KVORUM
compoundSource: Compound governor oz · #549

Supply cap adjustments for USDe on Mainnet USDC and USDT Comets

canceledMar 10, 2026, 10:50 AM UTCby680x683a…6c02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet recommends reducing USDe supply caps by 50% on both Mainnet USDC and USDT Comets (from 30M to 15M each) due to declining onchain liquidity, particularly a ~$30M reduction in the main Fluid USDe/USDT DEX pool. The proposal also includes deployment and upgrade actions for the USDS Comet that were previously approved.

Type
parameter change

Key changes

  • USDe supply cap on Mainnet USDC Comet reduced from 30,000,000 to 15,000,000(high)
  • USDe supply cap on Mainnet USDT Comet reduced from 30,000,000 to 15,000,000(high)
  • USDS Comet deployment and upgrade actions executed from previously passed proposal(medium)

Notable concerns

  • Liquidity profile of USDe has declined with main DEX pool (Fluid USDe/USDT) reducing by approximately $30M over the last month
  • Supply cap reductions may restrict protocol's ability to accept USDe as collateral
Contracts0xc3d688B66703497DAA19211EEdff47f25384cdc30x3Afdc9BCA9213A35503b077a6072F3D0d5AB08400x5D409e56D886231aDAf00c8775665AD0f9897b560x316f9708bb98af7da9c68c1c3b5e79039cd336e30x1ec63b5883c3481134fd50d5daebc83ecd2e8779
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

202 words

Supply cap adjustments for USDe on Mainnet USDC and USDT Comets

Simple Summary

Gauntlet recommends the following supply cap adjustments to the protocol:

Supply Caps

StatusCometCollateralSupply Cap
CurrentMainnet USDCUSDe30,000,000
ProposedMainnet USDCUSDe15,000,000
CurrentMainnet USDTUSDe30,000,000
ProposedMainnet USDTUSDe15,000,000

Motivation

Since the initial listing parameter recommendations, the liquidity profile of USDe has changed on Mainnet. Onchain liquidity has declined over the last month with the main DEX pool (Fluid USDe/USDT) reducing by ~$30M.

Full details about these changes can be found below

https://www.comp.xyz/t/gauntlet-supply-cap-recommendation-for-usde-on-mainnet-usdc-usdt-comets-2026-02-26/7662

Note:

A deploy and upgrade action related the USDS Comet has been included in this proposal. This action originates from a previously passed proposal that executed the deploy and upgrade required before setting the market parameters for weETH on the USDS Comet.

It is included here solely to ensure the current supply cap recommendation can be properly implemented and does not introduce any new changes beyond what was already approved.

03Mismatch analysis

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

The description proposes lowering the USDe supply cap on both the Mainnet USDC and USDT Comets from 30M to 15M, and explicitly flags an additional deploy/upgrade action for the USDS Comet inherited from a prior approved proposal, stating it introduces no new changes. The calldata contains exactly this pattern: two updateAssetSupplyCap calls each setting newSupplyCap to 15,000,000 * 1e18 (15e24 wei, correct 18-decimal representation of 15,000,000 tokens) on two distinct Comet proxies, each paired with a deployAndUpgradeTo call to apply the configuration change (a standard, expected pairing for Compound III parameter updates). A fifth action performs deployAndUpgradeTo on a third, different Comet proxy with no accompanying cap change — this aligns precisely with the description's explicit disclosure of the USDS Comet deploy/upgrade carryover action. No numeric values, targets, or extra/missing actions were found that contradict the prose. All five actions map cleanly onto the three claims made in the description, and the boilerplate deploy/upgrade steps are appropriately unmentioned individually since they are mechanical steps needed to apply the cap changes, consistent with the 'ignore boilerplate' guidance. Overall the proposal description accurately and completely reflects the on-chain calldata.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

5 total
#0updateAssetSupplyCap(address,address,uint128)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
updateAssetSupplyCap(address,address,uint128)
Arguments
{
  "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3",
  "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "newSupplyCap": "15000000000000000000000000"
}
Calldata
#1deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3",
  "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3"
}
Calldata
#2updateAssetSupplyCap(address,address,uint128)chain 0x1
Target
0x316f…36e3
Value
0 wei
Function
updateAssetSupplyCap(address,address,uint128)
Arguments
{
  "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3",
  "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840",
  "newSupplyCap": "15000000000000000000000000"
}
Calldata
#3deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840",
  "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3"
}
Calldata
#4deployAndUpgradeTo(address,address)chain 0x1
Target
0x1ec6…8779
Value
0 wei
Function
deployAndUpgradeTo(address,address)
Arguments
{
  "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56",
  "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3"
}
Calldata

05Tally

Summed from votes

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total

No votes recorded yet.

07Forum

AIForum synthesis by Kvorumclaude-haiku-4-5
sentiment · favorablethread · constructive

Arguments for

  • Reducing USDe supply caps from 30M to 15M on both USDC and USDT Comets maintains sub-1% slippage for liquidations, whereas current caps result in over 18% slippage due to declining DEX liquidity.— Gauntlet

Arguments against

None surfaced.

Notable participants

  • GauntletRisk analyst and proposer recommending supply cap reductions based on liquidity analysis.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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