KVORUM
compoundSource: Compound governor bravo · #389

[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 8

executedJan 27, 2025, 02:27 PM UTCby7B0x7b3c…cc33

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet proposes updating interest rate curves for stablecoin Comets (USDC, USDT, USDS) across multiple chains including Ethereum, Arbitrum, Base, Polygon, Optimism, and Scroll. Changes include increasing borrow and supply rate slopes while decreasing high slope rates to better align with market demand. This is Part 8 of a larger recommendation series.

Type
parameter change

Key changes

  • Increase Annual Borrow Interest Rate Slope Low from 0.0333 to 0.05 across stablecoin Comets(medium)
  • Decrease Annual Borrow Interest Rate Slope High from 4 to 3.4 across stablecoin Comets(medium)
  • Increase Annual Supply Interest Rate Slope Low from 0.039 to 0.054 across stablecoin Comets(medium)
  • Decrease Annual Supply Interest Rate Slope High from 3.6 to 3.034 across stablecoin Comets(medium)
  • Maintain Annual Borrow Interest Rate Base at 0.015 and Supply Interest Rate Base at 0(low)
  • Maintain Borrow Kink and Supply Kink at 0.9(low)

Notable concerns

  • This is Part 8 of a series; coordination with other parts may be necessary
  • Changes affect multiple chains and multiple stablecoin pairs simultaneously
Contracts0xfe5e5d361b2ad62c541bab87c45a0b9b018389a20x6774bcbd5cecef1336b5300fb5186a12ddd8b367
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

296 words

[Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets - Part 8

Summary

Gauntlet recommends updating the interest rate curves as well as COMP rewards for WETH and Stablecoin Comets. This proposal is Part 8 of the overarching recommendations to be implemented. In this proposal we specifically target Polygon USDC and USDT comet's IR curves along with Scroll USDC comet's IR curves.

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
ParameterCurrent ValueRecommended Value
Annual Borrow Interest Rate Base0.0150.015
Annual Borrow Interest Rate Slope Low0.03330.05
Borrow Kink0.90.9
Annual Borrow Interest Rate Slope High43.4
Annual Supply Interest Rate Base00
Annual Supply Interest Rate Slope Low0.0390.054
Supply Kink0.90.9
Annual Supply Interest Rate Slope High3.63.034

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

2 total
#0sendMessageToChild(address,bytes)chain 0x1
Target
0xfe5e…89a2
Value
0 wei
Function
sendMessageToChild(address,bytes)
Arguments
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Calldata
#1sendMessage(address,uint256,bytes,uint256)chain 0x1
Target
0x6774…b367
Value
100000000000000000 wei
Function
sendMessage(address,uint256,bytes,uint256)
Arguments
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Calldata

05Tally

Summed from votes

Voters26
VP participating501.1K
Outcome (current)For
Current support100%

06Voters

26 total

No votes recorded yet.

07Forum

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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