[Gauntlet] - COMP Rewards Recommendations (Part - 1)
01Summary
Gauntlet proposes adjusting COMP token rewards across 10 different Comet markets on Ethereum Mainnet and other chains. Supply-side rewards are being reduced on most assets (Base AERO from 30 to 5, Mainnet USDS from 25 to 12.5, etc.), while borrow-side rewards see mixed adjustments. The goal is to optimize utilization rates and reduce COMP token burn. Part 2 recommendations for Base USDS will follow separately.
- Type
- parameter change
Key changes
- Base AERO: Supply rewards reduced from 30 to 5 COMP, borrow rewards reduced from 30 to 10 COMP(high)
- Mantle USDe: Supply rewards reduced from 4 to 0 COMP, borrow rewards unchanged at 8 COMP(medium)
- Mainnet USDS: Supply rewards reduced from 25 to 12.5 COMP, borrow rewards unchanged at 5 COMP(high)
- Mainnet wstETH: Supply rewards reduced from 8 to 6 COMP, borrow rewards unchanged at 4 COMP(low)
- Optimism USDC: Supply rewards reduced from 5 to 2.5 COMP, borrow rewards reduced from 5 to 4 COMP(low)
- Base WETH: Supply rewards reduced from 6 to 3 COMP, borrow rewards increased from 0 to 3 COMP(medium)
- Base USDC: Supply rewards unchanged at 13 COMP, borrow rewards increased from 5 to 7 COMP(medium)
- Base USDS: Supply rewards reduced from 15 to 5 COMP, borrow rewards unchanged at 15 COMP (Part 2 implementation)(high)
Notable concerns
- Significant supply-side reward reductions on several major markets may reduce deposit incentives
- Base USDS implementation split across two proposals (Part 1 and Part 2) creates execution complexity
- Cross-chain message sends to Polygon, Optimism, and Arbitrum introduce multi-chain execution risk
Generated by Kvorum
02Description
[Gauntlet] - COMP Rewards Recommendations (Part - 1)
Summary
Gauntlet would like to recommend adjustments to COMP rewards for both supply and borrow side across comets mentioned below.
| Comet | Current COMP Supply Rewards | Recommended COMP Supply Rewards | Current COMP Borrow Rewards | Recommended COMP Borrow Rewards |
|---|---|---|---|---|
| Base AERO | 30 | 5 | 30 | 10 |
| Mantle USDe | 4 | 0 | 8 | No change |
| Mainnet USDS | 25 | 12.5 | 5 | No Change |
| Mainnet wstETH | 8 | 6 | 4 | No Change |
| Optimism USDC | 5 | 2.5 | 5 | 4 |
| Base WETH | 6 | 3 | 0 | 3 |
| Base USDC | 13 | No Change | 5 | 7 |
| Base USDS | 15 | 5 | 15 | No Change |
| Arbitrum USDC | 20 | No Change | 10 | 15 |
| Arbitrum USDT | 15 | No Change | 10 | 15 |
Note :
- The Base USDS recommendations will be implemented in part 2 of recommendations.
- The COMP reward adjustments for Polygon are referred in an earlier recommendation (See below).
Motivation
This recommendation aims to adjust COMP rewards for various assets across multiple Comets. Gauntlet recommends to adjust COMP rewards to aide optimal utilization and lower COMP burn.
Full proposal and forum discussions can be found in the following posts:
- [Gauntlet] - COMP Rewards Recommendations (Part - 1)
- [Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets
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
A calldata-vs-description analysis is not generated yet. Review the decoded actions →
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBaseTrackingSupplySpeed(address,uint64)
- Arguments
{ "cometProxy": "0x3D0bb1ccaB520A66e607822fC55BC921738fAFE3", "newBaseTrackingSupplySpeed": "69444444444" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x3D0bb1ccaB520A66e607822fC55BC921738fAFE3", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBaseTrackingSupplySpeed(address,uint64)
- Arguments
{ "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "newBaseTrackingSupplySpeed": "144675925925" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0xfe5e…89a2
- Value
- 0 wei
- Function
- sendMessageToChild(address,bytes)
- Arguments
{ "_data": "0x0000000000000000000000000000000000000000000000000000000000000080000000000000000000000000000000000000000000000000000000000000016000000000000000000000000000000000000000000000000000000000000002400000000000000000000000000000000000000000000000000000000000000560000000000000000000000000000000000000000000000000000000000000000600000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e73800000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000d712ace4ca490d4f3e92992ecf3de12251b975f900000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e73800000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000d712ace4ca490d4f3e92992ecf3de12251b975f90000000000000000000000000000000000000000000000000000000000000006000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000600000000000000000000000000000000000000000000000000000000000000c00000000000000000000000000000000000000000000000000000000000000120000000000000000000000000000000000000000000000000000000000000018000000000000000000000000000000000000000000000000000000000000001e0000000000000000000000000000000000000000000000000000000000000024000000000000000000000000000000000000000000000000000000000000002a0000000000000000000000000000000000000000000000000000000000000002a73657442617365547261636b696e67537570706c79537065656428616464726573732c75696e7436342900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002a73657442617365547261636b696e67426f72726f77537065656428616464726573732c75696e743634290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c61646472657373290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002a73657442617365547261636b696e67537570706c79537065656