[Comptroller](https://etherscan.io/address/0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b)._setMintPaused("[cUSDC](https://etherscan.io/address/0x39aa39c021dfbae8fac545936693ac917d5e7563)", false)

As the price of USDC fell through $0.90, cUSDC minting on Compound V2 was paused out of caution by the community multisig. This proposal resumes minting of cUSDC.

Resume cUSDC minting

Set [cWBTC](https://etherscan.io/address/0xc11b1268c1a384e55c48c2391d8d480264a3a7f4) collateral factor to 60.0%

Set supply cap for [cbETH](https://etherscan.io/address/0xbe9895146f7af43049ca1c1ae358b0541ea49704) on [Comet](https://etherscan.io/address/0xa17581a9e3356d9a858b789d68b4d866e593ae94) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3) to 40000.00

Deploy and upgrade new implementation for [Comet](https://etherscan.io/address/0xa17581a9e3356d9a858b789d68b4d866e593ae94) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3)

## Simple Summary

A proposal to adjust:
* one (1) risk parameter (collateral factor) across one (1) Compound V2 asset.
* one (1) parameter for one (1) Compound V3 WETH asset.

More details can be found in the below forum posts:
* [V2 Recommendation](https://www.comp.xyz/t/compound-v2-risk-parameter-updates-2023-03-01/4108)
* [WETH Comet Recommendation](https://www.comp.xyz/t/compound-v3-eth-comet-risk-parameter-updates-2023-03-02/4112)


## Specification

V2:

![](https://hackmd.io/_uploads/S1LS43yy3.png)


WETH Comet:


![](https://hackmd.io/_uploads/Sk_HN2y1h.png)


## Implementation

This proposal updates parameters on two different deployments of Compound.

The collateral factor of legacy cWBTC is updated using the `_setCollateralFactor` method on the `Comptroller`.

The cbETH supply cap is updated using the `updateAssetSupplyCap` with the WETH Comet 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.*

Risk Parameter Updates for V2 and V3 WETH Comet

Set compSpeed of [cUSDC](https://etherscan.io/address/0x39aa39c021dfbae8fac545936693ac917d5e7563) to 0.029 COMP/block (supply) and 0.029 COMP/block (borrow). Set compSpeed of [cDAI](https://etherscan.io/address/0x5d3a536e4d6dbd6114cc1ead35777bab948e3643) to 0.029 COMP/block (supply) and 0.029 COMP/block (borrow)

Set supply cap for [WETH](https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2) on [cUSDCv3](https://etherscan.io/address/0xc3d688b66703497daa19211eedff47f25384cdc3) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3) to 350000.00

Set supply cap for [WBTC](https://etherscan.io/address/0x2260fac5e5542a773aa44fbcfedf7c193bc2c599) on [cUSDCv3](https://etherscan.io/address/0xc3d688b66703497daa19211eedff47f25384cdc3) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3) to 12000.00

[Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3).setBaseTrackingBorrowSpeed("[cUSDCv3](https://etherscan.io/address/0xc3d688b66703497daa19211eedff47f25384cdc3)", 3257060185185)

[Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3).setStoreFrontPriceFactor("[cUSDCv3](https://etherscan.io/address/0xc3d688b66703497daa19211eedff47f25384cdc3)", 600000000000000000)

Deploy and upgrade new implementation for [cUSDCv3](https://etherscan.io/address/0xc3d688b66703497daa19211eedff47f25384cdc3) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3)

## 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](https://www.comp.xyz/t/cip-3-compound-v2-to-v3-migration/4046/7?u=pauljlei) 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.*

Compound V2 -> V3 Migration Phase 1

Bridge wrapped actions to Polygon with [PolygonBridgeReceiver](https://polygonscan.com/address/0x18281dfC4d00905DA1aaA6731414EABa843c468A)

Approve 10000.0 [USDC](https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48) tokens to bridge to Polygon

Bridge 10000.0 [USDC](https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48) tokens over Polygon to [cUSDCv3](https://polygonscan.com/address/0xF25212E676D1F7F89Cd72fFEe66158f541246445)

