Supply cap adjustments for USDe on Mainnet USDC and USDT Comets
01Summary
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
Generated by Kvorum
02Description
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
| Status | Comet | Collateral | Supply Cap |
|---|---|---|---|
| Current | Mainnet USDC | USDe | 30,000,000 |
| Proposed | Mainnet USDC | USDe | 15,000,000 |
| Current | Mainnet USDT | USDe | 30,000,000 |
| Proposed | Mainnet USDT | USDe | 15,000,000 |
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
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
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
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetSupplyCap(address,address,uint128)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "newSupplyCap": "15000000000000000000000000" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetSupplyCap(address,address,uint128)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "newSupplyCap": "15000000000000000000000000" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
- [Gauntlet] Supply Cap Recommendation for USDe on Mainnet USDC & USDT Comets (2026-02-26) ↗discourse · high confidence
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
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