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247-aave-v3-ethereum-params-update.md

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Proposal 247. Aave v3 Ethereum - risk parameters update


Voting link

https://app.aave.com/governance/proposal/?proposalId=247


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-risk-parameter-updates-aave-v3-ethereum-2023-05-18/13128


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates multiple risk parameters on Aave v3 Ethereum.


Proposal creation

Transaction: https://etherscan.io/tx/0x434259699e010f2687d47b970f2c757e8a0f677c3e915dbd0bd9600044c32ceb

- id: 247
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xfa6481b09c273d17701fb90427d6658a028edc18]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 17491464
- endBlock: 17510664
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x169718719612fd6abd2fe3361fb879b2ad8087d4e00b9c9c3449dc9d2474f62a

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/247.md


Technical analysis

We have verified the proposal payload does the following changes by interacting with the BGD Aave v3 Ethereum Config Engine:

WETH:

  • LTV: 80% -> 80.5%
  • Liquidation Threshold: 82.5% -> 83%

WBTC

  • LTV: 70% -> 73%
  • Liquidation Threshold: 75% -> 78%
  • Liquidation Bonus: 6.25% -> 5%

DAI:

  • LTV: 64% -> 67%
  • Liquidation Threshold: 77% -> 80%

USDC:

  • LTV: 74% -> 77%
  • Liquidation Threshold: 76% -> 79%

LINK:

  • LTV: 50% -> 53%
  • Liquidation Threshold: 65% -> 68%
  • Liquidation Bonus: 7.5% -> 7%

wstETH:

  • LTV: 68.5% -> 69%
  • Liquidation Threshold: 79.5% -> 80%

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.