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224-aave-v2-multichain-update-interest-rate-strategies.md

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Proposal 224. Aave v2 Ethereum, Polygon - update multiple rate strategies


Voting link

https://app.aave.com/governance/proposal/?proposalId=224


Governance forum discussion

https://governance.aave.com/t/arfc-aave-v2-interest-rate-curve-recommendations-from-gauntlet-2023-04-21/12846


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategies of multiple assets on Aave v2 Ethereum and Polygon.


Proposal creation

Transaction: https://etherscan.io/tx/0x05152e33582d861b7047254680588b249783be8d680936423f91bb90a74717cf

- id: 224
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x24bdacf6bbebaf567123da16cdb79a266597e92b,0x158a6bc04f0828318821bae797f50b0a1299d45b]
- values: [0,0]
- signatures: [execute(),execute(address)]
- calldatas: [0x,0x000000000000000000000000f22c8255ea615b3da6ca5cf5aecc8956bff07aa8]
- withDelegatecalls: [true,true]
- startBlock: 17247483
- endBlock: 17266683
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x6a96992b967855038741da685558e17d2f167dee2b41af0154d31499a574b940

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/224.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/224_fx_37_0.md


Technical analysis

We have verified that on the non-Ethereum payloads, the proposal uses correctly the Aave cross-chain governance system to communicate with Polygon.

Regarding the changes on each we have verified they are the following.

Aave v2 Ethereum

FRAX:

  • Variable slope 2: 75% -> 100%

GUSD:

  • Optimal usage ratio: 80% -> 70% (with maxExcessUsageRatio properly adjusted to 30%)
  • Variable slope 2: 100% -> 150%

USDP:

  • Optimal usage ratio: 90% -> 80% (with maxExcessUsageRatio properly adjusted to 20%)
  • Variable slope 2: 60% -> 75%

USDT:

  • Variable slope 2: 75% -> 100%
  • Stable slope 2: 75% -> 100%

WBTC:

  • Variable slope 1: 8% -> 4%

Aave v2 Polygon

USDT:

  • Optimal usage ratio: 90% -> 80% (with maxExcessUsageRatio properly adjusted to 20%)
  • Variable slope 2: 60% -> 100%
  • Stable slope 2: 60% -> 100%

WBTC:

  • Variable slope 1: 8% -> 4%

WETH:

  • Variable slope 1: 8% -> 4%

WMATIC:

  • Optimal usage ratio: 45% -> 65% (with maxExcessUsageRatio properly adjusted to 35%)
  • Variable slope 1: 7% -> 6%

The updates are aligned with those defined in the proposal's description, and the inconsistencies with the forum/Snapshot have been disclosed by the proposer HERE, and are reasonable.

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.

✅ Multiple payloads used via delegatecall

✅ BGD reviewed the procedure followed to submit the proposal.