KVORUM
compoundSource: Compound governor bravo · #244

[Gauntlet] BASE and Ethereum v3 WETH Comet IO Recommendations (2024-04-29)

executedMay 5, 2024, 07:37 AM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet recommends adjusting COMP incentive rewards for WETH Comets on Ethereum and Base to improve utilization. On Ethereum: keep supply rewards at 70 daily COMP tokens, increase borrow rewards from 0 to 20 daily tokens. On Base: reduce supply rewards from 15 to 10 daily COMP tokens, increase borrow rewards from 0 to 2 daily tokens. The proposal executes these changes via on-chain transactions updating tracking speeds on both chains.

Type
parameter change

Key changes

  • Ethereum v3 WETH Comet: Increase daily COMP borrow rewards from 0 to 20 tokens while maintaining supply rewards at 70 tokens(medium)
  • Base v3 WETH Comet: Reduce daily COMP supply rewards from 15 to 10 tokens and increase borrow rewards from 0 to 2 tokens(medium)
  • Cross-chain message deployment to Base chain to synchronize incentive changes(medium)

Notable concerns

  • Proposal relies on Gauntlet's recommendations without detailed justification for specific reward level changes
  • Cross-chain execution via message bridge adds complexity to the implementation
Contracts0xA17581A9E3356d9A858b789D68B4d866e593aE940x316f9708bb98af7da9c68c1c3b5e79039cd336e30x1ec63b5883c3481134fd50d5daebc83ecd2e87790x866e82a600a1414e583f7f13623f1ac5d58b0afa
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

120 words

[Gauntlet] BASE and Ethereum v3 WETH Comet IO Recommendations (2024-04-29)

Simple Summary

Gauntlet recommends the following incentive adjustments to WETH Comets on Ethereum and Base:

CometsDaily COMP Supply Rewards (Tokens)Recommended Daily COMP Supply Rewards (Tokens)Daily COMP Borrow Rewards (Tokens)Recommended Daily COMP Borrow Rewards (Tokens)
Compound v3 WETH (Ethereum)7070020
Compound v3 WETH (BASE)151002

Motivation

Gauntlet recommends incentive adjustments to the WETH Comets in order to improve utilization of WETH within those Comets. Full proposal and forum discussion

Specification

This proposal updates the setBaseTrackingBorrowSpeed and setBaseTrackingSupplySpeed in the BASE and Ethereum v3 BASE Comet

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 Kvorum

A calldata-vs-description analysis is not generated yet. Review the decoded actions →

04Actions

4 total
#0setBaseTrackingSupplySpeed(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBaseTrackingSupplySpeed(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "810185185185"
}
Calldata
#1setBaseTrackingBorrowSpeed(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBaseTrackingBorrowSpeed(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "231481481481"
}
Calldata
#2deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3",
  "1": "0xA17581A9E3356d9A858b789D68B4d866e593aE94"
}
Calldata
#3sendMessage(address,bytes,uint32)chain 0x1
Target
0x866e…0afa
Value
0 wei
Function
sendMessage(address,bytes,uint32)
Arguments
{
  "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A",
  "1": "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",
  "2": "3000000"
}
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

  • Low utilization rates in V3 WETH Comets (trending below 70% on Ethereum, 30-40% on BASE) justify incentive adjustments to boost borrowing activity and stabilize reserve growth.— Gauntlet
  • Adding borrow rewards to Ethereum WETH Comet (0 to 20 COMP daily) will stabilize the Net Borrow APR at the kink and incentivize borrowing without excessive supply-side rewards.— Gauntlet
  • Reducing BASE supply rewards (15 to 10 COMP) while increasing borrow rewards (0 to 2 COMP) rebalances incentives to encourage borrowing and improve market utilization.— Gauntlet
  • BASE market utilization can be further improved once wstETH is added as collateral, which will increase borrowing demand by expanding available collateral options.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletProposer presenting market analysis and specific COMP reward adjustment recommendations for Ethereum and BASE WETH Comets.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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