[Gauntlet] - Stablecoin IR curve recommendations (4/21/25)
01Summary
Gauntlet proposes updating Interest Rate (IR) curves for 11 stablecoin Comets across multiple chains by adjusting borrow and supply slope parameters to align with lower market rates and reduced utilization. Key changes include decreasing the borrow APR slope at low utilization from 4.166% to 2.778% and adjusting supply slopes from 4.725% to 3.6%.
- Type
- parameter change
Key changes
- Decrease Annual Borrow Interest Rate Slope Low from 0.04166 (4.166%) to 0.027778 (2.778%) across all stablecoin Comets(high)
- Increase Annual Borrow Interest Rate Slope High from 3.475 to 3.6 across all stablecoin Comets(medium)
- Decrease Annual Supply Interest Rate Slope Low from 0.04725 (4.725%) to 0.036 (3.6%) across all stablecoin Comets(high)
- Increase Annual Supply Interest Rate Slope High from 3.0947 to 3.196 across all stablecoin Comets(medium)
- Maintain Borrow and Supply Kink at 0.9 with no change to Annual Borrow Interest Rate Base at 0.015 and Annual Supply Interest Rate Base at 0(low)
Notable concerns
- Proposal applies to 11 different stablecoin Comets across 6 blockchain networks requiring coordinated execution
- Changes are based on observed persistent decrease in utilization and step-wise reductions of Stability Service Rate (SSR) from 6.5% to 4.5%
Generated by Kvorum
02Description
[Gauntlet] - Stablecoin IR curve recommendations (4/21/25)
Summary
Gauntlet proposes updating the Interest Rate (IR) curves for all Stablecoin Comets to further align with prevailing market rates. Specifically, we recommend decreasing the borrow APR at the kink from 5.25% to 4% for Stablecoin Comets.
Specification
Given the persistent decrease in utilization observed across all stablecoin comets and additional step-wise reductions of SSR from 6.5% to 4.5%, Gauntlet recommends the below IR curve recommendations for all 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 |
| Optimism USDT |
| Optimism USDC |
| Polygon USDC |
| Polygon USDT |
| Scroll USDC |
| Parameter | Current Value | Recommended Value |
|---|---|---|
| Annual Borrow Interest Rate Base | 0.015 | 0.015 |
| Annual Borrow Interest Rate Slope Low | 0.04166 | 0.027778 |
| Borrow Kink | 0.9 | 0.9 |
| Annual Borrow Interest Rate Slope High | 3.475 | 3.6 |
| Annual Supply Interest Rate Base | 0 | 0 |
| Annual Supply Interest Rate Slope Low | 0.04725 | 0.036 |
| Supply Kink | 0.9 | 0.9 |
| Annual Supply Interest Rate Slope High | 3.0947 | 3.196 |
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
The proposal describes a uniform IR-curve adjustment (borrow slope-low ↓ to 0.027778, borrow slope-high ↑ to 3.6, supply slope-low ↓ to 0.036, supply slope-high ↑ to 3.196) applied to 11 stablecoin comets across five chains, with kink and base rates unchanged. The decoded actions on Ethereum mainnet directly call setBorrowPerYearInterestRateSlopeLow/High and setSupplyPerYearInterestRateSlopeLow/High with values 27778000000000000, 3600000000000000000, 36000000000000000, and 3196000000000000000 (i.e., 0.027778, 3.6, 0.036, 3.196 in 18-decimal fixed point) — exact matches to the table. These are applied to three distinct comet proxies, consistent with the three Ethereum comets (USDC, USDT, USDS) named in the description. The remaining actions are cross-chain governance messages (to Polygon, Optimism, Base, Arbitrum, Scroll) that embed the identical four setter calls plus a deployAndUpgradeTo finalization