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Proposal 205. Aave v3 Optimism - Risk params update


!!! The title and description of the submitted proposal is incorrect due to an error on the IPFS reference used. This proposal updates risk parameters on Optimism, not supply/borrow caps on Arbitrum !!!

Voting link

https://app.aave.com/governance/proposal/?proposalId=205


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-risk-parameter-updates-aave-v3-optimism-2023-03-22/12421


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the risk parameters of WBTC and DAI on Aave v3 Optimism.


Proposal creation

Transaction: https://etherscan.io/tx/0x1bd2e5e01c505ab8f412391ed764b2d0313b974d8e73e02fcab3f01132e46da0

- id: 205
- creator: 0xbc540e0729b732fb14afa240aa5a047ae9ba7df0
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x000000000000000000000000c4421eaf9087aa0b8f453c130dc024c3eb3a34d7]
- withDelegatecalls: [true]
- startBlock: 17075554
- endBlock: 17094754
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x3153da673854d10ae6350b2508577a1d09d5486269b6501e15a557ec7fd73cb5

Aave Seatbelt reports

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/205.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/205_optimism_12_0.md


Technical analysis

We have verified the proposal uses correctly the Aave cross-chain governance system to communicate with Optimism.

From a technical perspective, we have verified the proposal payload correctly uses the new BGD's Aave Config Engine of Aave v3 Optimism, in this case, to update the following risk parameters:

  • WBTC:
    • LTV: 70% -> 73%
    • Liquidation Threshold: 75% -> 78%
    • Liquidation Bonus: 9.4% -> 8.5%
  • DAI:
    • LTV: 75% -> 78%
    • Liquidation Threshold: 80% -> 83

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.