406-aave-v3-ethereum-gho-rate-strategy-update.md

Proposal 406. Aave v3 Ethereum - GHO interest rate strategy update

Voting link

https://app.aave.com/governance/proposal/?proposalId=406

Governance forum discussion

https://governance.aave.com/t/arfc-increase-gho-borrow-rate-100-bps-to-6-35-on-aave-v3/15744

BGD analysis

Proposal types

🔧 📊 params-update

Context

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

Proposal creation

Transaction: https://etherscan.io/tx/0xbe90473b807916dd4237f8c963f8cd1f73a56fbf679bb330aa14ed12aac892ab

- id: 406
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000025]
- withDelegatecalls: [false]
- startBlock: 18789888
- endBlock: 18809088
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xfd84f925c89bfede52d221346bb98df66f7849665e18b57e5843ac92ff410c6a

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/406.md

Payloads report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/37.md

Technical analysis

We have verified the proposal payload properly updates the GHO interest rate strategy with this one.

This will change the GHO (fixed) rate to 6.22%, from the current 5.22%.

The proposal is consistent with the discussions on the Aave 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.