V3. Proposal 11. Aave v3 Ethereum, Optimism, Arbitrum - ETH e-mode parameters update

Voting link

https://vote.onaave.com/proposal/?proposalId=11

Governance forum discussion

https://governance.aave.com/t/arfc-update-steth-and-weth-risk-params-on-aave-v3-ethereum-optimism-and-arbitrum/16168/7

BGD analysis

Proposal types

🔧 📊 params-update

Context

This proposal updates risk parameters and rate strategies configuration for ETH e-mode on Aave v3 Ethereum, Optimism and Arbitrum. Additionally, the Optimal Point of the WETH rate strategy is updated in those Aave v3 instances.

Proposal creation

Transaction: https://etherscan.io/tx/0x6a9365f8359afbbf91a7916bc7b0d141db18422c934fcd3f531aedd64ac59e01

- proposalId: 11
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x2fa324a635a80a4f64b8636199440b6ef8687135aa81ccf396570eb8aecc7bed

createProposal() parameters

{
  "payloads": [
    {
      "chain": "1",
      "accessLevel": 1,
      "payloadsController": "0xdabad81af85554e9ae636395611c58f7ec1aaec5",
      "payloadId": "50"
    },
    {
      "chain": "10",
      "accessLevel": 1,
      "payloadsController": "0x0e1a3af1f9cc76a62ed31ededca291e63632e7c4",
      "payloadId": "10"
    },
    {
      "chain": "42161",
      "accessLevel": 1,
      "payloadsController": "0x89644ca1bb8064760312ae4f03ea41b05da3637c",
      "payloadId": "9"
    }
  ],
  "votingPortal": "0x9b24c168d6a76b5459b1d47071a54962a4df36c3",
  "ipfsHash": "0x2fa324a635a80a4f64b8636199440b6ef8687135aa81ccf396570eb8aecc7bed"
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/11.md

Payloads report

Ethereum

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/50.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/50_forge.md

Optimism

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/10.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/10_forge.md

Arbitrum

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/9.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/9_forge.md

Technical analysis

The proposal is composed by 3 payloads, one for each network. We have verified they do the following changes.

ETH e-mode LTV: 90% -> 93%
ETH e-mode LT: 93% -> 95%
WETH rate strategy optimal point: 80% -> 90%

ETH e-mode LTV: 90% -> 93%
ETH e-mode LT: 93% -> 95%
WETH rate strategy optimal point: 80% -> 90%

ETH e-mode LTV: 90% -> 93%
ETH e-mode LT: 93% -> 95%
ETH e-mode LB: 2% -> 1%
WETH rate strategy optimal point: 80% -> 90%

Even if in the forum there is some discussion and feedback from risk providers, the payloads are consistent with the final decision on Snapshot

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.