main/scenario). The new parameters include setting the risk parameters based on the [recommendations from Gauntlet](https://www.comp.xyz/t/add-market-eth-on-optimism/5274/5).
Further detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/882), [deploy market GitHub action run](https://github.com/woof-software/comet/actions/runs/9941213214/job/27464571077) and [forum discussion](https://www.comp.xyz/t/add-market-eth-on-optimism/5274).
## Proposal Actions
The first action bridges 10 ETH as seed reserves from Mainnet Timelock to Optimism L2 Timelock using OpL1StandardBridge.
The second action sets the Comet configuration and deploys a new Comet implementation on Optimism. This sends the encoded `setFactory`, `setConfiguration` and `deployAndUpgradeTo` calls across the bridge to the governance receiver on Optimism. It also calls `setRewardConfig` on the Optimism rewards contract, to establish Optimism’s bridged version of COMP as the reward token for the deployment and set the initial supply speed to be 4 COMP/day and borrow speed to be 3 COMP/day. The last two steps are to wrap ETH into WETH and transfer seed reserves into Comet
The third 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 Optimism cWETHv3 market.