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150-aave-v3-polygon-update-interest-rate-strategy-wmatic.md

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Proposal 150. Aave v3 Polygon - update wMATIC interest rate strategies


Voting link

https://app.aave.com/governance/proposal/?proposalId=150


Governance forum discussion

https://governance.aave.com/t/arfc-aave-v3-polygon-wmatic-interest-rate-update/10290


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategy for wMATIC on the Aave v3 Polygon pool, and the supply and borrow caps of the asset.


Proposal creation

Transaction: https://etherscan.io/tx/0x5ad415b37e54880d1a5c4ba0a84a94f5c43f311c612ea4899fc1a9204b3c999a

- id: 150
- creator: 0x55b16934c3661e1990939bc57322554d9b09f262
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x0000000000000000000000007255791f9b2d44863c21ed1f484d444a74731ac6]
- withDelegatecalls: [true]
- startBlock: 16549267
- endBlock: 16568467
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x45876ec2905a472fed220dd1f12e0440770a16d521d78cb76f312032e33287ab

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/150.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/150_fx_12_0.md


Technical analysis

The proposal payload properly interacts with the Aave cross-chain governance system, via the the CrosschainForwarderPolygon, to later execute the proposal payload on Polygon doing the following:

  • Call setReserveInterestRateStrategyAddress() on the Aave v3 Polygon Pool Configurator contract to replace the interest rate strategy of wMATIC with the new proposed one.
  • Call setSupplyCap() and setBorrowCap() also on the same Pool Configurator contract to set the supply cap to 47'000'000 wMATIC (from the current 32'880'000 wMATIC) and the borrow cap to 39'950'000 wMATIC (from the current 9'225'000 wMATIC).

In addition, we have verified the new rate strategy has the same parameters as those defined in the governance forum:

  • Optimal point: 75%
  • Base variable borrow rate: 0%
  • Variable borrow slope 1: 6.1%
  • Variable borrow slope 2: 100%

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.