Approve 2500.0 [COMP](https://etherscan.io/address/0xc00e94cb662c3520282e6f5717214004a7f26888) tokens to bridge to Polygon

Bridge 2500.0 [COMP](https://etherscan.io/address/0xc00e94cb662c3520282e6f5717214004a7f26888) tokens over Polygon to [cUSDCv3Rewards](https://polygonscan.com/address/0x45939657d1CA34A8FA39A924B71D28Fe8431e581)

Create new **v3-additional-grants** ENS subdomain for **compound-community-licenses.eth** with [Timelock](https://etherscan.io/address/0x6d903f6003cca6255d85cca4d3b5e5146dc33925) as owner and [ENSResolver](https://etherscan.io/address/0x4976fb03C32e5B8cfe2b6cCB31c09Ba78EBaBa41) as resolver

Set ENS text record for **v3-additional-grants.compound-community-licenses.eth** with key: **v3-official-markets** and value: **{"1":[{"baseSymbol":"USDC","cometAddress":"0xc3d688B66703497DAA19211EEdff47f25384cdc3"},{"baseSymbol":"WETH","cometAddress":"0xA17581A9E3356d9A858b789D68B4d866e593aE94"}],"137":[{"baseSymbol":"USDC","cometAddress":"0xF25212E676D1F7F89Cd72fFEe66158f541246445"}]}**

Set compSpeed of [cUSDT](https://etherscan.io/address/0xf650c3d88d12db855b8bf7d11be6c55a4e07dcc9) to 0.000 COMP/block (supply) and 0.005 COMP/block (borrow)

This proposal takes the governance steps recommended and necessary to initialize a Compound III USDC market on Polygon; upon execution, cUSDCv3 will be ready for use. Simulations have confirmed the market’s readiness, as much as possible, using the [Comet scenario suite](https://github.com/compound-finance/comet/tree/main/scenario). Although real tests have also been run over the Goerli/Mumbai bridge, this will be the first proposal to actually bridge from Ethereum mainnet to another chain, and therefore includes risks not present in previous proposals.

Although the proposal sets the entire configuration in the Configurator, the initial deployment already has most of these same parameters already set. The new parameters include setting the pause guardian to a Gnosis [multisig](https://app.safe.global/matic:0x8Ab717CAC3CbC4934E63825B88442F5810aAF6e5/home), which has been created on Polygon to match the same set of signers as currently on Ethereum mainnet. They also include risk parameters based off of the [recommendations from Gauntlet](https://www.comp.xyz/t/initialize-compound-iii-usdc-on-polygon-pos/3611/12). Finally, the parameters include a modest reallocation of some of the v2 USDT COMP rewards to borrowers in the new market.

Further detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/672) and [forum discussion](https://www.comp.xyz/t/initialize-compound-iii-usdc-on-polygon-pos/3611/11).


## Proposal Actions

The first proposal action sets the Comet configuration and deploys a new Comet implementation on Polygon. This sends the encoded `setConfiguration` and `deployAndUpgradeTo` calls across the bridge to the governance receiver on Polygon.

The second action approves Polygon's ERC20Predicate to take Timelock's USDC, in order to seed the market reserves through the bridge.

The third action deposits USDC from mainnet to the Polygon RootChainManager contract to bridge to Comet.

The fourth action approves Polygon's ERC20Predicate to take Timelock's COMP, in order to seed the rewards contract through the bridge.

The fifth action deposits COMP from mainnet to the Polygon RootChainManager contract to bridge to CometRewards. 

The sixth action sets up the ENS subdomain `v3-additional-grants.compound-community-licenses.eth`,  with the Timelock as the owner.

The seventh action writes the ENS TXT record `v3-official-markets` on `v3-additional-grants.compound-community-licenses.eth`, containing the official markets JSON.

The eighth action migrates the COMP distribution for v2 cUSDT suppliers, so as to keep the total COMP distribution constant.

