compoundSource: Compound governor oz · #428
[Gauntlet] - USDbC Deprecation Recommendations
executedApr 21, 2025, 12:22 PM UTCby7B0x7b3c…cc33
01Summary
AISummary by Kvorumclaude-haiku-4-5
Gauntlet recommends updating risk parameters and interest rate curves for the Base USDbC comet to facilitate its deprecation. Changes include reducing WETH and cbETH supply caps to zero, adjusting collateral and liquidation factors, increasing liquidation penalties, and modifying borrow/supply interest rate curves to make the market less attractive.
- Type
- parameter change
Key changes
- WETH supply cap reduced from 1100 to 0(high)
- WETH collateral factor reduced from 69% to 45%(high)
- WETH liquidation factor reduced from 74% to 64%(medium)
- WETH liquidation penalty increased from 5% to 15%(medium)
- cbETH supply cap reduced from 350 to 0(high)
- cbETH collateral factor reduced from 65% to 45%(high)
- cbETH liquidation factor reduced from 70% to 60%(medium)
- cbETH liquidation penalty increased from 15% to 20%(medium)
Notable concerns
- Setting supply caps to zero prevents new deposits of WETH and cbETH, effectively halting market activity for these assets
- The coordinated reduction in collateral factors and increase in liquidation penalties makes the market significantly riskier for existing users
- Lower interest rates on supply side reduces incentive for liquidity providers
Contracts0x9c4ec768c28520b50860ea7a15bd7213a9ff58bf0x42000000000000000000000000000000000000060x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
02Description
280 words
[Gauntlet] - USDbC Deprecation Recommendations
Simple Summary
Gauntlet recommends updating the risk parameters and interest rate curve for the Base USDbC comet to expedite its deprecation.
Risk Recommendations
Asset Parameters
| Asset | Parameter | Current Value | Recommended Value |
|---|---|---|---|
| WETH | Supply Cap | 1100 | 0 |
| Collateral Factor | 69% | 45% | |
| Liquidation Factor | 74% | 64% | |
| Liquidation Penalty | 5% | 15% | |
| cbETH | Supply Cap | 350 | 0 |
| Collateral Factor | 65% | 45% | |
| Liquidation Factor | 70% | 60% | |
| Liquidation Penalty | 15% | 20% |
Interest Rate Curve Recommendations
| Parameter | Current Value | Recommended Value |
|---|---|---|
| Annual Borrow Interest Rate Base | 0.025 | 0.05 |
| Annual Borrow Interest Rate Slope Low | 0.045 | 0.035294 |
| Borrow Kink | 0.9 | 0.85 |
| Annual Borrow Interest Rate Slope High | 6.0 | 3.466667 |
| Annual Supply Interest Rate Base | 0.0 | 0.0 |
| Annual Supply Interest Rate Slope Low | 0.025 | 0.02 |
| Supply Kink | 0.9 | 0.85 |
| Annual Supply Interest Rate Slope High | 4.3 | 0.886667 |
Motivation
Full proposal and forum discussions can be found in the following posts.
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
1 total
#0sendMessage(address,bytes,uint32)chain 0x1
- Target
- 0x866e…0afa
- Value
- 0 wei
- Function
- sendMessage(address,bytes,uint32)
- Arguments
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"_minGasLimit": "5000000" }- Calldata
05Tally
Summed from votes
Against0.0%0
For100.0%729.8K
Abstain0.0%0.1
Voters34
VP participating729.8K
Outcome (current)For
Current support100%
06Voters
34 total
Filter:
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| B90xb933…8dd1 | For | 80K | 10.96% | — | 2y ago |
| 070x0703…961b | For | 80K | 10.96% | — | 2y ago |
| 130x13bd…8548 | For | 80K | 10.96% | — | 2y ago |
| 3F0x3fb1…4c8a | For | 80K | 10.96% | — | 2y ago |
| B40xb49f…7948 | For | 80K | 10.96% | — | 2y ago |
| 660x66cd…65f9 | For | 79.4K | 10.88% | — | 2y ago |
| 220x2210…d02e | For | 50K | 6.86% | — | 2y ago |
| ED0xed11…bb04 | For | 50K | 6.85% | — | 2y ago |
| 050x0579…ca09 | For | 50K | 6.85% | — | 2y ago |
| B30xb356…c826 | For | 50K | 6.85% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 6.85% | — | 2y ago |
| CE0xce8a…8ca3 | For | 300.5 | 0.04% | — | 2y ago |
| 050x0579…4048 | For | 11.2 | 0.00% | — | 2y ago |
| 210x21b3…fa75 | For | 2 | 0.00% | — | 2y ago |
| B70xb792…89d7 | For | 2 | 0.00% | — | 2y ago |
| 9B0x9bc5…7c3b | For | 1.1 | 0.00% | — | 2y ago |
| 170x1729…b879 | For | 1 | 0.00% | — | 2y ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 2y ago |
| C60xc6d7…bfb2 | For | 0.1 | 0.00% | — | 2y ago |
| 610x61ff…9630 | For | 0.1 | 0.00% | — | 2y ago |
| 9A0x9a0f…8de8 | For | 0.1 | 0.00% | — | 2y ago |
| AA0xaa5a…f3cf | For | 0.1 | 0.00% | — | 2y ago |
| 1D0x1dc0…f643 | For | 0.1 | 0.00% | — | 2y ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 2y ago |
| 5E0x5eac…865d | Abstain | 0 | 0.00% | — | 2y ago |
| 3B0x3b1a…1228 | For | 0 | 0.00% | — | 2y ago |
| 9C0x9c78…470b | For | 0 | 0.00% | — | 2y ago |
| 2A0x2a90…78a2 | For | 0 | 0.00% | — | 2y ago |
| 9E0x9e41…3054 | Abstain | 0 | 0.00% | — | 2y ago |
| 490x49a4…9023 | For | 0 | 0.00% | — | 2y ago |
| E20xe274…1542 | For | 0 | 0.00% | — | 2y ago |
| 700x704b…7a63 | For | 0 | 0.00% | — | 2y ago |
| CD0xcdaa…f2e5 | For | 0 | 0.00% | — | 2y ago |
| 590x590d…feae | Abstain | 0 | 0.00% | — | 2y ago |
Showing 34
07Forum
- [Gauntlet] Base USDbC Deprecation Recommendations (12/5/24) ↗discourse · high confidence
AIForum synthesis by Kvorumclaude-haiku-4-5
sentiment · favorablethread · constructive
Arguments for
- Setting supply caps to zero for WETH and cbETH will prevent new suppliers from entering the market and accelerate deprecation.— Gauntlet
- Reducing collateral and liquidation factors makes the market less appealing without immediately liquidating existing users.— Gauntlet
- Increased liquidation penalties disincentivize usage by raising the cost of liquidation while reducing risk to the comet.— Gauntlet
- Raising the borrow interest rate base and adjusting the rate curve slopes will make borrowing more expensive and discourage TVL inflows.— Gauntlet
- Reducing kink from 90% to 85% and adjusting slope values ensures more stable reserve growth while encouraging market deprecation.— Gauntlet
Arguments against
None surfaced.
Notable participants
- GauntletProposer presenting risk and interest rate curve recommendations for USDbC deprecation.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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