[Gauntlet] Weekly Market Update: Polygon USDC (7/21/23 - 7/28/23)
Gauntlet would like to provide the community with an update on metrics from the Polygon USDC comet over the past week and will include any relevant recommendations.
Simple Summary
- If the community believes that demand for the Polygon market has stagnated, Gauntlet recommends decreasing rewards for the comet to mitigate COMP losses.
- USDC borrows are down 1.7%.
- USDC supply is up 9.0%.
- The comet accumulated $2.97k USDC reserves over the past week, with an average reserve growth of 21.1%.
- The comet distributed $33.23k COMP rewards over the past week, for a Net Protocol Profit of -$30.26k.
Analysis
Below are metrics of the market and parameters over the past week.
Market Growth
Total Collateral (USD) is up 0.8%, from $34.06M to $34.34M.
USDC Borrows are down 1.7%, from $17.86M to $17.56M.
USDC Supply is up 9.0%, from $22.73M to $24.78M.
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 69.4%, and the maximum was 78.6%.
The minimum USDC reserve growth was 17.3%, and the maximum was 23.5%. The average USDC reserve growth was 21.1%.
The comet steadily accumulated $2.97k USDC reserves, while distributing $33.23k COMP rewards, for a weekly Net Protocol Profit of -$30.26k.
Recommendations
The Polygon comet offers an appealing 5.92% Net Supply APR and a pay-to-borrow rate of +0.96% Net Borrow APR. However, the protocol is still experiencing relatively stagnant growth compared to COMP distributions. If the community believes that demand for the Polygon market has stagnated, Gauntlet recommends decreasing rewards for the comet to mitigate COMP losses. Gauntlet will follow up with a proposal next week to gauge community preferences.
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Gauntlet Weekly Market Update: Polygon USDC (7/28/23 - 8/3/23)
Gauntlet would like to provide the community with an update on metrics from the Polygon USDC comet over the past week.
Simple Summary
- Gauntlet recently recommended decreasing rewards in the Polygon USDC comet due to stagnant growth. We created a poll to gauge community preferences.
- USDC Borrows are down 5.7%, from $17.56M to $16.56M.
- USDC Supply is down 25.8%, from $24.79M to $18.40M.
- USDC utilization increased from 70% to 90%.
- The comet accumulated $640 USDC reserves, with an average reserve growth of 8.4%.
- The comet distributed $37.46k COMP rewards for a weekly Net Protocol Profit of -$36.82k.
Analysis
Below are metrics of the market and parameters over the past week.
Market Growth
Total Collateral (USD) is down 4.0%, from $33.81M to $32.47M.
USDC Borrows are down 5.7%, from $17.56M to $16.56M.
USDC Supply is down 25.8%, from $24.79M to $18.40M.
USDC utilization increased from 70% to 90%, mainly due to decreased USDC supply.
Supply Caps
As seen above, all assets have supply cap utilizations < 75%.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 70.1%, and the maximum was 100.0%.
The minimum USDC reserve growth was -14.0%, and the maximum was 24.4%. The average USDC reserve growth was 8.4%.
The comet accumulated $640 USDC reserves while distributing $37.46k COMP rewards for a weekly Net Protocol Profit of -$36.82k.
[Gauntlet] Weekly Market Update: Polygon USDC (8/4/23 - 8/10/23)
Gauntlet would like to provide the community with an update on metrics from the Polygon USDC comet over the past week.
Simple Summary
- USDC Borrows are up 11.4%, from $16.56M to $18.44M.
- USDC Supply is up 17.8%, from $18.40M to $21.68M.
- USDC utilization decreased from 96.1% to 85.1%.
- The comet lost $30 of USDC reserves, with an average USDC reserve growth of 1.2%.
- The comet distributed $27.34k COMP rewards for a weekly Net Protocol Profit of -$27.37k.
Analysis
Below are metrics of the market and parameters over the past week.
