KVORUM
compoundSource: Compound governor bravo · #252

[Gauntlet] - Compound v2 Deprecation Phase 12 (05/20/2024)

executedMay 25, 2024, 08:33 AM UTCby680x683a…6c02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet recommends decreasing collateral factors for 8 Compound v2 assets (AAVE, COMP, LINK, MKR, SUSHI, UNI, YFI, ZRX) by 5-10 percentage points each to further deprecate the v2 market, as part of Phase 12 of an ongoing deprecation strategy approved by the community in September 2022.

Type
parameter change

Key changes

  • AAVE Collateral Factor decreased from 33% to 28%(medium)
  • COMP Collateral Factor decreased from 20% to 15%(medium)
  • LINK Collateral Factor decreased from 39% to 34%(medium)
  • MKR Collateral Factor decreased from 33% to 28%(medium)
  • SUSHI Collateral Factor decreased from 27% to 22%(medium)
  • UNI Collateral Factor decreased from 70% to 60%(high)
  • YFI Collateral Factor decreased from 35% to 30%(medium)
  • ZRX Collateral Factor decreased from 25% to 20%(medium)

Notable concerns

  • Decreased collateral factors reduce the amount users can borrow against these assets, which may impact users with existing positions in Compound v2
Contracts0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e40xFAce851a4921ce59e912d19329929CE6da6EB0c70x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d70x35A18000230DA775CAc24873d00Ff85BccdeD5500x80a2AE356fc9ef4305676f7a3E2Ed04e12C339460xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407
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provider: anthropic
profile: anthropic-fast-v1
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generated: 2mo ago
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02Description

202 words

[Gauntlet] - Compound v2 Deprecation Phase 12 (05/20/2024)

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 33% to 28%
  • Decrease COMP Collateral Factor from 20% to 15%
  • Decrease LINK Collateral Factor from 39% to 34%
  • Decrease MKR Collateral Factor from 33% to 28%
  • Decrease SUSHI Collateral Factor from 27% to 22%
  • Decrease UNI Collateral Factor from 70% to 60%
  • Decrease YFI Collateral Factor from 35% to 30%
  • Decrease ZRX Collateral Factor from 25% to 20%

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. After our analysis, Gauntlet recommends these collateral factor adjustments 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

The proposal description lists eight collateral factor decreases for AAVE, COMP, LINK, MKR, SUSHI, UNI, YFI, and ZRX on Compound v2, with specific target percentages. I mapped each decoded action (calls to _setCollateralFactor on the Comptroller contract) to the corresponding cToken address for each asset and converted the 18-decimal fixed-point values to percentages: 280000000000000000=28%, 150000000000000000=15%, 340000000000000000=34%, 280000000000000000=28%, 220000000000000000=22%, 600000000000000000=60%, 300000000000000000=30%, 200000000000000000=20%. Each value matches exactly the target percentage stated in the description, in the same order as listed (AAVE, COMP, LINK, MKR, SUSHI, UNI, YFI, ZRX). No extra actions, no omitted actions, and no target or value mismatches were found. All actions target the same Comptroller contract address, consistent with the specification stating parameters are updated via _setCollateralFactor on relevant cToken contracts. This is a straightforward, well-matched governance proposal with no discrepancies between prose and 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

8 total
#0_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c",
  "1": "280000000000000000"
}
Calldata
#1_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4",
  "1": "150000000000000000"
}
Calldata
#2_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xFAce851a4921ce59e912d19329929CE6da6EB0c7",
  "1": "340000000000000000"
}
Calldata
#3_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b",
  "1": "280000000000000000"
}
Calldata
#4_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d7",
  "1": "220000000000000000"
}
Calldata
#5_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x35A18000230DA775CAc24873d00Ff85BccdeD550",
  "1": "600000000000000000"
}
Calldata
#6_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x80a2AE356fc9ef4305676f7a3E2Ed04e12C33946",
  "1": "300000000000000000"
}
Calldata
#7_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407",
  "1": "200000000000000000"
}
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

  • Phase 12 collateral factor decreases will not cause new liquidations and only affect 6 positions with more than $5k in borrows, moving them closer to liquidation risk by at most 87.77%.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletProposer; risk management firm recommending collateral factor decreases for v2 deprecation phase 12.
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provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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