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197-aave-v3-ethereum-UNI-MKR-BAL-SNX-listings.md

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Proposal 197. Aave v3 Ethereum - listing of UNI, MKR, BAL and SNX


Voting link

https://app.aave.com/governance/proposal/?proposalId=197


Governance forum discussions

https://governance.aave.com/t/arfc-add-uni-to-ethereum-v3/11953

https://governance.aave.com/t/arfc-add-mkr-to-ethereum-v3/11954

https://governance.aave.com/t/arfc-add-bal-ethereum-v3/11523

https://governance.aave.com/t/arfc-add-snx-to-ethereum-v3/11956


BGD analysis


Proposal types

💎 🆕 asset-listing

🔮 oracle-addition


Context

This proposal lists UNI, MKR, BAL and SNX on the Aave v3 Ethereum pool.


Proposal creation

Transaction: https://etherscan.io/tx/0xa73ce803a14675968f12bfa680bf201d5b55ddea52835a7cb4246f6143f5959a

- id: 197
- creator: 0x62a43123fe71f9764f26554b3f5017627996816a
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xf146c735f39281d35fffee1a99e65b5307305a4f]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 16983467
- endBlock: 17002667
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xd304f4b8429fe996ea4b8e1cb4aaa71a72e11992892c9a80b91158193c7da84d

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/197.md


Technical analysis

The proposal payload correctly uses the new BGD's Aave Config Engine of Aave v3 Ethereum, in this case, its listing features.

We have verified the payload respects the interface required by the v3 config engine and lists the expected assets with the following configurations:


UNI

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on Snapshot:
    • Base variable borrow: 0%
    • Variable borrow slope 1: 7%
    • Variable borrow slope 2: 300%
    • Optimal point: 45%
  • The asset is enabled as collateral in isolation
  • LTV: 65%
  • Liquidation Threshold: 77%
  • Liquidation Bonus: 10%
  • Liquidation Protocol Fee: 10%
  • Reserve Factor: 20%
  • Supply cap: 2'000'000 UNI
  • Borrow cap: 500'000 UNI
  • Debt ceiling 17'000'000 USD
  • No eMode category
  • Flashlonable
  • Not enabled for borrowing on isolation

Similar as on Aave v2, aUNI is configured with a custom DelegateAwareAToken implementation, allowing for UNI voting power delegation of the underlying if the Aave governance would decide so.

The oracle used is the Chainlink UNI/USD feed.

The initial configuration is completely aligned with pre-approved Snapshot.


MKR

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on Snapshot:
    • Base variable borrow: 0%
    • Variable borrow slope 1: 7%
    • Variable borrow slope 2: 300%
    • Optimal point: 45%
  • The asset is enabled as collateral in isolation
  • LTV: 65%
  • Liquidation Threshold: 70%
  • Liquidation Bonus: 8.5%
  • Liquidation Protocol Fee: 10%
  • Reserve Factor: 20%
  • Supply cap: 6'000 MKR
  • Borrow cap: 1'500 MKR
  • Debt ceiling 2'500'000 USD
  • No eMode category
  • Flashlonable
  • Not enabled for borrowing on isolation

The oracle used is the Chainlink MKR/USD feed.

The initial configuration is completely aligned with pre-approved Snapshot.


BAL

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on the forum:
    • Base variable borrow: 3%
    • Variable borrow slope 1: 14%
    • Variable borrow slope 2: 150%
    • Optimal point: 80%
  • The asset is enabled as collateral in isolation
  • LTV: 57%
  • Liquidation Threshold: 62%
  • Liquidation Bonus: 8.3%
  • Liquidation Protocol Fee: 10%
  • Reserve Factor: 20%
  • Supply cap: 700'000 BAL
  • Borrow cap: 185'000 BAL
  • Debt ceiling 2'900'000 USD
  • No eMode category
  • Flashlonable
  • Not enabled for borrowing on isolation

The oracle used is the Chainlink BAL/USD feed.

The initial configuration is completely aligned with pre-approved Snapshot.


SNX

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on the forum:
    • Base variable borrow: 3%
    • Variable borrow slope 1: 15%
    • Variable borrow slope 2: 100%
    • Optimal point: 80%
  • The asset is enabled as collateral in isolation
  • LTV: 49%
  • Liquidation Threshold: 65%
  • Liquidation Bonus: 8.5%
  • Liquidation Protocol Fee: 10%
  • Reserve Factor: 35%
  • Supply cap: 2'000'000 SNX
  • Borrow cap: 1'000'000 SNX
  • Debt ceiling 2'500'000 USD
  • No eMode category
  • Flashlonable
  • Not enabled for borrowing on isolation

The oracle used is the Chainlink SNX/USD feed.

The initial configuration is completely aligned with pre-approved Snapshot.


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.