Executed

Semi-Permanent Gas Saving Measures for the DAI Market


Proposed by

Proposal ID

34

Proposed

Dec 21st, 2020

Result details

38 addresses

592.78K votes

100.08K

100.02K

50.03K

Final Votes

Quorum

Pending

Majority support

Yes

For

592.78K

Against

4.07

Abstain

0

Actions

Type

Address

Details

Custom

0x5d3a...3643

_setImplementation(..)

Custom

Account

0x5d3a...3643

Method

_setImplementation(..)

Custom

0x5d3a...3643

_setInterestRateModel(..)

Custom

Account

0x5d3a...3643

Method

_setInterestRateModel(..)

Proposal

When the DSR (Dai Savings Rate) was introduced by MakerDAO, the Compound team developed a CDaiDelegate to take advantage of DSR (pre governance). With DSR remaining at 0% for an extended period of time, it would be advantageous for the sake of gas fees to change back to an implementation which doesn’t deposit to DSR.

I propose setting the cDai implementation to the CErc20Delegate which is already the implementation for cUSDT and setting the interest rate model for cDai to that of cUSDT. The interest rate model change is necessary because the current IRM takes DSR into account. The actual interest parameters (base rate, multiplier, jump multiplier, and kink) will remain the same.

The end result of this proposal will be gas savings for users. This proposal has been simulated on a network fork to ensure expected outcome and uses contracts which have already been part of the Compound ecosystem for a long time. For more information, please see this post on the Compound forums.

Final Votes

Quorum

Pending

Majority support

Yes

For

592.78K

Against

4.07

Abstain

0

Final Votes

38 addresses

592.78K votes

100.08K

100.02K

50.03K

Status

Mon Dec 21, 11:42 pm

Published onchain

Sat Mar 13, 03:02 pm

Voting period started

Tue Mar 16, 12:38 am

Voting period ended

Thu Dec 24, 06:52 pm

Proposal queued

Sat Dec 26, 07:12 pm

Proposal executed