v3-17-aave-v3-bnb-fdUSD-listing.md

V3. Proposal 17. Aave v3 BNB - fdUSD listing

Voting link

https://vote.onaave.com/proposal/?proposalId=17

Governance forum discussion

https://governance.aave.com/t/arfc-onboard-fdusd-to-aave-v3-on-bsc/16364

BGD analysis

Proposal types

💎 🆕 asset-listing

🔮 oracle-addition

🔧 📊 params-update

Context

This proposal lists native fdUSD (First Digital USD) on the Aave v3 BNB Chain pool.

Proposal creation

Transaction: https://etherscan.io/tx/0x20f65433c968fbbdc70c3e902b58793bef31298b16cbbc4a2a3ba70dc2dc2a0d

- proposalId: 17
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xbacf3a4c8a68f5859cf7cd78c46e303f54d735fdf27c798b70e7597e7d246f13

createProposal() parameters

{
  "payloads": [
    {
      "chain": "56",
      "accessLevel": 1,
      "payloadsController": "0xe5ef2dd06755a97e975f7e282f828224f2c3e627",
      "payloadId": "2"
    }
  ],
  "votingPortal": "0x9b24c168d6a76b5459b1d47071a54962a4df36c3",
  "ipfsHash": "0xbacf3a4c8a68f5859cf7cd78c46e303f54d735fdf27c798b70e7597e7d246f13"
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/17.md

Payloads report

BNB Chain

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/56/0xE5EF2Dd06755A97e975f7E282f828224F2C3e627/2.md

Technical analysis

We have verified the proposal payload lists fdUSD with the following configuration:

• The asset is enabled for borrowing and the interest rate strategy is configured the following way:

  • Base variable borrow: 0%
  • Variable borrow slope 1: 6%
  • Variable borrow slope 2: 75%
  • Optimal point: 90%

• The asset is enabled as collateral

• LTV: 70%

• Liquidation Threshold: 75%

• Liquidation Bonus: 5%

• Liquidation Protocol fee: 10%

• Reserve Factor: 20%

• Supply cap: 8'000'000 fdUSD

• Borrow cap: 7'500'000 fdUSD

• No eMode category

• Flashlonable

• Enabled for borrowing in isolation

The oracle used is a Chainlink fdUSD/USD.

The proposal payload is consistent with the description 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.