KVORUM
compoundSource: Compound governor bravo · #340

[Gauntlet] - WETH Comet Recommendations (2024-09-27)

executedOct 6, 2024, 12:56 PM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet recommends updating WETH Comet interest rate curves across Ethereum, Arbitrum, Optimism, and Base to incentivize growth and higher utilization. Changes include adjusting borrow kinks from 0.85 to 0.9, modifying interest rate slopes, and increasing borrow rate slope highs significantly.

Type
parameter change

Key changes

  • Increase borrow kink from 0.85 to 0.9 across all WETH Comets (Ethereum, Arbitrum, Optimism, Base)(high)
  • Increase annual borrow interest rate slope low from 0.014 to 0.0145 (Ethereum, Arbitrum, Optimism) and from 0.0125 to 0.0145 (Base)(medium)
  • Increase annual borrow interest rate slope high from 1.15 to 1.5 (Ethereum, Arbitrum, Optimism) and from 0.9 to 1.5 (Base)(high)
  • Increase supply kink from 0.85 to 0.9 across all WETH Comets(high)
  • Decrease annual supply interest rate slope low from 0.0185 to 0.0165 (Ethereum, Arbitrum, Optimism) and from 0.0115 to 0.0165 (Base)(medium)
  • Increase annual supply interest rate slope high from 1.0 to 1.2 (Ethereum, Arbitrum, Optimism) and from 0.8 to 1.2 (Base)(high)
  • Increase Base borrow rate base from 0.006 to 0.01(medium)
Contracts0xA17581A9E3356d9A858b789D68B4d866e593aE940x316f9708bb98af7da9c68c1c3b5e79039cd336e3
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

312 words

[Gauntlet] - WETH Comet Recommendations (2024-09-27)

Summary

Gauntlet recommends updating the interest rate curves as well as COMP rewards for WETH Comets.

For Ethereum, Arbitrum and Optimism:

ParameterCurrent ValueRecommended Value
Annual Borrow Interest Rate Base0.010.01
Annual Borrow Interest Rate Slope Low0.0140.0145
Borrow Kink0.850.9
Annual Borrow Interest Rate Slope High1.151.5
Annual Supply Interest Rate Base00
Annual Supply Interest Rate Slope Low0.01850.0165
Supply Kink0.850.9
Annual Supply Interest Rate Slope High11.2

For Base:

ParameterCurrent ValueRecommended Value
Annual Borrow Interest Rate Base0.0060.01
Annual Borrow Interest Rate Slope Low0.01250.0145
Borrow Kink0.850.9
Annual Borrow Interest Rate Slope High0.91.5
Annual Supply Interest Rate Base00
Annual Supply Interest Rate Slope Low0.01150.0165
Supply Kink0.850.9
Annual Supply Interest Rate Slope High0.81.2

This recommendation only includes the following Comets

  • Ethereum WETH
  • Arbitrum WETH
  • Optimism WETH
  • Base WETH

Motivation

Gauntlet recommends updating the interest rate curve parameters across all WETH comets to incentivize further growth and higher utilization. See the the full proposal and forum discussion for more details.

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 Kvorum

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

04Actions

10 total
#0setBorrowKink(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBorrowKink(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "900000000000000000"
}
Calldata
#1setBorrowPerYearInterestRateSlopeLow(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBorrowPerYearInterestRateSlopeLow(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "14500000000000000"
}
Calldata
#2setBorrowPerYearInterestRateSlopeHigh(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setBorrowPerYearInterestRateSlopeHigh(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "1500000000000000000"
}
Calldata
#3setSupplyKink(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setSupplyKink(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "900000000000000000"
}
Calldata
#4setSupplyPerYearInterestRateSlopeLow(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setSupplyPerYearInterestRateSlopeLow(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "16500000000000000"
}
Calldata
#5setSupplyPerYearInterestRateSlopeHigh(address,uint64)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
setSupplyPerYearInterestRateSlopeHigh(address,uint64)
Arguments
{
  "0": "0xA17581A9E3356d9A858b789D68B4d866e593aE94",
  "1": "1200000000000000000"
}
Calldata
#6deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3",
  "1": "0xA17581A9E3356d9A858b789D68B4d866e593aE94"
}
Calldata
#7sendMessage(address,bytes,uint32)chain 0x1
Target
0x25ac…5fa1
Value
0 wei
Function
sendMessage(address,bytes,uint32)
Arguments
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  "2": "2500000"
}
Calldata
#8createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)chain 0x1
Target
0x4dbd…ab3f
Value
4652764500000000 wei
Function
createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)
Arguments
{
  "0": "0x42480C37B249e33aABaf4c22B20235656bd38068",
  "1": "0",
  "2": "3198410000000000",
  "3": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A",
  "4": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A",
  "5": "2908709",
  "6": "500000000",
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}
Calldata
#9sendMessage(address,bytes,uint32)chain 0x1
Target
0x866e…0afa
Value
0 wei
Function
sendMessage(address,bytes,uint32)
Arguments
{
  "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A",
  "1": 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  "2": "3000000"
}
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

  • Increasing the kink from 85% to 90% and raising borrow APR to 2.3% better aligns interest rates with market conditions and addresses chronic over-utilization observed across WETH comets.— Gauntlet
  • Reducing borrow-side COMP incentives enables organic market interest rate discovery and curbs excessive incentive spend relative to borrowing volume.— Gauntlet
  • The proposed changes keep net borrow APR within historical interquartile ranges on Ethereum, Arbitrum, and Base, suggesting rates remain reasonable and market-compatible.— Gauntlet
  • Higher interest rate slopes on the supply side (increasing from 1.0 to 1.2 for Ethereum/Arbitrum/Optimism comets) improve incentives for suppliers.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletProposer providing the full technical analysis, parameter recommendations, and rationale for all suggested interest rate and incentive changes.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Open the thread ↗