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Proposal 171. Aave v3 Arbitrum - Risk params update


Voting link

https://app.aave.com/governance/proposal/?proposalId=171


Governance forum discussion

https://governance.aave.com/t/arc-chaos-labs-risk-parameter-updates-aave-v3-arbitrum-2023-02-20/11986


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the risk parameters of WETH, WBTC, DAI and USDC on Aave v3 Arbitrum.


Proposal creation

Transaction: https://etherscan.io/tx/0x3ed0dcc41714a3310dbda2879d4124f8bd7d052ddb44f4273dc9807ccdbbc95d

- id: 171
- creator: 0xbc540e0729b732fb14afa240aa5a047ae9ba7df0
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x2e2b1f112c4d79a9d22464f0d345de9b792705f1]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x0000000000000000000000003a4f2a6c7e1e641afad6300553a0bb82d6c46a2e]
- withDelegatecalls: [true]
- startBlock: 16777429
- endBlock: 16796629
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x252c583ff5fb8dfb72ac79e8fe044eb82d4adc2a431e0f7c69b692c34b563b84

Aave Seatbelt reports

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/171.md

Arbitrum

Aave Seatbelt doesn't support Arbitrum yet.


Technical analysis

From a technical perspective, we have verified the proposal payload changes the following risk parameters by interacting with the PoolConfigurator of Aave v3 Arbitrum:

  • WETH:
    • LTV: 80% -> 82.5%
    • Liquidation Threshold: 82.5% -> 85%
  • WBTC:
    • LTV: 70% -> 73%
    • Liquidation Threshold: 75% -> 78%
    • Liquidation Bonus: 10% -> 7%
  • DAI:
    • LTV: 75% -> 77%
    • Liquidation Threshold: 80% -> 82
  • USDC:
    • LTV: 80% -> 81%
    • Liquidation Threshold: 85% -> 86%

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.