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Payloads

Proposal 234

Ipfs

Update Lido GHO base borrow rate

Simple Summary

This publication proposes reducing the base borrow rate Parameter for the GHO Reserve on Prime instance by 2.00%.

Motivation

At launch, the GHO Borrow Rate was configured to suit the more buoyant market conditions of the time. Since then, market conditions have cooled and to date, the GHO reserve on Prime has experienced limited borrowing activity. Utilization is 2.30% with less than 120k GHO borrowed.

The Borrow Rate for USDS on Prime is trending slightly above 10% which is slightly lower than USDT on Core instance after recent deposits has reduced utilization.

Staked USDe is currently at capacity on Prime and is shown to be generating 12.50% on the Ethena dashboard. When the sUSDe supply cap is lifted, we expect demand for GHO debt to emerge, and if not initially, then when perpetual funding rates improve.

Additionally, the GHO Stewards lowered the Borrow Rate on the Core instance to 12.50% which is 1% less than the GHO Borrow Rate on Prime at the Uoptimal. Amending the GHO Borrow Rate at the Uoptimal on Prime to be less than the GHO Borrow Rate on Core encourages users to borrow GHO from Prime.

When demand for GHO on Prime emerges, providing the peg permits, the Borrow Cap shall be increased improving the overall efficiency of the GHO reserve, resulting in a higher deposit rate.

Specification

The GHO base borrow rate Parameter on Prime instance of Aave v3 is to be revised as follows:

Description Current Proposed Change
Borrow Rate 10.50% 8.50% -2.00%

References

Copyright

Copyright and related rights waived via CC0.

Check: Reports all state changes ✅

Info

KeeperRegistry2_1 at 0x6593c7De001fC8542bB1703532EE1E5aA0D458fD

@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000012` @@
- "0x003886d7000001af09455b353579611600000002015f90000000000bebc20003"
+ "0x00388821000001af09455b353579611600000002015f90000000000bebc20003"
@@ `s_upkeep` key `"98380224709907625274835640384207729890880758792392902153217231505951940040515".lastPerformedBlockNumber` @@
- 21694599
+ 21707945

TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd

@@ `_proposals` key `"234".state` @@
- 2310046032156979161302341875463583125315977475
+ 2310046032156979161302341875463583125315977476

TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578

@@ Slot `0xa8bbdbf84478f66c6fdd57c76653094c0f8ca77f3ed32cb88d02b969e609dbf0` @@
- "0x0000000000006790b803010157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"
+ "0x0067960733006790b803020157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"

TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev3 at 0x92F4736b72D131D836B3e4d4C3C23fE53150Ce4d

@@ `_currentEnvelopeNonce` key `_currentEnvelopeNonce` @@
- 886
+ 887
@@ `_currentTransactionNonce` key `_currentTransactionNonce` @@
- 886
+ 887
@@ `_registeredEnvelopes` key `0x7229ecad9c22b473beac5f7c2ee05cb69e221ff2dbb050f931c210a5905497be` @@
- false
+ true
@@ `_forwardedTransactions` key `0xc39918b5c7ef86c1e5ce73c497370861fd32f2c8da2a78edb87b1d0002c863ce` @@
- false
+ true

Check: Reports all events emitted from the proposal ✅

Info

  • TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev3 at 0x92F4736b72D131D836B3e4d4C3C23fE53150Ce4d
    • EnvelopeRegistered(envelopeId: 0x7229ecad9c22b473beac5f7c2ee05cb69e221ff2dbb050f931c210a5905497be, envelope: {"nonce":"886","origin":"0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7","destination":"0xdabad81af85554e9ae636395611c58f7ec1aaec5","originChainId":"1","destinationChainId":"1","message":"0x00000000000000000000000000000000000000000000000000000000000000eb000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000679209d7"})
    • TransactionForwardingAttempted(transactionId: 0xc39918b5c7ef86c1e5ce73c497370861fd32f2c8da2a78edb87b1d0002c863ce, envelopeId: 0x7229ecad9c22b473beac5f7c2ee05cb69e221ff2dbb050f931c210a5905497be, 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: 235)
    • PayloadExecutionMessageReceived(originSender: 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7, originChainId: 1, delivered: true, message: 0x00000000000000000000000000000000000000000000000000000000000000eb000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000679209d7, reason: 0x)
  • TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd
    • PayloadSent(proposalId: 234, payloadId: 235, payloadsController: 0xdabad81af85554e9ae636395611c58f7ec1aaec5, chainId: 1, payloadNumberOnProposal: 0, numberOfPayloadsOnProposal: 1)
    • ProposalExecuted(proposalId: 234)
  • GasCappedGovernanceChainRobotKeeper at 0x1996c281235D99bB3c6B8d2afbEb8ac6c7A39C11
    • ActionSucceeded(id: 234, action: 1)
  • KeeperRegistry2_1 at 0x6593c7De001fC8542bB1703532EE1E5aA0D458fD
    • UpkeepPerformed(id: 98380224709907625274835640384207729890880758792392902153217231505951940040515, success: true, totalPayment: 0, gasUsed: 261268, gasOverhead: 112718, trigger: 0x00000000000000000000000000000000000000000000000000000000014b3ca8d5a1543e6307b8ad926a04c65ada8590d25b0b2f118df89bd9e42ccbb8d186df)

Check: Check all touched contracts are verified on Etherscan ✅

Info

  • 0x4ef3c3dc7fbd1eda22e6f85241bd22f2c2013721: 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