v3-202-aave-v3-Ethereum-wstETH-reserve-borrow-rate-update.md

Proposal 202. wstETH Reserve Borrow Rate Update

Voting link

https://vote.onaave.com/proposal/?proposalId=202

Governance forum discussion

https://governance.aave.com/t/arfc-weth-wsteth-borrow-rate-updates/19550/3

Payloads

• Ethereum - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This publication proposes reducing wstETH Slope1 parameter on the Main instance of Aave v3 on Ethereum. With the goal of encouraging user to borrow wstETH on the Main instance of Aave v3, the wstETH borrow rate will be lowered.

Proposal creation

Transaction: https://etherscan.io/tx/0xc0485184e120d16fd02217f79d3e6dbf12b3810ed8e4716f07db28c901be15e4

- proposalId: 202
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x26c178817d369782b4c7076cce3c4517265e104846a38c8ebd546d1474cd5c75

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "208" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x26c178817d369782b4c7076cce3c4517265e104846a38c8ebd546d1474cd5c75" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/202.md

Payload reports

• Ethereum - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/208.md

Technical analysis

We have verified that the proposal payload changes to the specified baseVariableBorrowRate and slope1 values.

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.