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0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#25,096,112·0x4144cbd8…4b293d
# ezETH Supply Cap Reduction Recommendation on Ethereum WETH Comet\n## Summary\n\nGauntlet recommends reducing the ezETH supply cap on the Ethereum WETH Comet from **33,163 ezETH** to **500 ezETH**.\n\nThis recommendation is driven by:\n\n1. Low supply cap utilization - current usage is **~1.33%** of the existing cap.\n2. Alignment of ezETH headroom with current onchain demand.\n\nThe proposed cap remains well above current usage and preserves room for organic growth, while removing oversized headroom that no longer reflects the asset’s profile.\n\n## Recommendation\n\n| Market | Asset | Current Supply Cap | Proposed Supply Cap | Current Usage | Current Utilization |\n| --------------------- | ----- | ------------------ | ------------------- | ------------- | ------------------- |\n| Ethereum – WETH Comet | ezETH | 33,163 | **500** | ~442.5 ezETH | ~1.33% |\n\n## Rationale\n\nThe Ethereum WETH Comet is the only Compound V3 market where ezETH has been allocated meaningful headroom, and it is also the market where the cap is by far the **most underutilized** relative to current onchain demand:\n\n* Current supply cap: **33,163 ezETH**\n* Current supplied balance: **~442 ezETH**\n* Utilization of cap: **~1.33%**\n\nAcross Gauntlet’s broader collateral-asset reviews, sustained utilization of \<5% of an allocated cap over multiple review cycles is a strong signal that the cap should be re-sized to match observed demand. Maintaining an oversized cap on a collateral asset:\n\n* Inflates the theoretical maximum exposure of the protocol to that asset’s tail risks (price manipulation, oracle issues, redemption disruptions).\n* Creates an avoidable “headroom overhang” that would need to be reactively unwound under stress.\n\nThe new cap preserves headroom for organic growth\n\nAt 500 ezETH, the proposed cap is approximately **~88% utilized caps**, with room to be revisited upward via a standard supply cap recommendation if demand materializes. This is consistent with Gauntlet’s standard cadence of resizing caps in line with realized utilization.\n\n\n\nMore details about this proposal can be found [here](https://www.comp.xyz/t/gauntlet-ezeth-supply-cap-reduction-recommendation-on-ethereum-weth-comet/7851)
0xb3dd2ca3…3e4dsent to0x4d80f679…ef4b·#20,623,011·0xb48fe261…ad96f8
createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)updateAssetSupplyCap(address,address,uint128)updateAssetSupplyCap(address,address,uint128)deployAndUpgradeTo(address,address)# [Gauntlet] - Risk Recommendations (2024-08-27) ## Summary Gauntlet recommends the following risk recommendations: - Increase WETH Arbitrum Comet’s weETH Supply Cap from 12,000 to 24,000 - Increase WETH Arbitrum Comet’s rETH Supply Cap from 4,500 to 7,500 ## Motivation This recommendation aims to increase supply caps for assets on their respective Comet. Gauntlet recommends to increase supply caps to increase capital efficiency within the Comets. Full proposal and forum discussions can be found below: - [Arbitrum WETH Comet Risk Recommendations](https://www.comp.xyz/t/gauntlet-arbitrum-weth-comet-risk-recommendations/5626) ## Specification The proposal updates the parameters by using the respective methods on the Configurator. ***By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos***
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#19,912,873·0x28c669f7…f4589d
_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)# [Gauntlet] - Compound v2 Deprecation Phase 12 (05/20/2024) ## Simple Summary For Phase 11 of the Compound v2 deprecation, Gauntlet recommends decreasing the Collateral Factor for v2 collateral assets. Specifically, Gauntlet recommends the following changes: - Decrease **AAVE Collateral Factor** from 33% to **28%** - Decrease **COMP Collateral Factor** from 20% to **15%** - Decrease **LINK Collateral Factor** from 39% to **34%** - Decrease **MKR Collateral Factor** from 33% to **28%** - Decrease **SUSHI Collateral Factor** from 27% to **22%** - Decrease **UNI Collateral Factor** from 70% to **60%** - Decrease **YFI Collateral Factor** from 35% to **30%** - Decrease **ZRX Collateral Factor** from 25% to **20%** For more details, see the full forum post [here](https://www.comp.xyz/t/gauntlet-compound-v2-deprecation-phase-12-05-18-2024/5260). ## Motivation In this September 2022 snapshot vote, the community voted that each asset’s Collateral Factor may be reduced. After our analysis, Gauntlet recommends these collateral factor adjustments for each stated collateral asset in order to further deprecate the v2 market. [Full proposal and forum discussion](https://www.comp.xyz/t/gauntlet-compound-v2-deprecation-phase-12-05-18-2024/5260) ## Specification The proposal updates the parameters using the _setCollateralFactor method of the relevant cToken contracts. <sub>By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.<sub>
