[Gauntlet] COMP Recommendations - Ethereum v2, USDC and USDT Comet on Mainnet
01Summary
Gauntlet recommends adjusting COMP risk parameters across Ethereum v2 and v3 markets: fully deprecating COMP v2 by setting collateral factor to 0%, pausing borrows, and capping borrows at 1; reducing COMP collateral factor from 65% to 50% on both USDC and USDT Comets; and reducing USDC Comet supply cap from 900,000 to 100,000 COMP. These changes respond to improved market conditions and aim to mitigate liquidation risks.
- Type
- parameter change
Key changes
- COMP collateral factor on Ethereum v2 decreased from 15% to 0%(high)
- COMP borrows paused on Ethereum v2(high)
- COMP borrow cap on Ethereum v2 decreased to 1(high)
- COMP collateral factor on USDC Comet decreased from 65% to 50%(medium)
- COMP supply cap on USDC Comet decreased from 900,000 to 100,000(high)
- COMP collateral factor on USDT Comet decreased from 65% to 50%(medium)
Notable concerns
- Proposal 291 is being canceled in favor of these new parameters
- These changes fully deprecate COMP v2 market while implementing more conservative parameters for v3 comets
Generated by Kvorum
02Description
[Gauntlet] COMP Recommendations - Ethereum v2, USDC and USDT Comet on Mainnet
Summary
Gauntlet recommends the following risk parameters: Ethereum v2
- Decrease COMP Collateral Factor from 15% to 0%
- Decrease the COMP Borrow Cap to 1
- Pause COMP Borrows on Comp
Ethereum USDC Comet
- Decrease COMP Collateral Factor from 65% to 50%
- Decrease COMP Supply Cap from 900,000 to 100,000
Ethereum USDT Comet
- Decrease COMP Collateral Factor from 65% to 50%
Motivation
Gauntlet is recommending canceling Proposal 291 since market conditions have improved and risks associated with large liquidations have subsided. We still recommend to fully deprecate the COMP v2 market but recommend setting more conservative parameters for the v3 comets on which COMP is listed.
Full proposal and forum discussions can be found here.
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
I mapped each of the six prose bullet points to corresponding calldata actions. Ethereum v2: action 0 sets the COMP cToken's collateral factor to 0 (matches '15%→0%' final state), action 1 pauses COMP borrows (matches 'Pause COMP Borrows'), and action 2 sets the borrow cap to 1e18 wei = 1 COMP (matches 'Borrow Cap to 1', since COMP has 18 decimals). For USDC Comet, action 3 sets the COMP borrow collateral factor to 5e17 = 50% (matches '65%→50%') and action 4 sets the supply cap to 1e23 = 100,000 COMP (18 decimals), matching the stated decrease from 900,000 to 100,000. For USDT Comet, action 6 sets the COMP collateral factor to 50% as described. Actions 5 and 7 are deployAndUpgradeTo calls on the Comet proxies, which are the standard, expected bookkeeping step required to apply Comet Configurator parameter changes — this is routine and not something a Comet-familiar reviewer would expect to be called out separately, so I did not flag it as an omission. Addresses used (COMP token, COMP cToken, USDC Comet proxy, USDT Comet proxy) are consistent with their expected mainnet addresses. No value, target, or directional mismatches were found between the prose and the decoded calldata. Overall, the proposal description faithfully and completely represents the on-chain actions.
Generated by Kvorum
04Actions
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setCollateralFactor(address,uint256)
- Arguments
{ "0": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4", "1": "0" }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setBorrowPaused(address,bool)
- Arguments
{ "0": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4", "1": true }- Calldata
- Target
- 0x3d98…cd3b
- Value
- 0 wei
- Function
- _setMarketBorrowCaps(address[],uint256[])
- Arguments
{ "0": [ "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4" ], "1": [ "1000000000000000000" ] }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetBorrowCollateralFactor(address,address,uint64)
- Arguments
{ "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "1": "0xc00e94Cb662C3520282E6f5717214004A7f26888", "2": "500000000000000000" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetSupplyCap(address,address,uint128)
- Arguments
{ "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "1": "0xc00e94Cb662C3520282E6f5717214004A7f26888", "2": "100000000000000000000000" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3", "1": "0xc3d688B66703497DAA19211EEdff47f25384cdc3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetBorrowCollateralFactor(address,address,uint64)
- Arguments
{ "0": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "1": "0xc00e94Cb662C3520282E6f5717214004A7f26888", "2": "500000000000000000" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3", "1": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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