Freeze MAI/MIMATIC, set LTV -> 0 for Arbitrum, Avalanche, Polygon, Optimism v3
01Summary
Gauntlet recommends freezing MAI/MIMATIC reserves and setting LTV to 0 across Arbitrum, Optimism, Polygon, and Avalanche due to the asset trading below its $1 peg (currently at 0.88), following a previous drawdown to 0.94 in July.
- Type
- parameter change
Key changes
- Freeze MAI/MIMATIC reserve on Arbitrum(high)
- Freeze MAI/MIMATIC reserve on Optimism(high)
- Freeze MAI/MIMATIC reserve on Polygon(high)
- Freeze MAI/MIMATIC reserve on Avalanche(high)
- Set MAI/MIMATIC LTV to 0 across all four chains(high)
Notable concerns
- MAI/MIMATIC has fallen to 0.88, significantly below its intended $1 peg
- This represents a continuation of depeg issues, following a previous drawdown to 0.94 in July
- Freezing the reserve and setting LTV to 0 will prevent further use of this asset as collateral
Generated by Kvorum
02Description
Summary
Given the MAI/MIMATIC drawdown to 0.88 over the past 24 hours, after the July drawdown to 0.94, MAI/MIMATIC has been trading outside of its intended peg to $1. Gauntlet recommends freezing MAI/MIMATIC and setting MAI/MIMATIC LTV -> 0.
Specification
| Chain | Asset | Action |
|---|---|---|
| Arbitrum | MAI/MIMATIC | Freeze Reserve, set LTV -> 0 |
| Optimism | MAI/MIMATIC | Freeze Reserve, set LTV -> 0 |
| Avalanche | MAI/MIMATIC | Freeze Reserve, set LTV -> 0 |
| Polygon | MAI/MIMATIC | Freeze Reserve, set LTV -> 0 |
Implementation
The proposal implements changes on Arbitrum, Optimism, Polygon, Avalanche v3 using the following pre-deployed payloads:
- Optimism:
0x24bdacf6bbebaf567123da16cdb79a266597e92b - Arbitrum:
0xf22c8255ea615b3da6ca5cf5aecc8956bff07aa8 - Polygon:
0x2ee993533a482fe0f22d0fdf1b84ae1a0537e5ed
Changes on Avalanche can be implemented using the pre-deployed steward located at 0xc12ad8b3d242b1eddc1c8319d1d58608e67043ed
Disclaimer
Gauntlet has not received any compensation from any third-party in exchange for recommending any of the actions contained in this proposal.
Copyright
Copyright and related rights waived via CC0.
By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.
03Mismatch analysis
The description lists four chains (Arbitrum, Optimism, Polygon, Avalanche) where the MAI/MIMATIC reserve should be frozen and its LTV set to 0, and it explicitly names the pre-deployed payload addresses for Arbitrum, Optimism, and Polygon, plus a separately-noted steward address for Avalanche ('can be implemented using the pre-deployed steward'). The decoded calldata contains exactly three actions, each calling execute(address) on a mainnet governance executor with the corresponding Arbitrum, Optimism, and Polygon payload addresses — matching the addresses stated in the description exactly. Avalanche is not represented as an on-chain action in this proposal, which is consistent with the description's wording that Avalanche changes 'can be implemented using' a separate steward mechanism rather than being part of this specific governance vote's execute calls. There are no value mismatches, no unexpected targets, and no omitted high-impact actions relative to what the prose describes for the three included chains. Given the exact address matches and the fact that Avalanche's separate handling is explicitly signaled in the prose, I find no discrepancy worth flagging.
