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Proposal 272. Aave v2 Ethereum - Risk parameters update


Voting link

https://app.aave.com/governance/proposal/?proposalId=272


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-risk-parameter-updates-aave-v2-ethereum-2023-6-23/13789


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal adjusts the LTV, Liquidation Threshold, Liquidation Bonus and Reserve Factor parameters of multiple assets on Aave v2 Ethereum.


Proposal creation

Transaction: https://etherscan.io/tx/0xef2b8c3d32cb5e5a70121b5e18d5ad710cb53e69d586a2045d58239d3bdc75cc

- id: 272
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x6aec39df2f98915dbaf2e234792696623c591a6d]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 17683703
- endBlock: 17702903
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x126cd68c2c9d29f151c8833ee840260ebaa00d7d6ea8f0867c9f719704ca3c12

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/272.md


Technical analysis

We have verified the proposal payload does the following changes on Aave v2 Ethereum, but interacting with its PoolConfigurator smart contract:

YFI

  • LTV: 50% -> 0%
  • Liquidation Threshold: 65% -> 55%
  • Liquidation Bonus: 7.5% -> 10%
  • Reserve Factor: 20% -> 30%

BAT

  • LTV: 65% -> 0%
  • Liquidation Threshold: 70% -> 52%
  • Liquidation Bonus: 7.5% -> 10%
  • Reserve Factor: 20% -> 30%

MANA

  • LTV: 61.5% -> 0%
  • Liquidation Threshold: 72% -> 62%
  • Liquidation Bonus: 7.5% -> 10%
  • Reserve Factor: 35% -> 45%

DPI

  • LTV: 65% -> 0%
  • Liquidation Threshold: 70% -> 42%
  • Liquidation Bonus: 7.5% -> 10%
  • Reserve Factor: 20% -> 30%

REN

  • LTV: 55% -> 0%
  • Liquidation Threshold: 60% -> 40%
  • Liquidation Bonus: 7.5% -> 10%
  • Reserve Factor: 20% -> 30%

CVX

  • LTV: 35% -> 0%
  • Liquidation Threshold: 45% -> 40%
  • Reserve Factor: 20% -> 30%

xSUSHI

  • LTV: 50% -> 0%
  • Liquidation Threshold: 65% -> 60%
  • Liquidation Bonus: 8.5% -> 10%
  • Reserve Factor: 35% -> 45%

BAL

  • LTV: 65% -> 0%
  • Liquidation Threshold: 70% -> 55%
  • Reserve Factor: 20% -> 30%

KNC

  • LTV: 60% -> 0%
  • Liquidation Threshold: 70% -> 1%
  • Reserve Factor: 35% -> 45%

ZRX

  • LTV: 55% -> 0%
  • Liquidation Threshold: 65% -> 45%
  • Liquidation Bonus: 7.5% -> 10%
  • Reserve Factor: 20% -> 30%

ENJ

  • LTV: 60% -> 0%
  • Liquidation Threshold: 67% -> 60%
  • Liquidation Bonus: 6% -> 10%
  • Reserve Factor: 20% -> 30%

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.