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Payloads

Proposal 191

Ipfs

Onboard ezETH to Lido Instance

Simple Summary

The proposal aims to onboard Renzo Protocol's ezETH and increase wstETH borrow caps on Aave v3 Lido Instance.

Motivation

Liquid Restaking tokens (LRTs) have proven to be popular collateral assets on Aave. ezETH is an LRT reward-bearing token, exchange-rate based, where users can deposit native ETH and LSTs (currently stETH) in exchange for ezETH.

Given LRTs high correlation to ETH, they are commonly used as collateral to borrow ETH and engage in yield leveraged staking, with several communities having built products that automate such strategies on top of Aave. The inclusion of ezETH in E-Mode enables these strategies to maximize the yield potential of the recursive strategy. The onboarding of ezETH will consequently create increased ezETH demand and increased revenues for both Aave and Renzo Protocol, whilst also bolstering the liquidity and peg stability of ezETH.

With the listing of ezETH and the introduction of an LRT wstETH E-Mode, Chaos Labs anticipates that ezETH’s primary use case will be as collateral for borrowing wstETH to leverage ezETH’s yield. And with the borrow cap currently reached for wstETH, we aim to increase its borrow cap.

The risk parameters have been provided by Chaos Labs, and positive technical evaluation of ezETH is done by BGD Labs, all of which including LlamaRisk's qualitative assessment, can be found on the forum.

Specification

The table below illustrates the configured risk parameters for ezETH

Parameter Value
Collateral Enabled true
Borrowable false
Supply Cap (ezETH) 15,000
Borrow Cap (ezETH) 100
Debt Ceiling USD 0
LTV 0.05 %
LT 0.1 %
Liquidation Bonus 7.5 %
Liquidation Protocol Fee 10 %
Reserve Factor 15 %
Base Variable Borrow Rate 0 %
Variable Slope 1 7 %
Variable Slope 2 300 %
Uoptimal 45 %
Flashloanable false
Siloed Borrowing false
Isolation Mode false
Borrowable in Isolation false
Oracle 0x68C9c7Bf43DBd0EBab102116bc7C3C9f7d9297Ee
E-Modes LRT Stablecoins main, LRT wstETH main

Please Note: Low LTV, LT values have been configured to only allow for collateral use of ezETH on E-Modes. Additionally low borrow cap has been configured as a matter of extra safety as borrow cap of 0 represents no cap at all.

The borrow for wstETH on Lido Instance has been increased, more info on the forum.

Chain Asset Current Borrow Cap New Borrow Cap
Ethereum Lido Market wstETH 100 14,000

With liquid eModes live on all instances, we now configure two new E-Mode categories: LRT Stablecoins main, LRT wstETH main and add the respective assets to these categories.

E-mode Category: LRT Stablecoins main

Parameter Value Value
Category Id 2 2
Asset ezETH USDS
Collateral Yes No
Borrowable No Yes
LTV 75% 75%
Liquidation Threshold 78% 78%
Liquidation Penalty 7.5% 7.5%

E-mode Category: LRT wstETH main

Parameter Value Value
Category Id 3 3
Asset ezETH wstETH
Collateral Yes No
Borrowable No Yes
LTV 93% 93%
Liquidation Threshold 95% 95%
Liquidation Penalty 1% 1%

CAPO parameters configuration:

Parameter Value
min snapshot delay 14 days
snapshot ratio 1019883708003361006
snapshot timestamp 1727172839 (Sep-24-2024)
max yearly growth (%) 10.89%

The price capo adapter has been verified by Certora (more info on forum), validating that the price cap adapter is robust against donation-based price manipulation and poses no risk to the protocol.

wstETH on the Lido Instance has been disabled from being borrowable in the ETH Correlated E-Mode (categoryId: 1). Users current positions will remain intact, but borrow exposure of wstETH in ETH Correlated E-Mode cannot be increased.

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd (ACI multi-sig) has been set as the emission admin for ezETH and the corresponding aToken.

References

Copyright

Copyright and related rights waived via CC0.

Check: Reports all state changes ✅

Info

KeeperRegistry2_1 at 0x6593c7De001fC8542bB1703532EE1E5aA0D458fD

@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000012` @@
- "0x011b99c7000001320db5277068ccfd3b00000002015f90000000000bebc20003"
+ "0x011b9a2f000001320db5277068ccfd3b00000002015f90000000000bebc20003"
@@ `s_upkeep` key `"98380224709907625274835640384207729890880758792392902153217231505951940040515".lastPerformedBlockNumber` @@
- 21047392
+ 21049842

TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd

@@ `_proposals` key `"191".state` @@
- 2299492961449890161580833657097795522328461571
+ 2299492961449890161580833657097795522328461572

TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578

@@ Slot `0xa7b9a5363379655499942662b0174a928d951110440701f61f72310d53788e0c` @@
- "0x0000000000006717930b010157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"
+ "0x00671ce283006717930b020157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"

TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev3 at 0x92F4736b72D131D836B3e4d4C3C23fE53150Ce4d

