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Proposal 84

Ipfs

Risk Parameter Updates - OP on V3 Optimism

Simple Summary

A proposal to increase OP’s liquidation threshold and LTV on Aave V3 Optimism.

Motivation

OP is currently configured with a liquidation threshold (LT) of 40% and max loan-to-value (LTV) of 30%. These parameters were intentionally set conservatively and in isolation mode, when the asset was first listed to ensure mechanisms were working as intended. In October 2023, OP was removed from isolation mode. Following our observations, we believe it prudent to increase the LT and LTV for OP.

OP’s average market cap over the past 180 days is $1.78BN, and its daily average volume is $192M. It has registered a daily annualized volatility of 98.53%, a 30-day annualized volatility of 92.6%, and its largest single-day price drop was 17.7%. 3.7M of the 7.4M OP supplied is supplied by a single user, who also maintains large positions on Arbitrum and Ethereum. Their last deposit on Optimism was 252K OP on March 12; they repaid $1M USDT on April 6 and currently hold a health score of 2.02. In general, supply has been trending steadily upwards. The majority of assets borrowed against OP collateral are stablecoins. That puts these positions at risk of liquidation in the event OP’s price moves falls. However, collateral at risk does not exceed $100K until OP’s price falls to $2.13, a 35% drop from current levels.

Given these observations, we recommend first aligning OP’s parameters with ARB’s on Arbitrum (50% LTV and 60% LT), an asset with a similar supply distribution and liquidity profile. Following observations at these levels and utilizing our simulation platform, these parameters may be further optimized.

Specification

Chain Asset Current LTV Recommended LTV Current LT Recommended LT
Optimism OP 30.00% 50.00% 40.00% 60.00%

References

Copyright

Copyright and related rights waived via CC0.

Check: Reports all state changes ✅

Info

KeeperRegistry at 0x02777053d6764996e594c3E88AF1D58D5363a2e6

@@ `s_upkeep` key `"2651260633509968244842245718659958660539758109819220392919944208741153930322".lastKeeper` @@
- 0x0fd40853b3b8c7805158b862b76b35a2a27b596a
+ 0x836cdb9041b442c11c85442a4e5a87ab3dcc0a5f

Lib_ResolvedDelegateProxy at 0x25ace71c97B33Cc4729CF772ae268934F7ab5fA1

@@ Slot `0x00000000000000000000000000000000000000000000000000000000000000cd` @@
- "0x000000000000000000000000000000000000000000000000000000000001a72a"
+ "0x000000000000000000000000000000000000000000000000000000000001a72b"

TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd

@@ `_proposals` key `"84".state` @@
- 2278171501051130759107300743532204509339255043
+ 2278171501051130759107300743532204509339255044

Proxy at 0xbEb5Fc579115071764c7423A4f12eDde41f106Ed with implementation OptimismPortal at 0x2D778797049FE9259d947D1ED8e5442226dFB589

@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000001` @@
- "0x00000000012ce999000000000013dbc90000000000000000000000003b9aca00"
+ "0x00000000012ce9a600000000000922010000000000000000000000003b9aca00"

TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev2 at 0x28559c2F4B038b1E836fA419DCcDe7454d8Fe215

@@ `_currentEnvelopeNonce` key `_currentEnvelopeNonce` @@
- 368
+ 369
@@ `_currentTransactionNonce` key `_currentTransactionNonce` @@
- 368
+ 369
@@ `_registeredEnvelopes` key `0x02cbb08dc515d3b27869fdb8e6072070c20ca7bf86cf1171429bac990597788e` @@
- false
+ true
@@ `_forwardedTransactions` key `0x2f236ee7e182179028aedfa2b38d15e44517877986755f9757393e252c84ddb1` @@
- false
+ true

