Aave Ethereum V3

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

InterestRateStrategies

EMode categories

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

• GenericV3ListingEngine
• ProposalPayload

References

• Discussion: upgrade vs fresh deployment
• Discussion: asset listings & parameters
• Code: ListingEngine
• Code: ProposalPayload

Copyright

Copyright and related rights waived via CC0.