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Proposal 227. Aave v3 Ethereum, Polygon, Optimism, Arbitrum - update rate strategies


Voting link

https://app.aave.com/governance/proposal/?proposalId=227


Governance forum discussion

https://governance.aave.com/t/arfc-aave-v3-interest-rate-curve-recommendations-from-gauntlet-2023-04-27/12921


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategies of multiple assets on Aave v3 Ethereum, Polygon, Optimism and Arbitrum.


Proposal creation

Transaction: https://etherscan.io/tx/0xefaaee516fda0fbbceb9fbb95ec230e57eea9c9676056d7cbe882228b1c378a7

- id: 227
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xd1b3e25fd7c8ae7caddc6f71b461b79cd4ddcfa3,0xfc7b55cc7c5bd3ae89ac679c7250ab30754c5cc5,0x158a6bc04f0828318821bae797f50b0a1299d45b,0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711]
- values: [0,0,0,0]
- signatures: [execute(address),execute(),execute(address),execute(address)]
- calldatas: [0x000000000000000000000000f4d1352b3e9e99fca6aa20f62fe95192a26c9527,0x,0x0000000000000000000000001cdb984008dcee9d06c28654ed31cf82680eea62,0x000000000000000000000000ac63290bc16fbc33353b14f139cef1c660ba56f0]
- withDelegatecalls: [true,true,true,true]
- startBlock: 17276670
- endBlock: 17295870
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x16eb4b2816ebae6591136eb3c36e58bd1c92a2d1603c04ecce25a7ac07732573

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/227.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/227_fx_39_0.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/227_optimism_17_0.md

Arbitrum

Aave Seatbelt doesn't support Arbitrum yet.


Technical analysis

We have verified that on the non-Ethereum payloads, the proposal uses correctly the Aave cross-chain governance system to communicate with Polygon, Optimism and Arbitrum.

Regarding the independent payloads, they do the following:

Ethereum payload

  • CRV

    • Reserve Factor: 20% -> 35%

  • USDC

    • Interest rate strategy:
      • Variable slope 1: 4% -> 3.5%

  • USDT

    • Interest rate strategy:
      • Optimal usage: 90% -> 80%
      • Variable slope 2: 72% -> 75%

  • WBTC

    • Interest rate strategy:
      • Variable slope 1: 7% -> 4%

Polygon

  • CRV

    • Reserve Factor: 20% -> 35%

  • DPI

    • Interest rate strategy:
      • Variable slope 1: 7% -> 10%

  • EURS

    • Interest rate strategy:
      • Variable slope 1: 4% -> 6%

  • USDC

    • Interest rate strategy:
      • Variable slope 1: 4% -> 3.5%

  • WBTC

    • Interest rate strategy:
      • Variable slope 1: 7% -> 4%

Optimism

  • USDC

    • Interest rate strategy:
      • Variable slope 1: 4% -> 3.5%

  • WBTC

    • Interest rate strategy:
      • Variable slope 1: 7% -> 4%

Arbitrum

  • EURS

    • Interest rate strategy:
      • Variable slope 1: 4% -> 6%

  • USDC

    • Interest rate strategy:
      • Variable slope 1: 4% -> 3.5%

  • WBTC

    • Interest rate strategy:
      • Variable slope 1: 7% -> 4%

BGD validations

✅ The code on the proposal payload corresponds to the proposal specification.

✅ The proposal includes a proper tests suite, checking all necessary post-conditions.

❌ BGD reviewed the payload before the proposal was submitted.

✅ Multiple payloads used via delegatecall

✅ BGD reviewed the procedure followed to submit the proposal.