KVORUM
compoundSource: Compound governor bravo · #222

[Gauntlet] 2024-03-04: Compound V2 Deprecation (Phase 10) - Part 1

defeatedMar 9, 2024, 01:54 PM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet proposes Phase 10 Part 1 of the Compound V2 deprecation, implementing reserve factor increases for COMP, UNI, LINK, and SUSHI (from 25% to 50%), and USDC (from 60% to 70%), along with significant borrow cap reductions across multiple assets including ETH (from 100,000 to 10,000), UNI (from 700,000 to 25,000), and COMP (from 18,000 to 2,500). This is part one of a two-part proposal due to transaction limitations.

Type
parameter change

Key changes

  • Reserve factor increased for COMP from 25% to 50%(high)
  • Reserve factor increased for UNI from 25% to 50%(high)
  • Reserve factor increased for LINK from 25% to 50%(high)
  • Reserve factor increased for SUSHI from 25% to 50%(high)
  • Reserve factor increased for USDC from 60% to 70%(medium)
  • ETH borrow cap reduced from 100,000 to 10,000 (approximately $322.5M to $32M)(high)
  • UNI borrow cap reduced from 700,000 to 25,000 (approximately $7.4M to $0.264M)(high)
  • COMP borrow cap reduced from 18,000 to 2,500 (approximately $1.4M to $0.2M)(high)

Notable concerns

  • This is part 1 of a 2-part proposal due to transaction limitations in Compound governance
  • Supply is already paused for UNI, COMP, and LINK assets receiving cap reductions
  • Significant borrow cap reductions may impact users with existing positions in deprecated assets
Contracts0x70e36f6bf80a52b3b46b3af8e106cc0ed743e8e40xface851a4921ce59e912d19329929ce6da6eb0c70x4b0181102a0112a2ef11abee5563bb4a3176c9d70x35a18000230da775cac24873d00ff85bccded5500x39aa39c021dfbae8fac545936693ac917d5e75630x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0x5d3a536E4D6DbD6114cc1Ead35777bAB948E36430x4Ddc2D193948926D02f9B1fE9e1daa0718270ED50x12392F67bdf24faE0AF363c24aC620a2f67DAd860x041171993284df560249B57358F931D9eB7b925D0xf650C3d88D12dB855b8bf7D11Be6C55A4e07dCC9
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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02Description

346 words

[Gauntlet] 2024-03-04: Compound V2 Deprecation (Phase 10) - Part 1

Simple Summary

For Phase 10 of the v2 deprecation, Gauntlet recommends the following borrow cap and reserve factor adjustments:

SymbolCurrent Borrow CapCurrent Borrow Cap USDRecommended Borrow CapRecommended Borrow Cap USD
DAI--80,000,000$80 M
UNI *700,000$7.379 M25,000$0.264 M
TUSD--650,000$0.650 M
USDC--100,000,000$100 M
COMP *18,000$1.439 M2,500$0.200 M
ETH100,000$322.464 M10,000$32 M
USDP--3,000,000$3 M
LINK *125,000$2.362 M9,000$0.170 M
USDT--180,000,000$180 M
  • indicates supply for this asset is paused
SymbolCurrent Reserve FactorRecommended Reserve Factor
COMP25.00%50.00%
UNI25.00%50.00%
LINK25.00%50.00%
SUSHI25.00%50.00%
USDC60%70%

Gauntlet will not be able to include all the recommendations within the original forum post because of the limiting number of transactions per proposal allowed via Compound goverance. Gauntlet will be breaking this proposal into 2 parts.

Motivation

In this September 2022 snapshot vote, the community voted to start deprecating certain assets on the Compound v2 markets. After our analysis, Gauntlet recommends the following borrow caps and reserve factor adjustments to further deprecate the v2 market. Full proposal and forum discussion

<sub> 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. <sub>

03Mismatch analysis

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

I mapped each decoded cToken address to its underlying asset using known Compound v2 market addresses, then converted the raw uint256 values using each asset's decimals (18 for COMP/DAI/ETH/LINK/TUSD/UNI/USDP, 6 for USDC/USDT). All five reserve factor changes (COMP, UNI, LINK, SUSHI, USDC) exactly match the percentages listed in the description's Reserve Factor table (25%→50% for the first four, 60%→70% for USDC). The single _setMarketBorrowCaps call covers all nine assets listed in the Borrow Cap table, and after decimal conversion every cap value (DAI 80M, UNI 25K, TUSD 650K, USDC 100M, COMP 2.5K, ETH 10K, USDP 3M, LINK 9K, USDT 180M) matches the 'Recommended Borrow Cap' column precisely. No addresses, targets, or magnitudes deviate from the prose, and no additional or omitted actions were found. This is a clean, well-formed proposal matching its description exactly.'

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

04Actions

6 total
#0_setReserveFactor(uint256)chain 0x1
Target
0x70e3…e8e4
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "500000000000000000"
}
Calldata
#1_setReserveFactor(uint256)chain 0x1
Target
0xface…b0c7
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "500000000000000000"
}
Calldata
#2_setReserveFactor(uint256)chain 0x1
Target
0x4b01…c9d7
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "500000000000000000"
}
Calldata
#3_setReserveFactor(uint256)chain 0x1
Target
0x35a1…d550
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "500000000000000000"
}
Calldata
#4_setReserveFactor(uint256)chain 0x1
Target
0x39aa…7563
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "700000000000000000"
}
Calldata
#5_setMarketBorrowCaps(address[],uint256[])chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setMarketBorrowCaps(address[],uint256[])
Arguments
{
  "0": [
    "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4",
    "0x5d3a536E4D6DbD6114cc1Ead35777bAB948E3643",
    "0x4Ddc2D193948926D02f9B1fE9e1daa0718270ED5",
    "0xFAce851a4921ce59e912d19329929CE6da6EB0c7",
    "0x12392F67bdf24faE0AF363c24aC620a2f67DAd86",
    "0x35A18000230DA775CAc24873d00Ff85BccdeD550",
    "0x39AA39c021dfbaE8faC545936693aC917d5E7563",
    "0x041171993284df560249B57358F931D9eB7b925D",
    "0xf650C3d88D12dB855b8bf7D11Be6C55A4e07dCC9"
  ],
  "1": [
    "2500000000000000000000",
    "80000000000000000000000000",
    "10000000000000000000000",
    "9000000000000000000000",
    "650000000000000000000000",
    "25000000000000000000000",
    "100000000000000",
    "3000000000000000000000000",
    "180000000000000"
  ]
}
Calldata

05Tally

Summed from votes

Voters10
VP participating278.9K
Outcome (current)For
Current support100%

06Voters

10 total
Filter:
VoterChoice% of totalRationale
B90xb933…8dd1For54.1K19.40%—3y ago
7A0x7ae1…e585For50K17.93%—3y ago
B40xb49f…7948For50K17.93%—3y ago
130x13bd…8548For50K17.93%—3y ago
TEtennisbowling.eth0xc3aa…f546For47.5K17.03%—3y ago
3F0x3fb1…4c8aFor25.6K9.16%—3y ago
B30xb356…c826For1.3K0.47%—3y ago
660x66cd…65f9For401.90.14%—3y ago
E40xe459…e666For3.20.00%—3y ago
270x2748…ac26For10.00%—3y ago
Showing 10

07Forum

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

Arguments for

None surfaced.

Arguments against

None surfaced.

Notable participants

  • GauntletProposer of Phase 10 v2 deprecation strategy with borrow cap and reserve factor adjustments.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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