KVORUM
compoundSource: Compound governor bravo · #301

Compound v2 Deprecation Phase 13

executedAug 11, 2024, 12:31 PM UTCby680x683a…6c02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Phase 13 of Compound v2 deprecation implements collateral factor reductions across 9 assets (AAVE, BAT, LINK, MKR, SUSHI, UNI, YFI, ZRX) and decreases USDC's reserve factor from 60% to 25%, following community approval. One additional parameter change (USDC collateral factor reduction) could not be included due to governor bravo contract limitations.

Type
parameter change

Key changes

  • AAVE collateral factor decreased from 28% to 18%(medium)
  • BAT collateral factor decreased from 40% to 35%(low)
  • LINK collateral factor decreased from 34% to 28%(medium)
  • MKR collateral factor decreased from 28% to 23%(medium)
  • SUSHI collateral factor decreased from 22% to 17%(low)
  • UNI collateral factor decreased from 60% to 50%(high)
  • YFI collateral factor decreased from 30% to 20%(medium)
  • ZRX collateral factor decreased from 20% to 10%(medium)

Notable concerns

  • Proposal does not include all intended parameter changes; USDC collateral factor reduction deferred to separate on-chain proposal due to governor bravo contract limitations
Contracts0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0x39aa39c021dfbae8fac545936693ac917d5e7563
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

227 words

Compound v2 Deprecation Phase 13

Summary

For Phase 13 of the Compound v2 deprecation, Gauntlet recommends the following changes:

  • Decrease AAVE Collateral Factor from 28% to 18%
  • Decrease BAT Collateral Factor from 40% to 35%
  • Decrease USDC Collateral Factor from 85.5% to 84.5%
  • Decrease LINK Collateral Factor from 34% to 28%
  • Decrease MKR Collateral Factor from 28% to 23%
  • Decrease SUSHI Collateral Factor from 22% to 17%
  • Decrease UNI Collateral Factor from 60% to 50%
  • Decrease YFI Collateral Factor from 30% to 20%
  • Decrease ZRX Collateral Factor from 20% to 10%
  • Decrease USDC Reserve Factor from 60% to 25%

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. We were not able to include all parameter changes with the limitations via the governor bravo contract so those changes will need to be added to another on-chain proposal. Full proposal and forum discussion

Specification

The proposal updates the parameters using the _setCollateralFactor and _setReserveFactor method of the relevant cToken contracts.

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 Kvorum

A calldata-vs-description analysis is not generated yet. Review the decoded actions →

04Actions

10 total
#0_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xe65cdB6479BaC1e22340E4E755fAE7E509EcD06c",
  "1": "180000000000000000"
}
Calldata
#1_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x6C8c6b02E7b2BE14d4fA6022Dfd6d75921D90E4E",
  "1": "350000000000000000"
}
Calldata
#2_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xFAce851a4921ce59e912d19329929CE6da6EB0c7",
  "1": "280000000000000000"
}
Calldata
#3_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x95b4eF2869eBD94BEb4eEE400a99824BF5DC325b",
  "1": "230000000000000000"
}
Calldata
#4_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x4B0181102A0112A2ef11AbEE5563bb4a3176c9d7",
  "1": "170000000000000000"
}
Calldata
#5_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x35A18000230DA775CAc24873d00Ff85BccdeD550",
  "1": "500000000000000000"
}
Calldata
#6_setReserveFactor(uint256)chain 0x1
Target
0x39aa…7563
Value
0 wei
Function
_setReserveFactor(uint256)
Arguments
{
  "0": "250000000000000000"
}
Calldata
#7_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x39AA39c021dfbaE8faC545936693aC917d5E7563",
  "1": "845000000000000000"
}
Calldata
#8_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0x80a2AE356fc9ef4305676f7a3E2Ed04e12C33946",
  "1": "200000000000000000"
}
Calldata
#9_setCollateralFactor(address,uint256)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setCollateralFactor(address,uint256)
Arguments
{
  "0": "0xB3319f5D18Bc0D84dD1b4825Dcde5d5f7266d407",
  "1": "100000000000000000"
}
Calldata

05Tally

Summed from votes

Voters24
VP participating742.8K
Outcome (current)For
Current support100%

06Voters

24 total

No votes recorded yet.

07Forum

AIForum synthesis by Kvorumclaude-haiku-4-5
sentiment · favorablethread · constructive

Arguments for

  • The collateral factor decreases are necessary for risk management and will not immediately liquidate any current positions.— Gauntlet
  • Increasing USDT reserve factor to 15% will incentivize migration to v3 Comet and is justified by the successful completion of USDC migration to v3.— Gauntlet
  • Reducing USDC reserve factor from 60% to 25% will mitigate adverse effects on USDC liquidity caused by the outflow to v3 markets.— Gauntlet
  • Removing DAI v2 incentives aligns with the initialization of DAI Comet and encourages transition to v3.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletProposer and risk management firm submitting parameter recommendations for Compound v2 deprecation phase 13.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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