compoundSource: Compound governor bravo · #288

[Gauntlet] - Risk and IO Recommendations for Arb USDT, Arb WETH, Polygon USDT, Mainnet WETH, and BASE USDC

executedJul 28, 2024, 04:15 AM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet recommends parameter updates across multiple Compound Comet instances (Arbitrum USDT, Arbitrum WETH, Polygon USDT, Mainnet WETH, and BASE USDC) to improve capital efficiency through adjusted supply/borrow caps, collateral factors, liquidation parameters, interest rate curves, and incentive rewards.

Type: parameter change

Key changes

Supply cap increases for multiple assets: WBTC on Polygon USDT (90→180), WBTC on Arb USDT (250→1,200), WBTC on Arb WETH (300→1,200), WETH on Arb USDT (7,500→20,000), rETH on Arb WETH (800→4,500), weETH on Arb WETH (550→6,000), wstETH on Arb USDT (1,500→5,000), wstETH on Arb WETH (2,000→10,000)(high)
Supply cap decreases: cbETH on ETH WETH (40,000→10,000), ezETH supply cap increased on ETH WETH (2,900→8,000)(high)
Collateral factor increases for BASE USDC (WETH 80%→85%, cbETH 75%→80%), Arb USDT (WETH 78%→85%, wstETH 70%→80%), and Arb WETH (weETH 82%→85%)(high)
Liquidation factor adjustments: BASE USDC cbETH (80%→85%), Arb USDT WETH (85%→90%) and wstETH (80%→85%), Arb WETH weETH (87%→90%)(high)
Liquidation penalty reduction for BASE USDC cbETH (15%→10%) and Arb WETH weETH (8%→5%)(medium)
Interest rate curve updates for all stablecoin Comets with standardized parameters: borrow base 0.015, borrow slope low 0.05, borrow kink 0.9, borrow slope high 4.0, supply base 0, supply slope low 0.052, supply kink 0.9, supply slope high 3.6(high)
Incentive reward reductions for BASE USDC: Daily borrow rewards (8→5), daily supply rewards (20→13)(medium)
Incentive reward increases for Arbitrum Comets: Arb USDT daily COMP borrow (10→30), Arb WETH daily COMP borrow (4→15)(medium)

Notable concerns

cbETH supply cap reduction on ETH WETH (40,000→10,000) represents significant decrease that may restrict collateral availability
Interest rate curve parameters are standardized across multiple stablecoins which may not account for chain-specific or market-specific dynamics
Liquidation penalty reductions (particularly weETH on Arb WETH from 8%→5%) reduce protocol safety margins
Supply cap increases are substantial across multiple assets and chains, expanding protocol exposure

ContractsArbitrum USDT CometArbitrum WETH CometPolygon USDT CometMainnet WETH CometBASE USDC CometCompound Configurator

Generated by Kvorum

model: claude-haiku-4-5

provider: anthropic

profile: anthropic-fast-v1

prompt: v1.0

generated: 2mo ago

Read the description ↗

02Description

599 words

[Gauntlet] - Risk and IO Recommendations for Arb USDT, Arb WETH, Polygon USDT, Mainnet WETH, and BASE USDC

Summary

Risk Recommendations

Comet	Parameter	Current Value	Recommend Value
Polygon USDT	WBTC Supply Cap	90	180
BASE USDC	WETH Collateral Factor	80%	85%
BASE USDC	cbETH Collateral Factor	75%	80%
BASE USDC	cbETH Liquidation Factor	80%	85%
BASE USDC	cbETH Liquidation Penalty	15%	10%
ETH WETH	cbETH Supply Cap	40,000	10,000
ETH WETH	ezETH Supply Cap	2,900	8,000
ARB USDT	WBTC Supply Cap	250	1,200
ARB USDT	WETH Collateral Factor	78%	85%
ARB USDT	WETH Liquidation Factor	85%	90%
ARB USDT	WETH Supply Cap	7,500	20,000
ARB USDT	wstETH Collateral Factor	70%	80%
ARB USDT	wstETH Liquidation Factor	80%	85%
ARB USDT	wstETH Supply Cap	1,500	5,000
ARB WETH	WBTC Supply Cap	300	1,200
ARB WETH	rETH Supply Cap	800	4500
ARB WETH	weETH Collateral Factor	82%	85%
ARB WETH	weETH Liquidation Factor	87%	90%
ARB WETH	weETH Supply Cap	550	6,000
ARB WETH	weETH Liquidation Penalty	8%	5%
ARB WETH	wstETH Supply Cap	2,000	10,000

Incentive Recommendations

Comet	Parameter	Current Value	Recommend Value
BASE USDC	Daily Borrow Rewards	8	5
BASE USDC	Daily Supply Rewards	20	13
ARB USDT	Daily COMP Borrow	10	30
ARB WETH	Daily COMP Borrow	4	15

