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Proposal 404. Aave v2 Ethereum, Polygon - Risk parameters update


Voting link

https://app.aave.com/governance/proposal/?proposalId=404


Governance forum discussion

https://governance.aave.com/t/arfc-v2-ethereum-and-polygon-lt-reductions-12-04-2023/15747


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates multiple risk parameters on Aave v2 Ethereum and Polygon.


Proposal creation

Transaction: https://etherscan.io/tx/0x10e407ef413ae3101adbf8fdc221c2e6bf74de2dc90f3416ddfad4c7c05eb0bc

- id: 404
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0,0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000024,0x00000000000000000000000000000000000000000000000000000000000000890000000000000000000000000000000000000000000000000000000000000001000000000000000000000000401b5d0294e23637c18fcc38b1bca814cda2637c0000000000000000000000000000000000000000000000000000000000000014]
- withDelegatecalls: [false,false]
- startBlock: 18789873
- endBlock: 18809073
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x3fbf5c863c25538b6cd4a917dd17c49221b7f2e7200f25400056de9c8fd08ddd

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/404.md

Payloads report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/36.md

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/20.md


Technical analysis

The proposal contains 2 payloads, one for Ethereum and another for Polygon. Both change Liquidation Threshold and LTV parameters for different assets of each pool.


Ethereum payload

YFI

  • Liquidation Threshold: 32% -> 0.05%

BAT

  • Liquidation Threshold: 1% -> 0.05%

MANA

  • Liquidation Threshold: 29% -> 0.05%

1INCH

  • Liquidation Threshold: 1% -> 0.05%

DPI:

  • Liquidation threshold: 5% -> 0.05%

UNI

  • Liquidation Threshold: 55% -> 40%

REN

  • Liquidation Threshold: 18% -> 0.05%

CVX

  • Liquidation Threshold: 24% -> 0.05%

LINK:

  • Liquidation Threshold: 80% -> 75%

xSUSHI

  • Liquidation Threshold: 1% -> 0.05%

FEI

  • Liquidation Threshold: 1% -> 0.05%

MKR

  • Liquidation Threshold: 28% -> 26%

BAL

  • Liquidation Threshold: 1% -> 0.05%

SNX

  • Liquidation Threshold: 30% -> 0.05%

ENS

  • Liquidation Threshold: 38% -> 30%

CRV:

  • Liquidation Threshold: 30% -> 25%

KNC

  • Liquidation Threshold: 1% -> 0.05%

ZRX

  • Liquidation Threshold: 24% -> 18%

ENJ

  • Liquidation Threshold: 44% -> 0.05%

Polygon payload

SUSHI

  • LTV: 20% -> 0%
  • Liquidation Threshold: 45% -> 0.05%

CRV

  • LTV: 20% -> 0%
  • Liquidation Threshold: 45% -> 0.05%

GHST

  • LTV: 25% -> 0%
  • Liquidation Threshold: 40% -> 0.05%

LINK

  • LTV: 50% -> 0%
  • Liquidation Threshold: 65% -> 0.05%

DPI

  • LTV: 20% -> 0%
  • Liquidation Threshold: 45% -> 0.05%

BAL

  • LTV: 20% -> 0%
  • Liquidation Threshold: 45% -> 0.05%

The proposal payloads are consistent with the description on 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.