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https://github.com/compound-finance/compound-protocol

The Compound On-Chain Protocol
https://github.com/compound-finance/compound-protocol

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The Compound On-Chain Protocol

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Compound Protocol

=================



The Compound Protocol is an Ethereum smart contract for supplying or borrowing assets. Through the cToken contracts, accounts on the blockchain *supply* capital (Ether or ERC-20 tokens) to receive cTokens or *borrow* assets from the protocol (holding other assets as collateral). The Compound cToken contracts track these balances and algorithmically set interest rates for borrowers.



Before getting started with this repo, please read:



* The [Compound Whitepaper](https://compound.finance/documents/Compound.Whitepaper.pdf), describing how Compound works

* The [Compound Protocol Specification](https://github.com/compound-finance/compound-protocol/tree/master/docs/CompoundProtocol.pdf), explaining in plain English how the protocol operates



For questions about interacting with Compound, please visit [our Discord server](https://compound.finance/discord).



For security concerns, please visit [https://compound.finance/security](https://compound.finance/security) or email [[email protected]](mailto:[email protected]).



Contributing

============



Contributing to the Compound protocol is a bit different than most open-source projects -- check out the [community guide on Contributing](https://www.comp.xyz/t/contributing-to-compound-protocol/48).



Contracts

=========



We detail a few of the core contracts in the Compound protocol.





  
CToken, CErc20 and CEther


  
The Compound cTokens, which are self-contained borrowing and lending contracts. CToken contains the core logic and CErc20 and CEther add public interfaces for Erc20 tokens and ether, respectively. Each CToken is assigned an interest rate and risk model (see InterestRateModel and Comptroller sections), and allows accounts to *mint* (supply capital), *redeem* (withdraw capital), *borrow* and *repay a borrow*. Each CToken is an ERC-20 compliant token where balances represent ownership of the market.







  
Comptroller


  
The risk model contract, which validates permissible user actions and disallows actions if they do not fit certain risk parameters. For instance, the Comptroller enforces that each borrowing user must maintain a sufficient collateral balance across all cTokens.


  
    

      Updating the Comptroller

      
  • Follow the existing naming schema (ControllerGX)
    • 

      
  • Update the scenario runner in scenario/src/Builder/ComptrollerImplBuilder.ts
    • 

      
  • Create unit tests and fork simulations as necessary
    • 

      
  • Call npx saddle deploy Comptroller -n mainnet to deploy to mainnet and generate new ABI
    • 

      
      

          
    • The ABI can also be generated by deploying to mainnet in a fork simulation
      • 

        
    

      
  • Call node script/comptroller-abi to merge the new Comptroller ABI with the Unitroller ABI
    • 

      
  • Ensure that commit contains new generated Comptroller ABI
    • 

      







  
Comp


  
The Compound Governance Token (COMP). Holders of this token have the ability to govern the protocol via the governor contract.







  
Governor Alpha


  
The administrator of the Compound timelock contract. Holders of Comp token may create and vote on proposals which will be queued into the Compound timelock and then have effects on Compound cToken and Comptroller contracts. This contract may be replaced in the future with a beta version.







  
InterestRateModel


  
Contracts which define interest rate models. These models algorithmically determine interest rates based on the current utilization of a given market (that is, how much of the supplied assets are liquid versus borrowed).







  
Careful Math


  
Library for safe math operations.







  
ErrorReporter


  
Library for tracking error codes and failure conditions.







  
Exponential


  
Library for handling fixed-point decimal numbers.







  
SafeToken


  
Library for safely handling Erc20 interaction.







  
WhitePaperInterestRateModel


  
Initial interest rate model, as defined in the Whitepaper. This contract accepts a base rate and slope parameter in its constructor.