428616464726573732c75696e7436342900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002a73657442617365547261636b696e67426f72726f77537065656428616464726573732c75696e743634290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c61646472657373290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000600000000000000000000000000000000000000000000000000000000000000c00000000000000000000000000000000000000000000000000000000000000120000000000000000000000000000000000000000000000000000000000000018000000000000000000000000000000000000000000000000000000000000001e0000000000000000000000000000000000000000000000000000000000000024000000000000000000000000000000000000000000000000000000000000002a00000000000000000000000000000000000000000000000000000000000000040000000000000000000000000f25212e676d1f7f89cd72ffee66158f54124644500000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000f25212e676d1f7f89cd72ffee66158f5412464450000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000f25212e676d1f7f89cd72ffee66158f5412464450000000000000000000000000000000000000000000000000000000000000040000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a0700000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000040000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a070000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a07", "_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
- 0x676a…7120
- Value
- 0 wei
- Function
- sendMessage(address,bytes,uint32)
- Arguments
{ "_target": "0xc91EcA15747E73d6dd7f616C49dAFF37b9F1B604", "_message": "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", "_minGasLimit": "2500000" }- Calldata
- Target
- 0x4dbd…ab3f
- Value
- 2985437000000000 wei
- Function
- createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)
- Arguments
{ "to": "0x42480C37B249e33aABaf4c22B20235656bd38068", "data": "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", "gasLimit": "1724454", "l2CallValue": "0", "maxFeePerGas": "500000000", "maxSubmissionCost": "2123210000000000", "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 | ||
|---|---|---|---|---|---|
| 220x2210…d02e | For | 198K | 0.00% | — | 2y ago |
| B30xb356…c826 | For | 94.5K | 0.00% | — | 2y ago |
| 3F0x3fb1…4c8a | For | 80K | 0.00% | — | 2y ago |
| B40xb49f…7948 | For | 80K | 0.00% | — | 2y ago |
| 050x0579…ca09 | For | 50K | 0.00% | — | 2y ago |
| 4F0x4f89…fd3c | For | 50K | 0.00% | — | 2y ago |
| DC0xdc1f…e432 | For | 50K | 0.00% | — | 2y ago |
| 720x72c5…7708 | For | 1.2K | 0.00% | — | 2y ago |
| CE0xce8a…8ca3 | For | 878 | 0.00% | — | 2y ago |
| C50xc554…7759 | For | 11.2 | 0.00% | — | 2y ago |
| B70xb792…89d7 | For | 2 | 0.00% | — | 2y ago |
| 010x0151…c3b9 | For | 1.1 | 0.00% | — | 2y ago |
| 170x1729…b879 | For | 1 | 0.00% | — | 2y ago |
| 790x79b6…ca6b | Against | 0.7 | 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 |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 2y ago |
| 0B0x0bef…edf6 | For | 0 | 0.00% | — | 2y ago |
| 3B0x3b1a…1228 | For | 0 | 0.00% | — | 2y ago |
| 330x33e8…f2a9 | For | 0 | 0.00% | — | 2y ago |
| C10xc1e8…bb3c | For | 0 | 0.00% | — | 2y ago |
| D60xd636…b468 | For | 0 | 0.00% | — | 2y ago |
| FD0xfd52…84ae | For | 0 | 0.00% | — | 2y ago |
| 350x3511…91e6 | For | 0 | 0.00% | — | 2y ago |
| 910x913d…2a26 | Abstain | 0 | 0.00% | — | 2y ago |
| 400x4052…833b | For | 0 | 0.00% | — | 2y ago |
| 5E0x5eb9…de53 | For | 0 | 0.00% | — | 2y ago |
| 520x52e7…de53 | For | 0 | 0.00% | — | 2y ago |
| E10xe10a…390f | For | 0 | 0.00% | — | 2y ago |
| 000x000a…8467 | For | 0 | 0.00% | — | 2y ago |
| D20xd2f9…399c | For | 0 | 0.00% | — | 2y ago |
| 850x8521…2a38 | For | 0 | 0.00% | — | 2y ago |
| 5A0x5aa3…bc3c | For | 0 | 0.00% | — | 2y ago |
| 9B0x9bc1…50dd | For | 0 | 0.00% | — | 2y ago |
| AE0xae80…31d9 | For | 0 | 0.00% | — | 2y ago |
| 760x767b…cec6 | For | 0 | 0.00% | — | 2y ago |
| 780x78bd…468d | For | 0 | 0.00% | — | 2y ago |
| A20xa253…458f | For | 0 | 0.00% | — | 2y ago |
| 1D0x1d1a…a0ac | For | 0 | 0.00% | — | 2y ago |
| 930x9351…b486 | For | 0 | 0.00% | — | 2y ago |
| 9C0x9cb8…1111 | For | 0 | 0.00% | — | 2y ago |
07Forum
- [Gauntlet] - COMP Rewards Recommendations (Part - 1) ↗discourse · high confidence
- [Gauntlet] - IR Curve and Incentive Recommendations for Stablecoin and WETH Comets ↗discourse · high confidence
Arguments for
- Reducing COMP supply rewards on over-incentivized markets like Base AERO, Mantle USDe, and Mainnet USDS will eliminate excess protocol spend that is not generating commensurate user behavior changes.— Gauntlet
- Increasing borrow-side rewards on Arbitrum USDC and USDT will foster incremental utilization growth while preserving competitive supply-side liquidity.— Gauntlet
- Rebalancing incentives on Base WETH by adding borrow-side rewards alongside supply-side cuts will boost utilization and control excess emissions.— Gauntlet
- The overall recommendation reduces annual COMP spending by approximately $1.02M while still maintaining competitive rates across markets.— Gauntlet
- Increasing borrow rewards on Base USDC to 7 COMP/day will drive up borrowing demand without cutting supply rewards that would fall below peer lending protocols.— Gauntlet
Arguments against
None surfaced.
Notable participants
- GauntletProposer presenting comprehensive COMP rewards optimization analysis across multiple Comets with detailed utilization and rate data.
Generated by Kvorum
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