Disable agEUR borrows on Aave v3 Polygon

Simple Summary

A proposal to to disable borrows of agEUR on the Aave V3 Polygon market.

Motivation

Following the recent exploit on Euler, Angle Protocol has announced having $17.6M of USDC deposited into the protocol, leading them to pause the protocol and to uncertainty around the collateralization of agEUR.

agEUR is not listed as collateral on Aave V3 Polygon and is only borrowable, with utilization currently at nearly 100%. Still, we think it is reasonable to disable further asset borrowing as an immediate and temporary measure until the backing is restored 1:1.

We continue to follow the situation closely as it develops and will update recommendations and actions accordingly.

Specification

Ticker: agEUR

Contract Address: 0xE0B52e49357Fd4DAf2c15e02058DCE6BC0057db4

The proposal payload simply executes setReserveBorrowing(false) on the Aave V3 Polygon LendingPoolConfigurator for agEUR.

References

• Forum Post

• Proposal payload implementation

• Tests

Copyright

Copyright and related rights waived via CC0.