KVORUM
compoundSource: Compound governor bravo · #211

2023-12-24: Ethereum v3 USDC, Polygon v3 USDC.e - Interest Rate Curves

executedJan 8, 2024, 12:26 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 standardize borrow APR at the kink to 6% and ensure maximum borrow APR exceeds 30% across all USDC comets. This involves raising five IR parameters on Ethereum and four on Polygon.

Type
parameter change

Key changes

  • Ethereum v3 USDC: Raise Annual Borrow Interest Rate Base from 0.01 to 0.015(medium)
  • Ethereum v3 USDC: Raise Annual Borrow Interest Rate Slope Low from 0.0333 to 0.0484(medium)
  • Ethereum v3 USDC: Raise Annual Borrow Interest Rate Slope High from 1.5 to 3.9(high)
  • Ethereum v3 USDC: Raise Annual Supply Interest Rate Slope Low from 0.034 to 0.048(medium)
  • Ethereum v3 USDC: Raise Annual Supply Interest Rate Slope High from 1.5 to 3.4(high)
  • Polygon v3 USDC.e: Raise Annual Borrow Interest Rate Slope Low from 0.04 to 0.053(medium)
  • Polygon v3 USDC.e: Raise Annual Borrow Interest Rate Slope High from 0.7 to 1.8(high)
  • Polygon v3 USDC.e: Raise 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

284 words

2023-12-24: Ethereum v3 USDC, Polygon v3 USDC.e - Interest Rate Curves

[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 numeric IR-curve parameter claimed in the description against the corresponding on-chain call. For Ethereum, actions 0-4 directly call the expected Configurator setter functions on the USDC Comet (0xc3d688...) with values that, once converted from 18-decimal fixed point, exactly match the stated percentages (0.015, 0.0484, 3.9, 0.048, 3.4). Action 5 is the standard deployAndUpgradeTo call that applies these configuration changes to the live Comet proxy — this is routine mechanics of the Comet Configurator pattern and is reasonably omitted from the prose as boilerplate. Action 6 sends a cross-chain message to Polygon containing an encoded multi-call whose function selectors correspond exactly to the four Polygon setter functions described (borrow/supply slope-low/high) plus the analogous deployAndUpgradeTo call, targeting a Polygon Configurator/Comet address consistent with the USDC.e market. No numeric mismatches, target mismatches, or omitted/extra strategic actions were found. All actions map cleanly to the description's claims, and the only unmentioned items (proxy upgrade calls) are routine, expected steps for this contract type, not something a delegate would need flagged. Confidence is high because both chains' parameter values and structure align precisely with the stated intent (raising all five/four IR curve parameters to the specified targets).

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

Voters22
VP participating594.6K
Outcome (current)For
Current support100%

06Voters

22 total

No votes recorded yet.

07Forum

No forum thread is confidently linked to this proposal.