Initialize cUSDCv3 on Polygon

Transfer 1962.70 [COMP](https://etherscan.io/address/0xc00e94cb662c3520282e6f5717214004a7f26888) to 0x8524B12CB7710C75B53bAa9ca72B420542d24C13

# CGP Hackathon Sponsorships in 2023

Authors: Adam, Harsha, CGP-2 Domain Allocators
Compound Grants Program seeks an additional $100K (1962.70 COMP) in grants budget to sponsor these ETHGlobal hackathons:
- ETHGlobal Toronto
- ETHGlobal New York
- ETHOnline (Remote)

Please find the community feedback on the proposal [here](https://www.comp.xyz/t/cgp-hackathon-sponsorships-in-2023/4067)
For a better reading experience, please read [here](https://questbook.notion.site/CGP-Hackathon-sponsorship-00e2171c2dab4a6fb398fa45f309b905)

**Action:** `Transfer 1962.70 COMP to 0x8524B12CB7710C75B53bAa9ca72B420542d24C13`

Most recent COMP price at the time of proposal submission: $50.95
![Token Tracker](https://i.imgur.com/2V9HQM9.png)

### CGP seeks quality builders

Compound grants program has already accepted 12 proposals, amounting to a total committed amount of $200k to builders. All of the funding is happening transparently and can be tracked on [Questbook](https://questbook.app/)

However, we need to attract the best builders to continue to make CGP an ongoing success. Particularly,

- Increase awareness among top builders that Compound grants are back.
- Increase inflow of builders for proposals in security, multichain-cross chain, and Dev tooling domains

The invite for builders can more formally be seen here in the form of well-defined RFPs :

- [Dev Tooling](https://www.notion.so/questbook/Madhavan-CGP-DevTooling-Onepager-2a680b4aca784147b5f2ff6a9aadba11)
- [Security](https://docs.google.com/document/d/1Dm_x3pThG1ROjjZVDFpS41L5ghtQVy3bcT00SmCujV4/edit)
- [Multichain & Crosschain Strategy](https://docs.google.com/document/d/1d_Fj8gXPqPuPhf6nJEPc-SwTV7EqBzAfXfl4OGFZjjE/edit#heading=h.aze6a5lp1qrf)


### Impact

Uniswap and Aave regularly sponsor events. Their presence in hackathons inspires builders to build on top of their solutions.

Compound has previously sponsored hackathons too. Speaking to the team, we learned that the impact of Compound sponsoring the hackathon was limited to brand recall.

However, CGP aims to sponsor ETHGlobal events with the specific goal of getting more builders to build the RFPs laid out by the 4 domains.

**Case studies from CGP 2.0**
- The [Wido team who will be working on a collateral swap extension for V3](https://questbook.app/dashboard/?grantId=0xeb047900b28a9f90f3c0e65768b23e7542a65163&chainId=10&role=community&proposalId=0x1c9&isRenderingProposalBody=true) won HackMoney 2021 and 2022 before organizing as Wido.
- Gabriel built a prototype of his wrapper in a hackathon. [He has gotten a grant from the Dev Tooling domain](https://questbook.app/dashboard/?grantId=0x3b16764826f0baa77226327c7c0d7d53f8541913&chainId=10&role=community&proposalId=0x1b1&isRenderingProposalBody=true). His solution is already being used by another grantee.

### What we get

- Partner Table - to explain the RFPs and help builders lay out a development roadmap
- Workshops (Recorded and in-person) - increase awareness of RFPs by building MVPs of desired projects
- Connected to the builders - Dedicated channel in the online ETHGlobal community and connect with teams building on the compound.

We should use sponsorships with a laser focus on inviting builders to the already listed RFPs.
We know what we want, we know who can build them, and we know where to find them.
We will pick winners only if they’re building something in response to the RFPs listed.

### What exactly will we be paying for?

- ETHGlobal’s sponsorship fees for participation as a protocol in the three aforementioned events.
- Community member passes for protocol community representatives (ranging from $500 - $1,000 per person, per event). The number of community members that can represent varies from event to event. We decide this by self-nomination and polling on the forum posts for each event.
- Compound Grants hackathon sponsor bounty prizes ($5,000 - $10,000 per event).
- This specific grant will NOT include stipends for travel and lodging fees for participants in the in-person events.