@@ `_currentEnvelopeNonce` key `_currentEnvelopeNonce` @@
- 767
+ 768
@@ `_currentTransactionNonce` key `_currentTransactionNonce` @@
- 767
+ 768
@@ `_registeredEnvelopes` key `0x6b084a7d3e95d49a39231202a4654f3bb210d90b4e2b9958d79494e64fb8adf5` @@
- false
+ true
@@ `_forwardedTransactions` key `0xc0512d1305a5d7372a35bed2e57f68bcf6c0dcd9cc578ae860df4db64aff6308` @@
- false
+ true

Check: Reports all events emitted from the proposal ✅

Info

  • TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev3 at 0x92F4736b72D131D836B3e4d4C3C23fE53150Ce4d
    • EnvelopeRegistered(envelopeId: 0x6b084a7d3e95d49a39231202a4654f3bb210d90b4e2b9958d79494e64fb8adf5, envelope: {"nonce":"767","origin":"0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7","destination":"0xdabad81af85554e9ae636395611c58f7ec1aaec5","originChainId":"1","destinationChainId":"1","message":"0x00000000000000000000000000000000000000000000000000000000000000c60000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000006718e533"})
    • TransactionForwardingAttempted(transactionId: 0xc0512d1305a5d7372a35bed2e57f68bcf6c0dcd9cc578ae860df4db64aff6308, envelopeId: 0x6b084a7d3e95d49a39231202a4654f3bb210d90b4e2b9958d79494e64fb8adf5, encodedTransaction: 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, destinationChainId: 1, bridgeAdapter: 0x6cfbd2aa4691fc18b9c209bdd43dc3943c228fcf, destinationBridgeAdapter: 0x6cfbd2aa4691fc18b9c209bdd43dc3943c228fcf, adapterSuccessful: true, returnData: 0x000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000000)
  • TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578
    • PayloadQueued(payloadId: 198)
    • PayloadExecutionMessageReceived(originSender: 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7, originChainId: 1, delivered: true, message: 0x00000000000000000000000000000000000000000000000000000000000000c60000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000006718e533, reason: 0x)
  • TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd
    • PayloadSent(proposalId: 191, payloadId: 198, payloadsController: 0xdabad81af85554e9ae636395611c58f7ec1aaec5, chainId: 1, payloadNumberOnProposal: 0, numberOfPayloadsOnProposal: 1)
    • ProposalExecuted(proposalId: 191)
  • GasCappedGovernanceChainRobotKeeper at 0x1996c281235D99bB3c6B8d2afbEb8ac6c7A39C11
    • ActionSucceeded(id: 191, action: 1)
  • KeeperRegistry2_1 at 0x6593c7De001fC8542bB1703532EE1E5aA0D458fD
    • UpkeepPerformed(id: 98380224709907625274835640384207729890880758792392902153217231505951940040515, success: true, totalPayment: 0, gasUsed: 261268, gasOverhead: 112718, trigger: 0x00000000000000000000000000000000000000000000000000000000014131f162bd2c9bc5a68816f14acabfb3c439a106fa20b73f3084ce84c8b6d583957fc8)

Check: Check all touched contracts are verified on Etherscan ✅

Info

  • 0x72b8fd3eb0c08275b8b60f96aab0c8a50cb80eca: EOA (verification not applicable)
  • 0x6593c7de001fc8542bb1703532ee1e5aa0d458fd: Contract (verified) (KeeperRegistry2_1)
  • 0x0000000000000000000000000000000000000001: EOA (verification not applicable)
  • 0x889e13b61b1961a2082e1df067dd5fff10f556c5: Contract (not verified)
  • 0x1996c281235d99bb3c6b8d2afbeb8ac6c7a39c11: Contract (verified) (GasCappedGovernanceChainRobotKeeper)
  • 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x58bcb647c4beff253b4b6996c62f737b783f2cdd: Contract (verified) (Governance)
  • 0xa198fac58e02a5c5f8f7e877895d50cfa9ad1e04: Contract (verified) (GovernancePowerStrategy) 👻
  • 0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9: Contract (verified) (InitializableAdminUpgradeabilityProxy) 👻
  • 0x5d4aa78b08bc7c530e21bf7447988b1be7991322: Contract (verified) (AaveTokenV3)
  • 0x4da27a545c0c5b758a6ba100e3a049001de870f5: Contract (verified) (InitializableAdminUpgradeabilityProxy) 👻
  • 0x0fe58fe1caa69951dc924a8c222be19013b89476: Contract (verified) (StakedAaveV3)
  • 0xa700b4eb416be35b2911fd5dee80678ff64ff6c9: Contract (verified) (InitializableImmutableAdminUpgradeabilityProxy) 👻
  • 0x366ae337897223aea70e3ebe1862219386f20593: Contract (verified) (ATokenWithDelegation)
  • 0xed42a7d8559a463722ca4bed50e0cc05a386b0e1: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x92f4736b72d131d836b3e4d4c3c23fe53150ce4d: Contract (verified) (CrossChainControllerUpgradeRev3)
  • 0x6cfbd2aa4691fc18b9c209bdd43dc3943c228fcf: Contract (verified) (SameChainAdapter)
  • 0xdabad81af85554e9ae636395611c58f7ec1aaec5: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x7222182cb9c5320587b5148bf03eee107ad64578: Contract (verified) (PayloadsController)

Check: Check all touched contracts do not contain selfdestruct ✅

Warnings

Info