KVORUM
compoundSource: Compound governor bravo · #295

[Gauntlet] COMP Recommendations - Ethereum v2, USDC and USDT Comet on Mainnet

executedAug 4, 2024, 02:17 PM UTCby680x683a…6c02

01Summary

AISummary by Kvorumclaude-haiku-4-5

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
Contracts0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0x316f9708bb98af7da9c68c1c3b5e79039cd336e30x1ec63b5883c3481134fd50d5daebc83ecd2e87790x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e40xc3d688B66703497DAA19211EEdff47f25384cdc30x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

172 words

[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

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

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
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": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4",
  "1": "0"
}
Calldata
#1_setBorrowPaused(address,bool)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setBorrowPaused(address,bool)
Arguments
{
  "0": "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4",
  "1": true
}
Calldata
#2_setMarketBorrowCaps(address[],uint256[])chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setMarketBorrowCaps(address[],uint256[])
Arguments
{
  "0": [
    "0x70e36f6BF80a52b3B46b3aF8e106CC0ed743E8e4"
  ],
  "1": [
    "1000000000000000000"
  ]
}
Calldata
#3updateAssetBorrowCollateralFactor(address,address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
updateAssetBorrowCollateralFactor(address,address,uint64)
Arguments
{
  "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "1": "0xc00e94Cb662C3520282E6f5717214004A7f26888",
  "2": "500000000000000000"
}
Calldata
#4updateAssetSupplyCap(address,address,uint128)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
updateAssetSupplyCap(address,address,uint128)
Arguments
{
  "0": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "1": "0xc00e94Cb662C3520282E6f5717214004A7f26888",
  "2": "100000000000000000000000"
}
Calldata
#5deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3",
  "1": "0xc3d688B66703497DAA19211EEdff47f25384cdc3"
}
Calldata
#6updateAssetBorrowCollateralFactor(address,address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
updateAssetBorrowCollateralFactor(address,address,uint64)
Arguments
{
  "0": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840",
  "1": "0xc00e94Cb662C3520282E6f5717214004A7f26888",
  "2": "500000000000000000"
}
Calldata
#7deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3",
  "1": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840"
}
Calldata

05Tally

Summed from votes

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VP participating0
Outcome (current)—
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06Voters

0 total

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07Forum

No forum thread is confidently linked to this proposal.