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#19,515,375·0x9e1fab17…736252
sendMessage(address,bytes,uint32)setBaseTrackingSupplySpeed(address,uint64)setBorrowPerYearInterestRateSlopeLow(address,uint64)setSupplyPerYearInterestRateSlopeLow(address,uint64)setSupplyPerYearInterestRateSlopeHigh(address,uint64)deployAndUpgradeTo(address,address)# Simple Summary A proposal from Gauntlet to adjust IR Curve and Incentives to Compound III WETH (BASE): | Markets | Daily COMP Supply Rewards (Tokens) | Recommended Daily COMP Supply Rewards (Tokens) | | ------------------------ | ---------------------------------- | ---------------------------------------------- | | Compound III WETH (BASE) | 20 | 15 | | Parameter | Current Value |Recommended Value | |-----------------------------------------|-------------------|-------------------| | Annual Supply Interest Rate Base | 0 |0 | | Annual Supply Interest Rate Slope Low | .025 |.015 | | Supply Kink | .9 |.9 | | Annual Supply Interest Rate Slope High | 1 | .9 | | Annual Borrow Interest Rate Base | .005 | .005 | | Annual Borrow Interest Rate Slope Low | .035 |.0155 | | Borrow Kink | .9 |.9| | Annual Borrow Interest Rate Slope High | 1 |1| ## Motivation Given the low utilization of the WETH Comet on BASE, Gauntlet proposes updating the IR curves and incentives to increase capital efficiency. [Full proposal and forum discussion](https://www.comp.xyz/t/gauntlet-base-v3-weth-comets-interest-rate-curve-reward-recommendations-3-18-24/5072) ## Specification The proposal updates the base tracking supply speeds, the supply per year interest rate high slope, and the borrow/supply per year interest rate low slope by using the respective methods on the Configurator. ***By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.***
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#19,372,979·0x9fc20b63…3ad27a
_grantComp(address,uint256)approve(address,uint256)depositFor(address,address,bytes)# [Gauntlet] Polygon Rewards Contract Top-Up Recommendations (03/04/24) # Simple Summary Gauntlet recommends adding 7,000 COMP tokens to the Polygon CometRewards contract, extending its operational period by 100 days given the 70 daily COMP distributions. For more details, see the full forum post [here](https://www.comp.xyz/t/gauntlet-polygon-rewards-contract-top-up-recommendations-02-28-24/5029). *By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.*
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#18,316,756·0x67382f6d…23def4
_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setReserveFactor(uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)# [Gauntlet] 2023-10-09: Compound v2 Deprecation (Phase 2) ## Simple Summary A proposal from Gauntlet to adjust 8 Compound v2 risk parameters for Phase 2 of the Compound v2 Deprecation. Gauntlet recommends the following changes: * Decrease **cAAVE Collateral Factor** from 73% to **68%** * Decrease **cCOMP Collateral Factor** from 60% to **55%** * Decrease **cLINK Collateral Factor** from 79% to **74%** * Decrease **cMKR Collateral Factor** from 73% to **68%** * Decrease **cSUSHI Collateral Factor** from 67% to **62%** * Decrease **cYFI Collateral Factor** from 75% to **70%** * Decrease **cZRX Collateral Factor** from 65% to **60%** * Increase **v2 USDC Reserve Factor** from 30% to **45%**. For more details, see the full forum post [here]( https://www.comp.xyz/t/gauntlet-compound-v2-deprecation-strategy-phase-2-9-29-23/4700 ). ## Motivation In this [September 2022 snapshot vote](https://snapshot.org/#/comp-vote.eth/proposal/bafkreiar7qfbmmabclsogilncy542cyenehjulmdhhewuzojdooer4tnje), the community voted that each asset’s Collateral Factor may be reduced by an absolute percentage of up to 5%. After our analysis, Gauntlet recommends this max 5% decrease for each lowly supplied collateral asset in order to further deprecate the v2 market. Additionally, Gauntlet recommends continuing to raise the v2 USDC Reserve Factor to incentivize v2 USDC suppliers to migrate to v3. [Full proposal and forum discussion](https://www.comp.xyz/t/gauntlet-compound-v2-deprecation-strategy-phase-2-9-29-23/4700) ## Specification The proposal updates the parameters using the `_setReserveFactor` and `_setCollateralFactor` methods of the relevant cToken contracts. *By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.*