Installation

------------

To run compound, pull the repository from GitHub and install its dependencies. You will need [yarn](https://yarnpkg.com/lang/en/docs/install/) or [npm](https://docs.npmjs.com/cli/install) installed.



    git clone https://github.com/compound-finance/compound-protocol

    cd compound-protocol

    yarn install --lock-file # or `npm install`



REPL

----



The Compound Protocol has a simple scenario evaluation tool to test and evaluate scenarios which could occur on the blockchain. This is primarily used for constructing high-level integration tests. The tool also has a REPL to interact with local the Compound Protocol (similar to `truffle console`).



    yarn repl -n development

    yarn repl -n rinkeby



    > Read CToken cBAT Address

    Command: Read CToken cBAT Address

    AddressV



You can read more about the scenario runner in the [Scenario Docs](https://github.com/compound-finance/compound-protocol/tree/master/scenario/SCENARIO.md) on steps for using the repl.



Testing

-------

Jest contract tests are defined under the [tests directory](https://github.com/compound-finance/compound-protocol/tree/master/tests). To run the tests run:



    yarn test



Integration Specs

-----------------



There are additional tests under the [spec/scenario](https://github.com/compound-finance/compound-protocol/tree/master/spec/scenario) folder. These are high-level integration tests based on the scenario runner depicted above. The aim of these tests is to be highly literate and have high coverage in the interaction of contracts.



Formal Verification Specs

-------------------------



The Compound Protocol has a number of formal verification specifications, powered by [Certora](https://www.certora.com/). You can find details in the [spec/formal](https://github.com/compound-finance/compound-protocol/tree/master/spec/formal) folder. The Certora Verification Language (CVL) files included are specifications, which when with the Certora CLI tool, produce formal proofs (or counter-examples) that the code of a given contract exactly matches that specification.



Code Coverage

-------------

To run code coverage, run:



    yarn coverage



Linting

-------

To lint the code, run:



    yarn lint



Docker

------



To run in docker:



    # Build the docker image

    docker build -t compound-protocol .



    # Run a shell to the built image

    docker run -it compound-protocol /bin/sh



From within a docker shell, you can interact locally with the protocol via ganache and truffle:



```bash

    /compound-protocol > yarn console -n goerli

    Using network goerli https://goerli-eth.compound.finance

    Saddle console on network goerli https://goerli-eth.compound.finance

    Deployed goerli contracts

      comptroller: 0x627EA49279FD0dE89186A58b8758aD02B6Be2867

      comp: 0xfa5E1B628EFB17C024ca76f65B45Faf6B3128CA5

      governorAlpha: 0x8C3969Dd514B559D78135e9C210F2F773Feadf21

      maximillion: 0x73d3F01b8aC5063f4601C7C45DA5Fdf1b5240C92

      priceOracle: 0x9A536Ed5C97686988F93C9f7C2A390bF3B59c0ec

      priceOracleProxy: 0xd0c84453b3945cd7e84BF7fc53BfFd6718913B71

      timelock: 0x25e46957363e16C4e2D5F2854b062475F9f8d287

      unitroller: 0x627EA49279FD0dE89186A58b8758aD02B6Be2867



    > await comp.methods.totalSupply().call()

    '10000000000000000000000000'

```



Console

-------



After you deploy, as above, you can run a truffle console with the following command:



    yarn console -n goerli



This command will start a saddle console conencted to Goerli testnet (see [Saddle README](https://github.com/compound-finance/saddle#cli)):



```javascript

    Using network goerli https://goerli.infura.io/v3/e1a5d4d2c06a4e81945fca56d0d5d8ea

    Saddle console on network goerli https://goerli.infura.io/v3/e1a5d4d2c06a4e81945fca56d0d5d8ea

    Deployed goerli contracts

      comptroller: 0x627EA49279FD0dE89186A58b8758aD02B6Be2867

      comp: 0xfa5E1B628EFB17C024ca76f65B45Faf6B3128CA5

      governorAlpha: 0x8C3969Dd514B559D78135e9C210F2F773Feadf21

      maximillion: 0x73d3F01b8aC5063f4601C7C45DA5Fdf1b5240C92

      priceOracle: 0x9A536Ed5C97686988F93C9f7C2A390bF3B59c0ec

      priceOracleProxy: 0xd0c84453b3945cd7e84BF7fc53BfFd6718913B71

      timelock: 0x25e46957363e16C4e2D5F2854b062475F9f8d287

      unitroller: 0x627EA49279FD0dE89186A58b8758aD02B6Be2867

    > await comp.methods.totalSupply().call()

    '10000000000000000000000000'

```



Deploying a CToken from Source

------------------------------



Note: you will need to set `~/.ethereum/` with your private key or assign your private key to the environment variable `ACCOUNT`.



