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279-aave-multichain-mai-caps-update.md

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Proposal 279. Aave v3 Polygon, Arbitrum, Optimism - MAI caps update


Voting link

https://app.aave.com/governance/proposal/?proposalId=279


Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-risk-parameter-updates-mai-on-aave-v3-2023-7-23/14110


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal adjusts the supply and borrow caps, together with debt ceilings of the MAI asset on Aave v3 Polygon, Arbitrum and Optimism.


Proposal creation

Transaction: https://etherscan.io/tx/0xc0ebabc6167e4d5869d742eb7838b2a29721bdedd21c7efde05e747d38cd63a6

- id: 279
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b,0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711,0xd1b3e25fd7c8ae7caddc6f71b461b79cd4ddcfa3]
- values: [0,0,0]
- signatures: [execute(address),execute(address),execute(address)]
- calldatas: [0x0000000000000000000000004449a4d0c1ca7c0ea218f11c8a84dd9b8e633d43,0x0000000000000000000000007e840cffea2d273ed58e7b9b806cd8bed619ca88,0x0000000000000000000000004449a4d0c1ca7c0ea218f11c8a84dd9b8e633d43]
- withDelegatecalls: [true,true,true]
- startBlock: 17783518
- endBlock: 17802718
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xf468feb7f05233adbc199ecc411784e9be2501789a76025177b9d5e9ef4b776f

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/279.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/279_Polygon_pending_1.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/279_Optimism_pending_2.md

Arbitrum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/279_Arbitrum_pending_0.md


Technical analysis

We have verified the proposal properly uses cross-chain governance and the BGD Aave Config Engine across the different networks to do the following changes on 3 separate payloads:

Aave v3 Polygon

  • Supply cap: 2'200'000 MAI -> 900'000 MAI
  • Borrow cap: 1'200'000 MAI -> 700'000 MAI
  • Debt ceiling: 2'000'000 USD -> 180'000 USD

Aave v3 Optimism

  • Supply cap: 7'600'000 MAI -> 650'000 MAI
  • Borrow cap: 2'500'000 MAI -> 525'000 MAI
  • Debt ceiling: 1'900'000 USD -> 130'000 USD

Aave v3 Arbitrum

  • Supply cap: 4'800'000 MAI -> 325'000 MAI
  • Borrow cap: 2'400'000 MAI -> 250'000 MAI
  • Debt ceiling: 1'200'000 USD -> 100'000 USD

BGD validations

✅ The code on the proposal payload corresponds to the proposal specification.

✅ The proposal includes a proper tests suite, checking all necessary post-conditions.

✅ BGD reviewed the payload before the proposal was submitted.

✅ Only one payload used via delegatecall

✅ BGD reviewed the procedure followed to submit the proposal.