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v3-114-aave-v3-optimism-sUSD-risk-parameters-update.md

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Proposal 114. Chaos Labs Parameter Recommendations sUSD on V3 Optimism.


Voting link

https://vote.onaave.com/proposal/?proposalId=114


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-parameter-recommendations-susd-on-v3-optimism-05-23-2024/17779


Payloads


Certora analysis


Proposal types

🔧 📊 configuration update


Context

This proposal suggests risk parameters changes to sUSD following the depeg of the asset, freeze of the market on Aave and repeg to reflect the current state of the market.


Proposal creation

Transaction: https://etherscan.io/tx/0xa545089be8b8708f48233e8069ae8483605c0399f507d97192989583d2ef5fcf

- proposalId: 114
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x880874b26e761785fe82e63387b1c4eeb48375ed71d3333f245076b7fc636183

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "10", 
      "accessLevel": "1", 
      "payloadsController": "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4", 
      "payloadId": "33" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x880874b26e761785fe82e63387b1c4eeb48375ed71d3333f245076b7fc636183" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/114.md

Payload reports


Technical analysis

We have verified that the payload unfreeze the sUSD market, as well as updates the risk parameters of sUSD to following values:

Asset Parameters:

  • LTV: 60%
  • LT: 70%
  • Supply Cap: 7M sUSD
  • Borrow Cap: 5.6M sUSD

E-mode Parameters:

  • LTV: 90%
  • LT: 93%

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.