Proposal overview
Onboard rsETH to Aave V3 Ethereum
Simple Summary
Kelp DAO is seeking community support for adding its Liquid Restaking Token, rsETH, to Aave V3 on Ethereum. In addition, rsETH depositors into Aave will accumulate additional Kelp miles and EigenLayer points.
Motivation
KelpDAO (https://www.kelpdao.xyz/restake/) is one of the largest liquid restaking protocol built on top of the Eigen Layer. Restakers on Kelp get access to multiple benefits like restaking rewards, staking rewards and DeFi yields.
Specification
The table below illustrates the configured risk parameters for rsETH
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (rsETH) | 19,000 |
| Borrow Cap (rsETH) | 1,900 |
| Debt Ceiling | USD 0 |
| LTV | 72 % |
| LT | 75 % |
| Liquidation Bonus | 7.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 15 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 7 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Flashloanable | ENABLED |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
| Oracle | 0x47F52B2e43D0386cF161e001835b03Ad49889e3b |
Additionaly 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for rsETH and the corresponding aToken.
A new rsETH LST main e-mode has also been added:
| Parameter | Value | Value | Value |
|---|---|---|---|
| Asset | rsETH | wstETH | ETHx |
| Collateral | Yes | No | No |
| Borrowable | No | Yes | Yes |
| Max LTV | 92.5% | - | - |
| Liquidation Threshold | 94.5% | - | - |
| Liquidation Penalty | 1.00% | - | - |
The caps of the e-mode related assets have also been updated:
| Current Borrow Cap | Recommended Borrow Cap | |
|---|---|---|
| wstETH | 48,000 | 60,000 |
| ETHx | 320 | 5,000 |
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
Your voting info
Voting is on
Polygon
Voting results
YAE
737K
AAVE100.00%
NAY
<1
AAVE<0.01%
Required
737.18K
320.00K
Required
737.18K
80,000.00
Proposal details
Created
Nov 16, 2024 11:21 AMOpen for voting
Nov 17, 2024 11:37 AMVoting closed
Nov 20, 2024 11:37 AMPayloads executed
Nov 21, 2024 11:58 AM
