v3-67-aave-v3-multichain-weth-interest-rate-update.md

Proposal 67. Update WETH IR on V3 Arbitrum and Optimism.

Voting link

https://vote.onaave.com/proposal/?proposalId=67

Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-update-weth-ir-on-v3-arbitrum-and-optimism-02-16-2024/16644

Payloads

• Optimism - proposal payloads

• Arbitrum - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal offer to reduce slope 1 of the WETH interest rate strategy to increase utilization rates and therefore revenue.

Proposal creation

Transaction: https://etherscan.io/tx/0x6511adc27f0faaf4fa3c12a70fe0ab1ee019066c217aa98d364a0c90032bed47

- proposalId: 67
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xb90aa7421fe73a9719f117a9c18bae08621e7bc79723a076d833d1b24cdfd371

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "10", 
      "accessLevel": "1", 
      "payloadsController": "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4", 
      "payloadId": "21" 
    }, 
    { 
      "chain": "42161", 
      "accessLevel": "1", 
      "payloadsController": "0x89644CA1bB8064760312AE4F03ea41b05dA3637C", 
      "payloadId": "20" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0xb90aa7421fe73a9719f117a9c18bae08621e7bc79723a076d833d1b24cdfd371" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/67.md

Payload reports

• Optimism V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/10/0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4/21.md

• Arbitrum V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/42161/0x89644CA1bB8064760312AE4F03ea41b05dA3637C/20.md

Technical analysis

We have verified that on both Optimism and Arbitrum the WETH's slope 1 was altered to 3.00% while keeping the rest of the parameters the same

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

Certora 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.

✅ Certora reviewed the procedure followed to submit the proposal.