### Can I participate in a capacity beyond simply voting for this proposal?

Yes! We encourage community members to participate in the events. You may participate as a volunteer mentor, a judge, a hacker, or a presenter.

Adam from Compound Labs will participate as a mentor, developer workshop presenter, and judge for the Compound Grants bounty prizes in each event.

Community members may organize a presentation for the events that are based on the Compound protocol or Grants and must drive audience participation in the protocol community or Grants.

CGP Hackathon Sponsorships in 2023

Set supply cap for [cbETH](https://etherscan.io/address/0xbe9895146f7af43049ca1c1ae358b0541ea49704) on [Comet](https://etherscan.io/address/0xa17581a9e3356d9a858b789d68b4d866e593ae94) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3) to 30000.00

## Explanation

The cWETHv3 market is currently limited by the cbETH supply cap, which has been reached.

The associated forum post for this proposal can be found [here](https://www.comp.xyz/t/compound-v3-usdc-comet-risk-parameter-updates-2023-02-08).

## Proposal

The proposal itself is to be made from [this pull request](https://github.com/compound-finance/comet/pull/678).

The first action of the proposal sets the configurator supply cap for cbETH to 30,000 from the current cap of 20,000.

The second action deploys and upgrades to a new implementation of Comet, using the newly configured parameters.

Increase cbETH Supply Cap in cWETHv3

Set ENS text record for **v3-additional-grants.compound-community-licenses.eth** with key: **v3-official-markets** and value: **{"1":[{"baseSymbol":"USDC","cometAddress":"0xc3d688B66703497DAA19211EEdff47f25384cdc3"},{"baseSymbol":"WETH","cometAddress":"0xA17581A9E3356d9A858b789D68B4d866e593aE94"}]}**

## Explanation

With two active Compound III markets (cUSDCv3 and cWETHv3) now on Ethereum mainnet, and with the first multi-chain deployment(s) right around the corner, now is a good time to initialize the ENS subdomain referenced by the Compound III license. Further explanation can be found on [this forum post](https://www.comp.xyz/t/ens-text-records-for-community-sanctioned-deployments).

The format for TXT records on this subdomain can be augmented over time. This proposal includes only the bare minimum required to bootstrap an official on-chain list of Compound III markets. Future deployment proposals should include an action to update this ENS record, to reflect adoption by governance.

## Proposal

The proposal itself is to be made from [this pull request](https://github.com/compound-finance/comet/pull/671). 

The first action establishes the `v3-additional-grants.compound-community-licenses.eth` ENS subdomain with the Timelock as the owner.

The second action creates a TXT record on the subdomain containing the cUSDCv3 and cWETHv3 market addresses.

Initialize ENS subdomain for official Comet deployments

[Comptroller](https://etherscan.io/address/0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b)._setMarketBorrowCaps(["[cYFI](https://etherscan.io/address/0x80a2ae356fc9ef4305676f7a3e2ed04e12c33946)"], [30000000000000000000])

Set [cBAT](https://etherscan.io/address/0x6c8c6b02e7b2be14d4fa6022dfd6d75921d90e4e) collateral factor to 60.0%

Set [cCOMP](https://etherscan.io/address/0x70e36f6bf80a52b3b46b3af8e106cc0ed743e8e4) collateral factor to 60.0%

## Simple Summary

A proposal to adjust three (3) risk parameters (collateral factor & borrow cap) across three (3) Compound V2 assets.

The community has aligned on a [risk off framework](https://snapshot.org/#/comp-vote.eth/proposal/bafkreiar7qfbmmabclsogilncy542cyenehjulmdhhewuzojdooer4tnje).

## Background
Gauntlet's simulation engine has ingested the latest market and liquidity data. These recommendations are 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/compound-v2-risk-parameter-updates-2023-01-25/4001)


## Motivation and Specification

This set of parameter updates seeks to maintain the overall risk tolerance of the protocol while making risk trade-offs between specific assets.

Our parameter recommendations are driven by an optimization function that balances 3 core metrics: insolvencies, liquidations, and borrow usage. Our parameter recommendations seek to optimize for this objective function. For more details, please see [Gauntlet's Parameter Recommendation Methodology](https://medium.com/gauntlet-networks/gauntlets-parameter-recommendation-methodology-8591478a0c1c) and [Gauntlet's Model Methodology](https://medium.com/gauntlet-networks/gauntlets-model-methodology-ea150ff0bafd).


