v3-71-aave-v3-multichain-stablecoin-lt-ltv-reduction.md

Proposal 71. Generalized LT/LTV Reduction on Aave.

Voting link

https://vote.onaave.com/proposal/?proposalId=71

Governance forum discussion

https://governance.aave.com/t/generalized-lt-ltv-reduction-on-aave/16766

Payloads

• Ethereum - proposal payloads

• Polygon - proposal payloads

• Avalanche - proposal payloads

• Optimism - proposal payloads

• Arbitrum - proposal payloads

• Base - proposal payloads

• Gnosis - proposal payloads

• BNB - proposal payloads

• Scroll - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal reduces the LTV and LT of stablecoins across markets as a reaction to reduce potential risk of long-tailed assets used as debt, given the current low collateralization usage of stablecoins.

Proposal creation

Transaction: https://etherscan.io/tx/0xd3c63e695d68a8eba19fde61a6043d987e316e3d768faf96759161f897f2111f

- proposalId: 71
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x293815b30e809a40f094c7a6164a60bc5d306cc915455bbbfb1c083fd1161f1d

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "98" 
    }, 
    { 
      "chain": "137", 
      "accessLevel": "1", 
      "payloadsController": "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", 
      "payloadId": "51" 
    }, 
    { 
      "chain": "43114", 
      "accessLevel": "1", 
      "payloadsController": "0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80", 
      "payloadId": "22" 
    }, 
    { 
      "chain": "10", 
      "accessLevel": "1", 
      "payloadsController": "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4", 
      "payloadId": "24" 
    }, 
    { 
      "chain": "42161", 
      "accessLevel": "1", 
      "payloadsController": "0x89644CA1bB8064760312AE4F03ea41b05dA3637C", 
      "payloadId": "23" 
    }, 
    { 
      "chain": "8453", 
      "accessLevel": "1", 
      "payloadsController": "0x2DC219E716793fb4b21548C0f009Ba3Af753ab01", 
      "payloadId": "16" 
    }, 
    { 
      "chain": "100", 
      "accessLevel": "1", 
      "payloadsController": "0x9A1F491B86D09fC1484b5fab10041B189B60756b", 
      "payloadId": "12" 
    }, 
    { 
      "chain": "56", 
      "accessLevel": "1", 
      "payloadsController": "0xE5EF2Dd06755A97e975f7E282f828224F2C3e627", 
      "payloadId": "10" 
    }, 
    { 
      "chain": "534352", 
      "accessLevel": "1", 
      "payloadsController": "0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE", 
      "payloadId": "8" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x293815b30e809a40f094c7a6164a60bc5d306cc915455bbbfb1c083fd1161f1d" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/71.md

Payload reports

• Ethereum V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/98.md

• Polygon V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/51.md

• Avalanche V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/22.md

• Optimism V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/24.md

• Arbitrum V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/23.md

• Base V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/8453/0x2DC219E716793fb4b21548C0f009Ba3Af753ab01/16.md

• Gnosis V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/100/0x9A1F491B86D09fC1484b5fab10041B189B60756b/12.md

• BNB V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/56/0xE5EF2Dd06755A97e975f7E282f828224F2C3e627/10.md

• Scroll V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/534352/0x6b6B41c0f8C223715f712BE83ceC3c37bbfDC3fE/8_forge.md

Technical analysis

We have verified that the payload modifies the LTV and LT of the following stablecoins to the following values respectively:

• Ethereum V3:

  • USDT - 76%, 79%
  • DAI - 76%, 79%
  • USDC - 76%, 79%
  • sDAI - 76%, 79%

• Polygon V3:

  • USDT - 76%, 79%
  • DAI - 76%, 79%
  • USDC - 76%, 79%
  • USDC.e - 76%, 79%

• Avalanche V3:

  • USDT - 75%, 78%
  • DAI - 75%, 80%
  • USDC - 80%, 85%

• Optimism V3:

  • USDT - 76%, 79%
  • DAI - 75%, 80%
  • USDC - 76%, 79%
  • USDC.e - 78%, 84%

• Arbitrum V3:

  • USDT - 76%, 79%
  • DAI - 76%, 79%
  • USDC - 76%, 79%
  • USDC.e - 76%, 79%

• Base V3:

  • USDC - 76%, 79%
  • USDbC - 76%, 79%

• Gnosis V3:

  • xDAI - 76%, 79%
  • USDC - 76%, 79%
  • sDAI - 76%, 79%

• BNB V3:

  • USDT - 76%, 79%
  • USDC - 76%, 79%

• Scroll V3:

  • USDC - 76%, 79%

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.