v3-69-aave-v2-v3-multichain-stablecoin-ir-updates.md

Proposal 69. Stablecoin IR Updates.

Voting link

https://vote.onaave.com/proposal/?proposalId=69

Governance forum discussion

https://governance.aave.com/t/arfc-stablecoin-ir-curve-amendment-on-aave-v2-and-v3/16864/5

Payloads

• Ethereum V2 - proposal payloads

• Ethereum V3 - proposal payloads

• Polygon V2 - proposal payloads

• Polygon V3 - proposal payloads

• Avalanche V2 - proposal payloads

• Avalanche V3 - proposal payloads

• Optimism V3 - proposal payloads

• Arbitrum V3 - proposal payloads

• Base V3 - proposal payloads

• Gnosis V3 - proposal payloads

• Scroll V3 - proposal payloads

• BNB V3 - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal increases the interest rate of stablecoins across all Aave markets to align the rates with market values and maintain competitiveness.

Proposal creation

Transaction: https://etherscan.io/tx/0x32c55df59c85555c3ac976899c489c976d0e1647f898053808eb1b2f9e14b93b

- proposalId: 69
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xd089b245419090b798da1f8495c44d346b1d08c2d8888c10af9bca40762ea763

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "96" 
    }, 
    { 
      "chain": "137", 
      "accessLevel": "1", 
      "payloadsController": "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", 
      "payloadId": "48" 
    }, 
    { 
      "chain": "43114", 
      "accessLevel": "1", 
      "payloadsController": "0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80", 
      "payloadId": "21" 
    }, 
    { 
      "chain": "10", 
      "accessLevel": "1", 
      "payloadsController": "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4", 
      "payloadId": "22" 
    }, 
    { 
      "chain": "42161", 
      "accessLevel": "1", 
      "payloadsController": "0x89644CA1bB8064760312AE4F03ea41b05dA3637C", 
      "payloadId": "21" 
    }, 
    { 
      "chain": "8453", 
      "accessLevel": "1", 
      "payloadsController": "0x2DC219E716793fb4b21548C0f009Ba3Af753ab01", 
      "payloadId": "14" 
    }, 
    { 
      "chain": "100", 
      "accessLevel": "1", 
      "payloadsController": "0x9A1F491B86D09fC1484b5fab10041B189B60756b", 
      "payloadId": "10" 
    }, 
    { 
      "chain": "534352", 
      "accessLevel": "1", 
      "payloadsController": "0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE", 
      "payloadId": "6" 
    }, 
    { 
      "chain": "56", 
      "accessLevel": "1", 
      "payloadsController": "0xE5EF2Dd06755A97e975f7E282f828224F2C3e627", 
      "payloadId": "9" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0xd089b245419090b798da1f8495c44d346b1d08c2d8888c10af9bca40762ea763" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/69.md

Payload reports

• Ethereum V2 & V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/96.md

• Polygon V2 & V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/48.md

• Avalanche V2 & V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/21.md

• Optimism V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/22.md

• Arbitrum V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/21.md

• Base V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/8453/0x2DC219E716793fb4b21548C0f009Ba3Af753ab01/14.md

• Gnosis V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/100/0x9A1F491B86D09fC1484b5fab10041B189B60756b/10.md

• Scroll V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/534352/0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE/6_forge.md

• BNB V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/56/0xE5EF2Dd06755A97e975f7E282f828224F2C3e627/9.md

Technical analysis

We have verified that the payload modifies the rate strategy of the following stablecoins such that slope 1 is set to 12%:

• Ethereum:

  • V2: USDT, DAI, sUSD, USDC, GUSD, USDP, FRAX, LUSD
  • V3: USDC, DAI, USDT, LUSD, FRAX, crvUSD, PYUSD

• Polygon:

  • V2: USDT, DAI, USDC
  • V3: DAI, USDT, EURs, jEURs, EURA, USDC

• Avalanche:

  • V2: USDT.e, DAI.e
  • V3: DAI.e, USDT, USDC, FRAX, MAI

• Optimism:

  • V3: DAI, USDT, USDC, sUSD, LUSD, MAI

• Arbitrum:

  • V3: DAI, USDT, USDC, EURS, MAI, LUSD, FRAX

• Base:

  • V3: USDC

• Gnosis:

  • V3: USDC, WXDAI, EURe

• Scroll:

  • V3: USDC

• BNB:

  • V3: USDC, USDT FDUSD

and that the rate strategy of the following bridged USDC tokens is modified such that slope 1 is set to 13%:

• Polygon:

  • V3: USDC.e

• Avalanche:

  • V2: USDC.e

• Optimism:

  • V3: USDC.e

• Arbitrum:

  • V3: USDC.e

• Base:

  • V3: USDbC

In addition, we have verified that the optimal utilization ratio of USDC, USDT and DAI on the Ethereum V3 is raised to 92%.

The proposal is consistent with the description on the governance forum.

Certora 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.

✅ Certora reviewed the procedure followed to submit the proposal.