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83-stETH-params-update.md

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Proposal 83. Freeze stETH, Increase stETH Liq. Threshold to 90%, Pause ETH Borrowing


Voting link

https://app.aave.com/governance/proposal/?proposalId=83

Governance forum discussion

https://governance.aave.com/t/staked-eth-and-aave-risk-june-11th-update/8469


BGD analysis

Proposal types

🔧 📊 params-update

Context

This proposal targets the change of some risk parameters on stETH, given its market situation.

Proposal creation

Transaction: https://etherscan.io/tx/0x5972b3f8a9f3a4d8cf06faca5b65d4bf442c5ff22fe29f6e5455e476e621eb0d

- id: 83
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x311bb771e4f8952e6da169b425e7e92d6ac45756,0x311bb771e4f8952e6da169b425e7e92d6ac45756,0x311bb771e4f8952e6da169b425e7e92d6ac45756]
- values: [0,0,0]
- signatures: [,,]
- calldatas: [0xa8dc0f45000000000000000000000000c02aaa39b223fe8d0a0e5c4f27ead9083c756cc2,0x7aca76eb000000000000000000000000ae7ab96520de3a18e5e111b5eaab095312d7fe84,0x7c4e560b000000000000000000000000ae7ab96520de3a18e5e111b5eaab095312d7fe840000000000000000000000000000000000000000000000000000000000001af4000000000000000000000000000000000000000000000000000000000000232800000000000000000000000000000000000000000000000000000000000029fe]
- withDelegatecalls: [false,false,false]
- startBlock: 14959761
- endBlock: 14978961
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x7cfe8e430467c7c48e4debeb1f8d797eec11c9128f0e23b96857f15335fe7b85

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/083.md

Technical analysis

From a technical perspective, we have verified that the calldata submitted as payload of the proposal does the following:

  1. Calls configureReserveAsCollateral() on the Aave Pool Configurator for stETH, to set LTV to 69% (not modified), Liquidation Threshold to 90% and Liquidation Bonus to 7.5% (not modified).
  2. Calls freezeReserve() on Aave Pool Configurator for stETH, freezing the reserve: only allowing repayments, withdrawals and liquidations, not new borrowings or deposits.
  3. Calls disableBorrowingOnReserve() on Aave Pool Configurator for WETH.

BGD validations

✅ The code on the proposal payload corresponds to the proposal specification.

✅ Payload encoded via multiple targets and calldatas, no delegatecall

❓ The proposal includes a proper tests suite, checking all necessary post-conditions.

❌ BGD reviewed the payload before the proposal was submitted.

❌ BGD reviewed the procedure followed to submit the proposal.