Aave v3 Base Activation

Simple Summary

This proposal allows the Aave governance to activate the Aave V3 Base pool (3.0.2) by completing all the initial setup and listing WETH, USDbC and cbETH as suggested by the risk service providers (Gauntlet and Chaos Labs) on the governance forum. All the Aave Base V3 addresses can be found in the aave-address-book.

Motivation

The Base and Coinbase ecosystem is a good opportunity of expansion for Aave, touching into the new user base and exploring fresh use cases.

Aave community has approved the expansion on the governance forum and snapshot.

Specification

The proposal will do the following:

• set risk steward as the risk admin by executing ACL_MANAGER.addRiskAdmin()
• set price oracle sentinel with POOL_ADDRESSES_PROVIDER.setPriceOracleSentinel()
• list the following assets on Aave V3 on Base: wETH, cbETH, and USDbC.

The table below illustrates the initial suggested risk parameters for each asset, a combination of recommendations provided by Gauntlet and ChaosLabs.

E-Mode:

cbEth adapter: 0x80f2c02224a2E548FC67c0bF705eBFA825dd5439

Price oracle sentinel: 0xe34949A48cd2E6f5CD41753e449bd2d43993C9AC

Risk Steward: 0x12DEB4025b79f2B43f6aeF079F9D77C3f9a67bb6

Security

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

The deployed pool and other permissions have been programmatically verified.

In addition, we have also checked the code diffs of the deployed base contracts with the deployed contracts on Ethereum and other networks.

As a matter of caution, the POOL_ADMIN role will be given for the first weeks to the Aave Guardian multisig.

References

• Implementation: Base
• Tests: Base
• Snapshot
• Discussion

Copyright

Copyright and related rights waived via CC0.