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Proposal 151. Aave v3/v2 Polygon and Aave v2 Ethereum - update BAL interest rate strategies


Voting link

https://app.aave.com/governance/proposal/?proposalId=151


Governance forum discussion

https://governance.aave.com/t/arfc-bal-interest-rate-curve-upgrade/10484/10


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates the interest rate strategy for BAL on the Aave v2/v3 Polygon and Aave v2 Ethereum pools, together with the borrow cap on Aave v3 Polygon.


Proposal creation

Transaction: https://etherscan.io/tx/0xe10db4310288b3a473704d72f3ad116aeaf539d52bbf47fbbc399933b3f4958e

- id: 151
- creator: 0x55b16934c3661e1990939bc57322554d9b09f262
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x3b6532efb7a60711f8f3fa77a589a726c836f4cf,0x158a6bc04f0828318821bae797f50b0a1299d45b]
- values: [0,0]
- signatures: [execute(),execute(address)]
- calldatas: [0x,0x00000000000000000000000098bc9dfa3cecb37f1bdeadc6e774d39082756b19]
- withDelegatecalls: [true,true]
- startBlock: 16549271
- endBlock: 16568471
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x4f3905da8ccd469111977b3057fa544bec56880a6039c7977dbc68aeaba48536

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/151.md

There seems to be some infrastructure problem on Tenderly, which causes the state transitions to show erroneously (aTokenAddress instead of the correct interestRateStrategyAddress). We have double checked both payload code and events emitted, and everything seems correct

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/151_fx_12_0.md


Technical analysis

This proposal has 2 target networks: Ethereum and Polygon, so we have analyzed the changes applied separately.

Ethereum

We have verified the proposal payload just updates the interest rate strategy for BAL, setting a new one with the following parameters:

  • Optimal point: 80%
  • Base variable borrow rate: 3%
  • Variable borrow slope 1: 14%
  • Variable borrow slope 2: 150%

These parameters are the same as defined on the governance forum and Snapshot.

Polygon

The proposal payload properly interacts with the Aave cross-chain governance system, via the the CrosschainForwarderPolygon, to later execute the proposal payload on Polygon doing the following:

  • Update the borrow cap of BAL from 156'530 BAL to 256'140 BAL, by calling the Pool Configurator contract of Aave v3 Polygon.
  • Update the interest rate strategies of BAL on both Aave v2 and v3 Polygon with new ones with the following parameters:
    • Optimal point: 80%
    • Base variable borrow rate: 3%
    • Variable borrow slope 1: 14%
    • Variable borrow slope 2: 150%

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.