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Proposal 315. Aave v2 Ethereum - Risk parameters update


Voting link

https://app.aave.com/governance/proposal/?proposalId=315


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-risk-parameter-updates-aave-v2-ethereum-2023-08-09/14404


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal updates multiple risk parameters on Aave v2 Ethereum.


Proposal creation

Transaction: https://etherscan.io/tx/0x0d5f8b535b74ab05bc6f1f4be237a6cec391ba566a15ce2572f4a90d6cb9b54a

- id: 315
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x4094b97422dc9423e6e1bdd6bc540e80ab053a6b]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 18085657
- endBlock: 18104857
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x62072da4710055d1fd7be0bfe3b4c4a51d7669e3dea76ed1f3fdb26f54a032c7

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/315.md


Technical analysis

We have verified the proposal payload updates the following parameters on Aave v2 Ethereum, via its Pool Configurator contract:

GUSD:

  • Reserve Factor: 15% -> 20%

YFI

  • Reserve Factor: 30% -> 35%
  • Liquidation Threshold: 55% -> 50%

BAT

  • Reserve Factor: 30% -> 35%
  • Liquidation Threshold: 52% -> 40%

MANA

  • Reserve Factor: 45% -> 50%
  • Liquidation Threshold: 62% -> 54%

1INCH

  • Reserve Factor: 25% -> 30%
  • Liquidation Threshold: 50% -> 40%
  • LTV: 40% -> 30%

DPI:

  • Reserve Factor: 30% -> 35%

UNI

  • Reserve Factor: 25% -> 30%
  • Liquidation Threshold: 77% -> 70%
  • LTV: 65% -> 58%

WBTC:

  • Reserve Factor: 25% -> 30%

REN

  • Reserve Factor: 30% -> 35%
  • Liquidation Threshold: 40% -> 32%

CVX

  • Reserve Factor: 30% -> 35%
  • Liquidation Threshold: 40% -> 35%

LINK:

  • Reserve Factor: 25% -> 30%

SUSD:

  • Reserve Factor: 25% -> 30%

LUSD:

  • Reserve Factor: 15% -> 20%

FRAX:

  • Reserve Factor: 25% -> 30%

XSUSHI

  • Reserve Factor: 45% -> 50%
  • Liquidation Threshold: 60% -> 57%

USDP:

  • Reserve Factor: 15% -> 20%

MKR

  • Reserve Factor: 25% -> 30%
  • Liquidation Threshold: 64% -> 50%
  • LTV: 59% -> 45%

USDC:

  • Reserve Factor: 15% -> 20%

BAL

  • Reserve Factor: 30% -> 35%
  • Liquidation Threshold: 55% -> 35%

SNX

  • Reserve Factor: 40% -> 45%
  • Liquidation Threshold: 59% -> 49%
  • LTV: 46% -> 36%

WETH:

  • Reserve Factor: 20% -> 25%

ENS

  • Reserve Factor: 25% -> 30%
  • Liquidation Threshold: 57% -> 52%
  • LTV: 47% -> 42%

CRV:

  • Reserve Factor: 25% -> 30%

USDT:

  • Reserve Factor: 15% -> 20%

ZRX

  • Reserve Factor: 30% -> 35%
  • Liquidation Threshold: 45% -> 42%

ENJ

  • Reserve Factor: 30% -> 35%
  • Liquidation Threshold: 60% -> 52%

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.