v3-100-aave-v3-multichain-generalized-lt-and-ltv-reductions-step-2.md

Proposal 100. Generalized LT/LTV Reductions on Aave V3 Step 2.

Voting link

https://vote.onaave.com/proposal/?proposalId=100

Governance forum discussion

https://governance.aave.com/t/arfc-generalized-lt-ltv-reductions-on-aave-v3-step-2-04-23-2024/17455

Payloads

• Ethereum V3- proposal payloads

• Polygon V3- 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 adjusts the LTs and LTVs of multiple stable-coins on Aave-V3 markets to 75% and 78% in response to the volatility risks highlighted by the UNI incident on Compound.

Note that for USDC.e on Optimism, the LT will be 80% and that for USDC on Avalanche, the LT will be 81%.

Proposal creation

Transaction: https://etherscan.io/tx/0xb45582da92bbd8b471871655b15142482e9233ef5edabd88f57ffe82287f43b2

- proposalId: 100
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x662b22b8e2ddeeb5f0b9f85cc16f8dfb2e1c8fa5d0d2f646773e9709eb02dcff

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "122" 
    }, 
    { 
      "chain": "137", 
      "accessLevel": "1", 
      "payloadsController": "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", 
      "payloadId": "61" 
    }, 
    { 
      "chain": "43114", 
      "accessLevel": "1", 
      "payloadsController": "0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80", 
      "payloadId": "32" 
    }, 
    { 
      "chain": "10", 
      "accessLevel": "1", 
      "payloadsController": "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4", 
      "payloadId": "30" 
    }, 
    { 
      "chain": "42161", 
      "accessLevel": "1", 
      "payloadsController": "0x89644CA1bB8064760312AE4F03ea41b05dA3637C", 
      "payloadId": "28" 
    }, 
    { 
      "chain": "8453", 
      "accessLevel": "1", 
      "payloadsController": "0x2DC219E716793fb4b21548C0f009Ba3Af753ab01", 
      "payloadId": "19" 
    }, 
    { 
      "chain": "100", 
      "accessLevel": "1", 
      "payloadsController": "0x9A1F491B86D09fC1484b5fab10041B189B60756b", 
      "payloadId": "18" 
    }, 
    { 
      "chain": "534352", 
      "accessLevel": "1", 
      "payloadsController": "0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE", 
      "payloadId": "12" 
    }, 
    { 
      "chain": "56", 
      "accessLevel": "1", 
      "payloadsController": "0xE5EF2Dd06755A97e975f7E282f828224F2C3e627", 
      "payloadId": "14" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x662b22b8e2ddeeb5f0b9f85cc16f8dfb2e1c8fa5d0d2f646773e9709eb02dcff" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/100.md

Payload reports

• Ethereum - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/122.md

• Polygon - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/61.md

• Avalanche - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/32.md

• Optimism - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/30.md

• Arbitrum - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/28.md

• Base - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/8453/0x2DC219E716793fb4b21548C0f009Ba3Af753ab01/19.md

• Gnosis - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/100/0x9A1F491B86D09fC1484b5fab10041B189B60756b/18.md

• Scroll - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/534352/0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE/12_forge.md

• BNB - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/56/0xE5EF2Dd06755A97e975f7E282f828224F2C3e627/14.md

Technical analysis

We have verified that the payload modifies the LTs and LTVs of the following tokens to the following values on the following platforms:

• Ethereum:

  USDC: LT: 75%, LTV: 78%

  USDT: LT: 75%, LTV: 78%

  sDAI: LT: 75%, LTV: 78%

• Polygon:

  USDC: LT: 75%, LTV: 78%

  USDT: LT: 75%, LTV: 78%

  USDC.e: LT: 75%, LTV: 78%

• Avalanche:

  USDC: LT: 75%, LTV: 81%

• Optimism:

  USDC: LT: 75%, LTV: 78%

  USDT: LT: 75%, LTV: 78%

  USDC.e: LT: 75%, LTV: 80%

• Arbitrum:

  USDC: LT: 75%, LTV: 78%

  USDT: LT: 75%, LTV: 78%

  USDC.e: LT: 75%, LTV: 78%

• Base:

  USDC: LT: 75%, LTV: 78%

  USDbC: LT: 75%, LTV: 78%

• Gnosis:

  USDC: LT: 75%, LTV: 78%

  sDAI: LT: 75%, LTV: 78%

• Scroll:

  USDC: LT: 75%, LTV: 78%

• BNB:

  USDC: LT: 75%, LTV: 78%

  USDT: LT: 75%, LTV: 78%

The proposal is consistent with the description on both Snapshot and 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.