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210-aave-v3-polygon-wstETH-listing.md

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Proposal 210. Aave v3 Polygon - listing of wstETH


Voting link

https://app.aave.com/governance/proposal/?proposalId=210


Governance forum discussion

https://governance.aave.com/t/arc-add-support-for-wsteth-on-polygon-v3/12266


BGD analysis


Proposal types

💎 🆕 asset-listing

🔮 oracle-addition


Context

This proposal lists wstETH on the Aave v3 Polygon pool.


Proposal creation

Transaction: https://etherscan.io/tx/0x81430b2467f3ba48a40a9118e22815814b936d35ce86e98f8860f6a842cfb745

- id: 210
- creator: 0x55b16934c3661e1990939bc57322554d9b09f262
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x000000000000000000000000e11c89144259af51385f30b699cdb334d1e1dddc]
- withDelegatecalls: [true]
- startBlock: 17133313
- endBlock: 17152513
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x2e35445eb382526b009ad9175ad404ae5b010b29492ebe367592c0e9a2398563

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/210.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/210_fx_29_0.md


Technical analysis

We have verified the proposal uses correctly the Aave cross-chain governance system to communicate with Polygon.

The proposal payload correctly uses the new BGD's Aave Config Engine of Aave v3 Polygon, in this case, its listing features.

We have verified this payload respects the interface required by the v3 config engine and effectively configures the wstETH asset with the following initial parameters:

  • The asset is enabled for borrowing and the interest rate strategy follows the parameters on the forum:
    • Base variable borrow: 0.25%
    • Variable borrow slope 1: 4.5%
    • Variable borrow slope 2: 80%
    • Optimal point: 45%
  • The asset is enabled as collateral with the following configuration:
    • LTV: 70%
    • Liquidation Threshold: 79%
    • Liquidation Bonus: 7.2%
    • Liquidation Protocol Fee: 10%
  • Reserve Factor: 15%
  • Supply cap: 1'800 wstETH
  • Borrow cap: 285 wstETH
  • e-mode category: ETH correlated (3)
  • No isolation mode
  • Not flashlonable
  • Not enabled for borrowing on isolation

The oracle used is a BGD sync adapter wstETH/ETH/USD.

Additionally, the payload creates the ETH correlated new e-mode, adding to it both wstETH and WETH. This e-mode has the following configuration:

  • ID: 3
  • LTV: 90%
  • Liquidation Threshold: 93%
  • Liquidation Bonus: 1%

The initial configuration is completely aligned with the description on the Aave governance forum.


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.