Skip to content

Latest commit

 

History

History
73 lines (48 loc) · 2.77 KB

v3-242-aave-v3-Ethereum-USDS-GHO_borrow-update.md

File metadata and controls

73 lines (48 loc) · 2.77 KB

Proposal 242. Update USDS & GHO Borrow Rate

Voting Link

Link to voting page

Governance Forum Discussion

Link to forum discussion

Payloads

Certora Analysis

Proposal Types

  • 🔧 📊 Configuration updates

Context

The Sky Savings Rate (SSR) is expected to be lowered from 12.50% to 9.50% on February 10th. This publication proposes updating the USDS Borrow Rate and also, reducing the GHO Borrow Rate on the Prime instance. This update will be conducted via a Direct-to-AIP process.

Proposal Creation

Transaction: 0xfe68de0be1c7c74b739fb74bd8a53a8d80a3c9ce193eb0ab480d64fe8bed2f44

  • proposalId: 242
  • creator: 0x57ab7ee15cE5ECacB1aB84EE42D5A9d0d8112922
  • accessLevel: 1
  • ipfsHash: 0x6b4cfbdb8b59afd1d576bcf041c38afc2c470371f03aed459ba0a728244702ac

createProposal() Parameters

{
    payloads: [
        {
            chain: "1",
            payloads_controller: "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5",
            payload_id: 242,
        },
    ],
    voting_portal: "0x9b24C168d6A76b5459B1d47071a54962a4df36c3",
    ipfs_hash: "0x6b4cfbdb8b59afd1d576bcf041c38afc2c470371f03aed459ba0a728244702ac",
    access_level: 1,
}

Aave Seatbelt Report

Proposal Report

Link to Seatbelt proposal report

Payload Reports

Technical Analysis

Upon reviewing the borrow rate parameters we have found a discrepancy between the implementation and the forum in which the baseVariableBorrowRate for GHO was configured to 6% instead of 5.75%. The issue was addressed by ACI with the use of steward after the payload is executed.

Other parameters were compatible with the specification.

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.