KVORUM
compoundSource: Compound governor bravo · #166

Compound V2->V3 Migration Proposal Phase 4

defeatedJul 1, 2023, 10:42 PM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Phase 4 of the Compound V2 to V3 migration implements Option 1: increasing USDC reserve factor from 7.5% to 15%, and reducing daily COMP rewards for USDC and DAI (both supply and borrow) by 50 COMP each, dropping from 161.20 to 111.20 daily rewards per asset type.

Type
parameter change

Key changes

  • Increase v2 USDC Reserve Factor from 7.5% to 15%(medium)
  • Decrease v2 daily USDC supply COMP rewards from 161.20 to 111.20 (-50 COMP)(medium)
  • Decrease v2 daily USDC borrow COMP rewards from 161.20 to 111.20 (-50 COMP)(medium)
  • Decrease v2 daily DAI supply COMP rewards from 161.20 to 111.20 (-50 COMP)(medium)
  • Decrease v2 daily DAI borrow COMP rewards from 161.20 to 111.20 (-50 COMP)(medium)
Contracts0x39aa39c021dfbae8fac545936693ac917d5e75630x3d9819210a31b4961b30ef54be2aed79b9c9cd3b
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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02Description

184 words

Compound V2->V3 Migration Proposal Phase 4

Simple Summary

Gauntlet provides this proposal for Phase 4 of the Compound V2 -> V3 Migration.

Background

Of the two options proposed in the recently published Phase 4 migration post, the community has voted in favor of Option 1, whose plan is outlined below. See the forum post for more detail.

  • Increase v2 USDC Reserve Factor from 7.5% to 15%
  • Decrease v2 daily USDC supply COMP rewards from 161.20 to 111.20 (-50)
  • Decrease v2 daily USDC borrow COMP rewards from 161.20 to 111.20 (-50)
  • Decrease v2 daily DAI supply COMP rewards from 161.20 to 111.20 (-50)
  • Decrease v2 daily DAI borrow COMP rewards from 161.20 to 111.20 (-50)

Specification

This proposal implements a number of changes using several different contracts:

  • v2 daily COMP rewards are updated using _setCompSpeeds on the Comptroller contract
  • v2 USDC Reserve Factor is updated using _setReserveFactor on the cUSDC contract

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

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

I verified both on-chain actions against the description's claims. Action 0 sets the cUSDC reserve factor to 0.15 (15%), matching the claimed increase from 7.5% to 15%. Action 1 sets per-block COMP speeds of 15444444444444444 wei for both cDAI and cUSDC, applied identically to supply and borrow sides; converting at the standard Compound assumption of 7200 blocks/day, this equals 111.2 COMP/day, matching the described decrease from 161.20 to 111.20 for USDC supply, USDC borrow, DAI supply, and DAI borrow. Target addresses (cUSDC token address, cDAI/cUSDC in the speeds call, and the Comptroller address) align with the contracts named in the specification. No omitted, extra, or mismatched actions were found, and no values diverge after standard unit conversion. The proposal description accurately and completely reflects the decoded calldata.'

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

2 total
#0_setReserveFactor(uint256)chain 0x1
Target
0x39aa…7563
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "150000000000000000"
}
Calldata
#1_setCompSpeeds(address[],uint256[],uint256[])chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCompSpeeds(address[],uint256[],uint256[])
Arguments
{
  "0": [
    "0x5d3a536E4D6DbD6114cc1Ead35777bAB948E3643",
    "0x39AA39c021dfbaE8faC545936693aC917d5E7563"
  ],
  "1": [
    "15444444444444444",
    "15444444444444444"
  ],
  "2": [
    "15444444444444444",
    "15444444444444444"
  ]
}
Calldata

05Tally

Summed from votes

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total

No votes recorded yet.

07Forum

AIForum synthesis by Kvorumclaude-haiku-4-5
sentiment · favorablethread · constructive

Arguments for

  • Decreasing v2 rewards and increasing v2 USDC reserve factor will achieve ~$2M/year in COMP savings while increasing v2 reserve growth, making the protocol more profitable.— Gauntlet
  • V3 offers sufficiently attractive borrowing rates (1.43% net borrow APR, 4% max) and rewards (481.41 daily COMP) to incentivize migration without further v3 reward increases.— Gauntlet
  • Prior increases in v3 COMP rewards have not successfully driven migration, suggesting that additional reward incentives are unlikely to be effective.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletProposal author providing analysis and recommendation for migration phase 4.
  • pauljleiCommunity participant reporting on voting progress and quorum status.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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