v3-94-aave-v2+v3-multichain-stablecoin-interest-rate-updates.md

Proposal 94. Stablecoin Interest Rate Updates.

Voting link

https://vote.onaave.com/proposal/?proposalId=94

Governance forum discussion

https://governance.aave.com/t/arfc-stablecoin-ir-curve-amendment-on-aave-v2-and-v3-04-22-2024/17450

Payloads

• Ethereum V2- proposal payloads

• Ethereum V3- proposal payloads

• Polygon V3- proposal payloads

• Avalanche V2- proposal payloads

• Avalanche V3- proposal payloads

• Optimism V3- proposal payloads

• Arbitrum V3- proposal payloads

• Gnosis V3- proposal payloads

• Base V3- proposal payloads

• Scroll V3- proposal payloads

• BNB V3- proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal decreases stablecoin Interest Rate parameters across the v2+v3 platforms on multiple chains in order to align with the broader market.

Proposal creation

Transaction: https://etherscan.io/tx/0x5fe651156ac1be77672e0fa9c9bbb6134b0e2cd080a8d517e07d0a1eab8ec767

- proposalId: 94
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xcded0cbbb1c8708cee734177abb444cdb8bdbaf9eb566188d7811de05f667a95

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "117" 
    }, 
    { 
      "chain": "43114", 
      "accessLevel": "1", 
      "payloadsController": "0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80", 
      "payloadId": "31" 
    }, 
    { 
      "chain": "137", 
      "accessLevel": "1", 
      "payloadsController": "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", 
      "payloadId": "59" 
    }, 
    { 
      "chain": "10", 
      "accessLevel": "1", 
      "payloadsController": "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4", 
      "payloadId": "29" 
    }, 
    { 
      "chain": "42161", 
      "accessLevel": "1", 
      "payloadsController": "0x89644CA1bB8064760312AE4F03ea41b05dA3637C", 
      "payloadId": "27" 
    }, 
    { 
      "chain": "8453", 
      "accessLevel": "1", 
      "payloadsController": "0x2DC219E716793fb4b21548C0f009Ba3Af753ab01", 
      "payloadId": "18" 
    }, 
    { 
      "chain": "100", 
      "accessLevel": "1", 
      "payloadsController": "0x9A1F491B86D09fC1484b5fab10041B189B60756b", 
      "payloadId": "17" 
    }, 
    { 
      "chain": "534352", 
      "accessLevel": "1", 
      "payloadsController": "0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE", 
      "payloadId": "11" 
    }, 
    { 
      "chain": "56", 
      "accessLevel": "1", 
      "payloadsController": "0xE5EF2Dd06755A97e975f7E282f828224F2C3e627", 
      "payloadId": "13" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0xcded0cbbb1c8708cee734177abb444cdb8bdbaf9eb566188d7811de05f667a95" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/94.md

Payload reports

• Ethereum - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/117.md

• Polygon - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/59.md

• Avalanche - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/31.md

• Optimism - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/29.md

• Arbitrum - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/27.md

• Gnosis - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/100/0x9A1F491B86D09fC1484b5fab10041B189B60756b/17.md

• Base - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/8453/0x2DC219E716793fb4b21548C0f009Ba3Af753ab01/18.md

• Scroll - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/534352/0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE/11_forge.md

• BNB - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/56/0xE5EF2Dd06755A97e975f7E282f828224F2C3e627/13.md

Technical analysis

We have verified that the payload decreases the variable slope1 of multiple stablecoins on the following chains:

• Ethereum V2:

  • USDC: 9%

  • USDT: 9%

  • DAI: 9%

• Ethereum V3:

  • USDC: 9%

  • USDT: 9%

  • DAI: 9%

  • FRAX: 9%

  • LUSD: 9%

  • pyUSD: 9%

  • crvUSD: 9%

• Avalanche V2:

  • USDC.e: 10%

  • USDT: 9%

  • DAI: 9%

• Avalanche V3:

  • USDC: 9%

  • USDT: 9%

  • DAI: 9%

  • FRAX: 9%

  • MAI: 9%

• Polygon V3:

  • USDC: 9%

  • USDT: 9%

  • DAI: 9%

  • MAI: 9%

  • EURA: 9%

  • EURS: 9%

  • jEUR: 9%

  • USDC.e: 10%

• Optimism V3:

  • USDC: 9%

  • USDT: 9%

  • DAI: 9%

  • sUSD: 9%

  • LUSD: 9%

  • MAI: 9%

  • USDC.e: 10%

• Arbitrum V3:

  • USDC: 9%

  • USDT: 9%

  • DAI: 9%

  • FRAX: 9%

  • LUSD: 9%

  • MAI: 9%

  • EURS: 9%

  • USDC.e: 10%

• Base V3:

  • USDbC: 10%

  • USDC: 9%

• BNB V3:

  • USDC: 9%

  • USDT: 9%

  • FDUSD: 9%

• Scroll V3:

  • USDC: 9%

• Gnosis V3:

  • USDC: 9%

  • WXDAI: 9%

  • EURe: 9%

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.