[Gauntlet] - BASE and Ethereum v3 WETH Comet Risk Recommendations on (2024-04-29)
01Summary
Gauntlet recommends decreasing the Store Front Price Factor for WETH Comets on both BASE and Ethereum from 100% to 70% to provide additional reserve buffer during liquidation events.
- Type
- parameter change
Key changes
- Decrease BASE WETH Comet Store Front Price Factor from 100% to 70%(high)
- Decrease Ethereum WETH Comet Store Front Price Factor from 100% to 70%(high)
- Update setStoreFrontPriceFactor parameter on Ethereum v3 Comet(medium)
Notable concerns
- Gauntlet services are governed by terms of service at gauntlet.network/tos
Generated by Kvorum
02Description
[Gauntlet] - BASE and Ethereum v3 WETH Comet Risk Recommendations on (2024-04-29)
Simple Summary
Gauntlet Recommends to adjust the Store Front Price Factor for both WETH Comets on BASE and Ethereum:
- Decrease BASE WETH’s Store Front Price Factor from 100% to 70%.
- Decrease Ethereum WETH’s Store Front Price Factor from 100% to 70%.
Motivation
Gauntlet recommends reducing the StoreFrontPriceFactors for WETH Comets to 70%. Decreasing the Store Front Price Factor provides further reserve buffer to protocol during liquidation events. Full proposal and forum discussion
Specification
This proposal updates the setStoreFrontPriceFactor 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
The description claims two changes: reduce the Store Front Price Factor to 70% for both the Ethereum and BASE WETH Comets. Action 0 directly calls setStoreFrontPriceFactor on the Ethereum Comet configurator with the argument 700000000000000000, which equals 70% in 18-decimal fixed point — matching the described value exactly. Action 1 (deployAndUpgradeTo) is the standard, routine mechanism Compound v3 governance uses to push a Configurator change to the live proxy; it is not separately mentioned in the description but is boilerplate for this contract type and does not change funds, roles, or parameters beyond what's already described. Action 2 sends a cross-chain message to BASE that itself encodes both a setStoreFrontPriceFactor call and a deployAndUpgradeTo call, with the same 700000000000000000 (70%) value, fulfilling the BASE-side portion of the description. No target mismatches, no extra unexplained recipients, no omitted high-impact actions (fund transfers, role grants, etc.) were found. The numeric values, the two markets affected, and the mechanism (Configurator + upgrade, including cross-chain bridging for BASE) all align with the stated intent. Therefore the proposal description is a faithful, if summarized, representation of the calldata. Overall assessment: consistent, high confidence.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setStoreFrontPriceFactor(address,uint64)
- Arguments
{ "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94", "1": "700000000000000000" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3", "1": "0xA17581A9E3356d9A858b789D68B4d866e593aE94" }- Calldata
- 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
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| B90xb933…8dd1 | For | 54.1K | 12.53% | — | 3y ago |
| 680x683a…6c02 | For | 50.1K | 11.59% | — | 3y ago |
| 7A0x7ae1…e585 | For | 50K | 11.57% | — | 3y ago |
| 470x47c1…4770 | For | 50K | 11.57% | — | 3y ago |
| 070x0703…961b | For | 50K | 11.57% | — | 3y ago |
| 130x13bd…8548 | For | 50K | 11.57% | — | 3y ago |
| DC0xdc1f…e432 | For | 50K | 11.57% | — | 3y ago |
| 7B0x7b3c…cc33 | For | 50K | 11.57% | — | 3y ago |
| 3F0x3fb1…4c8a | For | 25.6K | 5.91% | — | 3y ago |
| B30xb356…c826 | For | 1.8K | 0.41% | — | 3y ago |
| 5C0x5c04…dc62 | For | 454.4 | 0.11% | — | 3y ago |
| 6F0x6f9b…8a1d | Against | 42.8 | 0.01% | — | 3y ago |
| E40xe459…e666 | For | 3.2 | 0.00% | — | 3y ago |
| 650x6565…9aae | For | 0.7 | 0.00% | — | 3y ago |
| 560x56a3…a886 | For | 0.2 | 0.00% | — | 3y ago |
| 590x590b…5e16 | For | 0.1 | 0.00% | — | 3y ago |
| CF0xcf1b…c2f5 | For | 0.1 | 0.00% | — | 3y ago |
| 250x2543…c807 | For | 0.1 | 0.00% | — | 3y ago |
| 560x5695…c581 | For | 0.1 | 0.00% | — | 3y ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 3y ago |
| A70xa7a1…94ec | For | 0 | 0.00% | — | 3y ago |
| 180x18a6…41d8 | For | 0 | 0.00% | — | 3y ago |
| DB0xdbb9…b8a4 | For | 0 | 0.00% | — | 3y ago |
| BE0xbe9e…9a57 | For | 0 | 0.00% | — | 3y ago |
| FB0xfb3a…f7ae | For | 0 | 0.00% | — | 3y ago |
| E50xe59d…7134 | For | 0 | 0.00% | — | 3y ago |
07Forum
- [Gauntlet] - WETH Comet Recommendations on BASE & Ethereum (2024-04-10) ↗discourse · high confidence
Arguments for
- Reducing the Store Front Price Factor from 100% to 70% will increase protocol reserve generation by 30% of the liquidation penalty amount during liquidations.— Gauntlet
- The 70% Store Front Price Factor with a 3% liquidation penalty will provide adequate liquidator incentives (2.1% discount) while still generating meaningful reserves for the protocol.— Gauntlet
Arguments against
None surfaced.
Notable participants
- GauntletProposer of the risk recommendations for WETH Comet Store Front Price Factor adjustments on BASE and Ethereum.
Generated by Kvorum
08Similar proposals
- compoundexecuted[Gauntlet] BASE and Ethereum v3 WETH Comet IO Recommendations (2024-04-29)87%
- compoundexecuted[Gauntlet] - IO and Risk Recommendations for BASE, Mainnet, and Arbitrum (2024-08-12)80%
- compoundexecuted[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 6 & Cap recommendations79%
- compoundcanceled[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 5 & Cap recommendations79%
- compoundexecuted[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 5 & Cap recommendations78%
- compoundexecuted[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets along with Rewards Top-up recommendations78%
- compoundexecuted[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 478%
- compoundexecuted[Gauntlet] - Risk and IO Recommendations for Arb USDT, Arb WETH, Polygon USDT, Mainnet WETH, and BASE USDC77%
- compoundexecuted[Gauntlet] - COMP Rewards Recommendation (Part-2)77%
- compoundexecuted[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 777%