call for each remote comet — this matches the description's claim that all listed comets across chains receive the same curve update. No kink or base-rate setters appear, consistent with the table showing those values unchanged. The deployAndUpgradeTo calls are routine finalization steps required by Compound's Configurator pattern and are reasonably omitted from the prose as boilerplate. No value, target, or omission discrepancies were found between the prose and the decoded calldata. Confidence is high because the numeric values and comet counts align cleanly with the specification table and comet list.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateSlopeLow(address,uint64)
- Arguments
{ "newSlope": "27778000000000000", "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateSlopeHigh(address,uint64)
- Arguments
{ "newSlope": "3600000000000000000", "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setSupplyPerYearInterestRateSlopeLow(address,uint64)
- Arguments
{ "newSlope": "36000000000000000", "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setSupplyPerYearInterestRateSlopeHigh(address,uint64)
- Arguments
{ "newSlope": "3196000000000000000", "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateSlopeLow(address,uint64)
- Arguments
{ "newSlope": "27778000000000000", "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateSlopeHigh(address,uint64)
- Arguments
{ "newSlope": "3600000000000000000", "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setSupplyPerYearInterestRateSlopeLow(address,uint64)
- Arguments
{ "newSlope": "36000000000000000", "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setSupplyPerYearInterestRateSlopeHigh(address,uint64)
- Arguments
{ "newSlope": "3196000000000000000", "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateSlopeLow(address,uint64)
- Arguments
{ "newSlope": "27778000000000000", "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateSlopeHigh(address,uint64)
- Arguments
{ "newSlope": "3600000000000000000", "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setSupplyPerYearInterestRateSlopeLow(address,uint64)
- Arguments
{ "newSlope": "36000000000000000", "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setSupplyPerYearInterestRateSlopeHigh(address,uint64)
- Arguments
{ "newSlope": "3196000000000000000", "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0xfe5e…89a2
- Value
- 0 wei
- Function
- sendMessageToChild(address,bytes)
- Arguments
{ "_data": 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"_receiver": "0x18281dfC4d00905DA1aaA6731414EABa843c468A" }- Calldata
- Target
- 0x25ac…5fa1
- Value
- 0 wei
- Function
- sendMessage(address,bytes,uint32)
- Arguments
{ "_target": "0xC3a73A70d1577CD5B02da0bA91C0Afc8fA434DAF", "_message": 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"_minGasLimit": "2500000" }- Calldata
- Target
- 0x6774…b367
- Value
- 100000000000000000 wei
- Function
- sendMessage(address,uint256,bytes,uint256)
- Arguments
{ "_to": "0xC6bf5A64896D679Cf89843DbeC6c0f5d3C9b610D", "_value": "0", "_message": "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", "_gasLimit": "3000000" }- Calldata
- Target
- 0x4dbd…ab3f
- Value
- 6188926500000000 wei
- Function
- createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)
- Arguments
