Deprecate stMATIC in cUSDTv3 on Polygon
01Summary
Proposal to deprecate stMATIC as collateral in cUSDTv3 on Polygon by setting its price feed to a constant 1 wei price and supply cap to 0, effectively removing it from use as collateral.
- Type
- protocol deprecation
Key changes
- Update stMATIC price feed to constant price of 1 wei(high)
- Set stMATIC supply cap to 0(high)
Notable concerns
- stMATIC will no longer function as collateral in cUSDTv3 after deprecation
- Changes require governance receiver execution on Polygon via cross-chain messaging
Generated by Kvorum
02Description
Deprecate stMATIC in cUSDTv3 on Polygon
Proposal summary
WOOF! propose to deprecate stMATIC as collateral in cUSDTv3 on Polygon by updating its price feed to a constant price feed with a price of 1 wei and set its supply cap to 0.
Further detailed information can be found on the corresponding proposal pull request and forum discussion.
Proposal actions
The first action updates stMATIC price feed to the constant price feed with a price of 1 wei and sets its supply cap to 0. This sends the encoded 'updateAssetPriceFeed', 'updateAssetSupplyCap' and 'deployAndUpgradeTo' calls across the bridge to the governance receiver on Polygon.
03Mismatch analysis
The proposal contains a single on-chain action (action_index 0) which calls sendMessageToChild to bridge an encoded payload to Polygon. Decoding the payload reveals exactly three function calls: updateAssetPriceFeed (setting a new price feed address for the stMATIC asset), updateAssetSupplyCap (setting the supply cap parameter to 0, confirmed by the trailing zero value in the encoded arguments), and deployAndUpgradeTo (upgrading the comet proxy implementation, a standard mechanical step needed to apply the asset config change). This matches the description's claim that the proposal updates the stMATIC price feed to a constant/near-zero feed and sets its supply cap to 0, and that these are sent via the bridge to the Polygon governance receiver. The target receiver address in the calldata matches the description's reference to the governance receiver. The exact price value (1 wei) and the specific new price feed contract address cannot be independently verified from the raw calldata alone (it just shows an address), but the structure, function names, and the zeroed supply cap parameter align with the stated intent, and there is no evidence of extra or missing actions, redirected funds, or mismatched targets. No discrepancies were found.[m]
Generated by Kvorum
04Actions
- Target
- 0xfe5e…89a2
- Value
- 0 wei
- Function
- sendMessageToChild(address,bytes)
- Arguments
{ "_data": "0x0000000000000000000000000000000000000000000000000000000000000080000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001800000000000000000000000000000000000000000000000000000000000000320000000000000000000000000000000000000000000000000000000000000000300000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e73800000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000d712ace4ca490d4f3e92992ecf3de12251b975f900000000000000000000000000000000000000000000000000000000000000030000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000003000000000000000000000000000000000000000000000000000000000000006000000000000000000000000000000000000000000000000000000000000000c00000000000000000000000000000000000000000000000000000000000000120000000000000000000000000000000000000000000000000000000000000002d757064617465417373657450726963654665656428616464726573732c616464726573732c616464726573732900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002d7570646174654173736574537570706c7943617028616464726573732c616464726573732c75696e74313238290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c616464726573732900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000003000000000000000000000000000000000000000000000000000000000000006000000000000000000000000000000000000000000000000000000000000000e000000000000000000000000000000000000000000000000000000000000001600000000000000000000000000000000000000000000000000000000000000060000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a070000000000000000000000003a58a54c066fdc0f2d55fc9c89f0415c92ebf3c40000000000000000000000005d173813b4505701e79e654b36a95e6c1fad44480000000000000000000000000000000000000000000000000000000000000060000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a070000000000000000000000003a58a54c066fdc0f2d55fc9c89f0415c92ebf3c40000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000aeb318360f27748acb200ce616e389a6c9409a07", "_receiver": "0x18281dfC4d00905DA1aaA6731414EABa843c468A" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 3F0x3fb1…4c8a | For | 104.8K | 15.25% | — | 7mo ago |
| 660x66cd…65f9 | For | 80K | 11.64% | — | 7mo ago |
| B30xb356…c826 | For | 60.3K | 8.78% | — | 7mo ago |
| B40xb49f…7948 | For | 60K | 8.73% | — | 7mo ago |
| 050x0579…ca09 | For | 60K | 8.73% | — | 7mo ago |
| 170x1729…b879 | For | 60K | 8.73% | — | 7mo ago |
| B70xb792…89d7 | For | 60K | 8.73% | — | 7mo ago |
| D20xd2a7…5a0c | For | 60K | 8.73% | — | 7mo ago |
| B90xb933…8dd1 | For | 60K | 8.73% | — | 7mo ago |
| 070x0703…961b | For | 51.7K | 7.53% | — | 7mo ago |
| 130x13bd…8548 | For | 30K | 4.36% | — | 7mo ago |
| 1F0x1f3d…0591 | For | 440.7 | 0.06% | — | 7mo ago |
| 9F0x9f77…2768 | For | 0.9 | 0.00% | — | 7mo ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 7mo ago |
07Forum
- [Gauntlet] Depreciating stMATIC on Polygon USDT and USDC.e Comets ↗discourse · high confidence
Arguments for
- Lido is officially deprecating stMATIC on Polygon, making removal from Compound necessary to align with the ecosystem.— Gauntlet
- Setting collateral factor to 0% prevents new borrowing against stMATIC, reducing protocol exposure to a declining asset.— Gauntlet
- Liquidations will be minimal since only two small positions exist on Polygon USDT and none on Polygon USDC.e, limiting disruption.— Gauntlet
- Eliminating stMATIC collateral reduces liquidity and counterparty risks as Lido's deprecation proceeds.— Gauntlet
Arguments against
None surfaced.
Notable participants
- GauntletRisk analyst and proposal author recommending deprecation of stMATIC collateral.
Generated by Kvorum
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