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Proposal 375. Aave v3/v2 Ethereum, Polygon, Avalanche, Optimism, Arbitrum, Metis, Base - Stablecoins interest rate update


Voting link

https://app.aave.com/governance/proposal/?proposalId=375


Governance forum discussion

https://governance.aave.com/t/arfc-increase-optimal-borrow-rates-for-ethereum-stablecoin-markets/15096/3


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates different rate strategy parameters and RF for multiple reserves across all active Aave v2 and v3 instances.


Proposal creation

Transaction: https://etherscan.io/tx/0x71b4c1f181858834089d186d49947776acca911e835f391b98738afeefa9c2ce

- id: 375
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0,0,0,0,0,0,0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000014,0x00000000000000000000000000000000000000000000000000000000000000890000000000000000000000000000000000000000000000000000000000000001000000000000000000000000401b5d0294e23637c18fcc38b1bca814cda2637c000000000000000000000000000000000000000000000000000000000000000a,0x000000000000000000000000000000000000000000000000000000000000a86a00000000000000000000000000000000000000000000000000000000000000010000000000000000000000001140cb7cafacc745771c2ea31e7b5c653c5d0b800000000000000000000000000000000000000000000000000000000000000007,0x000000000000000000000000000000000000000000000000000000000000000a00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000e1a3af1f9cc76a62ed31ededca291e63632e7c40000000000000000000000000000000000000000000000000000000000000004,0x000000000000000000000000000000000000000000000000000000000000a4b1000000000000000000000000000000000000000000000000000000000000000100000000000000000000000089644ca1bb8064760312ae4f03ea41b05da3637c0000000000000000000000000000000000000000000000000000000000000004,0x000000000000000000000000000000000000000000000000000000000000044000000000000000000000000000000000000000000000000000000000000000010000000000000000000000002233f8a66a728fba6e1dc95570b25360d07d55240000000000000000000000000000000000000000000000000000000000000002,0x000000000000000000000000000000000000000000000000000000000000210500000000000000000000000000000000000000000000000000000000000000010000000000000000000000002dc219e716793fb4b21548c0f009ba3af753ab010000000000000000000000000000000000000000000000000000000000000001]
- withDelegatecalls: [false,false,false,false,false,false,false]
- startBlock: 18621879
- endBlock: 18641079
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x5f8349082690bd85372f956b70ef80d8ab98f9eb6f4b8b1e1d849afadb7b51fc

Aave Seatbelt report

Proposal report

https://raw.githubusercontent.com/bgd-labs/seatbelt-for-ghosts/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/375.md

Payloads reports

  • Ethereum

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/20.md

  • Polygon

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/10.md

  • Avalanche

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/7.md

  • Optimism

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/4.md

  • Arbitrum

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/4.md

  • Base

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/8453/0x2DC219E716793fb4b21548C0f009Ba3Af753ab01/1.md

  • Seatbelt doesn't support Metis at the moment

Technical analysis

We have verified that, per network, the following changes are applied by using the Aave BGD config engine.

Ethereum

v2

USDT

  • Variable slope 1: 4% -> 5%
  • Reserve factor: 20% -> 25%

USDC

  • Variable slope 1: 4% -> 5%
  • Reserve factor: 20% -> 25%

USDP

  • Variable slope 1: 4% -> 5%

FRAX

  • Variable slope 1: 4% -> 5%

LUSD

  • Variable slope 1: 4% -> 5%
  • Reserve factor: 20% -> 25%

SUSD

  • Variable slope 1: 4% -> 5%

GUSD

  • Variable slope 1: 4% -> 5%

v3

USDT

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

USDC

  • Variable slope 1: 3.5% -> 5%
  • Base stable borrow rate: 4.5% -> 6%

FRAX

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

LUSD

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

Polygon

v2

USDC

  • Variable slope 1: 4% -> 5%

DAI

  • Variable slope 1: 4% -> 5%

USDT

  • Variable slope 1: 4% -> 5%

v3

USDC

  • Variable slope 1: 3.5% -> 5%
  • Base stable borrow rate: 4.5% -> 6%

DAI

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

MAI

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

USDT

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

Avalanche

v2

USDC.e

  • Variable slope 1: 4% -> 5%

USDT.e

  • Variable slope 1: 4% -> 5%

DAI.e

  • Variable slope 1: 4% -> 5%

v3

MAI

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

USDt

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

USDC

  • Variable slope 1: 3.5% -> 5%
  • Base stable borrow rate: 4.5% -> 6%

FRAX

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

DAI.e

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

Optimism

v3

USDC

  • Variable slope 1: 3.5% -> 5%
  • Base stable borrow rate: 4.5% -> 6%

sUSD

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

USDT

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

DAI

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

LUSD

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

MAI

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

Arbitrum

v3

FRAX

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

MAI

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

LUSD

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

DAI

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

USDC (native)

  • Variable slope 1: 3.5% -> 5%
  • Base stable borrow rate: 4.5% -> 6%

USDT

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

USDC (bridged)

  • Variable slope 1: 3.5% -> 5%
  • Base stable borrow rate: 4.5% -> 6%

Metis

v3

m.USDC

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

m.USDT

  • Optimal point: 80% -> 90%
  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%

Base

v3

USDbC

  • Variable slope 1: 4% -> 5%
  • Base stable borrow rate: 5% -> 6%


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.