Weekly Update - June 12, 2023
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⌛ Key Points
There are no new proposals this week. Proposals to add MaticX (from Stader Labs) and stMatic (from Lido) are expected in the coming days or weeks, following a risk analysis.
In the forums, @oiclid posted Compound Monthly Reports for April and May and Gauntlet provided updates on the aftermath of Compound Proposal 161 and signaled that a proposal may be coming to adjust certain interest rate curves to benefit v2 to v3 migration.
🗳️ Proposals
No new or recent proposals.
✍️ Forum Highlights
@oiclid published the Compound Monthly Financial Report & Analysis for April and May this week.
Gauntlet provided an update on the effects of Compound Proposal 161 - passed May 18, 2023 - which they had hoped would lead to growth in Polygon Compound v3 USDC supply by attracting large USDC holders. As a result of the 34.73 daily COMP rewards allocated to USDC suppliers and increased supply caps for collateral assets, Gauntlet reports +222% in USDC supplied and +163% in USDC borrowed in the protocol.
Gauntlet also posted in comp.xyz about the state of v2 to v3 migration and signaled that they may introduce a proposal to adjust interest rate curves to increase borrowable USDC if "new USDC suppliers [don't] join the protocol to take advantage of the increased Earn APR." As of their update on June 6th, "utilization in the Ethereum Compound v3 USDC comet is ... 99%."
📰 Stakeholder News
THREE MORE DAYS to re-delegate your tokens to FranklinDAO's new hard wallet address for franklindao.eth: 0xCc878369b26127BD4bC1B0B465bC8bE9b92a4c62.
If you are currently delegating to FranklinDAO at 0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b and haven't yet switched the address:
📞 Developer Community Call Summary
Compound's most recent Developer Community Call was May 31, 2023. Click here to listen to the recording. Here's what was discussed:
Adam from Compound Labs shared details about Compound Grants' $5,000 prize at the ETH Waterloo hackathon, which will take place June 23rd through June 25th.
Paul from Gauntlet discussed Compound Proposal 163 (which passed on June 2nd, two days after the call) and Compound's work on incentive optimization more broadly. He also discussed Gauntlet's adjustment to the v2 to v3 migration plan, which paused the migration of rewards to v3 in favor of changing the USDC interest rate curve to increase utilization.
Tyler from Boardroom (that's us!) shared details about the content we're producing related to Compound governance and asked for feedback on our proposal with Compound Grants.
The Lido team joined to discuss their proposal on comp.xyz to add stMatic as a collateral asset on Compound's Polygon deployment. Adam and Kevin from Compound Labs asked follow up questions about use cases for stMatic and suggested that Compound start with a USDC market before adding additional markets.
Next, the Stader Labs team called attention to their proposal to add MaticX as a collateral asset. Kevin from Compound Labs asked about Stader's structure and their plans for decentralization. Stader is in the process of transitioning to a DAO, which will take place over the next one to two quarters.
Other topics of conversation related to both Lido and Stader's presentations included a discussion about the difference between stMatic and MaticX as well as technical requirements for eventually implementing their proposals (e.g. Chainlink price feeds).
📅 Upcoming Events
The next Compound Developer Community Call will be on June 14, 2023 at 12pm ET in the Compound Discord.
🔮 Upcoming Votes
There are no upcoming votes.
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