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242-aave-v3-arbitrum-rETH-listing.md

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Proposal 242. Aave v3 Arbitrum - listing of rETH


Voting link

https://app.aave.com/governance/proposal/?proposalId=242


Governance forum discussion

https://governance.aave.com/t/arfc-add-reth-to-aave-v3-arbitrum-liquidity-pool/12810


BGD analysis


Proposal types

💎 🆕 asset-listing

🔮 oracle-addition


Context

This proposal lists rETH (Rocket Pool ETH) on the Aave v3 Arbitrum pool.


Proposal creation

Transaction: https://etherscan.io/tx/0x537bb6755c9d8b4f4e7c73a7fcd266466a331767030051c25430af687d81cc7e

- id: 242
- creator: 0x55b16934c3661e1990939bc57322554d9b09f262
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xd1b3e25fd7c8ae7caddc6f71b461b79cd4ddcfa3]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x00000000000000000000000015066c53340cd87480e3a33046a77edd4063984f]
- withDelegatecalls: [true]
- startBlock: 17474258
- endBlock: 17493458
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x8d4f6f42043d8db567d5e733762bb84a6f507997a779a66b2d17fdf9de403c13

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/242.md

Arbitrum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/242_Arbitrum_pending_0.md


Technical analysis

We have verified the proposal uses correctly the Aave cross-chain governance system to communicate with Arbitrum.

The proposal payload correctly uses the BGD's Aave Config Engine of Aave v3 Arbitrum, in this case, its listing features.

We have verified this payload respects the interface required by the v3 config engine and effectively configures the rETH listing with the following initial parameters:

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on the forum:

    • Base variable borrow: 0%
    • Variable borrow slope 1: 7%
    • Variable borrow slope 2: 300%
    • Optimal point: 45%

  • The asset is enabled as collateral

  • LTV: 67%

  • Liquidation Threshold: 74%

  • Liquidation Bonus: 7.5%

  • Liquidation Protocol Fee: 10%

  • Reserve Factor: 15%

  • Supply cap: 325 rETH

  • Borrow cap: 85 rETH

  • No eMode category

  • Flashlonable

  • Not enabled for borrowing on isolation

The oracle used is a BGD Price Sync Adapter with the following components:

The initial configuration is completely aligned with the description on 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.