Add cUSDO market to MoonWell on BASE

Summary

This proposal seeks to list cUSDO, a non-rebasing, yield-bearing stablecoin issued by OpenEden, as a new market on Moonwell Base. cUSDO is a wrapped version of USDO — a stablecoin backed 1:1 by U.S. Treasury Bills — and allows users to earn real-world yield while participating in DeFi lending, borrowing, and collateralization within the Moonwell ecosystem.


Motivation

Integrating cUSDO brings several benefits to Moonwell:

  • Capital Efficiency – Supply cUSDO, earn passive yield, and use it as collateral simultaneously.
  • Real-World Yield – Backed by U.S. T-Bills through OpenEden’s USDO vault.
  • Non-Rebasing = DeFi Ready – cUSDO maintains ERC-20 compatibility, avoiding issues of rebasing tokens.
  • Institutional-Grade Structure – Transparent, regulated custodianship, real-time reserve attestation.

This listing would further Moonwell’s mission to bridge DeFi and real-world assets (RWAs).


Asset Overview

Item Description
Token Name cUSDO (Compounding Open Dollar)
Type ERC-20, yield-bearing, non-rebasing
Network Base
Token Address 0x83dB73EF5192de4b6a4c92bD0141Ba1a0Dc87c65
Contract Code Verified Source on BaseScan
Issuer OpenEden
Underlying Asset USDO (rebasing stablecoin backed by T-Bills)
Documentation OpenEden Docs
Audit ChainSecurity (No critical issues) – Audit Report
Oracle Status Chainlink

Market Risk Assessment

  1. Swap Size & Liquidity
    A $500K swap on Base and Ethereum DEXs (e.g., Aerodrome, Curve) results in <25% price impact.

  2. TVL Requirements
    Combined TVL of USDO and cUSDO > $40M across Base and other chains.

  3. Security & Audit

  • Fully verified contract
  • Standard role-based access controls for mint/burn
  • Third-party audit by ChainSecurity (no critical vulnerabilities)
  • Transparent reserves and regulated custodians
  1. Market Caps
  • on BASE: 3.5M
  • on ETHEREUM: 214M
  1. Total Transactions
  • on BASE: 65K transfers & 15K direct txs & 9K holders
  • on ETHEREUM: 60K transfers & 9K direct txs & 2K holders
  1. Age of Token
  • on BASE: 131 days
  • on ETHEREUM: 237 days

Smart Contract Review

Contract: cUSDO

  • Proxy Architecture:
    The cUSDO contract is deployed as an ERC1967Proxy.

  • Base Contracts:
    The logic implementation inherits from OpenZeppelin’s battle-tested upgradeable libraries:

    • ERC4626Upgradeable – Vault standard
    • AccessControlUpgradeable – Role-based permissions
    • PausableUpgradeable – Circuit breaker functionality
    • IERC20PermitUpgradeable, EIP712Upgradeable – Meta-transactions support
  • Permission Structure:
    Role-based access is enforced using AccessControl. Critical roles include:

    • DEFAULT_ADMIN_ROLE
    • UPGRADER_ROLE
    • PAUSER_ROLE
      All minting/burning and upgrades are gated by these roles.
  • Security Observations:

    • ChainSecurity audit (Feb 2024) identified no critical issues.
    • No proxy self-destruct, delegatecall hazards, or unsafe upgrade paths were found.
    • The proxy implementation was verified on BaseScan and follows standard OpenZeppelin conventions.
  • Blacklist Functionality: No.

  • Is the token pausable? Yes.

  • Does the project have an active bug bounty program? No.

Top 10 holders on Base

click here for latest changes!

Rank Address Name Tag Quantity % Supply Value (USD)
1 0x1155...a28 PT-cUSDO 2,029,779.43 58.56% $2,068,345.24
2 0x5fed...023 Aerodrome-LP 806,591.92 23.27% $821,917.16
3 0x5e3a...ba0 Curve-LP 373,079.07 10.76% $380,167.57
4 0xbbbb...fcb Morpho: Morpho 144,642.12 4.17% $147,390.32
5 0xe79c...262 14,816.28 0.43% $15,097.79
6 0xf875...142 8,912.84 0.26% $9,082.18
7 0x39c3...959 8,338.93 0.24% $8,497.37
8 0x77b5...78c 7,583.06 0.22% $7,727.13
9 0x5d47...068 pandario.base.eth 4,937.63 0.14% $5,031.44
10 0x3399...d9f 4,751.73 0.14% $4,842.01

Why List cUSDO Instead of USDO

Feature USDO cUSDO
Token Type Rebasing Non-rebasing
DeFi Compatibility Limited Full (ERC-20 standard)
Interest Handling Balance increases via rebasing Value increases via internal exchange rate
Use as Collateral Problematic Seamless
Price Oracle Less practical Available via Chainlink

Reserve Attestation Transparency

OpenEden’s USDO vaults are backed 1:1 by U.S. Treasury Bills. Reserve holdings are verified via a live Chainlink Proof-of-Reserves (PoR) oracle, ensuring transparency and onchain trust in the asset’s collateralization.

Risk Considerations

To ensure safe integration, the following risks should be reviewed:

  • RWA Exposure – USDO is backed by U.S. T-Bills. Low volatility but subject to regulatory or market shifts.
  • Centralization – While the token is issued by a regulated entity (OpenEden Digital Limited), it remains a centralized asset in terms of custody and minting permissions. However, it uses independent custodians (e.g., Zodia Custody) and a bankruptcy-remote trust structure to mitigate this.
  • Oracle Risk - Chainlink’s native cUSDO/USD price feed is live and operational on Base, ensuring a decentralized and reliable price source. It uses a time-weighted average price (TWAP) model to reduce volatility or manipulation.
  • And Of Course Smart Contracts Risk!

