# Add cUSDO market to MoonWell on BASE **URL:** \ **Category:** Community Proposal\ **Tags:** mip, community-proposal, base\ **Created:** [May 28, 2025, 7:35pm UTC](https://forum.moonwell.fi/t/add-cusdo-market-to-moonwell-on-base/1740 "2025-05-28T19:35:38Z")\ **Posts on this page:** 3\ **Page:** 1
**Author:** ![multisigGov](https://dub1.discourse-cdn.com/flex017/user_avatar/forum.moonwell.fi/multisiggov/32/3522_2.png) [@multisigGov](https://forum.moonwell.fi/u/multisigGov)\ **Post date:** [May 28, 2025, 7:35pm UTC](https://forum.moonwell.fi/t/add-cusdo-market-to-moonwell-on-base/1740/1 "2025-05-28T19:35:38Z")
### 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`](https://basescan.org/token/0x83dB73EF5192de4b6a4c92bD0141Ba1a0Dc87c65) | | Contract Code | [Verified Source on BaseScan](https://basescan.org/address/0xc9c0479cd63ffd5e116430189a9eb6550617f287#code) | | Issuer | OpenEden | | Underlying Asset | USDO (rebasing stablecoin backed by T-Bills) | | Documentation | [OpenEden Docs](https://docs.openeden.com/usdo/cusdo-token) | | Audit | ChainSecurity (No critical issues) – [Audit Report](https://www.chainsecurity.com/security-audit/openeden-usdo) | | Oracle Status | [Chainlink](https://data.chain.link/feeds/base/base/cusdo-usd) | * * * ### 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](https://openeden.com/usdo/transparency) 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`](https://basescan.org/address/0x83db73ef5192de4b6a4c92bd0141ba1a0dc87c65#code) - **Proxy Architecture:** The cUSDO contract is deployed as an `ERC1967Proxy`. - **Base Contracts:** The [logic](https://basescan.org/address/0xc9c0479cd63ffd5e116430189a9eb6550617f287#code) implementation inherits from OpenZeppelin’s battle-tested upgradeable libraries: - **Permission Structure:** Role-based access is enforced using `AccessControl`. Critical roles include: - **Security Observations:** - **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](https://basescan.org/token/0x83db73ef5192de4b6a4c92bd0141ba1a0dc87c65#balances) 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](https://data.chain.link/feeds/base/base/usdo-por), ensuring transparency and onchain trust in the asset’s collateralization. ### [Risk](https://docs.openeden.com/usdo/risks) Considerations To ensure safe integration, the following risks should be reviewed: - [RWA Exposure](https://docs.openeden.com/tbill/trust-and-transparency#audit-and-attestations) – 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](https://x.com/OpenEden_X) with 55K followers - **linkedin** : [profile](https://www.linkedin.com/company/openeden) with 19 employees - **discord** : [profile](https://discord.com/invite/FuPtnSJmke) with 2.8K members - **telegram** : [channel](https://t.me/openeden) 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](https://www.chainsecurity.com/security-audit/openeden-usdo) | | 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. - MIP-based deployment using [Moonwell Contracts V2 guide](https://github.com/moonwell-fi/moonwell-contracts-v2/blob/main/docs/governance/MARKET_ADD.md) ### Proposal Author Information **Name:** AsgardAdmin **X:** [Azgardinvest](https://x.com/azgardinvest) **Github:** [AzgardMultiSig (AzgardAdmin) · GitHub](https://github.com/AzgardMultiSig) **Delegate Address:** [0xC4c1e942c6B97EE736d15E6edE71dBc323200c3d](https://basescan.org/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. ---
**Author:** ![multisigGov](https://dub1.discourse-cdn.com/flex017/user_avatar/forum.moonwell.fi/multisiggov/32/3522_2.png) [@multisigGov](https://forum.moonwell.fi/u/multisigGov)\ **Post date:** [June 13, 2025, 7:39pm UTC](https://forum.moonwell.fi/t/add-cusdo-market-to-moonwell-on-base/1740/2 "2025-06-13T19:39:07Z")
**Snapshot Vote is Live** The proposal to list **cUSDO (Collateralized USDO)** on **Moonwell Base** is now live on Snapshot. [🗳 Cast your vote here](https://snapshot.moonwell.fi/#/proposal/0xfe5445a2b87793b59284fb9de383071260e4b3d905bd036a2724a00507279c8e) ---
**Author:** ![Boardroom](https://dub1.discourse-cdn.com/flex017/user_avatar/forum.moonwell.fi/boardroom/32/1282_2.png) [@Boardroom](https://forum.moonwell.fi/u/Boardroom)\ **Post date:** [June 16, 2025, 7:11pm UTC](https://forum.moonwell.fi/t/add-cusdo-market-to-moonwell-on-base/1740/3 "2025-06-16T19:11:06Z")
# Assessing cUSDO via the MALF # Summary The [Moonwell Asset Listing Framework (MALF)](https://forum.moonwell.fi/t/moonwell-asset-listing-framework-v2/724) 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](https://forum.moonwell.fi/c/proposals/community-proposal/19)” 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](https://aerodrome.finance/liquidity?query=cusd) 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.