V3. Proposal 3. Aave v2/v3 Multichain - Rate strategies update

Voting link

https://vote.onaave.com/proposal/?proposalId=3

Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-stablecoin-ir-curves-updates/15838

BGD analysis

Proposal types

🔧 📊 params-update

Context

This proposal does changes on Slope 1 of multiple assets in multiple Aave v2 and v3 instances.

Proposal creation

Transaction: https://etherscan.io/tx/0x1268c69d1eb569604864b112de9eff69ba2fbfa81f7156a6e55db444226f620a

- proposalId: 3
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xa9b79871f27b840c5d04672f5b2ef16c753938cb80c6809087c1a47ad0fa2880

createProposal() parameters

{
  "payloads": [
    {
      "chain": "1",
      "accessLevel": 1,
      "payloadsController": "0xdabad81af85554e9ae636395611c58f7ec1aaec5",
      "payloadId": "44"
    },
    {
      "chain": "137",
      "accessLevel": 1,
      "payloadsController": "0x401b5d0294e23637c18fcc38b1bca814cda2637c",
      "payloadId": "25"
    },
    {
      "chain": "43114",
      "accessLevel": 1,
      "payloadsController": "0x1140cb7cafacc745771c2ea31e7b5c653c5d0b80",
      "payloadId": "12"
    },
    {
      "chain": "10",
      "accessLevel": 1,
      "payloadsController": "0x0e1a3af1f9cc76a62ed31ededca291e63632e7c4",
      "payloadId": "9"
    },
    {
      "chain": "42161",
      "accessLevel": 1,
      "payloadsController": "0x89644ca1bb8064760312ae4f03ea41b05da3637c",
      "payloadId": "8"
    },
    {
      "chain": "1088",
      "accessLevel": 1,
      "payloadsController": "0x2233f8a66a728fba6e1dc95570b25360d07d5524",
      "payloadId": "4"
    },
    {
      "chain": "8453",
      "accessLevel": 1,
      "payloadsController": "0x2dc219e716793fb4b21548c0f009ba3af753ab01",
      "payloadId": "6"
    },
    {
      "chain": "100",
      "accessLevel": 1,
      "payloadsController": "0x9a1f491b86d09fc1484b5fab10041b189b60756b",
      "payloadId": "3"
    }
  ],
  "votingPortal": "0x9b24c168d6a76b5459b1d47071a54962a4df36c3",
  "ipfsHash": "0xa9b79871f27b840c5d04672f5b2ef16c753938cb80c6809087c1a47ad0fa2880"
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/3.md

Payloads report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/44.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/25.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/12.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/9.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/8.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/8453/0x2DC219E716793fb4b21548C0f009Ba3Af753ab01/6.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/100/0x9A1F491B86D09fC1484b5fab10041B189B60756b/3.md

The proposal includes also a payload for Metis, but currently Aave seatbelt doesn't support Metis

Technical analysis

This proposal enacts the changes on the interest rate strategies' slope 1, on all assets affected from 5% to 6%. The payloads are the following:

Aave v2 Ethereum

Updating GUSD, sUSD, LUSD, DAI, FRAX, USDP, USDC, USDT.

Aave v3 Ethereum

Updating LUSD, DAI, FRAX, USDC, USDT.

Aave v2 Polygon

Updating USDC, DAI, USDT.

Aave v3 Polygon

Updating USDC, DAI, MAI, USDT.

Aave v2 Avalanche

Updating USDC.e, USDT.e, DAI.e.

Aave v3 Avalanche

Updating MAI, USDt, USDC, FRAX, DAI.e.

Aave v3 Optimism

Updating USDC, sUSD, USDT, DAI, LUSD, MAI.

Aave v3 Arbitrum

Updating FRAX, MAI, LUSD, DAI, USDT, USDC.

Updating m.USDC, m.USDT.

Updating USDC.

Updating USDC, wxDAI.

The proposal payload is consistent with the description in the Aave 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.