Summary

Recently, Dharma built, tested, and deployed a new upgradable interest rate model contract for cDAI based on the new JumpRateModelV2. Shortly thereafter, Arr00 proposed an update to the cUSDT interest rate model that followed the new cDAI architecture.

This proposal updates the cUSDC interest rate model to a recently deployed LegacyJumpRateModelV2 with the same parameters as the current cDAI and cUSDT interest rate models:

• 0% base rate (current 2%)
• 4% borrow rate at kink (current no kink)
• Kink at 80% utilization (current no kink)
• 25% borrow rate at 100% utilization (current 12.25%)
• Owner is Timelock (0x6d903f6003cca6255D85CcA4D3B5E5146dC33925)

This proposal completes the effort of setting a standardized interest rate model for all stablecoins on Compound.

The new LegacyJumpRateModelV2 is a simple refactorization of existing code and has been tested using fork simulations. The code has not been audited professionally due to the simplicity of the changes made.

This contract was written, tested, and deployed by Arr00 and reviewed by Dharma. The proposal comes from Dharma as Arr00 does not (yet!) have sufficient COMP delegation.

The last two actions take 622 Sai (currently valued at $1200) from reserves and transfer them to Arr00 as a bounty for his work on this proposal.

Graph of proposed Interest Rate Model

New LegacyJumpRateModelV2 GitHub PR Discussion