Generated by Kvorum
04Actions
- Target
- 0xd1b3…cfa3
- Value
- 0 wei
- Function
- execute(address)
- Arguments
{ "0": "0xF22c8255eA615b3Da6CA5CF5aeCc8956bfF07Aa8" }- Calldata
- Target
- 0x5f5c…6711
- Value
- 0 wei
- Function
- execute(address)
- Arguments
{ "0": "0x24bdAcf6bbEBAf567123Da16CDb79A266597e92B" }- Calldata
- Target
- 0x158a…d45b
- Value
- 0 wei
- Function
- execute(address)
- Arguments
{ "0": "0x2ee993533a482fe0f22d0FdF1B84AE1a0537E5ed" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 130x13bd…8548 | For | 109K | 15.78% | — | 3y ago |
| 070x0703…961b | For | 107.2K | 15.53% | — | 3y ago |
| 320x329c…3ed4 | For | 106.4K | 15.41% | — | 3y ago |
| B80xb83b…cf5c | For | 84.6K | 12.25% | — | 3y ago |
| 620x62a4…816a | For | 81.5K | 11.80% | — | 3y ago |
| EA0xea17…6676 | For | 46.5K | 6.74% | — | 3y ago |
| B90xb933…8dd1 | For | 44.1K | 6.38% | — | 3y ago |
| 2C0x2cc1…4df1 | For | 28.3K | 4.10% | — | 3y ago |
| 7A0x7ae1…e585 | For | 26.7K | 3.86% | — | 3y ago |
| 570x57ab…2922 | For | 24K | 3.47% | — | 3y ago |
| E40xe459…e666 | For | 20K | 2.90% | — | 3y ago |
| EZezr3al.eth0x8659…7d0e | For | 9K | 1.31% | — | 3y ago |
| 180x1855…98ba | For | 3K | 0.43% | — | 3y ago |
| 5A0x5acb…eedf | For | 282 | 0.04% | — | 3y ago |
| BD0xbd16…a962 | For | 32.3 | 0.00% | — | 3y ago |
| DF0xdf06…4977 | For | 27.3 | 0.00% | — | 3y ago |
| F50xf5fe…f6fb | Against | 10.2 | 0.00% | — | 3y ago |
| A70xa772…6171 | For | 2.1 | 0.00% | — | 3y ago |
| 010x0151…c3b9 | For | 1.2 | 0.00% | — | 3y ago |
| F60xf64a…0f66 | For | 1.1 | 0.00% | — | 3y ago |
| 8C0x8c69…87bb | For | 1 | 0.00% | — | 3y ago |
| 730x7306…c011 | For | 1 | 0.00% | — | 3y ago |
| B90xb9f1…36d4 | For | 1 | 0.00% | — | 3y ago |
| D40xd492…41f2 | For | 0.2 | 0.00% | — | 3y ago |
| 4F0x4fa5…14c1 | For | 0.2 | 0.00% | — | 3y ago |
| C20xc203…4cf8 | For | 0.1 | 0.00% | — | 3y ago |
| E80xe861…cf9f | For | 0.1 | 0.00% | — | 3y ago |
| 060x0609…fde1 | For | 0.1 | 0.00% | — | 3y ago |
| 150x156c…80d2 | For | 0.1 | 0.00% | — | 3y ago |
| 340x3496…126b | For | 0.1 | 0.00% | — | 3y ago |
| CC0xcc4f…f54e | For | 0.1 | 0.00% | — | 3y ago |
| 500x50d2…5318 | For | 0.1 | 0.00% | — | 3y ago |
| 570x573c…653a | For | 0.1 | 0.00% | — | 3y ago |
| 390x391b…b875 | For | 0.1 | 0.00% | — | 3y ago |
| 8C0x8c92…1884 | For | 0.1 | 0.00% | — | 3y ago |
| 560x560f…07c3 | For | 0.1 | 0.00% | — | 3y ago |
| FB0xfbdb…ee14 | For | 0.1 | 0.00% | — | 3y ago |
| 6D0x6de8…91c8 | For | 0.1 | 0.00% | — | 3y ago |
| A00xa032…f115 | For | 0.1 | 0.00% | — | 3y ago |
| D60xd6b1…7803 | For | 0 | 0.00% | — | 3y ago |
| A90xa9b7…a84f | Against | 0 | 0.00% | — | 3y ago |
| B50xb5c0…aa62 | For | 0 | 0.00% | — | 3y ago |
| 1A0x1a74…b800 | For | 0 | 0.00% | — | 3y ago |
| 7A0x7aa6…5270 | For | 0 | 0.00% | — | 3y ago |
| 7D0x7d2b…1ac5 | For | 0 | 0.00% | — | 3y ago |
| AE0xaeb5…1a26 | For | 0 | 0.00% | — | 3y ago |
07Forum
No forum thread is confidently linked to this proposal.
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