269-aave-v3-multichain-caps-update.md

Proposal 269. Aave v3 Ethereum, Optimism - caps update

Voting link

https://app.aave.com/governance/proposal/?proposalId=269

Governance forum discussion

https://governance.aave.com/t/arfc-gauntlet-supply-cap-updates-for-ethereum-v3-optimism-v3-2023-07-05/13917

BGD analysis

Proposal types

🔧 📊 params-update

Context

This proposal decreases supply of different assets on Aave v3 Ethereum and Optimism, procedure that is not covered at the moment by Risk Stewards (only increase).

Proposal creation

Transaction: https://etherscan.io/tx/0x90d542222c7ccdcafee18157741512223b9d21c50591ff94f141072e9875c5f2

- id: 269
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x2ee993533a482fe0f22d0fdf1b84ae1a0537e5ed,0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711]
- values: [0,0]
- signatures: [execute(),execute(address)]
- calldatas: [0x,0x000000000000000000000000e1dd796dbeb5a67ce37cbc52dcd164d0535c901e]
- withDelegatecalls: [true,true]
- startBlock: 17674024
- endBlock: 17693224
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x73fbf4d3b8dd87a2dd8d28ad0a6ca5b20a1767391950e07fe763d2d59d3af5ad

Aave Seatbelt reports

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/269.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/269_Optimism_pending_0.md

Technical analysis

We have verified the proposal uses correctly the Aave cross-chain governance system in the part that communicates with Aave on Optimism.

Regarding the payloads, they do the following:

Ethereum payload

The payload changes the following caps:

BAL

• Supply cap: 700'000 BAL -> 350'000 BAL

LINK

• Supply cap: 24'000'000 LINK -> 15'000'000 LINK

Optimism payload

The payload changes the following caps:

OP

• Supply cap: 20'000'000 OP -> 10'000'000 OP

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.