Gauntlet Q2 2022 Sablier Update

As mentioned above, Gauntlet’s quarterly fee (April 2022 - June 2022) is 7,239 COMP. The current Sablier stream is 7,933 COMP per quarter. Thus, Gauntlet’s quarterly fee for this quarter is 694 COMP tokens less than the current Sablier stream.

There is no simple way to adjust a Sablier stream. One solution is to cancel the existing stream and set up a new one. This solution is not ideal and is prone to errors (stranding funds, losing funds due to rounding or grace periods, etc.).

Thus, to “adjust” our quarterly Sablier stream, Gauntlet will simply pay the protocol reserve the difference upfront. Next week, Gauntlet will send 694 COMP to the protocol. Specifically, we’ll send the COMP back to the timelock address at 0x6d903f6003cca6255d85cca4d3b5e5146dc33925 where the COMP was streamed from using Sablier in the first place. We will provide a link to the transaction after it has been executed.

Of course, Gauntlet would be sacrificing the time value of 694 COMP. However, this solution is the most straightforward and efficient for the Community, so we hope that the Community appreciates this approach.

As this will be a transaction where Gauntlet simply sends COMP tokens worth ~$100,000 USD to the protocol, we will not put up a governance vote to approve this transaction. This will save Compound voters the effort and gas costs of voting.

We will return to the Community at the end of June for our next quarterly update. At that point in time, we will update the service fee payment (higher or lower) again by the formula outlined in our original proposal.

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