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148-aave-v2-ethereum-update-interest-rate-strategy-tusd-usdt.md

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Proposal 148. Aave v2 Ethereum - update TUSD and USDT interest rate strategies


Voting link

https://app.aave.com/governance/proposal/?proposalId=148


Governance forum discussion

https://governance.aave.com/t/arc-interest-rate-curve-changes-for-aave-v2-eth-november-2022/10884


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategy for TUSD and USDT on the Aave v2 Ethereum pool, together with the Reserve Factor of TUSD.


Proposal creation

Transaction: https://etherscan.io/tx/0x105816995d2dae16b3d032b5ee4ecba214f96d3dc90790cd38c1ce0181414ab0

- id: 148
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x311bb771e4f8952e6da169b425e7e92d6ac45756,0x311bb771e4f8952e6da169b425e7e92d6ac45756,0x311bb771e4f8952e6da169b425e7e92d6ac45756]
- values: [0,0,0]
- signatures: [,,]
- calldatas: [0x4b4e67530000000000000000000000000000000000085d4780b73119b644ae5ecd22b37600000000000000000000000000000000000000000000000000000000000001f4,0x1d2118f9000000000000000000000000dac17f958d2ee523a2206206994597c13d831ec700000000000000000000000033deac0861fd6a9235b86172aa939e79085c6f52,0x1d2118f90000000000000000000000000000000000085d4780b73119b644ae5ecd22b3760000000000000000000000006bce15b789e537f3aba3c60cb183f0e8737f05ec]
- withDelegatecalls: [false,false,false]
- startBlock: 16530723
- endBlock: 16549923
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xbab0c676efd10ba3ba04e8f66c69fbb8a0cf3b2ad100348e920b9257d47b1af0

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/148.md

There seems to be some infrastructure problem on Tenderly, which causes the state transitions to show erroneously (aTokenAddress instead of the correct interestRateStrategyAddress). We have double checked both payload code and events emitted, and everything seems correct


Technical analysis

The proposal payloads do the following:

  • Call the Pool Configurator of Aave v2 Ethereum to set the Reserve Factor of TUSD to 5%.
  • Call the Pool Configurator of Aave v2 Ethereum to replace the current interest rate strategy of TUSD with the one on deployed HERE. We verified that the only changes are on slope 2 of variable and rate, passing from 75% to 100%.
  • Call the Pool Configurator of Aave v2 Ethereum to replace the current interest rate strategy of USDT with the one on deployed HERE. We verified that the only changes are on slope 2 of variable and rate, passing from 60% to 75%, together with moving the optimal utilization from 90% to 80%.

BGD validations

✅ The code on the proposal payload corresponds to the proposal specification.

✅ Payload encoded via multiple targets and calldatas, no delegatecall

✅ BGD reviewed the payload before the proposal was submitted.

❓ The proposal includes a proper tests suite, checking all necessary post-conditions.

❌ BGD reviewed the procedure followed to submit the proposal.