Proposal overview
GHST Polygon V3 Soft Freeze
Simple Summary
This AIP presents the Aave governance with an opportunity to change GHST risk parameters for Aave Polygon V3 Liquidity pool.
Motivation
GHST is the native asset of the Aavegotchi ecosystem. This ARFC proposes new risk parameters for GHST following the deprecation of the "Bonding Curve," which created a new risk profile for the asset and is expected to increase its volatility.
Previously, GHST was minted and burned on an ETH L1 bonding curve contract, which lowered its volatility. However, with the deprecation of the curve, a "Soft Freeze" of the GHST asset on Aave V3 Polygon is proposed to allow for a conservative reaction to this new risk profile.
Once the bonding curve is deprecated and more market data is available on the risk profile of GHST, Aave governance will have in a few weeks/months a stronger basis to assess and provide updated risk parameters for the GHST asset.
Specification
Ticker: GHST (GHST)
Contract Address: 0x385Eeac5cB85A38A9a07A70c73e0a3271CfB54A7
Risk Parameter | Current Value | Proposed Value |
---|---|---|
Isolation Mode | NO | NO |
Enable Borrow | YES | NO |
Enable Collateral | YES | YES |
Loan To Value | 25% | 0% |
Liquidation Threshold | 45% | 45% |
Liquidation Bonus | 15% | 15% |
Reserve Factor | 20% | 20% |
Liquidation Protocol Fee | 10% | 10% |
Borrow Cap | 3.23M | 220k |
Supply Cap | 5.88M | 4.65M |
Debt Ceiling | N/A | N/A |
contract GHSTV3RiskParamPayload is IProposalGenericExecutor {
address public constant GHST = AaveV3PolygonAssets.GHST_UNDERLYING;
uint256 public constant GHST_SUPPLY_CAP = 4_650_000;
uint256 public constant GHST_BORROW_CAP = 220_000;
uint256 public constant GHST_LTV = 0;
uint256 public constant GHST_LIQ_THRESHOLD = 4500;
uint256 public constant GHST_LIQ_BONUS = 11500;
bool public constant GHST_BORROWING_ENABLED = false;
function execute() external {
AaveV3Polygon.POOL_CONFIGURATOR.setSupplyCap(GHST, GHST_SUPPLY_CAP);
AaveV3Polygon.POOL_CONFIGURATOR.setBorrowCap(GHST, GHST_BORROW_CAP);
AaveV3Polygon.POOL_CONFIGURATOR.setReserveBorrowing(GHST, GHST_BORROWING_ENABLED);
AaveV3Polygon.POOL_CONFIGURATOR.configureReserveAsCollateral({
asset: GHST,
ltv: GHST_LTV,
liquidationThreshold: GHST_LIQ_THRESHOLD,
liquidationBonus: GHST_LIQ_BONUS
});
}
}
References
A list of relevant links like for this proposal e.g.
Security Considerations
The proposal Payload was reviewed by Bored Ghost Developing.
Copyright
Copyright and related rights waived via CC0.
Your voting info
Voting results
YAE
620,187
AAVE100.00%
NAY
0
AAVE0%
Votes
Executed on
Mar 14, 2023Required
620.18K
320.00K
Required
620.18K
80,000.00
16,000,000
Proposal details
Block
9 Mar 2023, 21:51 UTC +00:00
16793430
Block
10 Mar 2023, 22:16 UTC +00:00
16800630
Block
13 Mar 2023, 14:16 UTC +00:00
16819830
14 Mar 2023, 15:06 UTC +00:00
Marc Zeller (@marczeller), Aave-Chan initiative