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154-aave-v3-ethereum-LUSD-listing.md

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Proposal 154. Aave v3 Ethereum - listing of LUSD


Voting link

https://app.aave.com/governance/proposal/?proposalId=154


Governance forum discussion

https://governance.aave.com/t/arc-add-lusd-to-ethereum-v3-market/11522


BGD analysis


Proposal types

💎 🆕 asset-listing

🔮 oracle-addition


Context

This proposal lists LUSD (LUSD Stablecoin, Liquity) on the Aave v3 Ethereum pool.


Proposal creation

Transaction: https://etherscan.io/tx/0xca9e8cb07c47d66858d91b71cb4d86a6eb8c64271c70c4da158cee2c461dbef1

- id: 154
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9d4948be10dce66c0f584a6c42fd7d985786b439]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 16641699
- endBlock: 16660899
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x2544be91c00601ccaf3824eaa990c4ba92b2c2652f21713de2c7d46eb8c848be

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/154.md


Technical analysis

The proposal payload follows the new approach for listings, using the Aave V3 listing engine contract, containing logic to expose a simple interface for listings, and do proper validations.

We have verified this payload respects the interface required by the v3 listing engine and effectively configures the LUSD listing with the following initial parameters:

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on the forum:
    • Base variable borrow: 0%
    • Variable borrow slope 1: 4%
    • Variable borrow slope 2: 87%
    • Optimal point: 80%
  • The asset is not enabled as collateral
  • Reserve Factor: 10%
  • Liquidation protocol fee: 10%
  • Supply cap: 3'000'000 LUSD
  • Borrow cap: 1'210'000 LUSD
  • No eMode category
  • No isolation mode
  • Flashlonable
  • Not enabled for borrowing on isolation

The oracle used is the Chainlink LUSD/USD feed.

The initial configuration is completely aligned with the description on the Aave governance forum.


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.