Skip to content

Latest commit

 

History

History
178 lines (136 loc) · 16.8 KB

225.md

File metadata and controls

178 lines (136 loc) · 16.8 KB

Payloads

Proposal 225

Ipfs

Proposal to Remove USDS from sUSDe Liquid E-Mode in Aave Prime Instance

Simple Summary

This proposal recommends the removal of USDS from the sUSDe Liquid E-Mode in the Aave Prime instance.

Motivation

The sUSDe Liquid E-Mode was introduced to enhance capital efficiency for users by allowing higher loan-to-value (LTV) ratios when using sUSDe as collateral to borrow stablecoins like USDS. See this proposal for more context.

However, recent market observations have indicated increased borrow rates and potential liquidity mismatches involving USDS within this E-Mode. To address these concerns, this proposal suggests temporarily removing USDS from the sUSDe Liquid E-Mode in the Aave Prime instance.

The primary motivations for this proposal are:

  1. Risk Mitigation: The inclusion of USDS in the sUSDe Liquid E-Mode has led to elevated borrow rates and potential liquidity mismatches.
  2. Collateral Isolation: Until a wrapper is available to isolate USDS collateral in the Prime instance, USDS remains the primary exposure. Removing it from the sUSDe Liquid E-Mode will help manage associated risks more effectively.
  3. User Impact: This change will not negatively impact existing user positions but will prevent the establishment of new ones involving USDS in the sUSDe Liquid E-Mode, thereby safeguarding current users while mitigating potential future risks.

Specification

The proposed changes are as follows:

  • Asset Removal: Exclude USDS from the sUSDe Liquid E-Mode in the Aave Prime instance.
  • Parameter Adjustments: Update the E-Mode configuration to reflect the removal of USDS, ensuring alignment with the protocol’s risk management framework.
  • Liquidation buffer improvement: echoing concerns from @LlamaRisk and other service providers, sUSDe emode on both Prime & Core instances are set to increase their buffer for liquidations.
    • Increase Liquidation Bonus from 3 to 4% on e-modes on Core and Prime instances.

Current ARFC will be reviewed by Risk Service Providers and their feedback will be included in the current ARFC.

References

Copyright

Copyright and related rights waived via CC0.

Check: Reports all state changes ✅

Info

KeeperRegistry2_1 at 0x6593c7De001fC8542bB1703532EE1E5aA0D458fD

@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000012` @@
- "0x001ea58a0000019af7a97b7d3ac0743600000002015f90000000000bebc20003"
+ "0x001ea8930000019af7a97b7d3ac0743600000002015f90000000000bebc20003"
@@ `s_upkeep` key `"98380224709907625274835640384207729890880758792392902153217231505951940040515".lastPerformedBlockNumber` @@
- 21529572
+ 21551496

TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd

@@ `_proposals` key `"225".state` @@
- 2307537539667891498822980648029545195617059075
+ 2307537539667891498822980648029545195617059076

TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578

@@ Slot `0x5d2d9d91d7fd380496f81131cdfd04b5bb4848493019c3bbad3cd87d1ff75365` @@
- "0x0000000000006773e0eb010157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"
+ "0x0067793b67006773e0eb020157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"

TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev3 at 0x92F4736b72D131D836B3e4d4C3C23fE53150Ce4d

@@ `_currentEnvelopeNonce` key `_currentEnvelopeNonce` @@
- 865
+ 866
@@ `_currentTransactionNonce` key `_currentTransactionNonce` @@
- 865
+ 866
@@ `_registeredEnvelopes` key `0x58eb8e8735efb4eb6ae552aa133151b2350b42cf3df9456844221301b56c943c` @@
- false
+ true
@@ `_forwardedTransactions` key `0xd168f5a7b3049bd90c841a97b13a2c16a08947364542a0e55ed9795bff3648de` @@
- false
+ true

Check: Reports all events emitted from the proposal ✅

Info

  • TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev3 at 0x92F4736b72D131D836B3e4d4C3C23fE53150Ce4d
    • EnvelopeRegistered(envelopeId: 0x58eb8e8735efb4eb6ae552aa133151b2350b42cf3df9456844221301b56c943c, envelope: {"nonce":"865","origin":"0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7","destination":"0xdabad81af85554e9ae636395611c58f7ec1aaec5","originChainId":"1","destinationChainId":"1","message":"0x00000000000000000000000000000000000000000000000000000000000000e4000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000677532cb"})
    • TransactionForwardingAttempted(transactionId: 0xd168f5a7b3049bd90c841a97b13a2c16a08947364542a0e55ed9795bff3648de, envelopeId: 0x58eb8e8735efb4eb6ae552aa133151b2350b42cf3df9456844221301b56c943c, 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: 228)
    • PayloadExecutionMessageReceived(originSender: 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7, originChainId: 1, delivered: true, message: 0x00000000000000000000000000000000000000000000000000000000000000e4000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000677532cb, reason: 0x)
  • TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd
    • PayloadSent(proposalId: 225, payloadId: 228, payloadsController: 0xdabad81af85554e9ae636395611c58f7ec1aaec5, chainId: 1, payloadNumberOnProposal: 0, numberOfPayloadsOnProposal: 1)
    • ProposalExecuted(proposalId: 225)
  • GasCappedGovernanceChainRobotKeeper at 0x1996c281235D99bB3c6B8d2afbEb8ac6c7A39C11
    • ActionSucceeded(id: 225, action: 1)
  • KeeperRegistry2_1 at 0x6593c7De001fC8542bB1703532EE1E5aA0D458fD
    • UpkeepPerformed(id: 98380224709907625274835640384207729890880758792392902153217231505951940040515, success: true, totalPayment: 0, gasUsed: 271201, gasOverhead: 112718, trigger: 0x000000000000000000000000000000000000000000000000000000000148d987a82e568b3fdd080862d18dacbefe75caa545a8b74d65374744c6137e16cc45a2)

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