Deprecate stMATIC in cUSDCv3 on Polygon
01Summary
Deprecate stMATIC as collateral in cUSDCv3 on Polygon by updating its price feed to a constant 1 wei price and setting its supply cap to 0.
- Type
- protocol deprecation
Key changes
- Update stMATIC price feed to constant price feed with price of 1 wei(high)
- Set stMATIC supply cap to 0(high)
Generated by Kvorum
02Description
Deprecate stMATIC in cUSDCv3 on Polygon
Proposal summary
WOOF! propose to deprecate stMATIC as collateral in cUSDCv3 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 describes a single cross-chain action that (1) updates stMATIC's price feed to a constant feed, (2) zeroes its supply cap, and (3) triggers a deployAndUpgradeTo call, all sent via the bridge to the Polygon governance receiver. The single decoded action is exactly a sendMessageToChild call whose payload, when unpacked, contains three function selectors matching updateAssetPriceFeed(address,address,address), updateAssetSupplyCap(address,address,uint128), and deployAndUpgradeTo(address,address) — matching the three named calls in the description. The supply-cap argument decodes to 0, consistent with 'supply cap to 0'. The receiver address matches the Polygon governance receiver referenced in the description. I could not independently verify from the raw calldata that the new price feed address is specifically a 'constant price feed with a price of 1 wei' (that detail lives in the deployed feed contract itself, not visible in this call), so confidence is medentedium. No contradictions, omissions, or extra claims were found between the prose and the decoded action; the description is a faithful, if summarized, account of what will execute.
Generated by Kvorum
04Actions
- Target
- 0xfe5e…89a2
- Value
- 0 wei
- Function
- sendMessageToChild(address,bytes)
- Arguments
{ "_data": "0x0000000000000000000000000000000000000000000000000000000000000080000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001800000000000000000000000000000000000000000000000000000000000000320000000000000000000000000000000000000000000000000000000000000000300000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e73800000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000d712ace4ca490d4f3e92992ecf3de12251b975f900000000000000000000000000000000000000000000000000000000000000030000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000003000000000000000000000000000000000000000000000000000000000000006000000000000000000000000000000000000000000000000000000000000000c00000000000000000000000000000000000000000000000000000000000000120000000000000000000000000000000000000000000000000000000000000002d757064617465417373657450726963654665656428616464726573732c616464726573732c616464726573732900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002d7570646174654173736574537570706c7943617028616464726573732c616464726573732c75696e74313238290000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000236465706c6f79416e6455706772616465546f28616464726573732c616464726573732900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000003000000000000000000000000000000000000000000000000000000000000006000000000000000000000000000000000000000000000000000000000000000e000000000000000000000000000000000000000000000000000000000000001600000000000000000000000000000000000000000000000000000000000000060000000000000000000000000f25212e676d1f7f89cd72ffee66158f5412464450000000000000000000000003a58a54c066fdc0f2d55fc9c89f0415c92ebf3c40000000000000000000000005d173813b4505701e79e654b36a95e6c1fad44480000000000000000000000000000000000000000000000000000000000000060000000000000000000000000f25212e676d1f7f89cd72ffee66158f5412464450000000000000000000000003a58a54c066fdc0f2d55fc9c89f0415c92ebf3c40000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000004000000000000000000000000083e0f742cacbe66349e3701b171ee2487a26e738000000000000000000000000f25212e676d1f7f89cd72ffee66158f541246445", "_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 |
| C50xc554…7759 | For | 11.2 | 0.00% | — | 7mo ago |
| 9F0x9f77…2768 | For | 0.9 | 0.00% | — | 7mo ago |
| 2F0x2f2f…f78a | For | 0.5 | 0.00% | — | 7mo ago |
| 940x940a…15e7 | For | 0.1 | 0.00% | — | 7mo ago |
| 580x5826…be5e | Against | 0.1 | 0.00% | — | 7mo ago |
| D80xd8de…ae41 | For | 0.1 | 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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