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Proposal 89. Add 1INCH to Aave V2 Ethereum


Voting link

https://app.aave.com/governance/proposal/?proposalId=89

or

https://bafybeidgixvkuyabq3g6xh3qyegzqg3fah5mj7fap7nsnqtsknqpmgczye.ipfs.infura-ipfs.io/governance/proposal/89/


Governance forum discussion

https://governance.aave.com/t/arc-add-1inch-as-collateral/8056


BGD analysis

Proposal types

💎 🆕 asset-listing

🔮 oracle-addition


Context

This proposal lists the 1INCH asset on Aave V2 Ethereum.

IMPORTANT We are aware that there was a misconfiguration on the IPFS's proposal description while doing the creation, and the proposer plans to cancel and re-create with exactly the same proposal payload. Apart from that issue on the description, there is no problem on the proposal, but we agree that it is better for the community to have the full 3 days of voting via all the available interfaces (including the Aave UI).


Proposal creation

Transaction: https://etherscan.io/tx/0x9e7fcf51dd16b327dd80444d0e05a77bcc06c4993dd28edbcd63eb9e4e5196df

- id: 89
- creator: 0xd2362dbb5aa708bc454ce5c3f11050c016764fa6
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xd417d07c20e31f6e129fa68182054b641fbec8bd]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 15175998
- endBlock: 15195198
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x12f2d9c91e4e23ae4009ab9ef5862ee0ae79498937b66252213221f04a5d5b32

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/089.md


Technical analysis

This proposal lists the 1INCH token on Aave V2 Ethereum as borrowing asset and collateral, via the proposal payload OneInchListingPayload.

We have verified that the listing parameters are consistent with the ones pre-approved on Snapshot, being:

  • LTV: 40%
  • Liquidation Threshold: 50%
  • Liquidation Bonus: 8.5%
  • Reserve Factor: 20%
  • Enabled to borrow.
  • Not enabled to borrow at stable mode.

Some remarks from BGD:

  • 1INCH properly reuses an interest rate strategy defining the exact same parameters.
  • We have verified that the implementations used for aToken, variableDebtToken and stableDebtToken are the same as existing ones for other assets listed.
  • We have verified that, before the listing itself, the 1INCH/ETH feed is correctly configured on the Aave oracle.

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.

✅ Only one payload used via delegatecall

❌ BGD reviewed the procedure followed to submit the proposal.