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201-aave-v3-ethereum-LDO-listing.md

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Proposal 201. Aave v3 Ethereum - listing of LDO


Voting link

https://app.aave.com/governance/proposal/?proposalId=201


Governance forum discussion

https://governance.aave.com/t/arfc-add-support-for-ldo-on-ethereum-v3/12045


BGD analysis


Proposal types

💎 🆕 asset-listing

🔮 oracle-addition


Context

This proposal lists LDO on the Aave v3 Ethereum pool.


Proposal creation

Transaction: https://etherscan.io/tx/0xa4ef4446220f8b1c78e248ae3f932312eb1e888af8e55b697a027145b6c2c20b

- id: 201
- creator: 0x62a43123fe71f9764f26554b3f5017627996816a
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x7b766a02eba6d8651eeebdeb886323fc64bf1739]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 17039685
- endBlock: 17058885
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x15c80b04cf6ba566a61b13f4a403bda6d13ecdd1cd5aec5ae50841a582050105

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/201.md


Technical analysis

The proposal payload correctly uses the new BGD's Aave Config Engine of Aave v3 Ethereum, in this case, its listing features.

We have verified the payload respects the interface required by the v3 config engine and lists the LDO asset with the following configurations:


LDO

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on Snapshot:
    • Base variable borrow: 0%
    • Variable borrow slope 1: 7%
    • Variable borrow slope 2: 300%
    • Optimal point: 45%
  • The asset is enabled as collateral in isolation
  • LTV: 40%
  • Liquidation Threshold: 50%
  • Liquidation Bonus: 9%
  • Liquidation Protocol Fee: 10%
  • Reserve Factor: 20%
  • Supply cap: 6'000'000 LDO
  • Borrow cap: 3'000'000 LDO
  • Debt ceiling 7'500'000 USD
  • No eMode category
  • Flashlonable
  • Not enabled for borrowing on isolation

The oracle used is a BGD CL Synchronicity Price Adapter using the underlying LDO/ETH and ETH/USD, with a resulting LDO/USD

The initial configuration is completely aligned with pre-approved Snapshot.


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.