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Proposal overview

Update renFIL rate strategy on Aave v2 Ethereum

Executed

Executed on 

Dec 25, 2022

Simple Summary

Proposal to replace the rate strategy smart contract of renFIL on Aave v2 Ethereum with one returning constant zero rates, to avoid further accrual of variable borrow debt.

Motivation

As explained on https://medium.com/renproject/moving-on-from-alameda-da62a823ce93, the mint/burn dynamics of renTokens have been affected, with minting already disabled, and burning to be disabled on the following days.

Even if renFIL is only listed as borrowing asset on Aave v2 Ethereum (not collateral), fundamental changes on the creation/destruction of the asset creates a situation where the variable borrow and liquidity rate are not meaningful anymore, and should probably be set as constant 0.

Additional information can be found on the Aave governance forum.

Specification

From a technical standpoint, the proposal payload only calls setReserveInterestRateStrategyAddress() on the Aave v2 Ethereum PoolConfigurator contract, passing as parameters the address of renFIL and the address of the new rate strategy smart contract.

References

Copyright

Copyright and related rights waived via CC0.

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Voting results

YAE

401,636

AAVE

99.97%

NAY

113

AAVE

0.03%

Top 10 addresses

Votes

State
Executed

Executed on 

Dec 25, 2022
Quorum
Reached
Current votes

Required

401.63K

320.00K

Differential
Reached
Current differential

Required

401.52K

80,000.00

Total voting power

16,000,000

Proposal details

Created

Block

20 Dec 2022, 13:34 UTC +00:00

16226237

Started

Block

21 Dec 2022, 13:41 UTC +00:00

16233437

Ended

Block

24 Dec 2022, 05:41 UTC +00:00

16252637

Executed

25 Dec 2022, 08:59 UTC +00:00

Author

BGD Labs (@bgd-labs)