[Gauntlet] Polygon v3 USDC Update (08/11/2023 - 08/17/2023)
Gauntlet would like to provide the community with an update on metrics from the Polygon v3 USDC comet over the past week.
Simple Summary
- Gauntlet recently proposed increasing WBTC supply cap from 1k tokens (~$26.5M) to 1.5k tokens (~$39.8M)
- USDC Borrows are down 9.86%, from $18.44M to $16.62M.
- USDC Supply is down 8.24%, from $21.68M to $19.89M.
- USDC utilization decreased 1.72%, from 85.1% to 83.6%.
- The minimum USDC reserve growth was 1.3%, and the maximum was 24.4%. The average USDC reserve growth was 10.1%.
- The comet accumulated $1.68k USDC reserves while distributing $24.75k COMP rewards for a weekly Net Protocol Profit of -$23.07k.
Analysis
Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.
Market Growth
Total Collateral (USD) is up 4.10%, from $34.89M to $36.32M.
USDC Supply is down 8.24%, from $21.68M to $19.89M.
USDC Borrows are down 9.86%, from $18.44M to $16.62M.
USDC utilization decreased 1.72%, from 85.1% to 83.6%.
Supply Caps
As seen above, WBTC (60.1%), WETH (37.7%), and MATIC (100%), all have supply cap utilizations < 75%. We do not currently recommend increasing the supply caps.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 73.7%, and the maximum was 85.4%.
The minimum USDC reserve growth was 1.3%, and the maximum was 24.4%. The average USDC reserve growth was 10.1%.
The comet accumulated $1.68k USDC reserves while distributing $24.75k COMP rewards for a weekly Net Protocol Profit of -$23.07k.