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397-aave-v2-ethereum-rates-rf-update.md

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Proposal 397. Aave v2 Ethereum - Rate strategies and Reserve Factor update


Voting link

https://app.aave.com/governance/proposal/?proposalId=397


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-rf-and-ir-updates-aave-v2-ethereum-2023-11-24/15661


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates multiple interest rate strategies and reserve factors of frozen assets in Aave v2 Ethereum, to progress in the pool deprectation.


Proposal creation

Transaction: https://etherscan.io/tx/0xea8fb4401dd9daa42860531e814ecfd96e324441cfd53407044bd29203326a43

- id: 397
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec5000000000000000000000000000000000000000000000000000000000000001e]
- withDelegatecalls: [false]
- startBlock: 18743669
- endBlock: 18762869
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x6a652079bf1999538d34c8d0692dff156d8905258df798d9fb1a24c68fd15e1f

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/397.md

Payloads report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/30.md


Technical analysis

We have verified the proposal payload updates the following parameters on Aave v2 Ethereum, via its Pool Configurator contract and the BGD config engine:

RAI

  • Reserve factor: 20% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%
  • Slope 2: 75% -> 300%

YFI

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

BAT

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

MANA

  • Reserve factor: 50% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

1INCH

  • Reserve factor: 30% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

DPI

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

UNI

  • Reserve factor: 30% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

REN

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

CVX

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

xSUSHI

  • Reserve factor: 50% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

MKR

  • Reserve factor: 30% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

UST

  • Reserve factor: 20% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 4% -> 0%
  • Slope 2: 75% -> 300%

BAL

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 5% -> 20%
  • Slope 1: 22% -> 0%
  • Slope 2: 150% -> 300%

SNX

  • Reserve factor: 45% -> 99%
  • Base variable borrow rate: 3% -> 20%
  • Slope 1: 12% -> 0%
  • Slope 2: 100% -> 300%

ENS

  • Reserve factor: 30% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

AMPL

  • Reserve factor: 10% -> 99%
  • Base variable borrow rate: 1% -> 20%
  • Slope 1: 2% -> 0%
  • Slope 2: 750% -> 300%

CRV

  • Reserve factor: 30% -> 99%
  • Base variable borrow rate: 3% -> 20%
  • Slope 1: 14% -> 0%

KNC

  • Reserve factor: 30% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 8% -> 0%

ZRX

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

ENJ

  • Reserve factor: 35% -> 99%
  • Base variable borrow rate: 0% -> 20%
  • Slope 1: 7% -> 0%

The proposal slightly deviates from the description by setting RF lower (99%) than as it is described (99.9%). This doesn't create any problem for Aave, but we have communicated about this to the proposal creator.


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.