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#18,166,638·0x18c2796c…baab14
_grantComp(address,uint256)transfer(address,uint256)approve(address,uint256)createStream(address,uint256,address,uint256,uint256) P# Gauntlet <> Compound Renewal 2023 ## Background Since 2021, Gauntlet has worked with Compound to maximize the protocol’s capital efficiency given an acceptable level of market risk. Full details of the proposal can be found [here](https://www.comp.xyz/t/gauntlet-compound-renewal-2023/4638). ## Proposal A proposal to renew Gauntlet’s 12-month engagement with Compound on continuous market risk management to maximize capital efficiency while minimizing the risk of insolvency and liquidations to create long-term sustainable growth. Gauntlet renewed its partnership with Compound last year in September, which runs through September 27, 2023. Gauntlet’s Risk Management platform quantifies risk, optimizes risk parameters, runs economic stress tests, and calibrates parameters dynamically. Gauntlet uses agent-based simulation models tuned to actual market data to model tail market events and interactions between different users within DeFi protocols. Compared to Gauntlet’s [2022 engagement](https://www.comp.xyz/t/gauntlet-compound-renewal/3541), the proposed 2023 renewal has broader coverage of 15 comet deployments and a simpler, more predictable fixed fee structure that is aligned with Compound’s multi-chain vision. The service fee structure will be a fixed annual fee of $2,000,000, completely in COMP tokens. Using COMP token’s 30-day VWAP price as of EOD Sep 12, which is $42.58, the total COMP token amount for the fixed fee will be 46,970 COMP tokens. 30% (14,091 COMP tokens) will be sent as a lump sum to the insolvency refund vault (0x7667095Caa12b79fCa489ff6E2198Ca01fDAe057), and 70% (32,879 COMP tokens) will be streamed linearly over the course of the year, with the start date of Sep 27, to Gauntlet's address (0xD20c9667bf0047F313228F9fE11F8b9F8Dc29bBa). In order to facilitate these payments, we transfer 46,970 COMP to the timelock using the `_grantComp` method on the `Comptroller`. To increase its alignment with Compound, Gauntlet will refund a portion of the payment should Gauntlet's risk parameter optimizations incur losses for the protocol during the engagement. For more details, see the full [proposal](https://www.comp.xyz/t/gauntlet-compound-renewal-2023/4638). *By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.*
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#17,979,818·0x7d189a96…56b56e
# Fund Combined Liquidity Incentivization Program ## Summary This [joint proposal](https://gov.uniswap.org/t/temp-check-combined-liquidity-incentivization-proposal/21545) combines the [Gauntlet](https://gov.uniswap.org/t/rfc-gauntlet-dynamic-incentive-optimization-for-uniswap-v3-on-arbitrum/21426) and [Gamma Strategies’](https://gov.uniswap.org/t/rfc-gamma-strategies-distribute-at-least-1-3-of-arb-airdrop-as-liquidity-incentives/21345) responses to an [RFP published in May 2023](https://gov.uniswap.org/t/request-for-proposals-arb-distribution/21287). It was written with input from the Angle, Arrakis, Open Block Labs, and 0xPlasma teams; the DefiEdge and BrincX teams have reviewed and approved and will join as liquidity managers. All active liquidity management protocols are welcome to review and participate. Broadly speaking, Gauntlet will perform the analysis to determine which pools receive how much $ARB rewards and for what duration. Angle Protocol will use its Merkl root solution to distribute those incentives to all liquidity providers, including those who provide to an LP NFT or to active liquidity managers. ## Proposal Details This proposal passes three messages through the Arbitrum Delayed Inbox, each of which calls the transfer function on the ARB token. - 15,000 ARB will be sent to OpenBlock Labs for work described below - 150,000 ARB will be sent to Gauntlet for work described below - 1,835,000 ARB will be sent to a 3/4 multisig for distribution of