OpenEden Team Overview

OpenEden was founded in 2022 by a team of seasoned professionals with extensive experience in both traditional finance and the digital asset industry.
The team collectively brings experience from top-tier institutions such as Goldman Sachs, Morgan Stanley, Deutsche Bank, Barclays, BlockFi, Bybit, Binance, SEA, and Accenture.

  • twitter(X) : profile with 55K followers
  • linkedin : profile with 19 employees
  • discord: profile with 2.8K members
  • telegram : channel with 2K subscribers

Service Providers of OpenEden

Category Service Provider
Digital Asset Issuer OpenEden Digital Limited
Digital Asset Custody Bitgo Custody / Coinbase MPC Web3 Wallet
Smart Contract Auditor ChainSecurity
Financial Auditor Harris And Trotter
Onramp Coinbase Prime
Compliance Analytics Elliptic
Offshore Representation Carey Olsen
Third-party Signing Protege Fund Services

Technical Implementation Plan

  1. @Gauntlet Risk Assessment – Set CAPS , CF , and IR model.
  2. Snapshot proposal – Community approval on Snapshot will be required before proceeding to mainnet launch.
  3. Mainnet Launch – Deploy with active monitoring and community feedback.

Proposal Author Information

Name: AsgardAdmin
X: Azgardinvest
Github: AzgardMultiSig (AzgardAdmin) · GitHub
Delegate Address: 0xC4c1e942c6B97EE736d15E6edE71dBc323200c3d
Relationship with Token: I have no personal or professional relationship with openeden team.

Conclusion

cUSDO is a strong candidate to expand Moonwell’s Base markets with a secure, transparent, and yield-generating RWA-backed asset. The combination of Chainlink oracles, proof of reserves, and OpenZeppelin-based upgradeable contracts offers both transparency and safety.

We look forward to the community’s feedback and collaboration to move this proposal forward.

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Snapshot Vote is Live
The proposal to list cUSDO (Collateralized USDO) on Moonwell Base is now live on Snapshot.

:ballot_box_with_ballot: Cast your vote here

Assessing cUSDO via the MALF

Summary

The Moonwell Asset Listing Framework (MALF) provides the community with a recommended set of requirements that should be met when listing new assets on Moonwell. This initial assessment from Boardroom is meant to be a first-pass look at whether or not the proposal meets these minimum criteria; this is not meant as an official endorsement nor rejection of the asset. If the author is able to provide any missing information, we will edit our comment to reflect whether or not the proposal adheres to the MALF.

Based on the information outlined below, the cUSDO proposal does not meet the minimum asset listing requirements.

Proposal Requirements

Requirement Has the Requirement been met?
Forum Post: Was the proposal submitted with the correct “Add [ASSET SYMBOL] market to Moonwell on [Network]” format? Yes
Forum Post: Was it posted in the “Community Proposals” category? Yes

Required Information

Requirement Has the Requirement been met?
General: Token asset name Yes
General: A description of the project and the token Yes
General: Benefits to the Moonwell community Yes
General: Resources (website, social media, docs) Yes
General: Author’s contact information Yes
General: Relationship between the author and the token Yes
Market Risk Assessment: Market cap of the token Yes
Market Risk Assessment: Total supply No
Market Risk Assessment: Largest CEXes and DEXes where token is listed and their liquidity No
Market Risk Assessment: Volatility No
Market Risk Assessment: Average daily trading volume on CEX and DEX No
Market Risk Assessment: Gini coefficient and Herfindahl index of token balances No
Decentralization: List of top 10 tokenholders, the percentage of each Yes
Decentralization: List of all privileged roles in the token contract (whitelisted EOAs, multi-sigs, or DAOs) No
Decentralization: Pausability of the token? Yes
Decentralization: Does it have a blacklist? Yes
Codebase & Onchain Activity: Github repo for token contracts Yes
Codebase & Onchain Activity: Basescan/Moonscan/Etherscan links with verified contracts Yes
Codebase & Onchain Activity: Age of token (days) Yes
Codebase & Onchain Activity: Number of transactions to date Yes
Security Posture: Audits conducted (if so, linked?) Yes
Security Posture: Active bug bounty program Yes
Security Posture: Emergency contacts and their estimated response time/availability No
Upgradeability: Is it upgradeable? Yes
Upgradeability: Who is authorized to make an upgrade? Yes
Upgradeability: Can an upgrade happen instantly, or is there a timelock? No
Upgradeability: Which components are upgradeable? Yes
Upgradeability: How does the upgradeability design work? Yes
Upgradeability: Does it emit an event when the implementation is updated? No
Oracle Assessment: Chainlink oracle price feed address Yes
Oracle Assessment: Is the asset a wrapped, staked, or synthetic version of a different asset? If yes, did the author answer the required questions? No
Additional Requirements: Swap size requirement ($500K swap incurs a 25% price impact or less across DEXs and/or aggregators) Yes
Additional Requirements: Liquidity threshold (at least $2M total TVL across DEX pools) No
Additional Requirements: Commercial Viability (potential to generate at least $1K/mo in protocol revenue) No

Notes

The liquidity threshold requirement cannot be met with combined liquidity across the wrapped asset and the underlying asset. USDC/cUSDO TVL on Aerodrome on Base is currently sitting ~$1.58M, which falls short of the required $2M. As Moonwell is not deployed on Ethereum, we can’t consider the cUSDO/USDC Curve pool. Other information that is missing from this proposal includes total supply, largest exchange information, volatility, average trading volume, list of privileged roles in the token contract, emergency contacts, some upgradeability information, further information on the wrapping mechanics, and commercial viability.

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