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Proposal 371. (REPETITION OF 368) Aave v3 Ethereum - WETH interest rate update


Voting link

https://app.aave.com/governance/proposal/?proposalId=371


Governance forum discussion

https://governance.aave.com/t/arfc-upgrade-aave-v3-eth-pool-weth-parameters/15110


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategy of WETH on Aave v3 Ethereum.

This proposal has been already submitted with 368, so if it gets executed, will simply not have any effect


Proposal creation

Transaction: https://etherscan.io/tx/0x217807ecc81f816fb8f1b5a45730242cb005267337b350b63d4c66a1ab4543a8

- id: 371
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec5000000000000000000000000000000000000000000000000000000000000000b]
- withDelegatecalls: [false]
- startBlock: 18577795
- endBlock: 18596995
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x06c3c9f405af0104ba5e02911399c0ac432f02961206208a4a075780f6bd6599

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/371.md

Payloads report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/11.md


Technical analysis

We have verified that, as presented in the specification, the proposal payload properly updates the following parameters of the WETH interest rate strategy:

  • Optimal point: 90 -> 80%.
  • Variable borrow slope 1: 3.8% -> 2.8%

The proposal is consistent with the description on the governance forum.


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.