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v3-66-aave-v2-ethereum-tusd-busd-rates-update.md

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Proposal 66. TUSD and BUSD Aave V2 Rate Amendments.


Voting link

https://vote.onaave.com/proposal/?proposalId=66


Governance forum discussion

https://governance.aave.com/t/arfc-tusd-and-busd-aave-v2-rate-amendments/16887


Payloads


Certora analysis


Proposal types

🔧 📊 configuration update


Context

This proposal aims to lower the borrow rates for TUSD and BUSD following bad debt that is starting to get accrued. The concern is for that bad debt will keep rising too fast until it the protocol fees that are currently accrued will not be enough to cover it.


Proposal creation

Transaction: https://etherscan.io/tx/0xebc78b8c1f396de3d6b69bc3fb6e5cfd2df967408a3c22d618dec53a12529a1d

- proposalId: 66
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x9b463155a5aa776cee76c0946a81646c5d254e65ca58771c66de8b1277bab767

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "92" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x9b463155a5aa776cee76c0946a81646c5d254e65ca58771c66de8b1277bab767" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/66.md

Payload reports


Technical analysis

We have verified that for both assets, TUSD and BUSD, the rate strategies were altered to reflect a flat 10% yearly rate on variable rate, regardless of the utilization ratio.


The proposal is consistent with the description on both Snapshot and the governance forum.


Certora 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.

✅ Certora reviewed the procedure followed to submit the proposal.