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v3-40-aave-v3-Ethereum-gho-borrow-rate-increase.md

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Proposal 40. GHO Borrow Rate Increase 2024-02-29


Voting link

https://vote.onaave.com/proposal/?proposalId=40


Governance forum discussion

https://governance.aave.com/t/arfc-increase-gho-borrow-rate-29-02-2024/16787


Payloads


Certora analysis


Proposal types

🔧 📊 configuration update 🤝 contract upgrade


Context

This proposal increases the gho borrowing rate on the protocol to align with the market rates in order to support the current gho pegging.


Proposal creation

Transaction: https://etherscan.io/tx/0xe4e6f67d2da27c9b08a135f4c24d86a442a8a40a70419fc98aecaa2b781b8ccc

- proposalId: 40
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xb0cb4e66131b2fde2206963b7e70e49d2366e41b54133861f0552538b1804b9c

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "70" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0xb0cb4e66131b2fde2206963b7e70e49d2366e41b54133861f0552538b1804b9c" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/40.md

Payload reports


Technical analysis

We have verified that the payload changes the GHO interest rate strategy such that the borrow rate is increased to 7.22% without changing the max discount rate.


The proposal is consistent with the description on the governance forum. It also follows an accelerated procedure following the approval of AIP-381 which pre-approved ACI to perform changes in GHO borrow rate up to 1% with some limitations. see AIP here.


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.