KVORUM
compoundSource: Compound governor bravo · #214

[Gauntlet] 2024-01-29: Compound v2 Deprecation (Phase 8)

executedFeb 3, 2024, 10:36 AM UTCby680x683a…6c02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet proposes reducing collateral factors for 8 Compound v2 assets by 5% each (cAAVE from 48% to 43%, cBAT from 55% to 50%, cCOMP from 35% to 30%, cLINK from 54% to 49%, cMKR from 48% to 43%, cSUSHI from 42% to 37%, cYFI from 50% to 45%, cZRX from 40% to 35%) as Phase 8 of the v2 market deprecation strategy.

Type
parameter change

Key changes

  • cAAVE collateral factor decreased from 48% to 43%(medium)
  • cBAT collateral factor decreased from 55% to 50%(medium)
  • cCOMP collateral factor decreased from 35% to 30%(medium)
  • cLINK collateral factor decreased from 54% to 49%(medium)
  • cMKR collateral factor decreased from 48% to 43%(medium)
  • cSUSHI collateral factor decreased from 42% to 37%(medium)
  • cYFI collateral factor decreased from 50% to 45%(medium)
  • cZRX collateral factor decreased from 40% to 35%(medium)

Notable concerns

  • Reduced collateral factors will decrease the amount users can borrow against these assets on Compound v2
Contracts0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c0x6C8c6b02E7b2BE14d4fA6022Dfd6d75921D90E4E0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e40xFAce851a4921ce59e912d19329929CE6da6EB0c70x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d70x80a2AE356fc9ef4305676f7a3E2Ed04e12C339460xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407
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02Description

211 words

[Gauntlet] 2024-01-29: Compound v2 Deprecation (Phase 8)

Simple Summary

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

Gauntlet recommends the following changes:

  • Decrease cAAVE Collateral Factor from 48% to 43%
  • Decrease cBAT Collateral Factor from 55% to 50%
  • Decrease cCOMP Collateral Factor from 35% to 30%
  • Decrease cLINK Collateral Factor from 54% to 49%
  • Decrease cMKR Collateral Factor from 48% to 43%
  • Decrease cSUSHI Collateral Factor from 42% to 37%
  • Decrease cYFI Collateral Factor from 50% to 45%
  • Decrease cZRX Collateral Factor from 40% to 35%

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 stated collateral asset in order to further deprecate the v2 market.

Full proposal and forum discussion

Specification

The proposal updates the parameters using the _setCollateralFactor method of the relevant cToken contracts.

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

The proposal describes eight collateral factor decreases for specific Compound v2 cTokens, each by exactly 5 percentage points (e.g., cAAVE 48%→43%, cBAT 55%→50%, etc.). The decoded calldata contains eight sequential calls to the same Comptroller contract's _setCollateralFactor function, all targeting distinct cToken addresses with new factor values expressed in 18-decimal fixed point (e.g., 430000000000000000 = 43%). Converting each calldata value to percentage form and matching order-by-order against the description's list (cAAVE, cBAT, cCOMP, cLINK, cMKR, cSUSHI, cYFI, cZRX) shows an exact match for every single value: 43%, 50%, 30%, 49%, 43%, 37%, 45%, 35%. No extra actions, omitted actions, or value mismatches were found. The target contract address is consistent across all actions (the Comptroller), and the function signature matches the specification section's description of using _setCollateralFactor. Given the straightforward one-to-one correspondence between the prose bullet points and the decoded actions, this proposal is fully consistent with its description.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
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04Actions

8 total
#0_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c",
  "1": "430000000000000000"
}
Calldata
#1_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x6C8c6b02E7b2BE14d4fA6022Dfd6d75921D90E4E",
  "1": "500000000000000000"
}
Calldata
#2_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4",
  "1": "300000000000000000"
}
Calldata
#3_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xFAce851a4921ce59e912d19329929CE6da6EB0c7",
  "1": "490000000000000000"
}
Calldata
#4_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b",
  "1": "430000000000000000"
}
Calldata
#5_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d7",
  "1": "370000000000000000"
}
Calldata
#6_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x80a2AE356fc9ef4305676f7a3E2Ed04e12C33946",
  "1": "450000000000000000"
}
Calldata
#7_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407",
  "1": "350000000000000000"
}
Calldata

05Tally

Summed from votes

Voters22
VP participating669.8K
Outcome (current)For
Current support100%

06Voters

22 total

No votes recorded yet.

07Forum

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

Arguments for

  • Phase 8 collateral factor decreases will not currently cause new liquidatable user positions, making the deprecation path safe to proceed.— Gauntlet
  • The proposed decreases are measured and phased, affecting only 189k in total borrows across users with concerning health factors, minimizing disruption.— Gauntlet
  • Gauntlet will continue to monitor and rerun liquidation analyses to update the community if any risk-off liquidations occur, providing ongoing oversight.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletRisk management firm proposing the Phase 8 deprecation with quantitative analysis and ongoing monitoring commitment.
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provider: anthropic
profile: anthropic-fast-v1
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