Note: for all sections including Etherscan verification, you must set the `ETHERSCAN_API_KEY` to a valid API Key from [Etherscan](https://etherscan.io/apis).



To deploy a new cToken, you can run the `token:deploy`. command, as follows. If you set `VERIFY=true`, the script will verify the token on Etherscan as well. The JSON here is the token config JSON, which should be specific to the token you wish to list.



```bash

npx saddle -n rinkeby script token:deploy '{

  "underlying": "0x577D296678535e4903D59A4C929B718e1D575e0A",

  "comptroller": "$Comptroller",

  "interestRateModel": "$Base200bps_Slope3000bps",

  "initialExchangeRateMantissa": "2.0e18",

  "name": "Compound Kyber Network Crystal",

  "symbol": "cKNC",

  "decimals": "8",

  "admin": "$Timelock"

}'

```



If you only want to verify an existing token an Etherscan, make sure `ETHERSCAN_API_KEY` is set and run `token:verify` with the first argument as the token address and the second as the token config JSON:



```bash

npx saddle -n rinkeby script token:verify 0x19B674715cD20626415C738400FDd0d32D6809B6 '{

  "underlying": "0x577D296678535e4903D59A4C929B718e1D575e0A",

  "comptroller": "$Comptroller",

  "interestRateModel": "$Base200bps_Slope3000bps",

  "initialExchangeRateMantissa": "2.0e18",

  "name": "Compound Kyber Network Crystal",

  "symbol": "cKNC",

  "decimals": "8",

  "admin": "$Timelock"

}'

```



Finally, to see if a given deployment matches this version of the Compound Protocol, you can run `token:match` with a token address and token config:



```bash

npx saddle -n rinkeby script token:match 0x19B674715cD20626415C738400FDd0d32D6809B6 '{

  "underlying": "0x577D296678535e4903D59A4C929B718e1D575e0A",

  "comptroller": "$Comptroller",

  "interestRateModel": "$Base200bps_Slope3000bps",

  "initialExchangeRateMantissa": "2.0e18",

  "name": "Compound Kyber Network Crystal",

  "symbol": "cKNC",

  "decimals": "8",

  "admin": "$Timelock"

}'

```



## Deploying a CToken from Docker Build

---------------------------------------



To deploy a specific version of the Compound Protocol, you can use the `token:deploy` script through Docker:



```bash

docker run --env ETHERSCAN_API_KEY --env VERIFY=true --env ACCOUNT=0x$(cat ~/.ethereum/rinkeby) compoundfinance/compound-protocol:latest npx saddle -n rinkeby script token:deploy '{

  "underlying": "0x577D296678535e4903D59A4C929B718e1D575e0A",

  "comptroller": "$Comptroller",

  "interestRateModel": "$Base200bps_Slope3000bps",

  "initialExchangeRateMantissa": "2.0e18",

  "name": "Compound Kyber Network Crystal",

  "symbol": "cKNC",

  "decimals": "8",

  "admin": "$Timelock"

}'

```



To match a deployed contract against a given version of the Compound Protocol, you can run `token:match` through Docker, passing a token address and config:



```bash

docker run --env ACCOUNT=0x$(cat ~/.ethereum/rinkeby) compoundfinance/compound-protocol:latest npx saddle -n rinkeby script token:match 0xF1BAd36CB247C82Cb4e9C2874374492Afb50d565 '{

  "underlying": "0x577D296678535e4903D59A4C929B718e1D575e0A",

  "comptroller": "$Comptroller",

  "interestRateModel": "$Base200bps_Slope3000bps",

  "initialExchangeRateMantissa": "2.0e18",

  "name": "Compound Kyber Network Crystal",

  "symbol": "cKNC",

  "decimals": "8",

  "admin": "$Timelock"

}'

```



Discussion

----------



For any concerns with the protocol, open an issue or visit us on [Discord](https://compound.finance/discord) to discuss.



For security concerns, please email [[email protected]](mailto:[email protected]).



_© Copyright 2020, Compound Labs_