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Proposal 187. Aave v3 Polygon, Optimism and Arbitrum - update rate strategies


Voting link

https://app.aave.com/governance/proposal/?proposalId=187


Governance forum discussion

https://governance.aave.com/t/arc-gauntlet-interest-rate-curve-changes-for-aave-v3-markets-feb-2023/11851/3


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategies for multiple assets on Aave v3 Polygon, Optimism and Arbitrum.


Proposal creation

Transaction: https://etherscan.io/tx/0xb96cb8d95012c6f271057b4966f35fe4c87198ae3284df52ce5da0bb848599a4

- id: 187
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b,0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711,0x2e2b1f112c4d79a9d22464f0d345de9b792705f1]
- values: [0,0,0]
- signatures: [execute(address),execute(address),execute(address)]
- calldatas: [0x000000000000000000000000dbe6eb920ca5a79ae2151b6dcbd2c1fa3a19ad1a,0x0000000000000000000000007902f3c60f05b5a6b7e4ce0cac11cb17bc8e607c,0x0000000000000000000000007a9a9c14b35e58ffa1cc84ab421ace0fdcd289e3]
- withDelegatecalls: [true,true,true]
- startBlock: 16880458
- endBlock: 16899658
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x3b66ed0fa57bec842608cb1be68f97ca0c241cd3744a860086762f76cc0ae933

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/187.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/187_fx_22_0.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/187_optimism_8_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

On Aave v3 Polygon, the proposal payload includes 2 types of updates:

Reserve Factors

  • GHST: 20% -> 35%
  • WETH: 10% -> 15%
  • DPI: 20% -> 35%
  • MAI (miMATIC): 10% -> 20%

Interest rate strategies

For USDT, EURS, MAI and agEUR, the new parameters on their rate strategies are the following (all of them will share the same now):

  • Optimal usage ratio: 80%
  • Variable rate slope 2: 75%
  • Stable rate slope 2: 75%

For WETH, the new parameters on its rate strategy are the following:

  • Optimal usage ratio: 80%
  • Base variable rate: 1%
  • Variable rate slope 1: 3.8%
  • Variable rate slope 2: 80%
  • Stable rate slope 1: 4%
  • Variable rate slope 2: 80%
  • Base stable rate offset: 3%

Optimism

On Aave v3 Optimism, the proposal payload also includes 2 types of updates:

Reserve Factors

  • WETH: 10% -> 15%

Interest rate strategies

For USDT, the new parameters on its rate strategy are the following:

  • Optimal usage ratio: 80%
  • Variable rate slope 2: 75%
  • Stable rate slope 2: 75%

For WETH, the new parameters on its rate strategy are the following:

  • Optimal usage ratio: 80%
  • Base variable rate: 1%
  • Variable rate slope 1: 3.8%
  • Variable rate slope 2: 80%
  • Stable rate slope 1: 4%
  • Variable rate slope 2: 80%
  • Base stable rate offset: 3%

Arbitrum

Finally, on Aave v3 Arbitrum, the proposal payload also includes 2 types of updates:

Reserve Factors

  • WETH: 10% -> 15%

Interest rate strategies

For USDT and EURS the new parameters on their rate strategies (they share the same) are the following:

  • Optimal usage ratio: 80%
  • Variable rate slope 2: 75%
  • Stable rate slope 2: 75%

For WETH, the new parameters on its rate strategy are the following:

  • Optimal usage ratio: 80%
  • Base variable rate: 1%
  • Variable rate slope 1: 3.8%
  • Variable rate slope 2: 80%
  • Stable rate slope 1: 4%
  • Variable rate slope 2: 80%
  • Base stable rate offset: 3%

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.

✅ Only one payload used via delegatecall

✅ BGD wrote the payload.

✅ With BGD writing the payload, at least another party reviewed it.