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Proposal 141. Listing of OP on Aave v3 Optimism


Voting link

https://app.aave.com/governance/proposal/?proposalId=141


Governance forum discussion

https://governance.aave.com/t/arc-add-op-as-collateral-to-aave-v3/9087


BGD analysis


Proposal types

💎 🆕 asset-listing

🔮 oracle-addition

🔗 🌉 cross-chain execution


Context

This proposal lists the OP asset into Aave v3 Optimism, via a cross-chain governance action.


Proposal creation

Transaction: https://etherscan.io/tx/0xcc9eb6e693cf7e45b04b43bb15f595cd43067b58277874672d4f21a131f6d127

- id: 141
- creator: 0x3041ba32f451f5850c147805f5521ac206421623
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x0000000000000000000000006f76eedcb386fef8fc57bee9d3eb46147e488eef]
- withDelegatecalls: [true]
- startBlock: 16378773
- endBlock: 16397973
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x20f57c3ef4ee80ce54234133fe98d096adf40a60a982389bc3d3a258ed67bb44

Aave Seatbelt report

Ethereum report:

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/141.md

Optimism report:

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/141_optimism_2_0.md


Technical analysis

This proposal lists OP on Optimism, following the example and procedure present on https://github.com/bgd-labs/aave-v3-crosschain-listing-template.

We have verified that the listing is consistent with the parameters defined on the [governance forum] by Gauntlet (https://governance.aave.com/t/arc-add-op-as-collateral-to-aave-v3/9087/18).

A summary:

  • A new oracle feed (Chainlink OP/USD) is properly configured for the asset.
  • The asset is not enabled to borrow.
  • The asset is enabled as collateral in isolation, with parameters as following:
    • LTV: 30%
    • Liquidation Threshold: 40%
    • Liquidation Bonus: 10%
  • Supply cap: 20'000'000 OP.
  • Debt ceiling: 2'000'000 USD.
  • Reserve factor: 20%
  • Liquidation protocol fee: 10%

In addition, we have checked that the implementation of the OP token doesn't introduce any technical risk to the protocol. Certora has also applied their framework of ERC20 formal properties, not finding any meaningful risk HERE.

The proposal payload can be found on https://optimistic.etherscan.io/address/0x6f76EeDCB386fef8FC57BEE9d3eb46147e488eEF#code


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.