[Gauntlet] Polygon Rewards Contract Top-Up Recommendations (12/8/23)

Proposals
1

Simple Summary

Gauntlet recommends adding 8,334 COMP tokens to the Polygon CometRewards contract, extending its operational period by four months given the 69.45 daily COMP distributions in the Polygon v3 USDC.e comet.

Analysis

The following analysis compares the COMP token reserves in each chain’s CometRewards contract with their daily total COMP distribution across all comets. This comparison is used to estimate the remaining operational duration for these rewards, excluding any existing claimable rewards.

Chain CometRewards COMP token holdings Daily aggregate COMP token reward distributions Remaining days of rewards runway (not including existing claimable rewards)
Polygon 3,134 69.45 45
Base 7,428 65 114
Ethereum 85,759 708.79 121
Arbitrum 6,866 40 171

Presently, the Polygon CometRewards contract is closest to depletion, with only 45 days of runway left. To ensure continuity, Gauntlet recommends increasing the contract’s balance to sustain 120 days (approximately 4 months) of rewards at the current distribution rate. This requires an additional allocation of 8,334 COMP tokens.

Next Steps

We are creating tooling to support this proposal. Target on-chain vote 12/18/23.

2

The CometRewards COMP token holdings for Polygon have decreased to from 3,134 to 1,727, resulting in 25 remaining days of rewards runway, not including existing claimable rewards. We will create an on-chain proposal tomorrow 12/15/23.

3

The proposal has passed and been executed. We thank the community for their participation.