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.