KVORUM
compoundSource: Compound governor bravo · #243

[Gauntlet] Compound v2 Deprecation Phase 11 (2024-04-22)

executedApr 27, 2024, 12:15 PM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Phase 11 of Compound v2 deprecation: Gauntlet recommends reducing collateral factors for 9 v2 assets by 5 percentage points each (AAVE 38%→33%, BAT 45%→40%, COMP 25%→20%, LINK 44%→39%, MKR 38%→33%, SUSHI 32%→27%, UNI 75%→70%, YFI 40%→35%, ZRX 30%→25%) to further deprecate the v2 market. Changes align with September 2022 community-approved deprecation parameters.

Type
parameter change

Key changes

  • AAVE collateral factor decreased from 38% to 33%(medium)
  • BAT collateral factor decreased from 45% to 40%(medium)
  • COMP collateral factor decreased from 25% to 20%(medium)
  • LINK collateral factor decreased from 44% to 39%(medium)
  • MKR collateral factor decreased from 38% to 33%(medium)
  • SUSHI collateral factor decreased from 32% to 27%(medium)
  • UNI collateral factor decreased from 75% to 70%(medium)
  • YFI collateral factor decreased from 40% to 35%(medium)

Notable concerns

  • Reducing collateral factors may affect users with positions in v2 assets and could impact borrowing capacity for those using these assets as collateral
Contracts0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c0x6C8c6b02E7b2BE14d4fA6022Dfd6d75921D90E4E0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e40xFAce851a4921ce59e912d19329929CE6da6EB0c70x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d70x35A18000230DA775CAc24873d00Ff85BccdeD5500x80a2AE356fc9ef4305676f7a3E2Ed04e12C339460xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407
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02Description

218 words

[Gauntlet] Compound v2 Deprecation Phase 11 (2024-04-22)

Simple Summary

For Phase 11 of the Compound v2 deprecation, Gauntlet recommends decreasing the Collateral Factor for v2 collateral assets. Specifically, Gauntlet recommends the following changes:

  • Decrease AAVE Collateral Factor from 38% to 33%
  • Decrease BAT Collateral Factor from 45% to 40%
  • Decrease COMP Collateral Factor from 25% to 20%
  • Decrease LINK Collateral Factor from 44% to 39%
  • Decrease MKR Collateral Factor from 38% to 33%
  • Decrease SUSHI Collateral Factor from 32% to 27%
  • Decrease UNI Collateral Factor from 75% to 70%
  • Decrease YFI Collateral Factor from 40% to 35%
  • Decrease ZRX Collateral Factor from 30% to 25%

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.

<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 of the nine decoded _setCollateralFactor calls (all targeting the Compound v2 Comptroller at 0x3d98...) to the corresponding cToken address for AAVE, BAT, COMP, LINK, MKR, SUSHI, UNI, YFI, and ZRX using known Compound v2 cToken addresses. In every case the mantissa value in the calldata converts exactly to the target percentage stated in the description (e.g., 330000000000000000 = 33% for AAVE and MKR, 400000000000000000 = 40% for BAT, 200000000000000000 = 20% for COMP, 390000000000000000 = 39% for LINK, 270000000000000000 = 27% for SUSHI, 700000000000000000 = 70% for UNI, 350000000000000000 = 35% for YFI, 250000000000000000 = 25% for ZRX). All nine changes match the description's asset, direction, and magnitude with no extra or missing actions. The description's phrasing that the calls are made 'on the relevant cToken contracts' is a minor simplification (the calls actually go to the Comptroller with the cToken address as a parameter), but this is standard boilerplate language used across all Compound v2 deprecation proposals and does not misrepresent the substantive effect, so it is not flagged as a discrepancy. Overall, the proposal description accurately and completely reflects the on-chain calldata.

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

04Actions

9 total
#0_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c",
  "1": "330000000000000000"
}
Calldata
#1_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x6C8c6b02E7b2BE14d4fA6022Dfd6d75921D90E4E",
  "1": "400000000000000000"
}
Calldata
#2_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4",
  "1": "200000000000000000"
}
Calldata
#3_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xFAce851a4921ce59e912d19329929CE6da6EB0c7",
  "1": "390000000000000000"
}
Calldata
#4_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b",
  "1": "330000000000000000"
}
Calldata
#5_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d7",
  "1": "270000000000000000"
}
Calldata
#6_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x35A18000230DA775CAc24873d00Ff85BccdeD550",
  "1": "700000000000000000"
}
Calldata
#7_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x80a2AE356fc9ef4305676f7a3E2Ed04e12C33946",
  "1": "350000000000000000"
}
Calldata
#8_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407",
  "1": "250000000000000000"
}
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

  • Collateral Factor reductions support the community-approved v2 deprecation strategy and do not immediately cause new liquidations.— Gauntlet

Arguments against

None surfaced.

Unresolved concerns

  • Whether the collateral factor reductions will cause risk-off liquidations or significant health factor degradation for affected users over time.— Gauntlet

Notable participants

  • GauntletProposer and risk analyst recommending phased v2 collateral factor reductions.
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