368-aave-v3-ethereum-weth-rate-strategy-update.md

Proposal 368. Aave v3 Ethereum - WETH interest rate update

Voting link

https://app.aave.com/governance/proposal/?proposalId=368

Governance forum discussion

https://governance.aave.com/t/arfc-upgrade-aave-v3-eth-pool-weth-parameters/15110

BGD analysis

Proposal types

🔧 📊 params-update

Context

This proposal updates the interest rate strategy of WETH on Aave v3 Ethereum.

Proposal creation

Transaction: https://etherscan.io/tx/0xf89ea8599965527ab0ad801d492e9559327b3c0c3a5f58c38c2c5f8f610fd2d0

- id: 368
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec5000000000000000000000000000000000000000000000000000000000000000b]
- withDelegatecalls: [false]
- startBlock: 18549547
- endBlock: 18568747
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x06c3c9f405af0104ba5e02911399c0ac432f02961206208a4a075780f6bd6599

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/368.md

Payloads report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/11.md

Technical analysis

We have verified that, as presented in the specification, the proposal payload properly updates the following parameters of the WETH interest rate strategy:

• Optimal point: 90 -> 80%.
• Variable borrow slope 1: 3.8% -> 2.8%

The proposal is consistent with the description on the governance forum.

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.