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223-aave-v3-multichain-caps-update.md

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Proposal 223 (Repetition of Proposal 217). Aave v3 Ethereum, Polygon, Arbitrum, Optimism - Caps update


Voting link

https://app.aave.com/governance/proposal/?proposalId=223


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-supply-and-borrow-cap-updates-04-21-2023/12845


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates supply and borrow caps of multiple assets across Aave v3 Ethereum, Polygon, Optimism and Arbitrum.


Proposal creation

Transaction: https://etherscan.io/tx/0xb25464c94ab9a86a6e30f0d2529bde323c2c917b683b3fb40bd85da2ddddc434

- id: 223
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b,0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711,0xd1b3e25fd7c8ae7caddc6f71b461b79cd4ddcfa3,0x8070dd4aee19048581d61543adecfa3dd7f165c1]
- values: [0,0,0,0]
- signatures: [execute(address),execute(address),execute(address),execute()]
- calldatas: [0x000000000000000000000000ac9ae3591c784275f452b5b9f7121a9122dc8bfe,0x000000000000000000000000050997fc08733eb8593c04102706d8d2e7a9443e,0x000000000000000000000000c53586aa2626094bd33c123794e34417ea877a36,0x]
- withDelegatecalls: [true,true,true,true]
- startBlock: 17236503
- endBlock: 17255703
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x145c5e5f8f1806f069ad9eb41d0a6e8f15c6e04877102249785ebd0fd6caeb98

Aave Seatbelt reports

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/223.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/223_fx_35_0.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/223_optimism_16_0.md

Arbitrum

Aave Seatbelt doesn't support Arbitrum yet.


Technical analysis

We have verified the proposal uses correctly the Aave cross-chain governance system in the parts communicating with Polygon, Optimism and Arbitrum.

Regarding each payload, the changes applied are the following:

Ethereum

  • wstETH:
    • Borrow cap: 6'000 wstETH -> 12'000 wstETH

Polygon

  • WBTC:

    • Supply cap: 1'548 WBTC -> 3'100 WBTC

  • LINK:

    • Supply cap: 297'640 LINK -> 370'000 LINK

Optimism

  • WBTC:

    • Supply cap: 620 WBTC -> 1'200 WBTC

  • wstETH:

    • Supply cap: 6'000 wstETH -> 12'000 wstETH

Arbitrum

  • WBTC:

    • Supply cap: 2'100 WBTC -> 4'200 WBTC

  • WETH:

    • Supply cap: 45'000 WETH -> 70'000 WETH
    • Borrow cap: 11'165 WETH -> 20'000 WETH

The caps updates are aligned with those defined in 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.