v3-167-aave-v3-ethereum-gho-borrow-rate-update.md

Proposal 167. Gho Borrow Rate Update September 2024.

Voting link

https://vote.onaave.com/proposal/?proposalId=167

Governance forum discussion

https://governance.aave.com/t/arfc-gho-stewards-gho-parameter-adjustments/17289/32

Payloads

• Ethereum - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal decreases GHO base variable borrow rate on Aave-V3-Ethereum from 5% to 4.25% to enhance its competitiveness in the current market conditions.

Proposal creation

Transaction: https://etherscan.io/tx/0x089230ae4e10894f2eee9dafeb556ea2b3ce32e397f89a793d825f7d72cbdffc

- proposalId: 167
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x8f48e7201b581c5b1398cc1fc113ad7441e1c349cb80d29b84034a6dc039d2c6

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "174" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x8f48e7201b581c5b1398cc1fc113ad7441e1c349cb80d29b84034a6dc039d2c6" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/167.md

Payload reports

• Ethereum - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/174.md

Technical analysis

We have verified that the payload decreases Gho base variable borrow rate on Aave-V3-Ethereum from 5% to 4.25%.

The proposal is consistent with the description on both Snapshot and 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.