403-treasury-management-reth-acquisition.md

Proposal 403. Treasury Management - rETH acquisition

Voting link

https://app.aave.com/governance/proposal/?proposalId=403

Governance forum discussion

https://governance.aave.com/t/arfc-treasury-management-add-to-reth-holding/15123

BGD analysis

Proposal types

🏦 treasury

Context

This proposal seeks to acquire rETH from WETH held by the Aave Ethereum Collector.

Proposal creation

Transaction: https://etherscan.io/tx/0xd2c76ab702ec51482ed52b4c875fe662abe346acf66e09a9de9268a4a423abe1

- id: 403
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7]
- values: [0]
- signatures: [forwardPayloadForExecution((uint256,uint8,address,uint40))]
- calldatas: [0x00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000022]
- withDelegatecalls: [false]
- startBlock: 18784889
- endBlock: 18804089
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xf7d83414f59e9b845538f1df76d83297ab1cbcdd9f4e6c76813c61f3ecd22426

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/403.md

Payload report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/34.md

Technical analysis

We have verified the proposal payload does the following:

1. Transfers the WETH held by the Aave Ethereum Collector to the AaveSwapper contract.
2. Creates a buy order of rETH from WETH, by calling swap() on the AaveSwapper. The recipient of the resultant rETH will be the Aave Ethereum Collector.

The proposal is consistent with the description on both Snapshot and the 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.