Market Growth
Total Collateral (USD) is up 9.8%, from $32.84M to $36.06M.
USDC Borrows are up 11.4%, from $16.56M to $18.44M.
USDC Supply is up 17.8%, from $18.40M to $21.68M.
USDC utilization decreased from 96.1% to 85.1%.
Supply Caps
As seen above, only WBTC (80.3%) has a supply cap utilization > 75%. We will follow up with an update on increasing WBTC supply cap next week.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 78.8%, and the maximum was 93.5%.
The minimum USDC reserve growth was -11.4%, and the maximum was 24.0%. The average USDC reserve growth was 1.2%.
The comet lost $30 of USDC reserves while distributing $27.34k COMP rewards for a weekly Net Protocol Profit of -$27.37k.
[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.
[Gauntlet] Polygon v3 USDC Update (08/18/2023 - 08/24/2023)
Gauntlet would like to provide the community with an update on metrics from the Polygon v3 USDC comet over the past week.
Simple Summary
- USDC Borrows are down 8.75%, from $16.62M to $15.17M.
- USDC Supply is down 9.25%, from $19.89M to $18.05M.
- USDC utilization increased 0.55%, from 83.6% to 84.0%.
- The minimum USDC reserve growth was -3.1%, and the maximum was 24.3%. The average USDC reserve growth was 20.8%.
- The comet accumulated $2.66k USDC reserves while distributing $20.56k COMP rewards for a weekly Net Protocol Profit of $-17.9k.
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 down 11.83%, from $33.44M to $29.48M.
USDC Supply is down 9.25%, from $19.89M to $18.05M.
USDC Borrows are down 8.75%, from $16.62M to $15.17M.
USDC utilization increased 0.55%, from 83.6% to 84.0%.
Supply Caps
As seen above, only WBTC (78.1%) has a supply cap utilization > 75%. We currently have an on-chain proposal to increase WBTC supply cap from 1k to 1.5k.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 73.9%, and the maximum was 87.2%.
The minimum USDC reserve growth was -3.1%, and the maximum was 24.3%. The average USDC reserve growth was 20.8%.
The comet accumulated $2.66k USDC reserves while distributing $20.56k COMP rewards for a weekly Net Protocol Profit of $-17.9k.
[Gauntlet] Polygon v3 USDC Update (08/25/2023 - 08/31/2023)
Gauntlet would like to provide the community with an update on metrics from the Polygon v3 USDC comet over the past week.
Simple Summary
- USDC Borrows are down 1.72%, from $15.17M to $14.91M.
- USDC Supply is up 6.42%, from $18.05M to $19.21M.
- USDC utilization decreased 7.50%, from 84.0% to 77.7%.
- The minimum USDC reserve growth was 5.6%, and the maximum was 24.3%. The average USDC reserve growth was 17.5%.
- The comet accumulated $2.3k USDC reserves while distributing $20.48k COMP rewards for a weekly Net Protocol Profit of $-18.18k.
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 down 2.82%, from $30.32M to $29.46M.
USDC Supply is up 6.42%, from $18.05M to $19.21M.
USDC Borrows are down 1.72%, from $15.17M to $14.91M.
USDC utilization decreased 7.50%, from 84.0% to 77.7%.
Supply Caps
Above are the current supply cap utilizations for each collateral asset.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 77.4%, and the maximum was 84.0%.
The minimum USDC reserve growth was 5.6%, and the maximum was 24.3%. The average USDC reserve growth was 17.5%.
The comet accumulated $2.3k USDC reserves while distributing $20.48k COMP rewards for a weekly Net Protocol Profit of $-18.18k.
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[Gauntlet] Polygon v3 USDC Update (09/01/2023 - 09/07/2023)
Gauntlet would like to provide the community with an update on metrics from the Polygon v3 USDC comet over the past week.
Simple Summary
- USDC Borrows are up 19.04%, from $14.91M to $17.75M.
