Depreciate cWETHv3 on Ronin
01Summary
This proposal deprecates the cWETHv3 market on Ronin by migrating price feeds to API3 (due to Chainlink discontinuing Ronin support), setting supply caps to 0, reducing collateral factors, increasing liquidation penalties, and adjusting interest rate curve parameters to make the market less attractive to new suppliers while protecting existing users from liquidation.
- Type
- protocol deprecation
Key changes
- Migrate USDC, AXS, and WRON price feeds from Chainlink to API3 oracle(high)
- Set supply caps to 0 for all collateral assets(high)
- Reduce collateral factors(high)
- Increase liquidation penalties(high)
- Update interest rate curve parameters including borrow base rate, borrow slope low, borrow kink, borrow slope high, supply base rate, supply slope low, supply kink, and supply slope high(high)
- Deploy and upgrade to new configuration(high)
Notable concerns
- Market deprecation prevents new suppliers from entering
- Reduced capital efficiency makes market less appealing
- Liquidation penalties increased to further disincentivize usage
Generated by Kvorum
02Description
Depreciate cWETHv3 on Ronin
Proposal summary
This proposal updates price feeds to API3, since Chainlink soon will no longer support Ronin and updates interest rate curve parameters for WETH market on Ronin.
It is done to prevent new suppliers from entering the market, reduces capital efficiency, making the market less appealing without causing users to become liquidatable and raises liquidation penalty to further disincentivizes usage by increasing the cost of liquidation, while reducing risk to the comet.
Further detailed information can be found on the corresponding proposal pull request and forum discussion.
Proposal actions
The proposal sends the following encoded calls to the governance receiver on Ronin:
- Update USDC, AXS, and WRON price feeds to API3 oracle
- Set supply caps to 0 for all collateral assets
- Reduce collateral factors
- Increase liquidation penalties
- Update interest rate curve parameters:
setBorrowPerYearInterestRateBasesetBorrowPerYearInterestRateSlopeLowsetBorrowKinksetBorrowPerYearInterestRateSlopeHighsetSupplyPerYearInterestRateBasesetSupplyPerYearInterestRateSlopeLowsetSupplyKinksetSupplyPerYearInterestRateSlopeHigh
- Deploy and upgrade to new configuration via
deployAndUpgradeTo.
03Mismatch analysis
The proposal's on-chain footprint is a single 'ccipSend' call whose payload is an ABI-encoded bundle of sub-calls destined for the Ronin governance receiver. Decoding the embedded calldata reveals exactly the six categories of actions the description lists: three updateAsset calls (consistent with 'Update USDC, AXS, and WRON price feeds to API3 oracle'), each ending in a zero uint128 argument (consistent with 'Set supply caps to 0 for all collateral assets'), embedded collateral-factor/liquidation-factor parameters within the same calls (consistent with 'Reduce collateral factors' and 'Increase liquidation penalties', though absolute before/after values cannot be independently verified from this data alone), eight named interest-rate setter functions matching the description's explicit list verbatim, and a final deployAndUpgradeTo call matching the last bullet. The small ETH value attached to the ccipSend is routine CCIP fee payment and not something the description would be expected to mention. No contract addresses, function names, or major parameters in the calldata contradict the prose, and no significant on-chain action (e.g., fund transfer to an unexpected address, unrelated role change) appears outside what is described. Because I cannot independently confirm the exact magnitude/direction of collateral-factor reductions or liquidation-penalty increases without external baseline values, confidence is medium rather than high, but no discrepancy is evident from the available data.
