Reduce Borrow Collateral Factor and Supply Caps for USDe to 0 on Ethereum
01Summary
Proposal to reduce USDe borrow collateral factor and supply caps to 0 on Ethereum across multiple Comet markets, preventing USDe from being used as collateral for new loans while mitigating rsETH hack risks. Existing positions will not be liquidated.
- Type
- parameter change
Key changes
- Set borrow collateral factor for USDe (0x4c9EDD5852cd905f086C759E8383e09bff1E68B3) to 0 across three Comet markets(high)
- Set supply cap for USDe to 0 across three Comet markets(high)
- Deploy and upgrade configurator for affected Comet proxies(medium)
Notable concerns
- Prevents USDe from being used as new collateral, which may impact existing USDe holders' borrowing capacity
- Risk mitigation measure tied to potential rsETH hack, indicating underlying protocol security concerns
Generated by Kvorum
02Description
Reduce Borrow Collateral Factor and Supply Caps for USDe to 0 on Ethereum
This proposal reduces the Collateral Factor utilized on borrow and Supply Caps for USDe; once executed, USDe on Ethereum markets can not be used as collateral for new loans. Note that this proposal will not directly trigger any liquidations as the liquidation collateral factor remains unchanged.
The proposal will minimize the potential risk of an rsETH hack in case it affects USDe.
03Mismatch analysis
The proposal describes reducing USDe's borrow collateral factor and supply cap to 0 across Ethereum Compound III (Comet) markets. The decoded calldata shows exactly this pattern repeated across three distinct Comet markets (0xc3d688..., 0x5D409e..., 0x3Afdc9...): each has updateAssetBorrowCollateralFactor set to 0, updateAssetSupplyCap set to 0, and a deployAndUpgradeTo call. The deployAndUpgradeTo calls are the standard Compound III governance mechanism required to push configurator changes live to the Comet proxy — this is routine bookkeeping for this contract type and its omission from the prose is expected summarization, not a hidden action. The numeric values (0 for both CF and supply cap) match the prose claim of reducing to 0 exactly, with no unit conversion issues. The description's plural 'Ethereum markets' aligns with the three separate Comet proxies being modified. No liquidation CF changes appear in the calldata, consistent with the description's explicit note that liquidation collateral factor remains untouched. No unexplained transfers, role grants, or target mismatches are present. Overall the prose accurately and completely represents the on-chain actions.
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetBorrowCollateralFactor(address,address,uint64)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "newBorrowCF": "0" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetSupplyCap(address,address,uint128)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "newSupplyCap": "0" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0xc3d688B66703497DAA19211EEdff47f25384cdc3", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetBorrowCollateralFactor(address,address,uint64)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "newBorrowCF": "0" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetSupplyCap(address,address,uint128)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "newSupplyCap": "0" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x5D409e56D886231aDAf00c8775665AD0f9897b56", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetBorrowCollateralFactor(address,address,uint64)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "newBorrowCF": "0" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- updateAssetSupplyCap(address,address,uint128)
- Arguments
{ "asset": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "newSupplyCap": "0" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0x3Afdc9BCA9213A35503b077a6072F3D0d5AB0840", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 3F0x3fb1…4c8a | For | 104.8K | 12.81% | — | 7mo ago |
| 660x66cd…65f9 | For | 80.2K | 9.81% | — | 7mo ago |
| B30xb356…c826 | For | 60.3K | 7.38% | — | 7mo ago |
| B40xb49f…7948 | For | 60K | 7.34% | — | 7mo ago |
| 050x0579…ca09 | For | 60K | 7.34% | — | 7mo ago |
| 170x1729…b879 | For | 60K | 7.34% | — | 7mo ago |
| B70xb792…89d7 | For | 60K | 7.34% | — | 7mo ago |
| B90xb933…8dd1 | For | 60K | 7.34% | — | 7mo ago |
| D20xd2a7…5a0c | For | 60K | 7.34% | — | 7mo ago |
| 070x0703…961b | For | 51.7K | 6.33% | — | 7mo ago |
| 2B0x2b38…bf33 | For | 50.3K | 6.15% | — | 7mo ago |
| 4F0x4f89…fd3c | For | 50K | 6.11% | — | 7mo ago |
| 130x13bd…8548 | For | 30K | 3.67% | — | 7mo ago |
| 540x54a3…e189 | For | 29.9K | 3.66% | — | 7mo ago |
| 1F0x1f3d…0591 | For | 440.7 | 0.05% | — | 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 |
07Forum
No forum thread is confidently linked to this proposal.
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