compoundSource: Compound governor bravo · #382

[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 4

executedDec 22, 2024, 01:34 PM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet proposes updating interest rate curve parameters and COMP incentive rewards across WETH and Stablecoin Comets on multiple chains. Key changes include adjusting borrow/supply rate slopes, modifying COMP reward allocations across Ethereum, Arbitrum, Base, Optimism, Polygon, and Scroll, and deploying configuration updates to these networks.

Type: parameter change

Key changes

Update borrow interest rate slope low from 0.0333 to 0.05 across stablecoin comets(high)
Update borrow interest rate slope high from 4.0 to 3.4 across stablecoin comets(high)
Update supply interest rate slope low from 0.039 to 0.054 across stablecoin comets(high)
Update supply interest rate slope high from 3.6 to 3.034 across stablecoin comets(high)
Reduce COMP borrow rewards for Ethereum WETH from 20 to 5(medium)
Increase COMP supply rewards for Arbitrum WETH from 6 to 10(medium)
Reduce COMP borrow rewards for Arbitrum WETH from 15 to 5(medium)
Reduce COMP borrow rewards for Base WETH from 1 to 0(medium)

Notable concerns

Significant reduction in COMP incentives for Polygon stablecoin comets (complete elimination)
Multiple borrow reward reductions across chains may affect borrower participation
Cross-chain deployments to Arbitrum, Optimism, and other networks require coordination

Contracts0x5D409e56D886231aDAf00c8775665AD0f9897b560x1ec63b5883c3481134fd50d5daebc83ecd2e87790x4dbd4fc535ac27206064b68ffcf827b0a60bab3f0x866e82a600a1414e583f7f13623f1ac5d58b0afa

Generated by Kvorum

model: claude-haiku-4-5

provider: anthropic

profile: anthropic-fast-v1

prompt: v1.0

generated: 2mo ago

Read the description ↗

02Description

521 words

[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 4

Summary

Gauntlet recommends updating the interest rate curves as well as COMP rewards for WETH and Stablecoin Comets. This proposal is Part 4 of the overarching recommendations to be implemented. In this proposal we specifically target Arbitrum USDT and Base USDC comet's IR curves along with COMP reward recommendations for Mainnet USDS and Arbitrum WETH Comet.

Stablecoin Comets

Comet
Ethereum USDC
Ethereum USDT
Ethereum USDS
Arbitrum USDC Native
Arbitrum USDT
Base USDC Native
Polygon USDC
Polygon USDT
Optimism USDT
Optimism USDC
Scroll USDC

Parameter	Current Value	Recommended Value
Annual Borrow Interest Rate Base	0.015	0.015
Annual Borrow Interest Rate Slope Low	0.0333	0.05
Borrow Kink	0.9 (0.85 for Arbitrum USDT)	0.9
Annual Borrow Interest Rate Slope High	4	3.4
Annual Supply Interest Rate Base	0	0
Annual Supply Interest Rate Slope Low	0.039	0.054
Supply Kink	0.9 (0.85 for Arbitrum USDT)	0.9
Annual Supply Interest Rate Slope High	3.6	3.034

Comet	Current COMP Supply Rewards	Recommended COMP Supply Rewards	Current COMP Borrow Rewards	Recommended COMP Borrow Rewards
Ethereum WETH	35	No Change	20	5
Arbitrum WETH	6	10	15	5
Base WETH	6	No Change	1	0
Optimism WETH	10	No Change	5	0
Ethereum USDC	70	No Change	71	35
Ethereum USDT	70	No Change	50	25
Ethereum USDS	25	No Change	25	5
Arbitrum USDC	17	20	50	10
Arbitrum USDT	7	15	35	10
Base USDC	13	No Change	5	0
Polygon USDC	8	0	3	0
Polygon USDT	8	0	4	0
Optimism USDT	5	No Change	5	0
Optimism USDC	5	No Change	5	0
Scroll USDC	6	No Change	2	0

Motivation

Gauntlet recommends updating the interest rate curve parameters across all WETH and Stablecoin comets to align with market demand. 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

4 total

#0setBaseTrackingBorrowSpeed(address,uint64)chain 0x1

Target: 0x316f…36e3
Value: 0 wei
Function: setBaseTrackingBorrowSpeed(address,uint64)
Arguments: { "0": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "1": "57870370370" }
Calldata

