compoundSource: Compound governor bravo · #387
[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 7
executedJan 12, 2025, 02:33 PM UTCby7B0x7b3c…cc33
01Summary
AISummary by Kvorumclaude-haiku-4-5
Gauntlet proposes updating interest rate curve parameters and COMP reward distributions across multiple Comet markets on Ethereum, Arbitrum, Base, Polygon, Optimism, and Scroll. Key changes include adjusting borrow/supply interest rate slopes for stablecoin markets and modifying COMP incentives for WETH and stablecoin comets to align with market demand and improve capital efficiency.
- Type
- parameter change
Key changes
- Update borrow interest rate slope low from 0.0333 to 0.05 for stablecoin comets (Ethereum USDC, Ethereum USDT, Ethereum USDS, Arbitrum USDC Native, Arbitrum USDT, Base USDC Native, Polygon USDC, Polygon USDT, Optimism USDT, Optimism USDC, Scroll USDC)(high)
- Update borrow interest rate slope high from 4 to 3.4 for all stablecoin comets(high)
- Update supply interest rate slope low from 0.039 to 0.054 for all stablecoin comets(high)
- Update supply interest rate slope high from 3.6 to 3.034 for all stablecoin comets(high)
- Reduce Ethereum WETH borrow COMP rewards from 20 to 5(medium)
- Increase Arbitrum WETH supply COMP rewards from 6 to 10 and reduce borrow rewards from 15 to 5(medium)
- Eliminate Base WETH borrow COMP rewards (reduce from 1 to 0)(medium)
- Eliminate Optimism WETH borrow COMP rewards (reduce from 3 to 0)(medium)
Notable concerns
- This is Part 7 of a multi-part recommendation series, indicating ongoing parameter adjustments
- Significant reductions in COMP borrow incentives across multiple markets may affect borrower participation
- Supply incentive changes vary significantly by chain and asset, potentially affecting capital allocation across markets
Contracts0x2e44e174f7d53f0212823acc11c01a11d58c5bcb0x995e394b8b2437ac8ce61ee0bc610d617962b2140xe36a30d249f7761327fd973001a32010b521b6fd0x45939657d1ca34a8fa39a924b71d28fe8431e5810xbde8f31d2ddda895264e27dd990fab3dc87b372d0x46e6b214b524310239732d51387075e0e70970bf
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
02Description
557 words
[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 7
Summary
Gauntlet recommends updating the interest rate curves as well as COMP rewards for WETH and Stablecoin Comets. This proposal is Part 7 of the overarching recommendations to be implemented. In this proposal we specifically target Optimism USDC and USDT comet's IR curves along with COMP reward recommendations for Base WETH and all Optimism Comets.
Stablecoin Comets
The recommended curves are for the following 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 | 0.9 |
| 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 | 0.9 |
| 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 | 4 | No Change | 3 | 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
This recommendation aims to increase supply caps for various assets across multiple Comets. Gauntlet recommends to increase supply caps to increase capital efficiency within the Comets.
Full proposal and forum discussions can be found in the following posts.
- 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
2 total
#0sendMessage(address,bytes,uint32)chain 0x1
- Target
- 0x25ac…5fa1
- Value
- 0 wei
- Function
- sendMessage(address,bytes,uint32)
- Arguments
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"2": "2500000" }- Calldata
#1sendMessage(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
Against0.0%0
For100.0%550.4K
Abstain0.0%0
Voters24
VP participating550.4K
Outcome (current)For
Current support100%
06Voters
24 total
Filter:
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 660x66cd…65f9 | For | 80K | 14.54% | — | 2y ago |
| 070x0703…961b | For | 80K | 14.54% | — | 2y ago |
| 130x13bd…8548 | For | 80K | 14.54% | — | 2y ago |
| 3F0x3fb1…4c8a | For | 80K | 14.54% | — | 2y ago |
| B40xb49f…7948 | For | 80K | 14.54% | — | 2y ago |
| B30xb356…c826 | For | 50.3K | 9.14% | — | 2y ago |
| 050x0579…ca09 | For | 50K | 9.09% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 9.08% | — | 2y ago |
| E40xe459…e666 | For | 5.2 | 0.00% | — | 2y ago |
| 210x21b3…fa75 | For | 2 | 0.00% | — | 2y ago |
| B70xb792…89d7 | For | 2 | 0.00% | — | 2y ago |
| 3D0x3ddc…05b0 | For | 1.2 | 0.00% | — | 2y ago |
| 8B0x8bb9…ccc2 | For | 1.1 | 0.00% | — | 2y ago |
| 010x0151…c3b9 | For | 1.1 | 0.00% | — | 2y ago |
| E30xe364…5413 | For | 0.1 | 0.00% | — | 2y ago |
| A50xa55e…40e1 | For | 0.1 | 0.00% | — | 2y ago |
| 950x95f6…2c83 | For | 0.1 | 0.00% | — | 2y ago |
| 1D0x1d2f…3157 | For | 0.1 | 0.00% | — | 2y ago |
| 060x06c4…66a2 | For | 0.1 | 0.00% | — | 2y ago |
| 4A0x4afa…7426 | For | 0.1 | 0.00% | — | 2y ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 2y ago |
| 750x75f4…d71f | For | 0 | 0.00% | — | 2y ago |
| E80xe8ab…4f26 | For | 0 | 0.00% | — | 2y ago |
| 8E0x8e39…caa1 | For | 0 | 0.00% | — | 2y ago |
Showing 24
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
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