IR Recommendations for Arb USDT, Polygon USDT, and BASE USDC

Parameter	Recommended Value
Annual Borrow Interest Rate Base	.015
Annual Borrow Interest Rate Slope Low	.05
Borrow Kink	.9
Annual Borrow Interest Rate Slope High	4.0
Annual Supply Interest Rate Base	0
Annual Supply Interest Rate Slope Low	.052
Supply Kink	.9
Annual Supply Interest Rate Slope High	3.6

Motivation

Gauntlet recommends these parameter updates to improve capital efficiency within the Comets. The IR recommendations are being proposed for all stablecoins in order to incentivize growth and increase utilization. The risk and rewards recommendations for ARB Comets are meant to improve collateral liquidity and capture incentivized growth. Full proposal and forum discussions can be found at the following links:

Specification

The proposal updates the parameters by using the respective methods on the Configurator.

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 Kvorummedium confidenceclaude-sonnet-5

Consistent

I compared the prose's risk, incentive, and interest-rate parameter tables against the decoded calldata. The calldata consists of a mainnet Configurator call plus three cross-chain bridge messages (Polygon via sendMessageToChild, Arbitrum via createRetryableTicket, Base via sendMessage) that encode nested function calls (updateAssetSupplyCap, updateAssetBorrowCollateralFactor, updateAssetLiquidateCollateralFactor, updateAssetLiquidationFactor, setBaseTrackingBorrowSpeed/SupplySpeed, setBorrowKink/SupplyKink, deployAndUpgradeTo). The function names and recipient markets align with the risk, incentive, and IR recommendations described for Polygon USDT, ARB USDT, ARB WETH, and BASE USDC. Due to the complexity of nested ABI-encoded bytes, I could not verify every single numeric parameter (e.g., exact basis point values for each collateral factor) against the table with full certainty, but the structure and function selectors match the described changes closely, and no obviously conflicting values, extra transfers, or unrelated targets were found. The only notable omission is that the bridging/deployment mechanics (deployAndUpgradeTo, cross-chain messaging) are not mentioned in the prose, but this is standard governance plumbing for multi-chain Compound proposals and does not misrepresent the substantive parameter changes. Given the difficulty in fully decoding every nested value with certainty, I set confidence to medium rather than high, but the overall alignment supports a 'consistent' assessment with only a minor, expected omission.

Discrepancies

lowomitted in description
The description does not explicitly mention the deployAndUpgradeTo calls or the cross-chain bridging mechanism (sendMessageToChild, createRetryableTicket, sendMessage) used to propagate parameter changes to Polygon, Arbitrum, and Base. This is standard bookkeeping for a multi-chain Comet governance proposal and not a substantive change.

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

#0updateAssetSupplyCap(address,address,uint128)chain 0x1

Target: 0x316f…36e3
Value: 0 wei
Function: updateAssetSupplyCap(address,address,uint128)
Arguments: { "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94", "1": "0xBe9895146f7AF43049ca1c1AE358B0541Ea49704", "2": "10000000000000000000000" }
Calldata

#1updateAssetSupplyCap(address,address,uint128)chain 0x1

Target: 0x316f…36e3
Value: 0 wei
Function: updateAssetSupplyCap(address,address,uint128)
Arguments: { "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94", "1": "0xbf5495Efe5DB9ce00f80364C8B423567e58d2110", "2": "8000000000000000000000" }
Calldata

#2deployAndUpgradeTo(address,address)chain 0x1

Target: 0x1ec6…8779
Value: 0 wei
Function: deployAndUpgradeTo(address,address)
Arguments: { "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3", "1": "0xA17581A9E3356d9A858b789D68B4d866e593aE94" }
Calldata

#3sendMessageToChild(address,bytes)chain 0x1

Target: 0xfe5e…89a2
Value: 0 wei
Function: sendMessageToChild(address,bytes)
Arguments: { "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A", "1": "0x00000000000000000000000000000000000000000000000000000000000000800000000000000000000000000000000000000000000000000000000000000140000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000004a0000000000000000000000000000000000000000000000000000000000000000500000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e73800000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e73800000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e73800000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000d712ace4ca490d4f3e92992ecf3de12251b975f9000000000000000000000000000000000000000000000000000000000000000500000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000500000000000000000000000000000000000000000000000000000000000000a00000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000000000016000000000000000000000000000000000000000000000000000000000000001c00000000000000000000000000000000000000000000000000000000000000220000000000000000000000000000000000000000000000000000000000000002d7570646174654173736574537570706c7943617028616464726573732c616464726573732c75696e7431323829000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000034736574426f72726f7750657259656172496e74657265737452617465536c6f70654c6f7728616464726573732c75696e743634290000000000000000000000000000000000000000000000000000000000000000000000000000000000000035736574426f72726f7750657259656172496e74657265737452617465536c6f70654869676828616464726573732c75696e7436342900000000000000000000000000000000000000000000000000000000000000000000000000000000000034736574537570706c7950657259656172496e74657265737452617465536c6f70654c6f7728616464726573732c75696e7436342900000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c61646472657373290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000500000000000000000000000000000000000000000000000000000000000000a00000000000000000000000000000000000000000000000000000000000000120000000000000000000000000000000000000000000000000000000000000018000000000000000000000000000000000000000000000000000000000000001e000000000000000000000000000000000000000000000000000000000000002400000000000000000000000000000000000000000000000000000000000000060000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a070000000000000000000000001bfd67037b42cf73acf2047067bd4f2c47d9bfd60000000000000000000000000000000000000000000000000000000430e234000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a0700000000000000000000000000000000000000000000000000b1a2bc2ec500000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a070000000000000000000000000000000000000000000000003782dace9d9000000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a0700000000000000000000000000000000000000000000000000b8bdb978520000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a07" }
Calldata

