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Overview

Compound V2 -> V3 Migration Phase 1
Passed
152•Executed March 6th, 2023
Gauntlet
0x683a...6c02

For

636,253

330,974.9545
64,999
50,001.8781
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Against

0

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Details

1
Set compSpeed of cUSDC to 0.029 COMP/block (supply) and 0.029 COMP/block (borrow). Set compSpeed of cDAI to 0.029 COMP/block (supply) and 0.029 COMP/block (borrow)
2
Set supply cap for WETH on cUSDCv3 via Configurator to 350000.00
3
Set supply cap for WBTC on cUSDCv3 via Configurator to 12000.00
4
Configurator.setBaseTrackingBorrowSpeed("cUSDCv3", 3257060185185)
5
Configurator.setStoreFrontPriceFactor("cUSDCv3", 600000000000000000)
6
Deploy and upgrade new implementation for cUSDCv3 via Configurator
Simple Summary
Gauntlet provides this initial proposal for Compound V2 -> V3 Migration.
Background
Following community feedback, please see below an initial migration plan to align with the community's strategic preference. See the forum post for more detail.
  • Decrease v2 daily USDC supply COMP rewards from 241.20 to 211.20 (-30)
  • Decrease v2 daily USDC borrow COMP rewards from 241.20 to 211.20 (-30)
  • Decrease v2 daily DAI supply COMP rewards from 241.20 to 211.20 (-30)
  • Decrease v2 daily DAI borrow COMP rewards from 241.20 to 211.20 (-30)
  • Increase v3 daily USDC borrow COMP rewards from 161.41 to 281.41 (+120)
  • Increase v3 ETH supply cap from 150k to 350k
  • Increase v3 WBTC supply cap from 6k to 12k
  • Increase storefront price factor from 50% to 60%
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
  • v3 USDC supply caps are updated using updateAssetSupplyCap on the Configurator contract
  • v3 USDC storefront price factor is updated using setStoreFrontPriceFactor 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.

Proposal History

Created
February 27th, 2023 – 6:37pm
Active
March 1st, 2023 – 2:57pm
Succeeded
March 4th, 2023 – 9:34am
Queued
March 4th, 2023 – 9:35am
Executed
March 6th, 2023 – 9:37am