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VIP-392 [zkSync] New native USDC market in the Core pool Summary If

passed, following the Community proposal “Support native USDC on Venus Core Pool of ZKSync Era” and the associated snapshot, this VIP adds a market for native USDC into the Core pool on zkSync Era, and refunds the Community Wallet the provided bootstrap liquidity.

Description

Risk parameters

Following Chaos Labs recommendations, the risk parameters for the new market are:

Underlying token: USDC

- Borrow cap: 1,000,000
- Supply cap: 1,250,000
- Collateral factor: 72%
- Liquidation threshold: 75%
- Reserve factor: 10%

Bootstrap liquidity: 4,998.38 USDC - provided by the Venus Treasury.

Interest rate curve for the new market:

- kink: 80%
- base (yearly): 0%
- multiplier (yearly): 8.75%
- jump multiplier (yearly): 80%

Oracles configuration

The ResilientOracle deployed to zkSync Era is used for USDC, with the Chainlink feed for this asset as the main oracle.

Security and additional considerations

We applied the following security procedures for this upgrade:

- VIP execution simulation: in a simulation environment, validating the new market is properly added to the Core pool on zkSync Era, with the right parameters and the expected bootstrap liquidity
- Deployment on testnet: the same market has been deployed to zkSync sepolia, and used in the Venus Protocol testnet deployment

The Community Wallet provided the bootstrap liquidity (4,998.38 USDC), spending 5,000 USDC, that will be refunded in this VIP with funds from the Venus Treasury on BNB Chain.

Deployed contract

- Mainnet vUSDC_Core: 0x84064c058F2EFea4AB648bB6Bd7e40f83fFDe39a

Vote 🗳: https://app.venus.io/#/governance/proposal/392?chainId=56

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Can not wait for venuschain sirs

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