#4createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)chain 0x1

Target: 0x4dbd…ab3f
Value: 13455415500000000 wei
Function: createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)
Arguments: { "0": "0x42480C37B249e33aABaf4c22B20235656bd38068", "1": "0", "2": "9572810000000000", "3": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A", "4": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A", "5": "7765211", "6": "500000000", "7": 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}
Calldata

#5sendMessage(address,bytes,uint32)chain 0x1

Target: 0x866e…0afa
Value: 0 wei
Function: sendMessage(address,bytes,uint32)
Arguments: { "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A", "1": 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Calldata

05Tally

Summed from votes

Against0.0%0

For100.0%519.4K

Abstain0.0%0

Voters21

VP participating519.4K

Outcome (current)For

Current support100%

06Voters

21 total

Filter:

Voter	Choice		% of total	Rationale
360x36cc…ffc6	For	93.2K	17.94%	—	2y ago
B90xb933…8dd1	For	54K	10.39%	—	2y ago
680x683a…6c02	For	50.1K	9.64%	—	2y ago
7A0x7ae1…e585	For	50K	9.63%	—	2y ago
070x0703…961b	For	50K	9.63%	—	2y ago
B40xb49f…7948	For	50K	9.63%	—	2y ago
7B0x7b3c…cc33	For	50K	9.63%	—	2y ago
TEtennisbowling.eth0xc3aa…f546	For	47.5K	9.15%	—	2y ago
220x2210…d02e	For	44.7K	8.60%	—	2y ago
3F0x3fb1…4c8a	For	25.6K	4.92%	—	2y ago
B30xb356…c826	For	3.9K	0.76%	—	2y ago
660x66cd…65f9	For	481.8	0.09%	—	2y ago
720x72c5…7708	For	12	0.00%	—	2y ago
E40xe459…e666	For	5.2	0.00%	—	2y ago
050x0579…ca09	For	1	0.00%	—	2y ago
2F0x2f2f…f78a	For	0.5	0.00%	—	2y ago
A60xa6f7…c4a2	For	0.2	0.00%	—	2y ago
370x37ab…95c3	Against	0	0.00%	—	2y ago
8D0x8d10…1000	For	0	0.00%	—	2y ago
A20xa2fb…737b	Abstain	0	0.00%	—	2y ago
E40xe444…be56	For	0	0.00%	—	2y ago

Showing 21

07Forum

[Gauntlet] Interest Rate Curve Recommendations in Stablecoin Comets (7/19/24) ↗discourse · high confidence
[Gauntlet] Arbitrum USDT/WETH Comet - Risk & Incentive Recommendations (7/19/2024) ↗discourse · high confidence
[Gauntlet] Ethereum WETH Comet Risk Recommendations ↗discourse · high confidence
[Gauntlet] Polygon USDT Comet Risk Recommendations ↗discourse · high confidence
[Gauntlet] BASE USDC Comet Risk and IO Recommendations ↗discourse · high confidence

AIForum synthesis by Kvorumclaude-haiku-4-5

sentiment · favorablethread · constructive

Arguments for

Lowering stablecoin borrow APR at the kink from 9% to 6% will incentivize higher utilization and help markets reach equilibrium at the more efficient 90% kink.— Gauntlet
The recommended interest rate curve adjustment will offer more appealing rates at higher utilization levels, addressing the recent decline in stablecoin comet utilization.— Gauntlet

Arguments against

None surfaced.

Unresolved concerns

Proposal 287 for Arbitrum USDC Comet has overlapping parameters with earlier governance proposal 282, causing the final borrow APY kink to be 14 basis points lower than originally recommended and the reserve factor to be reduced; Gauntlet plans to address these discrepancies in a future proposal.— Gauntlet

Notable participants

GauntletProposer who recommended interest rate curve adjustments for stablecoin comets and submitted on-chain proposals.

Generated by Kvorum

model: claude-haiku-4-5

provider: anthropic

profile: anthropic-fast-v1

prompt: v1.0

generated: 2mo ago

Open the thread ↗

08Similar proposals

AI · embeddings