- USDC Supply is up 21.46%, from $19.21M to $23.33M.
- USDC utilization decreased 1.99%, from 77.6% to 76.1%.
- The minimum USDC reserve growth was -10.4%, and the maximum was 24.3%. The average USDC reserve growth was 21.7%.
- The comet accumulated $3.01k USDC reserves while distributing $19.41k COMP rewards for a weekly Net Protocol Profit of $-16.4k.
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 18.11%, from $27.95M to $33.01M.
USDC Supply is up 21.46%, from $19.21M to $23.33M.
USDC Borrows are up 19.04%, from $14.91M to $17.75M.
USDC utilization decreased 1.99%, from 77.6% to 76.1%.
Supply Caps
Above are the current supply cap utilizations for each collateral asset.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 75.9%, and the maximum was 92.2%.
The minimum USDC reserve growth was -10.4%, and the maximum was 24.3%. The average USDC reserve growth was 21.7%.
The comet accumulated $3.01k USDC reserves while distributing $19.41k COMP rewards for a weekly Net Protocol Profit of $-16.4k.
[Gauntlet] Polygon v3 USDC Update (09/08/2023 - 09/14/2023)
Gauntlet would like to provide the community with an update on metrics from the Polygon v3 USDC comet over the past week.
Simple Summary
- USDC Borrows are down 6.24%, from $17.49M to $16.4M.
- USDC Supply is down 1.19%, from $22.99M to $22.72M.
- USDC utilization decreased 4.93%, from 76.1% to 72.3%.
- The minimum USDC reserve growth was 17.1%, and the maximum was 22.1%. The average USDC reserve growth was 20.4%.
- The comet accumulated $2.74k USDC reserves while distributing $18.47k COMP rewards for a weekly Net Protocol Profit of $-15.73k.
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 down 4.29%, from $32.85M to $31.44M.
USDC Supply is down 1.19%, from $22.99M to $22.72M.
USDC Borrows are down 6.24%, from $17.49M to $16.4M.
USDC utilization decreased 4.93%, from 76.1% to 72.3%.
Supply Caps
Above are the current supply cap utilizations for each collateral asset.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 69.2%, and the maximum was 76.4%.
The minimum USDC reserve growth was 17.1%, and the maximum was 22.1%. The average USDC reserve growth was 20.4%.
The comet accumulated $2.74k USDC reserves while distributing $18.47k COMP rewards for a weekly Net Protocol Profit of $-15.73k.
[Gauntlet] Polygon v3 USDC Update (09/15/2023 - 09/21/2023)
Gauntlet would like to provide the community with an update on metrics from the Polygon v3 USDC comet over the past week.
Simple Summary
- USDC Borrows are up 4.38%, from $16.4M to $17.12M.
- USDC Supply is down 1.28%, from $22.72M to $22.43M.
- USDC utilization increased 5.52%, from 72.3% to 76.3%.
- The minimum USDC reserve growth was 18.2%, and the maximum was 23.2%. The average USDC reserve growth was 20.6%.
- The comet accumulated $2.75k USDC reserves while distributing $19.15k COMP rewards for a weekly Net Protocol Profit of $-16.4k.
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 down 0.08%, from $32.42M to $32.39M.
USDC Supply is down 1.28%, from $22.72M to $22.43M.
USDC Borrows are up 4.38%, from $16.4M to $17.12M.
USDC utilization increased 5.52%, from 72.3% to 76.3%.
Supply Caps
Above are the current supply cap utilizations for each collateral asset.
Above is a time series of supply cap utilization for each asset over the past week.
Utilization and Reserves
The minimum USDC utilization was 70.6%, and the maximum was 78.1%.
The minimum USDC reserve growth was 18.2%, and the maximum was 23.2%. The average USDC reserve growth was 20.6%.
The comet accumulated $2.75k USDC reserves while distributing $19.15k COMP rewards for a weekly Net Protocol Profit of $-16.4k.