rewards via Angle's Merkl contracts, as described below. Signers on that multisig include: - [Erin Koen](https://twitter.com/eek637), [Uniswap Foundation](https://twitter.com/uniswapfnd) - [BP](https://twitter.com/BP_Gamma), [Gamma Strategies](https://twitter.com/gammastrategies) - [Matt Dobel](https://twitter.com/mattdobel), [Gauntlet](https://twitter.com/gauntlet_xyz) - [Pablo Veyrat](https://twitter.com/pablo_veyrat), [Angle Protocol](https://twitter.com/AngleProtocol) A description of the Delayed Inbox can be found [here](https://docs.arbitrum.io/arbos/l1-to-l2-messaging). A more human-readable description of the functions called in this proposal can be found [here](https://gist.github.com/erin-koen/7c87d5ed66a627f67b08ec824846fea9). Simulated results of this proposal passing will be available [here](https://github.com/Uniswap/governance-seatbelt/actions) by navigating to the latest successful Governance Check workflow and downloading the Uniswap artifact at the bottom of the page. ## Methodology Gauntlet has built an optimization engine which takes in both on and off-chain data to generate recommendations for incentive distributions which aims to generate long-term benefits to the incentivizing protocol. In the case of Uniswap, it will aim to choose parameters which will maximize expected future protocol benefit per $ of incentive spent. Market data used for their models include historical price trajectories, competitor data, and user level cohort data. Angle Protocol developed Merkl which is based on an off-chain script that computes the rewards for all LPs of these pools according to specific preferences. The script aggregates onchain LP NFTs and active manager LP positions and records eligible rewards based on a uniform criteria. It then compresses this information into a Merkl root and posts on-chain allowing LPs to claim their rewards. ARB held in the multisig will be used to fund a Merkl contract for distribution to eligible liquidity providers on a cadence determined by Gauntlet's recommendations. For in-depth discussions on Gauntlet's methodology and the Merkle distribution solution please see the proposals linked above. ## Liquidity Manager Analytics Additionally, OpenBlock Labs will leverage their data intelligence platform to deliver comprehensive analytics for the liquidity management protocols participating in Uniswap’s incentive management program on Arbitrum. These analytics will offer detailed insights into the user base of each liquidity manager, assessing the distribution of their liquidity providers (LPs) and capturing important attributes regarding their behavior. The analysis will further evaluate the stickiness of these LPs, thereby gauging the effectiveness of the rewards system. Armed with this data, liquidity management protocols could tweak their parameters to increase their efficacy. ## Details Distribution amount: 2M $ARB Gauntlet Fee: 150k ARB OpenBlock Fee: 15k ARB Angle Merkle Fee: 3% of distributed ARB Total ARB used for liquidity incentives: (2m -150k - 15k * .97) = 1,779,950 Liquidity Manager fees: Vary, charged to depositors Duration: 8 months
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#17,971,737·0x94c9aa11…f8fffa
sendMessageToChild(address,bytes)updateAssetSupplyCap(address,address,uint128)deployAndUpgradeTo(address,address)# [Gauntlet] 2023-08-21: Polygon USDC - Risk Parameter Updates ## Simple Summary A proposal from Gauntlet to adjust one risk parameter in the Polygon USDC comet. Gauntlet recommends the following risk parameter change: * Increase WBTC supply cap from 1k tokens to 1.5k tokens For more details, see the full forum post [here]( https://www.comp.xyz/t/gauntlet-polygon-usdc-risk-recommendations-8-18-23/4608 ). ## Motivation Supply cap for WBTC has recently reached 87%. This change will decrease WBTC supply cap utilization from 87% to 58%, resulting in $16.6M additional WBTC able to be supplied, to allow further long-term protocol usage and growth. [Full proposal and forum discussion](https://www.comp.xyz/t/gauntlet-polygon-usdc-risk-recommendations-8-18-23/4608) ## Specification This proposal updates supply cap on V3 Polygon USDC market through `updateAssetSupplyCap` in Configurator. *By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.*
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#17,226,469·0x40145846…12c142
