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v3-106-aave-v2-ethereum-deprecation-of-small-cap-stablecoins.md

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Proposal 106. Deprecation of Small-cap Stablecoins on V2 Ethereum.


Voting link

https://vote.onaave.com/proposal/?proposalId=106


Governance forum discussion

https://governance.aave.com/t/arfc-deprecation-of-small-cap-stablecoins-on-v2-ethereum/17484/1


Payloads


Certora analysis


Proposal types

🔧 📊 configuration update


Context

This proposal is the first phase of deprecation of multiple frozen stable-coins on Aave-V2-Ethereum, in order to encourage users to migrate from v2 to v3.


Proposal creation

Transaction: https://etherscan.io/tx/0xfe41d70d2336aec8a03403ac60068dd260e61acb58190eba8a333924982d3e9a

- proposalId: 106
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xa66007518f76400be6e37151d23bfcd8fe9b6b6a72fe5eaa2fd60bdaa2a24b22

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "128" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0xa66007518f76400be6e37151d23bfcd8fe9b6b6a72fe5eaa2fd60bdaa2a24b22" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/106.md

Payload reports


Technical analysis

We have verified that the payload modifies the following parameters of USDP, GUSD, LUSD, FRAX, sUSD on Aave-V2-Ethereum:

  • Reserve Factor - 95%

  • Borrowing Enabled - No

  • Base Rate - 3%

  • Variable Slope1 - 15%

  • Variable Slope2 - 200%

  • UOptimal - 20%


The proposal is consistent with the description on both Snapshot and the governance forum.


Certora 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.

✅ Certora reviewed the procedure followed to submit the proposal.