Check: Reports all events emitted from the proposal ✅

Info

  • TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev2 at 0x28559c2F4B038b1E836fA419DCcDe7454d8Fe215
    • EnvelopeRegistered(envelopeId: 0x02cbb08dc515d3b27869fdb8e6072070c20ca7bf86cf1171429bac990597788e, envelope: {"nonce":"368","origin":"0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7","destination":"0x0e1a3af1f9cc76a62ed31ededca291e63632e7c4","originChainId":"1","destinationChainId":"10","message":"0x000000000000000000000000000000000000000000000000000000000000001a0000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000006624225b"})
    • TransactionForwardingAttempted(transactionId: 0x2f236ee7e182179028aedfa2b38d15e44517877986755f9757393e252c84ddb1, envelopeId: 0x02cbb08dc515d3b27869fdb8e6072070c20ca7bf86cf1171429bac990597788e, encodedTransaction: 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, destinationChainId: 10, bridgeAdapter: 0x0e24524778fdc67f53eef144b8cbf50261e930b3, destinationBridgeAdapter: 0xae93bea44dcbe52b625169588574d31e36fb3a67, adapterSuccessful: true, returnData: 0x00000000000000000000000025ace71c97b33cc4729cf772ae268934f7ab5fa10000000000000000000000000000000000000000000000000000000000000000)
  • Proxy at 0xbEb5Fc579115071764c7423A4f12eDde41f106Ed with implementation OptimismPortal at 0x2D778797049FE9259d947D1ED8e5442226dFB589
    • TransactionDeposited(from: 0x36bde71c97b33cc4729cf772ae268934f7ab70b2, to: 0x4200000000000000000000000000000000000007, version: 0, opaqueData: 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)
  • Lib_ResolvedDelegateProxy at 0x25ace71c97B33Cc4729CF772ae268934F7ab5fA1
    • SentMessage(target: 0xae93bea44dcbe52b625169588574d31e36fb3a67, sender: 0xed42a7d8559a463722ca4bed50e0cc05a386b0e1, message: 0x61e78524000000000000000000000000000000000000000000000000000000000000002000000000000000000000000000000000000000000000000000000000000001e00000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000017000000000000000000000000000000000000000000000000000000000000000400000000000000000000000000000000000000000000000000000000000000160000000000000000000000000000000000000000000000000000000000000002000000000000000000000000000000000000000000000000000000000000001700000000000000000000000009aee0b04504cef83a65ac3f0e838d0593bcb2bc70000000000000000000000000e1a3af1f9cc76a62ed31ededca291e63632e7c40000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000000000000a00000000000000000000000000000000000000000000000000000000000000c00000000000000000000000000000000000000000000000000000000000000060000000000000000000000000000000000000000000000000000000000000001a0000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000006624225b, messageNonce: 1766847064778384329583297500742918515827483896875618958121606201292728106, gasLimit: 300000)
    • SentMessageExtension1(sender: 0xed42a7d8559a463722ca4bed50e0cc05a386b0e1, value: 0)
  • TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd
    • PayloadSent(proposalId: 84, payloadId: 26, payloadsController: 0x0e1a3af1f9cc76a62ed31ededca291e63632e7c4, chainId: 10, payloadNumberOnProposal: 0, numberOfPayloadsOnProposal: 1)
    • ProposalExecuted(proposalId: 84)
  • GovernanceChainRobotKeeper at 0x011824f238AEE05329213d5Ae029e899e5412343
    • ActionSucceeded(id: 84, action: 1)
  • KeeperRegistry at 0x02777053d6764996e594c3E88AF1D58D5363a2e6
    • UpkeepPerformed(id: 2651260633509968244842245718659958660539758109819220392919944208741153930322, success: true, from: 0x836cdb9041b442c11c85442a4e5a87ab3dcc0a5f, payment: 0, performData: 0x0000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000000000540000000000000000000000000000000000000000000000000000000000000001)

Check: Check all touched contracts are verified on Etherscan ✅

Info

  • 0x836cdb9041b442c11c85442a4e5a87ab3dcc0a5f: 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) 👻
  • 0x28559c2f4b038b1e836fa419dccde7454d8fe215: Contract (verified) (CrossChainControllerUpgradeRev2)
  • 0x0e24524778fdc67f53eef144b8cbf50261e930b3: Contract (verified) (OpAdapter)
  • 0x25ace71c97b33cc4729cf772ae268934f7ab5fa1: Contract (verified) (Lib_ResolvedDelegateProxy)
  • 0xde1fcfb0851916ca5101820a69b13a4e276bd81f: Contract (verified) (Lib_AddressManager)
  • 0xd3494713a5cfad3f5359379dfa074e2ac8c6fd65: Contract (verified) (L1CrossDomainMessenger)
  • 0xbeb5fc579115071764c7423a4f12edde41f106ed: Contract (verified) (Proxy)
  • 0x2d778797049fe9259d947d1ed8e5442226dfb589: Contract (verified) (OptimismPortal)
  • 0x229047fed2591dbec1ef1118d64f7af3db9eb290: Contract (verified) (Proxy)
  • 0xba2492e52f45651b60b8b38d4ea5e2390c64ffb1: Contract (verified) (SystemConfig)

Check: Check all touched contracts do not contain selfdestruct ✅

Warnings

Info