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Payloads

Proposal 50

Ipfs

Proposal text

Simple Summary

This AIP will increase GHO borrow rate by 0.7% APR.

Motivation

With the evolving market dynamics and the increasing popularity of GHO as a stablecoin option, it is necessary to maintain competitiveness by aligning borrowing costs with average market rates. The current GHO borrow rate of 7.22% APR (~7.48% APY) no longer meets this requirement.

AIP-381 allows for 100 bps increases in the GHO borrow rate every 7 days while maintaining rates up to 9.5% APR if the monthly average price of GHO stays outside a 0,995<>1,005 price range. The peg has shown improvement but remains below the target.

Monthly Average Borrow Cost (APR) Stablecoin
10.45% DAI
10.89% LUSD
10.91% USDC
11.87% USDT

Source: TokenLogic | GHO Analytics

Increasing the non-discounted borrow rate of GHO from 7.22% to 7.92% is proposed to remain competitive, increase protocol revenue, and not negatively affect the peg.

Specification

  • Current Borrow Rate: 7.22% APR - ~7.48% APY (non-discounted)
  • Proposed Borrow Rate: 7.92% - ~8% APY (non-discounted)
  • Discounted Rates: 30% discount
  • New Discounted Borrow Rate:
    • GHO: ~5.6% APY

If required, ACI will monitor the GHO peg and use authorized discretion for further rate adjustments in coordination with @karpatkey_TokenLogic Aave finance SPs.

References

Copyright

Copyright and related rights waived via CC0.

Check: Reports all state changes ✅

Info

KeeperRegistry at 0x02777053d6764996e594c3E88AF1D58D5363a2e6

@@ `s_upkeep` key `"2651260633509968244842245718659958660539758109819220392919944208741153930322".lastKeeper` @@
- 0xe48f40fbc76cba315f99fd5ba08afa2f00b8e074
+ 0xc4e524aeea57b0ee33ea726c4672a70101af32bf

TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd

@@ `_proposals` key `"50".state` @@
- 2273790998289545684036666929887536463753707779
+ 2273790998289545684036666929887536463753707780

TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578

@@ Slot `0xd899c8b99c107ebd126158f0533ed068d266f28a5afc25749942d7d708638c6d` @@
- "0x00000000000065ef19db010157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"
+ "0x0065f5d73b0065ef19db020157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"

TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation unknown contract name at 0x28559c2F4B038b1E836fA419DCcDe7454d8Fe215

@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000002` @@
- "0x00000000000000000000000000000000000000000000000000000000000000e5"
+ "0x00000000000000000000000000000000000000000000000000000000000000e6"
@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000003` @@
- "0x00000000000000000000000000000000000000000000000000000000000000e5"
+ "0x00000000000000000000000000000000000000000000000000000000000000e6"
@@ Slot `0x64eff53eb8b3165419ee84153e0eb36ac7778769ec1055876b47cbc5bcada8d9` @@
- "0x0000000000000000000000000000000000000000000000000000000000000000"
+ "0x0000000000000000000000000000000000000000000000000000000000000001"
@@ Slot `0xff98be612ea4480659bf79f095af0ef7b307f2738772800b47f78388f376953c` @@
- "0x0000000000000000000000000000000000000000000000000000000000000000"
+ "0x0000000000000000000000000000000000000000000000000000000000000001"

Check: Reports all events emitted from the proposal ✅

Info

  • TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation unknown contract name at 0x28559c2F4B038b1E836fA419DCcDe7454d8Fe215
    • EnvelopeRegistered(envelopeId: 0x69708c1a9d9ccc36079b0f0149ecd56a58fa37f6b93a71a38f952027c206fa7d, envelope: [object Object])
    • TransactionForwardingAttempted(transactionId: 0x9310f3cc09312f73adfbf39d54ea2dc8d2ee41c7808b2c4dc31d37708fd5572f, envelopeId: 0x69708c1a9d9ccc36079b0f0149ecd56a58fa37f6b93a71a38f952027c206fa7d, encodedTransaction: 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, destinationChainId: 1, bridgeAdapter: 0x118dfd5418890c0332042ab05173db4a2c1d283c, destinationBridgeAdapter: 0x118dfd5418890c0332042ab05173db4a2c1d283c, adapterSuccessful: true, returnData: 0x000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000000)
  • TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578
    • PayloadQueued(payloadId: 76)
    • PayloadExecutionMessageReceived(originSender: 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7, originChainId: 1, delivered: true, message: 0x000000000000000000000000000000000000000000000000000000000000004c00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000065f1d2fb, reason: 0x)
  • TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd
    • PayloadSent(proposalId: 50, payloadId: 76, payloadsController: 0xdabad81af85554e9ae636395611c58f7ec1aaec5, chainId: 1, payloadNumberOnProposal: 0, numberOfPayloadsOnProposal: 1)
    • ProposalExecuted(proposalId: 50)
  • GovernanceChainRobotKeeper at 0x011824f238AEE05329213d5Ae029e899e5412343
    • ActionSucceeded(id: 50, action: 1)
  • KeeperRegistry at 0x02777053d6764996e594c3E88AF1D58D5363a2e6
    • UpkeepPerformed(id: 2651260633509968244842245718659958660539758109819220392919944208741153930322, success: true, from: 0xc4e524aeea57b0ee33ea726c4672a70101af32bf, payment: 0, performData: 0x0000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000000000320000000000000000000000000000000000000000000000000000000000000001)

Check: Check all touched contracts are verified on Etherscan ✅

Info

  • 0xc4e524aeea57b0ee33ea726c4672a70101af32bf: EOA (verification not applicable)
  • 0x02777053d6764996e594c3e88af1d58d5363a2e6: Contract (verified) (KeeperRegistry)
  • 0x169e633a2d1e6c10dd91238ba11c4a708dfef37c: Contract (verified) (EACAggregatorProxy)
  • 0x785433d8b06d77d68df6be63944742130a4530d1: Contract (verified) (AccessControlledOffchainAggregator)
  • 0xdc530d9457755926550b59e8eccdae7624181557: Contract (verified) (EACAggregatorProxy) 👻
  • 0xbba12740de905707251525477bad74985dec46d2: Contract (verified) (AccessControlledOffchainAggregator)
  • 0x011824f238aee05329213d5ae029e899e5412343: Contract (verified) (GovernanceChainRobotKeeper)
  • 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) 👻
  • 0x0bf5bbfae7808d329e0ba8277e0b746bbfda68f1: Contract (verified) (CrossChainController)
  • 0x118dfd5418890c0332042ab05173db4a2c1d283c: Contract (verified) (SameChainAdapter)
  • 0xdabad81af85554e9ae636395611c58f7ec1aaec5: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x7222182cb9c5320587b5148bf03eee107ad64578: Contract (verified) (PayloadsController)

Check: Check all touched contracts do not contain selfdestruct ✅

Warnings

Info