Generated by Kvorum
04Actions
- Target
- 0x8022…6f7d
- Value
- 173435298956631 wei
- Function
- ccipSend(uint64,(bytes,bytes,(address,uint256)[],address,bytes))
- Arguments
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[], "0x0000000000000000000000000000000000000000", "0x" ], "destinationChainSelector": "6916147374840168594" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 3F0x3fb1…4c8a | For | 104.8K | 10.86% | — | 9mo ago |
| 360x36cc…ffc6 | For | 87.6K | 9.08% | — | 9mo ago |
| 540x54a3…e189 | For | 85.1K | 8.82% | — | 9mo ago |
| 660x66cd…65f9 | For | 80K | 8.29% | — | 9mo ago |
| 050x0579…ca09 | For | 60.3K | 6.25% | — | 9mo ago |
| B30xb356…c826 | Against | 60.1K | 6.23% | — | 9mo ago |
| B40xb49f…7948 | For | 60K | 6.22% | — | 9mo ago |
| 170x1729…b879 | For | 60K | 6.22% | — | 9mo ago |
| B70xb792…89d7 | For | 60K | 6.22% | — | 9mo ago |
| D20xd2a7…5a0c | For | 60K | 6.22% | — | 9mo ago |
| B90xb933…8dd1 | For | 60K | 6.22% | — | 9mo ago |
| 8D0x8d07…a265 | For | 55K | 5.70% | — | 9mo ago |
| 070x0703…961b | For | 51.7K | 5.36% | — | 9mo ago |
| 4F0x4f89…fd3c | For | 50K | 5.18% | — | 9mo ago |
| 130x13bd…8548 | For | 30K | 3.11% | — | 9mo ago |
| 1F0x1f3d…0591 | For | 440.7 | 0.05% | — | 9mo ago |
| 220x2210…d02e | For | 35.2 | 0.00% | — | 9mo ago |
| C50xc554…7759 | For | 11.2 | 0.00% | — | 9mo ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 9mo ago |
| D80xd8de…ae41 | For | 0.1 | 0.00% | — | 9mo ago |
| EC0xec87…a9a9 | For | 0 | 0.00% | — | 9mo ago |
| CA0xca5b…3abf | For | 0 | 0.00% | — | 9mo ago |
| DE0xde7d…2990 | For | 0 | 0.00% | — | 9mo ago |
| 1C0x1c98…f168 | For | 0 | 0.00% | — | 9mo ago |
| A10xa1a0…0de0 | For | 0 | 0.00% | — | 9mo ago |
| D40xd4cc…2140 | For | 0 | 0.00% | — | 9mo ago |
| 2A0x2abf…ba80 | For | 0 | 0.00% | — | 9mo ago |
| A20xa266…fc3f | For | 0 | 0.00% | — | 9mo ago |
| EE0xee3b…4d02 | For | 0 | 0.00% | — | 9mo ago |
| E30xe37a…239a | For | 0 | 0.00% | — | 9mo ago |
| F50xf5f3…90ee | For | 0 | 0.00% | — | 9mo ago |
| B10xb180…48f2 | For | 0 | 0.00% | — | 9mo ago |
| 220x22de…85a0 | For | 0 | 0.00% | — | 9mo ago |
| 0F0x0ff1…fa19 | For | 0 | 0.00% | — | 9mo ago |
| ED0xedb2…1897 | For | 0 | 0.00% | — | 9mo ago |
| 3D0x3d50…4133 | For | 0 | 0.00% | — | 9mo ago |
07Forum
- [Gauntlet] Deprecating Ronin WETH and WRON Comets ↗discourse · high confidence
Arguments for
- Deprecating Ronin markets with zero supply caps and reduced collateral factors prevents new suppliers from entering while avoiding forced liquidations of existing users.— Gauntlet, dmitriywoofsoftware
- Increased liquidation penalties reduce risk to the comet by disincentivizing usage without immediately harming existing positions.— Gauntlet, dmitriywoofsoftware
- Migrating price feeds from Chainlink to API3 is necessary since Chainlink will no longer support Ronin.— dmitriywoofsoftware
- All technical tests and simulations passed successfully, demonstrating the proposal is ready for implementation.— dmitriywoofsoftware
Arguments against
None surfaced.
Notable participants
- GauntletRisk analyst who provided the initial deprecation strategy and parameter recommendations for Ronin markets.
- dmitriywoofsoftwareCore contributor who implemented the technical proposals, ran all tests and simulations, and submitted both cWETHv3 and cWRONv3 deprecation proposals.
- allthecolorsCommunity participant who raised a minor terminology correction about the word 'deprecate' versus 'depreciate'.
Generated by Kvorum
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