#1deployAndUpgradeTo(address,address)chain 0x1

Target: 0x1ec6…8779
Value: 0 wei
Function: deployAndUpgradeTo(address,address)
Arguments: { "0": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3", "1": "0x5D409e56D886231aDAf00c8775665AD0f9897b56" }
Calldata

#2createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)chain 0x1

Target: 0x4dbd…ab3f
Value: 5649869000000000 wei
Function: createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)
Arguments: { "0": "0x42480C37B249e33aABaf4c22B20235656bd38068", "1": "0", "2": "3966410000000000", "3": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A", "4": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A", "5": "3366918", "6": "500000000", "7": "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" }
Calldata

#3sendMessage(address,bytes,uint32)chain 0x1

Target: 0x866e…0afa
Value: 0 wei
Function: sendMessage(address,bytes,uint32)
Arguments: { "0": "0x18281dfC4d00905DA1aaA6731414EABa843c468A", "1": "0x00000000000000000000000000000000000000000000000000000000000000800000000000000000000000000000000000000000000000000000000000000140000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000004a0000000000000000000000000000000000000000000000000000000000000000500000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e58100000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e58100000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e58100000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e581000000000000000000000000bde8f31d2ddda895264e27dd990fab3dc87b372d000000000000000000000000000000000000000000000000000000000000000500000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000500000000000000000000000000000000000000000000000000000000000000a00000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000000000016000000000000000000000000000000000000000000000000000000000000001c000000000000000000000000000000000000000000000000000000000000002200000000000000000000000000000000000000000000000000000000000000034736574426f72726f7750657259656172496e74657265737452617465536c6f70654c6f7728616464726573732c75696e743634290000000000000000000000000000000000000000000000000000000000000000000000000000000000000035736574426f72726f7750657259656172496e74657265737452617465536c6f70654869676828616464726573732c75696e7436342900000000000000000000000000000000000000000000000000000000000000000000000000000000000034736574537570706c7950657259656172496e74657265737452617465536c6f70654c6f7728616464726573732c75696e743634290000000000000000000000000000000000000000000000000000000000000000000000000000000000000035736574537570706c7950657259656172496e74657265737452617465536c6f70654869676828616464726573732c75696e74363429000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c61646472657373290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000500000000000000000000000000000000000000000000000000000000000000a00000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000000000016000000000000000000000000000000000000000000000000000000000000001c000000000000000000000000000000000000000000000000000000000000002200000000000000000000000000000000000000000000000000000000000000040000000000000000000000000b125e6687d4313864e53df431d5425969c15eb2f00000000000000000000000000000000000000000000000000b1a2bc2ec500000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000b125e6687d4313864e53df431d5425969c15eb2f0000000000000000000000000000000000000000000000002f2f39fc6c5400000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000b125e6687d4313864e53df431d5425969c15eb2f00000000000000000000000000000000000000000000000000bfd8b6c1df00000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000b125e6687d4313864e53df431d5425969c15eb2f0000000000000000000000000000000000000000000000002a1aeeecd8890000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000045939657d1ca34a8fa39a924b71d28fe8431e581000000000000000000000000b125e6687d4313864e53df431d5425969c15eb2f", "2": "3000000" }
Calldata

05Tally

Summed from votes

Voters0

VP participating0

Outcome (current)—

Current support—

06Voters

0 total

No votes recorded yet.

07Forum

[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets ↗discourse · high confidence

AIForum synthesis by Kvorumclaude-haiku-4-5

sentiment · favorablethread · constructive

Arguments for

IR curve adjustments align Compound's rates with prevailing market conditions and optimize borrow APR pricing across WETH and stablecoin Comets.— Gauntlet, Tane
Revised COMP reward allocation improves incentive efficiency by better matching reward distribution to actual supply and borrow activity levels.— Gauntlet
Supply cap increases based on >75% utilization threshold accommodate growing demand and prevent artificial constraints on asset growth.— Gauntlet

Arguments against

None surfaced.

Unresolved concerns

The on-chain proposal included supply cap increases not prominently discussed in the forum thread, raising questions about transparency of scope changes.— Tane
Unclear whether detailed utilization trends and liquidity assessments should be included in future proposals to improve transparency and rationale clarity.— Tane

Notable participants

GauntletProposal author and primary technical contributor providing IR curve recommendations and supply cap methodology.
TaneConstructive reviewer who voted in favor while raising transparency concerns about scope and methodology documentation.

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