v3-130-aave-v2-v3-multichain-interest-rate-update.md

Proposal 130. Stablecoin IR Curve Amendment.

Voting link

https://vote.onaave.com/proposal/?proposalId=130

Governance forum discussion

https://governance.aave.com/t/arfc-stablecoin-ir-curve-amendment-on-aave-v2-and-v3-07-14-24/18252

Payloads

• Ethereum V2 - proposal payloads

• Ethereum V3 - proposal payloads

• Polygon V3 - proposal payloads

• Avalanche V3 - proposal payloads

• Optimism V3 - proposal payloads

• Arbitrum V3 - proposal payloads

• Base V3 - proposal payloads

• Gnosis V3 - proposal payloads

• Scroll V3 - proposal payloads

• BNB V3 - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal suggests to lower the interest rates of all stablecoins across all networks due to changes in DSR rates which are expected to impact stablecoin rates across DeFi.

Proposal creation

Transaction: https://etherscan.io/tx/0x7d25e9894dfc27f6443c8051aad2251368a787d436c3be74ef150ec70eb426d4

- proposalId: 130
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x2e8cee15c55cf4031ba0bc234478cfb0a9ced14e6b7d3967c32a9fbe0626178e

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "144" 
    }, 
    { 
      "chain": "137", 
      "accessLevel": "1", 
      "payloadsController": "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", 
      "payloadId": "70" 
    }, 
    { 
      "chain": "43114", 
      "accessLevel": "1", 
      "payloadsController": "0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80", 
      "payloadId": "41" 
    }, 
    { 
      "chain": "10", 
      "accessLevel": "1", 
      "payloadsController": "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4", 
      "payloadId": "37" 
    }, 
    { 
      "chain": "42161", 
      "accessLevel": "1", 
      "payloadsController": "0x89644CA1bB8064760312AE4F03ea41b05dA3637C", 
      "payloadId": "37" 
    }, 
    { 
      "chain": "8453", 
      "accessLevel": "1", 
      "payloadsController": "0x2DC219E716793fb4b21548C0f009Ba3Af753ab01", 
      "payloadId": "24" 
    }, 
    { 
      "chain": "100", 
      "accessLevel": "1", 
      "payloadsController": "0x9A1F491B86D09fC1484b5fab10041B189B60756b", 
      "payloadId": "22" 
    }, 
    { 
      "chain": "534352", 
      "accessLevel": "1", 
      "payloadsController": "0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE", 
      "payloadId": "14" 
    }, 
    { 
      "chain": "56", 
      "accessLevel": "1", 
      "payloadsController": "0xE5EF2Dd06755A97e975f7E282f828224F2C3e627", 
      "payloadId": "16" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x2e8cee15c55cf4031ba0bc234478cfb0a9ced14e6b7d3967c32a9fbe0626178e" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/130.md

Payload reports

• Ethereum V2+V3 - proposal payloads

• Polygon V3 - proposal payloads

• Avalanche V3 - proposal payloads

• Optimism V3 - proposal payloads

• Arbitrum V3 - proposal payloads

• Base V3 - proposal payloads

• Gnosis V3 - proposal payloads

• Scroll V3 - proposal payloads

• BNB V3 - proposal payloads

Technical analysis

We have verified that the payload reduces slope 1 of all the stablecoins that are specified in the IPFS to 6.5%, 0.5% less than the expected DSR.

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

Certora 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.

✅ Certora reviewed the procedure followed to submit the proposal.