v3-108-aave-v2-multichain-lt-and-ltv-reductions-stablecoins.md

Proposal 108. LT/LTV Reductions on Aave V2 Stablecoins.

Voting link

https://vote.onaave.com/proposal/?proposalId=108

Governance forum discussion

https://governance.aave.com/t/arfc-lt-ltv-reductions-on-aave-v2-stablecoins/17508

Payloads

• Ethereum - proposal payloads

• Polygon - proposal payloads

• Avalanche - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal reduces the LT and LTV of major stable-coins on Aave-V2-Ethereum, Aave-V2-Polygon and Aave-V2-Avalanche in order to limit risks posed by the current parameters and align them closer to V3’s parameters.

Proposal creation

Transaction: https://etherscan.io/tx/0x8f5ac2578ad04482f9b60110c3a4b868f77b93acca2cf224b4af8860105c5771

- proposalId: 108
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xb34fab83149275adabf38be78dbf8f3def00751702a77efd9f6e1fdc901e8358

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "129" 
    }, 
    { 
      "chain": "137", 
      "accessLevel": "1", 
      "payloadsController": "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", 
      "payloadId": "64" 
    }, 
    { 
      "chain": "43114", 
      "accessLevel": "1", 
      "payloadsController": "0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80", 
      "payloadId": "34" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0xb34fab83149275adabf38be78dbf8f3def00751702a77efd9f6e1fdc901e8358" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/108.md

Payload reports

• Ethereum V2 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/129.md

• Polygon V2 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/137/0x401B5D0294E23637c18fcc38b1Bca814CDa2637C/64.md

• Avalanche V2 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/43114/0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80/34.md

Technical analysis

We have verified that the payload reduces the LTs and LTVs of the following tokens to the following values:

• Ethereum V2:

  USDC:

    LTV: 75%
  
    LT: No Change
  

• Polygon V2:

  USDC:

    LTV: 75%
  
    LT: 84.5%
  

• Avalanche V2:

  USDC:

    LTV: No Change
  
    LT: 78%
  

The proposal is consistent with the description on both Snapshot and the governance forum.

Certora 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.

✅ Certora reviewed the procedure followed to submit the proposal.