[Gauntlet] 2023-08-21: Polygon USDC - Risk Parameter Updates
01Summary
Gauntlet proposes increasing the WBTC supply cap in the Polygon USDC market from 1,000 tokens to 1,500 tokens, reducing utilization from 87% to 58% and enabling an additional $16.6M in WBTC supply capacity.
- Type
- parameter change
Key changes
- Increase WBTC supply cap from 1,000 tokens to 1,500 tokens on Polygon USDC market(medium)
Generated by Kvorum
02Description
[Gauntlet] 2023-08-21: Polygon USDC - Risk Parameter Updates
Simple Summary
A proposal from Gauntlet to adjust one risk parameter in the Polygon USDC comet.
Gauntlet recommends the following risk parameter change:
- Increase WBTC supply cap from 1k tokens to 1.5k tokens
For more details, see the full forum post here.
Motivation
Supply cap for WBTC has recently reached 87%. This change will decrease WBTC supply cap utilization from 87% to 58%, resulting in $16.6M additional WBTC able to be supplied, to allow further long-term protocol usage and growth.
Full proposal and forum discussion
Specification
This proposal updates supply cap on V3 Polygon USDC market through updateAssetSupplyCap in Configurator.
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 proposal claims a single risk-parameter change: raising the WBTC supply cap on Polygon USDC Comet from 1k to 1.5k tokens via Configurator.updateAssetSupplyCap. Decoding the single on-chain action (a cross-chain sendMessageToChild call to the Polygon bridge) reveals an embedded payload with two nested calls: updateAssetSupplyCap and deployAndUpgradeTo. Converting the encoded uint128 value (0x22ecb25c00) with WBTC's 8 decimals gives exactly 150,000,000,000 base units = 1,500 WBTC, matching the described '1.5k tokens' target precisely. The deployAndUpgradeTo call is the standard Compound III mechanism required to apply any Configurator change (deploy new Comet implementation and upgrade the proxy) — this is routine boilerplate for this contract type, not a separate substantive action, so its omission from the prose is not a real discrepancy. No other targets, recipients, or unrelated parameters are altered. Confidence is high because the encoded value could be precisely decoded and cross-checked against the stated target cap. Overall the description accurately and completely reflects the substantive effect of the calldata.
Generated by Kvorum
04Actions
- Target
- 0xfe5e…89a2
- Value
- 0 wei
- Function
- sendMessageToChild(address,bytes)
- Arguments
{ "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A", "1": "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" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
- [Gauntlet] Polygon USDC - Risk Recommendations (8/18/23) ↗discourse · high confidence
Arguments for
- WBTC supply cap utilization has reached 87%, and increasing the cap from 1k to 1.5k tokens will reduce utilization to a healthier 58% while enabling protocol growth.— Gauntlet
- There is demonstrated demand for WBTC supply, with only $3.28M of capacity remaining despite high user demand.— Gauntlet
- WBTC has high liquidity and low volatility, making it a suitable asset to increase exposure to.— Gauntlet
- Increasing the supply cap will provide $16.6M in additional WBTC supply capacity to support long-term protocol usage and growth.— Gauntlet
Arguments against
None surfaced.
Notable participants
- GauntletRisk parameter proposal author and analyst providing data and recommendations for WBTC supply cap increase.
Generated by Kvorum
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