Compound Comet

Getting started

Clone the repo
Run yarn install

Env variables

The following env variables are used in the repo. One way to set up these env variables is to create a .env in the root directory of this repo.

Required env variables:

ETHERSCAN_KEY=<key>
INFURA_KEY=<key>

Optional env variables:

SNOWTRACE_KEY=<key>
COINMARKETCAP_API_KEY=<key>
REPORT_GAS=true
ETH_PK=<eth-key>             # takes precedence over MNEMONIC
MNEMONIC=<mnemonic>

Git hooks

The repo's Git hooks are defined the .githooks/ directory.

You can enable them by running:

# requires git version 2.9 or greater
git config core.hooksPath .githooks

You can skip pre-commit checks with the -n flag:

git commit -n -m "commit without running pre-commit hook"

Multi-chain support

Currently, Avalanche mainnet and testnet (fuji) are supported. This means that deployment scripts, scenarios, and spider all work for Avalanche.

To use this project with other chains, the block explorer API key for your target chain must be set in .env (e.g. SNOWTRACE_KEY for Avalanche).

An example deployment command looks like:

yarn deploy --network fuji

Comet protocol contracts

Comet.sol - Contract that inherits CometMainInterface.sol and is the implementation for most of Comet's core functionalities. A small set of functions that do not fit within this contract are implemented in CometExt.sol instead, which Comet DELEGATECALLs to for unrecognized function signatures.

CometExt.sol - Contract that inherits CometExtInterface.sol and is the implementation for extra functions that do not fit within Comet.sol, such as approve.

CometInterface.sol - Abstract contract that inherits CometMainInterface.sol and CometExtInterface.sol. This interface contains all the functions and events for Comet.sol and CometExt.sol and is ERC-20 compatible.

CometMainInterface.sol - Abstract contract that inherits CometCore.sol and contains all the functions and events for Comet.sol.

CometExtInterface.sol - Abstract contract that inherits CometCore.sol and contains all the functions and events for CometExt.sol.

CometCore.sol - Abstract contract that inherits CometStorage.sol, CometConfiguration.sol, and CometMath.sol. This contracts contains functions and constants that are shared between Comet.sol and CometExt.sol.

CometStorage.sol - Contract that defines the storage variables used for the Comet protocol.

CometConfiguration.sol - Contract that defines the configuration structs passed into the constructors for Comet.sol and CometExt.sol.

CometMath.sol - Contract that defines math functions that are used throughout the Comet codebase.

CometFactory.sol - Contract that inherits CometConfiguration.sol and is used to deploy new versions of Comet.sol. This contract will mainly be called by the Configurator during the governance upgrade process.

Configurator contracts

Configurator.sol - Contract that inherits ConfiguratorStorage.sol. This contract manages Comet's configurations and deploys new implementations of Comet.

ConfiguratorStorage.sol - Contract that inherits CometConfiguration.sol and defines the storage variables for Configurator.sol.

Supplementary contracts

Bulker.sol - Contract that allows multiple Comet functions to be called in a single transaction.

CometRewards.sol - Contract that allows Comet users to claim rewards based on their protocol participation.

Vendor contracts

Third-party contracts (e.g. OZ proxies) live under contracts/vendor.

There are currently two Comet-related contracts that extend directly from the vendor contracts. The contracts are:

ConfiguratorProxy.sol - This contract inherits OZ's TransparentUpgradeableProxy.sol. We override the _beforeFallback function so that the proxy's admin can directly call the implementation. We only need this feature for the Configurator's proxy.

CometProxyAdmin.sol - This contract inherits OZ's ProxyAdmin.sol. We created a new function called deployAndUpgradeTo, which calls Configurator.deploy(0xCometProxy) and upgrades Comet proxy's implementation to this newly deployed Comet contract. This function is needed so we can pass the address of the new Comet to the Proxy.upgrade() call in one transaction.

Usage

Look at the scripts section inside package.json to find all commands.

Build contracts

Compiles contracts.

yarn build

Lint contracts

Contract linting is done via Solhint.

yarn lint-contracts
yarn lint-contracts:fix // will attempt to automatically fix errors

Solhint configuration is saved in .solhint.json.

Run tests

Runs all tests in the test directory.

yarn test

Run tests with coverage tool

Runs all tests while also evaluating code coverage.

yarn test:coverage

The coverage report will be saved in the coverage directory.

Run tests with gas profiler

Set up the following env variables:

REPORT_GAS=true
COINMARKETCAP_API_KEY=your_coinmarket_api_key optional, only if you want to see cost in USD

Deploy contracts

Deploys contracts to a specified chain using a deployment script.

yarn deploy --network mainnet

Run spider task

The spider script programmatically fetches all protocol-related contracts from mainnet. This is just a prototype and it currently pulls relevant contracts for V2.

