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87-aave-bal-token-swap.md

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Proposal 87. Strategic Investment Part 1 - BAL <> AAVE Token Swap


Voting link

https://app.aave.com/governance/proposal/?proposalId=87

Governance forum discussion

https://governance.aave.com/t/arc-strategic-partnership-with-balancer-part-1/7617


BGD analysis

Proposal types

💳 funds-allowance

💸 funds-release

Context

This proposal approves 16'907.28 AAVE to an OTC-swap smart contract, to execute a swap for 200'000 BAL with the Balancer community.

Proposal creation

Transaction: https://etherscan.io/tx/0x85095463129f088281c45f5bb7f87fdf8e7904e983a3c91ef851058af71983fe

- id: 87
- creator: 0x5b3bffc0bcf8d4caec873fdcf719f60725767c98
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xc730008c64783a283988b0fa3b5ee6b6f997922a]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 15130276
- endBlock: 15149476
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xf27eb37dc1f6129638e61204393c7f27bafa4c4f9ae4ea6170132af7f51bc7e2

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/087.md

Technical analysis

From a technical perspective, we have verified that the proposal payload does the following:

  1. Approves 16'907.28 AAVE to an OTC-swap smart contract that contains the logic to swap this amount for 200'000 BAL. The proposer has confirmed us that this proportion is defined on a 90 days price average, disclosed to the community on the governance forum discussion, and pre-approved on Snapshot.

  2. Calls the function swap() on the aforementioned OTC-swap smart contract.

  3. This swap() function 1) takes the pre-approved AAVE tokens from the Aave ecosystem reserve and sends them to the Balancer Treasury, and takes the pre-approved BAL from the Balancer Treasury and sends them to the Aave V2 Ethereum Collector

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.

✅ BGD reviewed the procedure followed to submit the proposal.

✅ Only one payload used via delegatecall