v3-192-aave-v3-ethereum-USDS-slope1-update.md

Proposal 192. USDS Slope1 Update.

Voting link

https://vote.onaave.com/proposal/?proposalId=192

Governance forum discussion

https://governance.aave.com/t/arfc-increase-usds-borrow-rate-to-match-sky-savings-rate/19494

Payloads

• Ethereum - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal adjusts the variable slope1 of USDS on the Ethereum Mainet market to 0.75% in order to match Sky Savings rate.

Proposal creation

Transaction: https://etherscan.io/tx/0x1d74a424a0ad8ec3bf592b1de6df8d87ec7e292decabf89d71ffb49b7e1bfc6b

- proposalId: 192
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x3fda4736d4b519e9b9a6ef75799e21b68028c8f663914bc64b5fad98730a0b8c

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "199" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x3fda4736d4b519e9b9a6ef75799e21b68028c8f663914bc64b5fad98730a0b8c" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/192.md

Payload reports

• Ethereum - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/199.md

Technical analysis

We have verified that the payload modifies slope1 of USDS on the Ethereum Maaine market:

• variable slope1: From: 6.5% To: 0.75%.

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.