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175-aave-v2-v3-multichain-update-interest-rate-strategy-crv.md

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Proposal 175. Aave v2 Ethereum, Polygon and v3 Polygon - update CRV rate strategy


Voting link

https://app.aave.com/governance/proposal/?proposalId=175


Governance forum discussion

https://governance.aave.com/t/arfc-crv-interest-rate-curve-upgrade/11337


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategies for CRV on Aave v2 Ethereum and Polygon, together with Aave v3 Polygon.


Proposal creation

Transaction: https://etherscan.io/tx/0x5d15de218779cb69edb2b930dcc7e92ab22ec27bbbdbe52ca2ce12f61e870d1b

- id: 175
- creator: 0x55b16934c3661e1990939bc57322554d9b09f262
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xbacbe678e2c59343024fd5755262c7b0f77867d1,0x158a6bc04f0828318821bae797f50b0a1299d45b]
- values: [0,0]
- signatures: [execute(),execute(address)]
- calldatas: [0x,0x0000000000000000000000003b6532efb7a60711f8f3fa77a589a726c836f4cf]
- withDelegatecalls: [true,true]
- startBlock: 16792219
- endBlock: 16811419
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x5850c334a550896520dd390da343896affe8cbe21d5708c013e3f42c11b31703

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/175.md

There is a infrastructural problem on Tenderly, which causes the state transitions to show erroneously. We have double checked both payload code and events emitted, and everything seems correct

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/175_fx_17_0.md


Technical analysis

The proposal payloads do the following:

Ethereum

Replaces the current interest rate strategy of CRV on Aave v2 Ethereum for a new one with the following changes:

  • Base variable borrow: 0% -> 3%
  • Variable borrow slope 1: 7% -> 14%
  • Stable borrow slope 1: 10% -> 17%

Polygon

First, replaces the current interest rate strategy of CRV on Aave v2 Polygon for a new one with the following changes:

  • Base variable borrow: 0% -> 3%
  • Variable borrow slope 1: 7% -> 14%
  • Stable borrow slope 1: 10% -> 17%

Second, replaces the current interest rate strategy of CRV on Aave v3 Polygon for a new one with the following changes:

  • Base variable borrow: 0% -> 3%
  • Variable borrow slope 1: 7% -> 14%
  • Stable borrow slope 1: 0% -> 8%
  • Stable borrow slope 2: 0% -> 300%
  • Base Stable Rate Offset: 2% -> 3%
  • Optimal point: 45% -> 70%

Additionally, the proposal updates the supply cap of CRV on Aave v3 Polygon from 937'000 CRV to 1'125'240 CRV, its borrow cap from 640'000 CRV to 900'190 CRV and the Reserve Factor from 10% to 20%.


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.