Note: Make sure $ETHERSCAN_KEY is set as an env variable.

npx hardhat spider --network mainnet

Delete artifacts

You can delete all spider artifacts using the --clean flag:

npx hardhat spider --clean

Spider configs

The spider script uses configuration from two files to start its crawl:

roots.json
relations.json

Both these contracts are committed to the repo under deployments/<chain>/<file>.json. The roots.json config contains the address of the root contract for spider to start crawling from. The relations.json config defines all the different relationships and rules that spider will follow when crawling. The following section will go over in detail the set of rules defined in relations.json.

Defining relations

Currently, these are the 3 types of rules in relations.json that can be defined for a contract:

Alias - A rule to derive the key that is assigned to this contract in pointers.json. If this rule is not provided, the contract name will be used as the alias instead. This rule has two special characters: @ and +. @ followed by a function name is used to read a value from that contract's function. + is used as a delimiter. Example: @symbol+Delegator will equate to cDaiDelegator for cDai's delegator contract.
Relations - The names of the contract's functions to call to fetch dependent contracts.
Implementation - The name of the contract's function to call to grab its implementation address. This should only be defined for proxy contracts.

Scenarios

Scenarios are high-level property and ad-hoc tests for the Comet protocol. To run and check scenarios:

npx hardhat scenario

For more information, see SCENARIO.md.

Deploying to testnets

Kovan

run 1644388553_deploy_kovan migration, prepare step
update deployments/kovan/roots.json with the new roots from step 1
run 1649108513_upgrade_timelock_and_set_up_governor migration, prepare step
run 1649108513_upgrade_timelock_and_set_up_governor migration, enact step
find the proposal ID step from 4; manually execute the proposal via the newly-deployed Governor
run 1651257129_bulker_and_rewards migration, prepare step
update deployments/kovan/roots.json with the rewards and bulker roots from step 6
run 1653357106_mint_to_fauceteer migration, prepare step
run 1653512186_seed_rewards_with_comp, prepare step
run 1653512186_seed_rewards_with_comp, enact step
execute the proposal from step 10

Fuji

run 1644432723_deploy_fuji, prepare step
update deployments/fuji/roots.json with new roots from step 1
run 1649117302_upgrade_timelock_and_set_up_governor, prepare step
run 1649117302_upgrade_timelock_and_set_up_governor, enact step
find the proposal ID step from 4; manually execute the proposal via the newly-deployed Governor
run 1651257139_rewards, prepare step
update deployments/fuji/roots.json with new rewards root from step 6
run 1653431603_mint_to_fauceteer, prepare step

Update Webb3 to use new roots

in the Webb3 repo, run rm -rf deployments to clear out the previous deploy artifacts
in scripts/crawl.sh, update the DEPLOYMENTS variable to point to the artifact with your latest deployed roots (will be the artifact generated by the Run Spider Action)
npm run build

Other considerations

make sure that the deploying address has at least 2 units of the chain's native asset (i.e. 2 ETH for Kovan, 2 AVAX for Fuji)

☄️ Compound III Protocol Development

jared 1h A few months ago, we began the discussion for a new multi-chain strategy 4; a version of the Compound protocol that can be deployed and run on all EVM compatible chains.

Today, Compound Labs is excited to release a code repository to the Compound community, which we hope can form the basis of a multi-chain deployment strategy: comet 3, which the community has been referring to as Compound III.

Compound III is designed with borrowers in mind, to be capital efficient, gas efficient, safe, and simple to govern.

The repository uses a business source license 1, which Compound governance can grant usage to, as it sees fit, by making changes to compound-community-licenses.eth, a new ENS domain owned by the community.

Developers can begin planning integrations with Compound III, and auditing / suggesting improvements to the codebase.

Changelog The following is a summary of the major changes from the existing protocol:

Compound III deployments feature a single borrowable (interest earning) base asset. All other assets are collateral. This reduces risk, and can improve capital efficiency. Collateral size limits can be set for each collateral asset (a.k.a. supply caps). There are separate borrowing collateral factors, and liquidation collateral factors. This protects borrowers from early liquidation, and can improve risk management. The risk management / liquidation engine has been entirely redesigned, to increase the safety of the protocol while preserving liquidator incentives. The price feed doesn’t expect a custom price oracle; instead, it is designed to use Chainlink directly, which is portable to EVM chains beyond Ethereum; governance can modify this decision in the future. Supply/borrow interest rate models can be decoupled from one another; governance has full control over economic policy. Advanced account management tools, which can enable new UX patterns and applications on top of the protocol. An abstract incentive metric is built natively into the core contract, to enable rewarding user activity from day one of the protocol. A rewards system is elegantly added on top to provide incentives similar to v2, but flexible enough to be extended by governance in new ways. A code repository which includes sophisticated tooling for managing and testing deployments, based on years of experience and feedback from prior versions of the protocol. Next Steps Over the coming weeks, we look forward to working with the community to finish auditing the protocol; learning from the current testnet; releasing an initial deployment on Ethereum, with interfaces, liquidation bots, and tooling; and beginning deployments across other EVM chains with tools for governance to manage those deployments.

If you have any questions, please join the next Community Developer call in Discord! 📈

Javier747Belbruno / comet