Uniswap Improvement Strategy
01Summary
Increase the UNI borrow cap to 5M UNI, set the Borrow Cap Guardian to the Community Multi-Sig (4-of-6), and implement a new interest rate model for cUNI with a 2% base rate, 30% kink rate at 80% utilization, and 150% rate at 100% utilization.
- Type
- parameter change
Key changes
- Borrow cap for cUNI increased to 5M UNI to meet unexpected market demand(high)
- Borrow Cap Guardian role transferred to Community Multi-Sig (4-of-6 signers) to enable rapid cap adjustments(high)
- New interest rate model deployed with 2% base rate, 30% rate at 80% kink, and 150% rate at 100% utilization(high)
Notable concerns
- Borrow cap guardian authority delegated to multi-sig requiring only 4-of-6 approvals
- Interest rate model significantly increases rates at full utilization to 150%
Generated by Kvorum
02Description
Uniswap Improvement Strategy
We saw unexpected demand for the Uniswap market and the pre-set Borrowing Cap quickly reached its limit; this proposal increases the borrow cap to 5M UNI and sets the Borrow Cap Guardian to the Community Multi-Sig which allows for rapidly setting new borrow caps if needed (Read about Multi-sig below).
Additionally, this proposal sets a new interest rate model for cUNI using the following parameters:
- 2% base rate
- 30% borrow rate at kink
- Kink at 80%
- 150% borrow rate at 100% utilization
- Owner is Timelock (0x6d903f6003cca6255D85CcA4D3B5E5146dC33925)
The Multi-Sig requires 4-of-6 signers to approve any transaction. The signer addresses can be seen here on Gnosis Safe, and currently include @aaaaaaaaaaaaa, @arr00, @blck, Compound Labs, Dharma Labs (@0age), and @jared. For full context and history on the Multi-Sig, please see this post on the Compound Community Forum.
03Mismatch analysis
Compared each of the three decoded actions against the corresponding claims in the description. (1) The borrow cap guardian address in the calldata (0xbbf3f1421D886E9b2c5D716B5192aC998af2012c) matches the Community Multi-Sig address given in the description. (2) The interest rate model address set in the calldata (0xd88B94128Ff2B8Cf2d7886cd1C1E46757418cA2A) matches the linked contract in the description; the specific rate parameters (base rate, kink, rates) are baked into that deployed contract and not separately verifiable from calldata, but the address matches exactly, so this is treated as consistent. (3) The new borrow cap value, 5,000,000 * 1e18, correctly converts to 5,000,000 UNI (18 decimals), matching the '5M UNI' claim exactly, targeting the correct cUNI market address. No omitted, extra, or mismatched actions were found; the multisig signer list and governance context in the description are informational and not part of on-chain calldata, so they don't need to match specific actions. Overall the proposal description accurately and completely reflects the three decoded actions.
Generated by Kvorum
04Actions
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setBorrowCapGuardian(address)
- Arguments
{ "0": "0xbbf3f1421D886E9b2c5D716B5192aC998af2012c" }- Calldata
- Target
- 0x35a1…d550
- Value
- 0 wei
- Function
- _setInterestRateModel(address)
- Arguments
{ "0": "0xd88B94128Ff2B8Cf2d7886cd1C1E46757418cA2A" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setMarketBorrowCaps(address[],uint256[])
- Arguments
{ "0": [ "0x35A18000230DA775CAc24873d00Ff85BccdeD550" ], "1": [ "5000000000000000000000000" ] }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
- Community Multisig Deployment ↗discourse · high confidence
Arguments for
None surfaced.
Arguments against
None surfaced.
Notable participants
- arr00Core steward of the Community Multisig, initiated its deployment and managed signer changes throughout.
- calvinProvided initial documentation and updates on the multisig deployment and signer confirmations.
- gettyConfirmed multisig members' comfort with additional responsibilities before governance vote.
- adamDocumented and tracked multisig membership changes and signer updates.
- PGovParticipated in recent multisig membership reevaluation and provided detailed status updates.
- jbass-ozAnnounced addition of ChainSecurity and Certora as signers and threshold increment.
- blckOriginal multisig signer who confirmed acceptance of responsibilities.
- TennisBowlingCommunity member who replaced aaaaaaaaaaaaa and later was removed during membership reevaluation.