![](https://i.imgur.com/RyvblTa.png)



## Dashboard


Gauntlet has launched the [Compound Risk Dashboard](https://gov.gauntlet.network/compound). The community should use the Dashboard to understand better the updated parameter suggestions and general market risk in Compound.


Value at Risk represents the 95th percentile **insolvency value** that occurs from simulations we run over a range of volatilities to approximate a tail event.

Liquidations at Risk represents the 95th percentile **liquidation volume** that occurs from simulations we run over a range of volatilities to approximate a tail event.

These parameter changes decrease borrow usage by 5 basis points, decrease VaR by 15.3%, and decrease LaR by $0.96M.

![](https://hackmd.io/_uploads/rkJ60ZJ3o.png)

## Specification

The proposal uses the `Configurator` contract to update the asset parameters listed above using the `_setCollateralFactor` and `_setMarketBorrowCaps` methods.

*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.*

Risk Parameter Updates for 3 Compound V2 Assets

Set supply cap for [cbETH](https://etherscan.io/address/0xbe9895146f7af43049ca1c1ae358b0541ea49704) on [Comet](https://etherscan.io/address/0xa17581a9e3356d9a858b789d68b4d866e593ae94) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3) to 20000.00

## Explanation

The cWETHv3 market is currently limited by the cbETH supply cap, which has been reached.

The associated forum post for this proposal can be found [here](https://www.comp.xyz/t/compound-v3-weth-comet-risk-parameter-updates-2023-01-26).

## Proposal

The proposal itself is to be made from [this pull request](https://github.com/compound-finance/comet/pull/667).

The first action of the proposal sets the configurator supply cap for cbETH to 20,000 from the current cap of 7,100.

The second action deploys and upgrades to a new implementation of Comet, using the newly configured parameters.

Set supply cap for [COMP](https://etherscan.io/address/0xc00e94cb662c3520282e6f5717214004a7f26888) on [cUSDCv3](https://etherscan.io/address/0xc3d688b66703497daa19211eedff47f25384cdc3) via [Configurator](https://etherscan.io/address/0x316f9708bb98af7da9c68c1c3b5e79039cd336e3) to 900000.00

## Simple Summary

Increase the supply cap of COMP on the Comet USDC market from 600,000 COMP to 900,000 COMP.


## Motivation

Supply caps protect against price manipulation attacks (among other risks) on illiquid tokens that involve supplying the manipulatable token as collateral. In this framework, it is prudent to have tighter supply caps for less liquid tokens. On the other hand, as the use case for v3 grows, the community may wish to increase supply caps to accommodate greater usage. Current market data, including COMP’s +2% market depth at $1.7M, support an increase to the supply cap to allow for organic growth in the market without adding outsized market risk. Should the new supply cap get hit, the current liquidation bonus setting is likely to absorb the expected increase in VaR (1.5x), given the +2% market depth. Gauntlet recommends increasing the COMP supply cap to 900,000.

In the meantime, Gauntlet is continuing to formulate a formal borrow and supply cap process for Compound V3 to streamline these cap adjustments.


## Specification


The proposal uses the `Configurator` contract to update the asset parameters listed above for `cUSDCv3` using the `updateAssetSupplyCap` method and then upgrades `cUSDCv3` to use the newly configured `Comet`.


*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.*

Vote By Signature

154

Total Proposals

Recent Proposals

Resume cUSDC minting

Risk Parameter Updates for V2 and V3 WETH Comet

Compound V2 -> V3 Migration Phase 1

Initialize cUSDCv3 on Polygon

CGP Hackathon Sponsorships in 2023

Increase cbETH Supply Cap in cWETHv3

Initialize ENS subdomain for official Comet deployments

Risk Parameter Updates for 3 Compound V2 Assets

Increase cbETH Supply Cap in cWETHv3

Risk Parameter Updates for 1 Collateral Asset on the Comet...

Public API