Proposal overview
Aave v3 Gnosis Activation
Simple Summary
This proposal allows the Aave governance to activate the Aave V3 Gnosis pool (3.0.2) by completing all the initial setup and listing WETH, wstETH, GNO, USDC, wXDAI, EURe and sDAI as suggested by the service providers (ACI, Gauntlet and Chaos Labs) on the governance forum. All the Aave Gnosis V3 addresses can be found in the aave-address-book.
Motivation
All the governance procedures for the expansion of Aave v3 to Gnosis have been finished, said:
- Positive signaling and approval regarding the expansion on the governance forum, temp check snapshot, and final snapshot.
- Positive technical evaluation done by BGD Labs of the Gnosis chain network, as described in the forum in detail.
- Positive risk analysis and assets/parameters recommendation by the service providers ACI, Gauntlet and Chaos Labs as commented on the forum.
- Additionally listing sDAI as approved separately on the forum and snapshot.
Specification
The proposal will do the following:
- Set risk steward and freezing steward as the risk admin by executing
ACL_MANAGER.addRiskAdmin(). - Set the guardian address as the pool admin by executing
ACL_MANAGER.addPoolAdmin(). This is following the standard procedure of keeping pool admin on the Aave Guardian during the bootstrap period, for security. - List the following assets on Aave V3 Gnosis: wETH, wstETH, GNO, USDC, wXDAI, sDAI, EURe.
The table below illustrates the initial suggested risk parameters for each asset, as passed via the snapshot.
| wETH | wstETH | GNO | USDC | wxDAI | EURe | sDAI | |
|---|---|---|---|---|---|---|---|
| Loan To Value | 75% | 75% | 31% | 77% | 77% | 0% | 77% |
| Liquidation Threshold | 78% | 78% | 36% | 80% | 80% | 0% | 80% |
| Liquidation Protocol Fee | 10% | 10% | 10% | 20% | 20% | 10% | 20% |
| Liquidation Bonus | 6% | 6% | 10% | 5% | 5% | 0% | 5% |
| Reserve Factor | 15% | 15% | 15% | 10% | 10% | 15% | 10% |
| Enable Borrow | Yes | Yes | No | Yes | Yes | Yes | No |
| Enable Collateral | Yes | Yes | Yes | Yes | Yes | No | Yes |
| Supply Cap | 4000 wETH | 4000 wstETH | 30000 GNO | 1M USDC | 1.5M xDAI | 0.5M EURe | 1.5M sDAI |
| Borrow Cap | 3500 wETH | 400 wstETH | 0 GNO | 1M USDC | 1.5M xDAI | 0.5M EURe | 0 sDAI |
| E-mode category | ETH Correlated | ETH Correlated | None | None | None | None | None |
| Isolation Mode | No | No | Yes | No | No | No | No |
| Flashloanable | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Siloed Borrowing | No | No | No | No | No | No | No |
| Debt Ceiling | 0 | 0 | $1M | 0 | 0 | 0 | 0 |
| Stable Borrow | No | No | No | No | No | No | No |
| uOptimal | 80% | 45% | 45% | 90% | 90% | 90% | 90% |
| Base Variable Borrow Rate | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Variable Rate Slope1 | 3.3% | 7% | 7% | 5% | 5% | 4% | 4% |
| Variable Rate Slope 2 | 80% | 300% | 300% | 75% | 75% | 75% | 75% |
| Stable Rate Slope 1 | 4% | 7% | 7% | 5% | 5% | 4% | 4% |
| Stable Rate Slope 2 | 80% | 300% | 300% | 75% | 75% | 75% | 75% |
| Base Stable Rate Offset | 2% | 2% | 2% | 1% | 1% | 1% | 1% |
| Stable Rate Excess Offset | 8% | 8% | 8% | 8% | 8% | 8% | 8% |
| Optimal Stable To Total Debt Ratio | 20% | 20% | 20% | 20% | 20% | 20% | 20% |
E-Mode:
| Category Id | Category Label | Assets included | LT | LTV | Liquidation Bonus |
|---|---|---|---|---|---|
| 1 | ETH Correlated | WETH, wstETH | 93% | 90% | 1% |
sDAI adapter: 0x1D0f881Ce1a646E2f27Dec3c57Fa056cB838BCC2
wstETH adapter: 0xcb0670258e5961cca85d8f71d29c1167ef20de99
Risk Steward: 0x33AE1f41546a2e05368Bf789b3d868813c0Ae658
Freezing Steward: 0x3Ceaf9b6CAb92dFe6302D0CC3F1BA880C28d35e5
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: AaveV3Gnosis
- Tests: AaveV3Gnosis
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
Your voting info
Voting results
YAE
452,625
AAVE100.00%
NAY
<1
AAVE<0.01%
Top 10 addresses
Votes
YAE
115.4K
YAE
61,304
YAE
59,999
YAE
43,669
YAE
42,025
YAE
38,767
YAE
37,949
YAE
27,104
YAE
21,095
YAE
5,044
Executed on
Nov 06, 2023Required
452.62K
320.00K
Required
452.62K
80,000.00
16,000,000
Proposal details
Block
1 Nov 2023, 15:56 UTC +00:00
18478289
Block
2 Nov 2023, 16:09 UTC +00:00
18485489
Block
5 Nov 2023, 08:09 UTC +00:00
18504689
6 Nov 2023, 08:42 UTC +00:00
BGD Labs @bgdlabs