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Proposal overview

Aave Ethereum V3

Executed

Executed on 

Jan 27, 2023

Simple Summary

This governance proposal activates the Aave V3 Ethereum pool (3.0.1), by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE, already pre-approved by the community. All the Aave Ethereum V3 addresses can be found in the aave-address-book.

Motivation

While AAVE V3 was deployed to various networks right after the release, the Ethereum pool was still running V2. After careful consideration, the community decided to deploy a fresh V3 instead of upgrading the V2 pool, for increased compatibility between the V3 pools and less general complexity. The assets to be listed & respective configurations have been discussed in the governance forum and been decided in the following snapshot.

Specification

This proposal's payload does the following:

  1. Create the eMode category for eth correlated assets via POOL_CONFIGURATOR.setEModeCategory(1, 90_00, 93_00, 10_100, address(0), 'ETH correlated')
  2. Swap of emergency admin to Aave Guardian via ACL_MANAGER.removeEmergencyAdmin(AaveGovernanceV2.SHORT_EXECUTOR) followed by ACL_MANAGER.addEmergencyAdmin(GUARDIAN_ETHEREUM)
  3. grant POOL_ADMIN permissions to all the asset listing stewards created inside the constructor() via ACL_MANAGER.addPoolAdmin(stewards[i])

The Steward pattern is taken from V3-listing stewards. Each Steward will handle the listing of one specific asset and then renounce to the granted POOL_ADMIN role. This process is needed as otherwise, the proposal's gas limit would be really gas-expensive.

Configuration snapshot

What you can see here is a formatted excerpt of the configuration snapshot with the relevant configurations after proposal execution. You can find the full snapshot in the proposal repository.

Reserve Configurations

symbolltvliqThresholdliqBonusliqProtocolFeereserveFactorborrowingEnabledsupplyCapborrowCapeModeCategoryisFlashloanable
WBTC70.00%75.00%6.25%10%20%true43'000 BTC28'000 BTC-true
WETH80.00%82.50%5.00%10%15%true1'800'000 WETH1'400'000 WETHETH correlatedtrue
wstETH68.50%79.50%7.00%10%15%true200'000 wstETH3'000 wstETHETH correlatedtrue
USDC74.00%76.00%4.50%20%10%true1'760'000'000 USDC1'580'000'000 USDC-true
DAI64.00%77.00%4.00%20%10%true338'000'000 DAI271'000'000 DAI-true
LINK50.00%65.00%7.50%10%20%true24'000'000 LINK13'000'000 LINK-true
AAVE60.00%70.00%7.50%10%0%false1'850'000 AAVE--false

InterestRateStrategies

strategyBaseVariableBorrowRateVariableRateSlope1VariableRateSlope2optimalUsageRatiomaxExcessUsageRatioassets
0x24701A6368Ff6D2874d6b8cDadd461552B8A52830%7.00%300.00%45.00%55.00%WBTC, LINK, AAVE
0x53F57eAAD604307889D87b747Fc67ea9DE430B011.00%3.80%80.00%80.00%20.00%WETH
0x7b8Fa4540246554e77FCFf140f9114de00F8bB8D0.25%4.50%80.00%45.00%55.00%wstETH
0xD6293edBB2E5E0687a79F01BEcd51A778d59D1c50%4.00%60.00%90.00%10.00%USDC
0x694d4cFdaeE639239df949b6E24Ff8576A00d1f20%4.00%75.00%80.00%20.00%DAI

EMode categories

labelltvliqThresholdliqBonus
ETH correlated90.00%93.00%1.00%

Security procedures

The proposal execution is simulated within the tests and the resulting pool configuration is tested for correctness.

In addition this proposal has been tested one the aave interface using forks.

Aave Companies have reviewed the proposal code.

Deployed Contracts

References

Copyright

Copyright and related rights waived via CC0.

Your voting info

Voting results

YAE

706,258

AAVE

100.00%

NAY

<1

AAVE

<0.01%

Top 10 addresses

Votes

State
Executed

Executed on 

Jan 27, 2023
Quorum
Reached
Current votes

Required

706.25K

320.00K

Differential
Reached
Current differential

Required

706.25K

80,000.00

Total voting power

16,000,000

Proposal details

Created

Block

22 Jan 2023, 10:41 UTC +00:00

16461807

Started

Block

23 Jan 2023, 10:48 UTC +00:00

16469007

Ended

Block

26 Jan 2023, 02:48 UTC +00:00

16488207

Executed

27 Jan 2023, 07:48 UTC +00:00

Author

BGD Labs (@bgdlabs)