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170-aave-v3-multichain-caps-update.md

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Proposal 170. Aave v3 Polygon, Optimism, Arbitrum - update of supply/borrow caps


Voting link

https://app.aave.com/governance/proposal/?proposalId=170


Governance forum discussion

https://governance.aave.com/t/arc-chaos-labs-supply-and-borrow-cap-updates-aave-v3-2023-02-24/12048


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates multiple supply and borrow caps on Aave v3 Polygon, Optimism and Arbitrum.


Proposal creation

Transaction: https://etherscan.io/tx/0x64b62a9c4add64c76b7dda4138e9f3ea51de907475044fbe7c9e92763fdcc659

- id: 170
- creator: 0xbc540e0729b732fb14afa240aa5a047ae9ba7df0
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b,0x2e2b1f112c4d79a9d22464f0d345de9b792705f1,0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711]
- values: [0,0,0]
- signatures: [execute(address),execute(address),execute(address)]
- calldatas: [0x000000000000000000000000eca5bdf0c2b352cbe2d9a19b555e1ec269d4765c,0x000000000000000000000000060bea15af594fe9e0a243ca632f2c7d1935c70f,0x0000000000000000000000003a4f2a6c7e1e641afad6300553a0bb82d6c46a2e]
- withDelegatecalls: [true,true,true]
- startBlock: 16777322
- endBlock: 16796522
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x435d26048b2f67302c898a9f0049e4d3a16bfa3d71c8bef63f7c60ce78db732c

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/170.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/170_fx_17_0.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/170_optimism_7_0.md

Arbitrum

Aave Seatbelt doesn't support Arbitrum yet.


Technical analysis

We have verified the proposal uses correctly the Aave cross-chain governance system to communicate with Polygon, Optimism and Arbitrum. The proposals payloads do the following:

Polygon

By calling the PoolConfigurator of Aave v3 Polygon it changes the following caps:

  • WETH supply cap: 26'900 WETH -> 50'000 WETH
  • AAVE supply cap: 36'820 AAVE -> 70'000 AAVE

Optimism

By calling the PoolConfigurator of Aave v3 Optimism it changes the following caps:

  • DAI supply cap: 2'000'000'000 DAI -> 25'000'000 DAI
  • DAI borrow cap: No cap -> 16'000'000 DAI
  • sUSD borrow cap: No cap -> 13'000'000 sUSD
  • USDC supply cap: 2'000'000'000 USDC -> 150'000'000 USDC
  • USDC borrow cap: No cap -> 100'000'000 USDC
  • USDT supply cap: 2'000'000'000 USDT -> 25'000'000 USDT
  • USDT borrow cap: No cap -> 16'000'000 USDT
  • AAVE supply cap: 100'000 AAVE -> 45'000 AAVE
  • LINK supply cap: 258'000 LINK -> 160'000 LINK
  • LINK borrow cap: 141'900 LINK -> 84'000 LINK
  • WBTC supply cap: 1'100 WBTC -> 620 WBTC
  • WBTC borrow cap: 605 WBTC -> 250 WBTC

Arbitrum

By calling the PoolConfigurator of Aave v3 Arbitrum it changes the following caps:

  • DAI supply cap: 2'000'000'000 DAI -> 50'000'000 DAI
  • DAI borrow cap: No cap -> 30'000'000 DAI
  • EURS supply cap: No cap -> 60'000 EURS
  • EURS borrow cap: No cap -> 45'000 EURS
  • USDC supply cap: 2'000'000'000 USDC -> 150'000'000 USDC
  • USDC borrow cap: No cap -> 100'000'000 USDC
  • USDT supply cap: 2'000'000'000 USDT -> 50'000'000 USDT
  • USDT borrow cap: No cap -> 35'000'000 USDT
  • AAVE supply cap: 2'500 AAVE -> 1'850 AAVE

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.