KVORUM
compoundSource: Compound governor bravo · #200

[Gauntlet] 2023-12-04: Compound v2 Deprecation (Phase 5)

executedDec 9, 2023, 12:08 PM UTCby680x683a…6c02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet proposes to reduce collateral factors for 7 Compound v2 cTokens (cAAVE, cCOMP, cLINK, cMKR, cSUSHI, cYFI, cZRX) by 5 percentage points each and decrease cWBTC2 borrow cap to 250 as Phase 5 of the v2 deprecation process, following community-approved parameters from September 2022.

Type
parameter change

Key changes

  • Decrease cAAVE Collateral Factor from 58% to 53%(medium)
  • Decrease cCOMP Collateral Factor from 45% to 40%(medium)
  • Decrease cLINK Collateral Factor from 64% to 59%(medium)
  • Decrease cMKR Collateral Factor from 58% to 53%(medium)
  • Decrease cSUSHI Collateral Factor from 52% to 47%(medium)
  • Decrease cYFI Collateral Factor from 60% to 55%(medium)
  • Decrease cZRX Collateral Factor from 50% to 45%(medium)
  • Decrease cWBTC2 Borrow Cap to 250(medium)

Notable concerns

  • Reduced collateral factors will lower borrowing capacity for affected assets
  • Community previously approved maximum 5% reduction per asset in September 2022 snapshot vote
Contracts0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e40xFAce851a4921ce59e912d19329929CE6da6EB0c70x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d70x80a2AE356fc9ef4305676f7a3E2Ed04e12C339460xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d4070xccF4429DB6322D5C611ee964527D42E5d685DD6a
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provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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02Description

228 words

[Gauntlet] 2023-12-04: Compound v2 Deprecation (Phase 5)

Simple Summary

A proposal from Gauntlet to adjust 8 Compound v2 risk parameters for Phase 4 of the Compound v2 Deprecation.

Gauntlet recommends the following changes:

  • Decrease cAAVE Collateral Factor from 58% to 53%
  • Decrease cCOMP Collateral Factor from 45% to 40%
  • Decrease cLINK Collateral Factor from 64% to 59%
  • Decrease cMKR Collateral Factor from 58% to 53%
  • Decrease cSUSHI Collateral Factor from 52% to 47%
  • Decrease cYFI Collateral Factor from 60% to 55%
  • Decrease cZRX Collateral Factor from 50% to 45%
  • Decrease cWBTC2 Borrow Cap to 250

For more details, see the full forum post here.

Motivation

In this September 2022 snapshot vote, the community voted that each asset’s Collateral Factor may be reduced by an absolute percentage of up to 5%. After our analysis, Gauntlet recommends this max 5% decrease for each lowly supplied collateral asset in order to further deprecate the v2 market.

Additionally, this proposal decreases the cWBTC2 Borrow Cap to 250.

Full proposal and forum discussion

Specification

The proposal updates the parameters using the _setCollateralFactor methods of the relevant cToken contracts and the _setMarketBorrowCaps method of the Comptroller 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 mapped each of the 8 description bullet points to its corresponding decoded action by matching cToken addresses to their known underlying assets (cAAVE, cCOMP, cLINK, cMKR, cSUSHI, cYFI, cZRX, and cWBTC2 borrow cap). All seven collateral factor changes convert cleanly from percentage to 18-decimal fixed point (e.g., 53% = 530000000000000000) and match the stated 'to X%' target values exactly, consistent with the described flat 5-point reduction. The borrow cap action sets 25,000,000,000 raw units for cWBTC2, which equals 250 WBTC once adjusted for WBTC's 8 decimals, matching the stated cap of 250. No addresses, targets, or magnitudes diverge from the description, and no additional or missing actions were found in the calldata beyond what's described. The only oddity is an internal inconsistency in the description itself (title says 'Phase 5' while the Simple Summary text says 'Phase 4'), but this does not create any mismatch between the described actions and the actual calldata, so it is not flagged as a discrepancy under the defined categories.

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

04Actions

8 total
#0_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c",
  "1": "530000000000000000"
}
Calldata
#1_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4",
  "1": "400000000000000000"
}
Calldata
#2_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xFAce851a4921ce59e912d19329929CE6da6EB0c7",
  "1": "590000000000000000"
}
Calldata
#3_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b",
  "1": "530000000000000000"
}
Calldata
#4_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d7",
  "1": "470000000000000000"
}
Calldata
#5_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x80a2AE356fc9ef4305676f7a3E2Ed04e12C33946",
  "1": "550000000000000000"
}
Calldata
#6_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407",
  "1": "450000000000000000"
}
Calldata
#7_setMarketBorrowCaps(address[],uint256[])chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setMarketBorrowCaps(address[],uint256[])
Arguments
{
  "0": [
    "0xccF4429DB6322D5C611ee964527D42E5d685DD6a"
  ],
  "1": [
    "25000000000"
  ]
}
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

  • The proposed collateral factor decreases target only low-TVL altcoins and will not currently cause new liquidatable positions, making them a safe deprecation step.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletProposer and risk analyst who recommended Phase 5 collateral factor decreases for v2 deprecation and executed the proposal.
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model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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