{ "to": "0x42480C37B249e33aABaf4c22B20235656bd38068", "data": 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"gasLimit": "3523433", "l2CallValue": "0", "maxFeePerGas": "500000000", "maxSubmissionCost": "4427210000000000", "callValueRefundAddress": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A", "excessFeeRefundAddress": "0x3fB4d38ea7EC20D91917c09591490Eeda38Cf88A" }- Calldata
- Target
- 0x866e…0afa
- Value
- 0 wei
- Function
- sendMessage(address,bytes,uint32)
- Arguments
{ "_target": "0x18281dfC4d00905DA1aaA6731414EABa843c468A", "_message": "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", "_minGasLimit": "5000000" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 070x0703…961b | For | 80K | 11.41% | — | 2y ago |
| 130x13bd…8548 | For | 80K | 11.41% | — | 2y ago |
| 3F0x3fb1…4c8a | For | 80K | 11.41% | — | 2y ago |
| B40xb49f…7948 | For | 80K | 11.41% | — | 2y ago |
| 660x66cd…65f9 | For | 80K | 11.41% | — | 2y ago |
| 220x2210…d02e | For | 50K | 7.14% | — | 2y ago |
| ED0xed11…bb04 | For | 50K | 7.13% | — | 2y ago |
| 050x0579…ca09 | For | 50K | 7.13% | — | 2y ago |
| 4F0x4f89…fd3c | For | 50K | 7.13% | — | 2y ago |
| B30xb356…c826 | For | 50K | 7.13% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 7.13% | — | 2y ago |
| CE0xce8a…8ca3 | For | 878 | 0.13% | — | 2y ago |
| 050x0579…4048 | For | 11.2 | 0.00% | — | 2y ago |
| B90xb933…8dd1 | For | 9.3 | 0.00% | — | 2y ago |
| 210x21b3…fa75 | For | 2 | 0.00% | — | 2y ago |
| B70xb792…89d7 | For | 2 | 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 |
| 9A0x9a0f…8de8 | For | 0.1 | 0.00% | — | 2y ago |
| 610x61ff…9630 | For | 0.1 | 0.00% | — | 2y ago |
| 100x1084…3695 | For | 0.1 | 0.00% | — | 2y ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 2y ago |
| E50xe5bd…7091 | For | 0 | 0.00% | — | 2y ago |
| A80xa8d3…360b | For | 0 | 0.00% | — | 2y ago |
| 470x47c0…4659 | For | 0 | 0.00% | — | 2y ago |
| CA0xca5b…3abf | For | 0 | 0.00% | — | 2y ago |
| 400x4064…2b8f | For | 0 | 0.00% | — | 2y ago |
| 000x00db…e32c | For | 0 | 0.00% | — | 2y ago |
| 4C0x4cda…7053 | For | 0 | 0.00% | — | 2y ago |
| 970x97b7…7591 | For | 0 | 0.00% | — | 2y ago |
| 860x8689…e129 | For | 0 | 0.00% | — | 2y ago |
| 4E0x4ea9…cc98 | Abstain | 0 | 0.00% | — | 2y ago |
| E60xe6fd…8df5 | Against | 0 | 0.00% | — | 2y ago |
| 220x22ff…cc99 | Against | 0 | 0.00% | — | 2y ago |
| EC0xec08…0ae0 | For | 0 | 0.00% | — | 2y ago |
| FF0xff71…b3eb | For | 0 | 0.00% | — | 2y ago |
| 180x1824…b75e | For | 0 | 0.00% | — | 2y ago |
| F60xf6a0…7a3b | For | 0 | 0.00% | — | 2y ago |
| 6B0x6b3b…4115 | For | 0 | 0.00% | — | 2y ago |
| 7A0x7ac9…73e8 | For | 0 | 0.00% | — | 2y ago |
| 6F0x6f5c…7716 | For | 0 | 0.00% | — | 2y ago |
| 490x491f…9fbb | For | 0 | 0.00% | — | 2y ago |
| 1E0x1e7e…65d4 | For | 0 | 0.00% | — | 2y ago |
| B50xb5ea…a037 | For | 0 | 0.00% | — | 2y ago |
| A90xa987…e640 | For | 0 | 0.00% | — | 2y ago |
| 020x026f…9389 | For | 0 | 0.00% | — | 2y ago |
| 100x104c…8cd3 | For | 0 | 0.00% | — | 2y ago |
| ED0xed14…b962 | For | 0 | 0.00% | — | 2y ago |
| F90xf96c…998f | For | 0 | 0.00% | — | 2y ago |
07Forum
- [Gauntlet] - Stablecoin IR curve recommendations (4/21/25) ↗discourse · high confidence
Arguments for
- Current stablecoin utilization has persistently decreased and SSR has been stepped down from 6.5% to 4.5%, necessitating IR curve adjustments to align with market conditions.— Gauntlet
Arguments against
None surfaced.
Notable participants
- GauntletProposer of the stablecoin IR curve recommendations submitted for governance vote.
Generated by Kvorum
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