KVORUM
compoundSource: Compound governor bravo · #209

[Gauntlet] 2023-12-24: Ethereum v3 USDC, Polygon v3 USDC.e - Interest Rate Curve Recommendations

defeatedDec 30, 2023, 07:46 AM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet proposes adjusting interest rate curve parameters for Ethereum v3 USDC and Polygon v3 USDC.e comets to ensure borrow APR at the kink reaches 6% and maximum borrow APR exceeds 30%. The proposal raises five IR parameters on Ethereum and four on Polygon.

Type
parameter change

Key changes

  • Raise Ethereum v3 USDC Annual Borrow Interest Rate Base from 0.01 to 0.015(medium)
  • Raise Ethereum v3 USDC Annual Borrow Interest Rate Slope Low from 0.0333 to 0.0484(medium)
  • Raise Ethereum v3 USDC Annual Borrow Interest Rate Slope High from 1.5 to 3.9(high)
  • Raise Ethereum v3 USDC Annual Supply Interest Rate Slope Low from 0.034 to 0.048(medium)
  • Raise Ethereum v3 USDC Annual Supply Interest Rate Slope High from 1.5 to 3.4(high)
  • Raise Polygon v3 USDC.e Annual Borrow Interest Rate Slope Low from 0.04 to 0.053(medium)
  • Raise Polygon v3 USDC.e Annual Borrow Interest Rate Slope High from 0.7 to 1.8(high)
  • Raise Polygon v3 USDC.e Annual Supply Interest Rate Slope Low from 0.04 to 0.048(medium)
Contracts0xc3d688B66703497DAA19211EEdff47f25384cdc30x316f9708bb98af7da9c68c1c3b5e79039cd336e30x1ec63b5883c3481134fd50d5daebc83ecd2e87790xfe5e5d361b2ad62c541bab87c45a0b9b018389a2
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

276 words

[Gauntlet] 2023-12-24: Ethereum v3 USDC, Polygon v3 USDC.e - Interest Rate Curve Recommendations

Simple Summary

A proposal from Gauntlet to adjust five Interest Rate (IR) Curve parameters in the Ethereum v3 USDC comet and four IR Curve parameters in the Polygon v3 USDC.e comet.

Gauntlet recommends the following IR Curve updates in the Ethereum v3 USDC comet:

  • Raise Annual Borrow Interest Rate Base from 0.01 to 0.015
  • Raise Annual Borrow Interest Rate Slope Low from 0.0333 to 0.0484
  • Raise Annual Borrow Interest Rate Slope High from 1.5 to 3.9
  • Raise Annual Supply Interest Rate Slope Low from 0.034 to 0.048
  • Raise Annual Supply Interest Rate Slope High from 1.5 to 3.4

Gauntlet recommends the following IR Curve updates in the Polygon v3 USDC.e comet:

  • Raise Annual Borrow Interest Rate Slope Low from 0.04 to 0.053
  • Raise Annual Borrow Interest Rate Slope High from 0.7 to 1.8
  • Raise Annual Supply Interest Rate Slope Low from 0.04 to 0.048
  • Raise Annual Supply Interest Rate Slope High from 0.65 to 1.6

For more details, see the full forum post here.

Motivation

Gauntlet recommends adjusting the Ethereum v3 USDC and Polygon v3 USDC.e Interest Rate Curves to ensure that Borrow APR at the kink in all USDC comets is 6% and max Borrow APR in all USDC comets is > 30%.

Full proposal and forum discussion

Specification

The proposal updates the IR curve parameters by using the respective methods in the 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

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

I compared each Ethereum-side numeric claim (base, slope low/high for borrow and supply) against the raw uint64 values passed to the corresponding Configurator setters, converting from 18-decimal fixed point. All five values (0.015, 0.0484, 3.9, 0.048, 3.4) match exactly. Action 5 (deployAndUpgradeTo) is the standard mechanism Comet uses to apply Configurator changes to the live proxy and is implicitly covered by the description's reference to 'using the respective methods in the Configurator' — this is routine bookkeeping, not a hidden action. For Polygon, the proposal uses a single sendMessageToChild call that bridges an encoded multi-call (four setter function signatures plus deployAndUpgradeTo) to the Polygon Configurator/Comet, matching the four Polygon parameters listed in the description (no base rate change claimed or present for Polygon, consistent). The embedded function signatures in the calldata exactly match the four described setter names, and the encoded magnitude of the values is consistent with the claimed percentages after unit conversion. No target, value, or omission mismatches were found; the single extra on-chain step (deployAndUpgradeTo) is standard implementation plumbing rather than a substantive undisclosed action. Confidence is high because both the numeric values and function names align cleanly across all actions on both chains.

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

04Actions

7 total
#0setBorrowPerYearInterestRateBase(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBorrowPerYearInterestRateBase(address,uint64)
Arguments
{
  "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "1": "15000000000000000"
}
Calldata
#1setBorrowPerYearInterestRateSlopeLow(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBorrowPerYearInterestRateSlopeLow(address,uint64)
Arguments
{
  "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "1": "48400000000000000"
}
Calldata
#2setBorrowPerYearInterestRateSlopeHigh(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBorrowPerYearInterestRateSlopeHigh(address,uint64)
Arguments
{
  "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "1": "3900000000000000000"
}
Calldata
#3setSupplyPerYearInterestRateSlopeLow(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setSupplyPerYearInterestRateSlopeLow(address,uint64)
Arguments
{
  "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "1": "48000000000000000"
}
Calldata
#4setSupplyPerYearInterestRateSlopeHigh(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setSupplyPerYearInterestRateSlopeHigh(address,uint64)
Arguments
{
  "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "1": "3400000000000000000"
}
Calldata
#5deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3",
  "1": "0xc3d688B66703497DAA19211EEdff47f25384cdc3"
}
Calldata
#6sendMessageToChild(address,bytes)chain 0x1
Target
0xfe5e…89a2
Value
0 wei
Function
sendMessageToChild(address,bytes)
Arguments
{
  "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A",
  "1": "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"
}
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

  • Raising the borrow APR at the kink to 6% and max borrow APR above 30% aligns USDC markets across multiple chains and responds to sustained high demand.— Gauntlet

Arguments against

  • The steep post-kink slope combined with sustained demand around 6% creates risk of volatile rates and rates hovering around the kink, requiring heavy borrower monitoring.— tempail

Unresolved concerns

  • Whether a higher kink percentage would be preferable to reduce time spent near the kink and mitigate rate volatility from the steep post-kink slope.— tempail

Notable participants

  • GauntletProposal author recommending interest rate curve adjustments for Ethereum v3 USDC and Polygon v3 USDC.e.
  • tempailCommunity member who raised concerns about kink placement and post-kink slope steepness.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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