# Risk Parameter Updates for Polygon Compound v3 USDC (5/9/23) ## Simple Summary A proposal from Gauntlet to adjust 3 parameters (supply cap) for 3 Polygon Compound v3 USDC assets, and adjust one COMP rewards distribution. Gauntlet recommend: * Increase daily USDC supply COMP rewards from 0 to 34.73 ($1,268/day) * Increase WBTC supply cap from 400 ($12M) to 1,000 ($30M) * Increase WETH supply cap from 11k ($22M) to 20k ($40M) * Increase MATIC supply cap from 10M ($10M) to 20M ($20M) For more details, see the full forum post [here](https://www.comp.xyz/t/compound-polygon-v3-usdc-gauntlet-recommendations-4-28-23/4260). Note that asset prices have since decreased, so the true USD values are slightly lower than previously stated. ## Motivation The high USDC utilization combined with the low TVL in the Polygon comet seems to be dissuading large borrowers from joining the protocol, despite the appealing positive Net Borrow APR. Allocating 34.73 daily supply COMP rewards would immediately incentivize USDC suppliers to join the protocol, thereby making more USDC available to be borrowed, and gaining greater momentum for growth in the comet. [Full proposal and forum discussion](https://www.comp.xyz/t/compound-polygon-v3-usdc-gauntlet-recommendations-4-28-23/4260) ## Specification This proposal implements the above changes using Compound V3 cross-chain governance. *By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.*
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#16,936,571·0x3f052668…bc326a
# Compound V2 -> V3 Migration (Phase 2) ### Simple Summary Gauntlet provides this proposal for Phase 2 of the Compound V2 -> V3 Migration. ### Background Following community feedback, please see the below Phase 2 plan to align with the community's strategic preference. See the [forum post](https://www.comp.xyz/t/compound-v2-to-v3-migration-phase-2/4165) for more detail. * Decrease v2 daily USDC supply COMP rewards from 211.20 to 161.20 (-50) * Decrease v2 daily USDC borrow COMP rewards from 211.20 to 161.20 (-50) * Decrease v2 daily DAI supply COMP rewards from 211.20 to 161.20 (-50) * Decrease v2 daily DAI borrow COMP rewards from 211.20 to 161.20 (-50) * Increase v3 daily USDC borrow COMP rewards from 281.41 to 481.41 (+200) ### Specification This proposal implements a number of changes using several different contracts: * v2 daily COMP rewards are updated using `_setCompSpeeds` on the `Comptroller` contract * v3 USDC daily COMP rewards are updated using `setBaseTrackingBorrowSpeed` on the `Configurator` contract *By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.*
0xb3dd2ca3…3e4dsent to0x683a4f99…6c02·#13,647,736·0x1b4e7f5c…ffb8d3
_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)# Risk Parameter Updates for DAI, BAT, ZRX, and ETH ## Simple Summary A proposal to adjust four (4) total parameters across four (4) Compound assets. ## Background This proposal is a batch update of risk parameters to align with the [Moderate risk level](https://www.comp.xyz/t/community-risk-level-consensus-check/2437) chosen by the Compound community. These parameter updates are the third of Gauntlet's regular parameter recommendations as part of [Dynamic Risk Parameters](https://www.comp.xyz/t/dynamic-risk-parameters/2223/16). [Full proposal and forum discussion](https://www.comp.xyz/t/risk-parameter-updates-2021-11-17/2625) ## Motivation and Specification This set of parameter updates seeks to level set assets to a Moderate risk level of the protocol while making risk trade-offs between specific assets. Note that some are different from the original [risk level consensus check](https://www.comp.xyz/t/community-risk-level-consensus-check/2437) as market conditions have changed. In order to react to changing market conditions, our analysis recommends decreasing the collateral factors for BAT and ZRX while increasing collateral factors for ETH and DAI. Both BAT and ZRX have increased in volatility and decreased in volume since our last parameter changes. As shown on our dashboard, these changes will slightly increase VaR, but the corresponding increase in borrow usage is substantial. ![](https://i.imgur.com/jXbgC5y.png) ## Dashboard Gauntlet has launched the [Compound Risk Dashboard](https://gov.gauntlet.network/compound). The community should use the Dashboard to better understand the updated parameter suggestions and general market risk in Compound. As shown below, this set of parameter updates will slightly increase VaR, but meaningfully increase borrow usage. ![](https://i.imgur.com/DeZz4Mj.png)