Update Ethereum WETH Comet Borrow Rate IRM
01Summary
Gauntlet proposes updating the Ethereum WETH Comet borrow interest rate model by increasing the annual borrow interest rate base from 1.00% to 1.50% and decreasing the annual borrow interest rate slope below the kink from 1.111111% to 0.5556%. These changes are designed to reduce reserve depletion at lower utilization levels while keeping borrowing costs effectively unchanged at and above the 90% utilization kink.
- Type
- parameter change
Key changes
- Increase annual borrow interest rate base from 1.00% to 1.50%(medium)
- Decrease annual borrow interest rate slope below the kink from 1.111111% to 0.5556%(medium)
- Deploy and upgrade Ethereum WETH Comet to apply updated configuration(medium)
Generated by Kvorum
02Description
Update Ethereum WETH Comet Borrow Rate IRM
Summary
Gauntlet recommends updating the borrow interest rate model for the Ethereum WETH Comet.
This proposal implements the following parameter changes:
| Parameter | Current | Proposed |
|---|---|---|
| Annual Borrow Interest Rate Base | 1.00% | 1.50% |
| Annual Borrow Interest Rate Slope Low | 1.111111% | 0.5556% |
No supply-side interest rate parameters are changed. The borrow kink and borrow slope above the kink also remain unchanged.
The proposed adjustment pivots the borrow curve below the 90% utilization kink. It is intended to reduce reserve depletion at lower utilization levels while keeping borrowing costs effectively unchanged at and above the kink.
Proposal Actions
- Set the annual borrow interest rate base to
0.015. - Set the annual borrow interest rate slope below the kink to
0.005556. - Deploy and upgrade the Ethereum WETH Comet to apply the updated configuration.
Additional Information
For the complete analysis, motivation, expected outcomes, risk considerations, and monitoring plan, see the Ethereum WETH Comet Borrow Rate IRM Updates forum post.
03Mismatch analysis
Compared the two numeric parameter changes and the upgrade action in the description against the three decoded calldata actions. Action 0 sets borrow rate base to 1.5e16 (1e18=100% scale), which equals 1.5%, matching the proposed 1.50% base rate. Action 1 sets slope low to 5.556e15, equal to 0.5556%, matching the proposed slope value exactly. Action 2 is a deployAndUpgradeTo call on the same Comet proxy address referenced in actions 0 and 1, consistent with the description's claim of deploying and upgrading the WETH Comet to apply the new configuration. No supply-side, kink, or above-kink parameters appear in the calldata, consistent with the description's claim that those remain unchanged. All three decoded actions are explicitly described in the proposal's numbered action list, and no extra or omitted actions were found. Overall the prose accurately and completely reflects the on-chain calldata with correct unit conversions (percent vs 1e18 fixed-point).
Generated by Kvorum
04Actions
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateBase(address,uint64)
- Arguments
{ "newBase": "15000000000000000", "cometProxy": "0xA17581A9E3356d9A858b789D68B4d866e593aE94" }- Calldata
- Target
- 0x316f…36e3
- Value
- 0 wei
- Function
- setBorrowPerYearInterestRateSlopeLow(address,uint64)
- Arguments
{ "newSlope": "5556000000000000", "cometProxy": "0xA17581A9E3356d9A858b789D68B4d866e593aE94" }- Calldata
- Target
- 0x1ec6…8779
- Value
- 0 wei
- Function
- deployAndUpgradeTo(address,address)
- Arguments
{ "cometProxy": "0xA17581A9E3356d9A858b789D68B4d866e593aE94", "configuratorProxy": "0x316f9708bB98af7dA9c68C1C3b5e79039cD336E3" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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