REP Migration
01Summary
This proposal partially deactivates the cREP market on Compound by pausing supply and borrowing, removing COMP distribution incentives, and setting the reserve factor to 100%. This is a planned step in the migration timeline to Augur v2, allowing users to migrate at their own pace while winding down cREP positions ahead of Augur v2's launch.
- Type
- parameter change
Key changes
- Pause supplying (minting) of cREP to prevent new supply positions(high)
- Pause borrowing of cREP to prevent new borrow positions(high)
- Remove COMP distribution incentives by dropping cREP from the COMP market(high)
- Set reserve factor to 100% to remove supply interest rate incentive(high)
Notable concerns
- Existing cREP positions cannot be added to but can still be held; users must voluntarily migrate to Augur v2
- Future stronger measures may be needed as Augur v2 approaches potential fork event
Generated by Kvorum
02Description
REP Migration
In preparation for the launch of Augur v2 (est. July 28th), the Augur team suggested a migration timeline for Compound, which begins by partially deactivating cREP.
This proposal prevents supplying and borrowing REPv1, and removes the incentives to maintain REPv1 inside Compound by removing the supply interest rate and COMP distribution.
Users can voluntarily migrate to Augur v2 at their own pace, but as Augur v2 gets closer to a potential fork event, future proposals should take stronger steps to wind down existing cREP positions. Once Augur v2 is stable, a future proposal can create a new Compound market for it.
This proposal does not introduce any new contracts.
03Mismatch analysis
The description lists four intended effects: (1) block new supply, (2) block new borrowing, (3) remove the supply interest rate, and (4) remove COMP distribution for REPv1/cREP. The four decoded actions map one-to-one: _setMintPaused(cREP,true) blocks minting/supplying, _setBorrowPaused(cREP,true) blocks borrowing, _dropCompMarket(cREP) removes COMP distribution, and _setReserveFactor(1e18) on the cREP contract sets the reserve factor to 100%, which is the standard Compound mechanism to zero out the supplier interest rate (supply APY = utilization * borrowRate * (1-reserveFactor), so reserveFactor=100% yields 0% supply APY). All target addresses consistently reference the same cREP market (0x158079...c95c1), matching the 'REPv1' market discussed in the proposal. No values are mismatched after accounting for the reserve-factor-to-APY logic, no extra actions appear beyond what's described, and no significant action is omitted from the prose. The description explicitly states it introduces no new contracts, consistent with all four calls targeting existing Comptroller and cToken addresses. Overall, the prose accurately and completely represents the calldata.
Generated by Kvorum
04Actions
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setMintPaused(address,bool)
- Arguments
{ "0": "0x158079Ee67Fce2f58472A96584A73C7Ab9AC95c1", "1": true }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setBorrowPaused(address,bool)
- Arguments
{ "0": "0x158079Ee67Fce2f58472A96584A73C7Ab9AC95c1", "1": true }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _dropCompMarket(address)
- Arguments
{ "0": "0x158079Ee67Fce2f58472A96584A73C7Ab9AC95c1" }- Calldata
- Target
- 0x1580…95c1
- Value
- 0 wei
- Function
- _setReserveFactor(uint256)
- Arguments
{ "0": "1000000000000000000" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
- Augur Migration Proposal ↗discourse · high confidence
Arguments for
- Pausing new REPv1 supply and borrowing prevents continued accumulation of exposure to a deprecated asset after v2 launch.— joeykrug, rleshner, arr00
- Gradual collateral factor reduction (10% every 2 weeks) gives users time to migrate without causing cascading liquidations.— joeykrug, blck, arr00
- REPv2 should be added to Compound with equivalent collateral rules to facilitate easy migration from v1 to v2.— joeykrug, rleshner
- Removing REP from COMP rewards and setting reserve factor to 100% during migration phase helps discourage continued v1 use.— blck, joeykrug
- Early implementation of the migration process is necessary because v2 launch will cause significant liquidity decreases for REPv1.— blck, arr00, monet-supply
Arguments against
None surfaced.
Unresolved concerns
- Concern that REPv1 liquidity will drop sharply after v2 launch, making it difficult for borrowers to deleverage or repay positions.— blck, monet-supply
- Uncertainty about whether the price feed mechanism can smoothly transition from REPv1 to REPv2 once trading begins.— rleshner
- No clear mechanism exists to force repayment of remaining REPv1 borrows if users do not voluntarily migrate.— rleshner
Notable participants
- joeykrugProposer who outlined the multi-phase REP migration strategy and responded to technical questions.
- rleshnerCore contributor who endorsed the proposal, raised questions about price feeds and v2 deployment, and monitored deprecation progress.
- blckEarly advocate for faster migration and suggested additional measures like removing COMP rewards.
- arr00Supported expedited implementation and monitoring of DEX liquidity conditions.
- monet-supplyAdvocated for timely collateral factor reductions and tracked the ongoing migration process.
- t.kProvided detailed timeline analysis of Augur v2 fork and dispute process dates.
- jaredClarified the specific Comptroller functions needed to pause supply and borrow.
- leoUser seeking clarity on automated migration mechanisms for personal REPv1 holdings.
Generated by Kvorum
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