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Proposal 99. Listing of stMATIC on Aave v3 Polygon


Voting link

https://app.aave.com/governance/proposal/?proposalId=99


Governance forum discussion

https://governance.aave.com/t/proposal-add-support-for-stmatic-lido/7677


BGD analysis


Proposal types

💎 🆕 asset-listing

🔮 oracle-addition

🔗 🌉 cross-chain execution


Context

This proposal lists the stMATIC asset into Aave v3 Polygon, via a cross-chain governance action.


Proposal creation

Transaction: https://etherscan.io/tx/0x55b01e8f8c2a8f3298e3e556ab897c991e46e0e62b8908820a9ccd09d278e627

- id: 99
- creator: 0x55b16934c3661e1990939bc57322554d9b09f262
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x000000000000000000000000c730008c64783a283988b0fa3b5ee6b6f997922a]
- withDelegatecalls: [true]
- startBlock: 15486006
- endBlock: 15505206
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x344d3181f08b3186228b93bac0005a3a961238164b8b06cbb5f0428a9180b8a7

Aave Seatbelt report

Ethereum report:

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/099.md

Polygon report:

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/099_fx_0.md


Technical analysis

This proposal lists stMATIC on Polygon, following the example and procedure present on https://github.com/bgd-labs/aave-v3-crosschain-listing-template.

We have verified that the listing is consistent with the parameters defined on the governance forum and Snapshot.

A summary:

  • A new oracle feed is properly configured for the asset. During our verification process, we have place a lot of emphasis on the review of this component, given the activation of eMode between stMATIC and WMATIC. The stMATIC/USD Chainlink feed is a Chainlink calculated feed, meaning that its update depends on a previous update on the MATIC/USD price feed on-chain. This removes any potential risk of synchronization of updates.
  • The asset is not enabled to borrow.
  • The asset is enabled as collateral, with parameters as following:
    • LTV: 50%
    • Liquidation Threshold: 65%
    • Liquidation Bonus: 10%
  • Supply cap: 7'500'000 stMATIC.
  • eMode category: 2, MATIC-correlated assets (new eMode).
  • Reserve factor: 20%
  • Liquidation protocol fee: 20%

In addition to the changes for stMATIC, we have verified that the proposal creates a new eMode: 2, for MATIC-correlated assets. On this eMode, both stMATIC and WMATIC are included, as expected.

The proposal payload can be found on https://polygonscan.com/address/0xc730008C64783a283988b0fA3b5eE6b6F997922A#code


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.