Simple Summary

A proposal from Gauntlet to adjust one COMP reward distribution in the Ethereum v3 USDC comet.

Gauntlet recommends the following change to Ethereum v3 USDC rewards:

• Decrease Daily COMP Borrow Rewards from 381.40 to 100

For more details, see the full forum post here.

Motivation

Given the current COMP price of $50, this reward reduction would save Compound $5.14M/year in COMP emissions, reducing the total Compound emissions across all markets by 25.5%.

Full proposal and forum discussion

Specification

The proposal updates the COMP borrow rewards on the Ethereum v3 USDC Comet using the setBaseTrackingBorrowSpeed method of 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.