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Proposal 375. Aave v3 Polygon, Avalanche, Optimism, Arbitrum - Deprecation of MAI


Voting link

https://app.aave.com/governance/proposal/?proposalId=376


Governance forum discussion

https://governance.aave.com/t/arfc-gauntlet-recommendation-for-mai-mimatic-deprecation/15119


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal progress on the offboarding of MAI (miMATIC) from all Aave instances, by changing risk parameters and rate strategies.


Proposal creation

Transaction: https://etherscan.io/tx/0x43d2a49ef54d84dabd09fce9c53988b8e894b98b87775ec9fd34d63e603ac8fb

- id: 376
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7,0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0,0,0,0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40)),forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000890000000000000000000000000000000000000000000000000000000000000001000000000000000000000000401b5d0294e23637c18fcc38b1bca814cda2637c0000000000000000000000000000000000000000000000000000000000000009,0x000000000000000000000000000000000000000000000000000000000000a86a00000000000000000000000000000000000000000000000000000000000000010000000000000000000000001140cb7cafacc745771c2ea31e7b5c653c5d0b800000000000000000000000000000000000000000000000000000000000000006,0x000000000000000000000000000000000000000000000000000000000000000a00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000e1a3af1f9cc76a62ed31ededca291e63632e7c40000000000000000000000000000000000000000000000000000000000000003,0x000000000000000000000000000000000000000000000000000000000000a4b1000000000000000000000000000000000000000000000000000000000000000100000000000000000000000089644ca1bb8064760312ae4f03ea41b05da3637c0000000000000000000000000000000000000000000000000000000000000003]
- withDelegatecalls: [false,false,false,false]
- startBlock: 18622155
- endBlock: 18641355
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xb2fcb5da149a326de38268779244b13e824e7b5e3426d37f76865e9e41dde43e

Aave Seatbelt report

Proposal report

https://raw.githubusercontent.com/bgd-labs/seatbelt-for-ghosts/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/376.md

Payloads reports

  • Polygon

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/9.md

  • Avalanche

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/6.md

  • Optimism

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/3.md

  • Arbitrum

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/3.md


Technical analysis

We have verified that, per network, the following changes are applied to MAI by using the Aave BGD config engine.

Polygon

  • Liquidation threshold: 80% -> 1%
  • Reserve factor: 20% -> 95%
  • Optimal point: 80% -> 45%
  • Variable slope 2: 75% -> 300

Avalanche

  • Freeze reserve
  • LTV: 75% -> 0%
  • Liquidation threshold: 80% -> 1%
  • Reserve factor: 20% -> 95%
  • Optimal point: 80% -> 45%
  • Variable slope 2: 75% -> 300

Optimism

  • Liquidation threshold: 80% -> 65%
  • Reserve factor: 20% -> 95%
  • Optimal point: 80% -> 45%
  • Variable slope 2: 75% -> 300

Arbitrum

  • Liquidation threshold: 80% -> 1%
  • Reserve factor: 20% -> 95%
  • Optimal point: 80% -> 45%
  • Variable slope 2: 75% -> 300


The proposal is diverges slightly from the description in the forum, but only due to technical limitations of not being able to set LT to 0. The AIP description is consistent with the payloads.


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.