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v3-96-aave-v2-polygon-reserve-factor-updates-and-interest-rate-increases.md

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Proposal 96. Polygon V2 Reserve Factor Updates & Interest Rate Increases.


Voting link

https://vote.onaave.com/proposal/?proposalId=96


Governance forum discussion

https://governance.aave.com/t/arfc-polygon-v2-borrow-rate-adjustments/17252

https://governance.aave.com/t/arfc-reserve-factor-updates-polygon-aave-v2/13937/22


Payloads


Certora analysis


Proposal types

🔧 📊 configuration update


Context

This proposal increases the reserve factors and also revises the Borrow Rate of multiple assets on Aave-V2-Polygon by 5% up to 99.99% in order to encouraging users to migrate from Polygon v2 to v3.


Proposal creation

Transaction: https://etherscan.io/tx/0x08dd6a35af5838fedb7316bda9dbcc112ee3400da7187b9b81a3bba035ede60b

- proposalId: 96
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0xcd04c72e36d8208c2ade9752e9ffded55acde06b1d8152391721eb1b1ba1406c

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "137", 
      "accessLevel": "1", 
      "payloadsController": "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", 
      "payloadId": "60" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0xcd04c72e36d8208c2ade9752e9ffded55acde06b1d8152391721eb1b1ba1406c" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/96.md

Payload reports


Technical analysis

We have verified that the payload modifies the reserve factor of the following tokens to the following values:

USDC: 98%

USDT: 97%

DAI: 96%

We have also verified that the payload modifies the variable slopes and Uoptimal of the following tokens to the following values:

  • BAL:

    slope1: 50%

    slope2: 134%

    Uoptimal: 20%

  • CRV:

    slope1: 50%

    slope2: 134%

    Uoptimal: 10%

  • DAI:

    slope1: 9.75%

    slope2: 134%

    Uoptimal: 71%

  • GHST:

    slope1: 50%

    slope2: 134%

    Uoptimal: 10%

  • LINK:

    slope1: 50%

    slope2: 134%

    Uoptimal: 10%

  • USDT:

    slope1: 9.75%

    slope2: 134%

    Uoptimal: 52%

  • wBTC:

    slope1: 4.75%

    slope2: 134%

    Uoptimal: 37%

  • wETH:

    slope1: 4.75%

    slope2: 134%

    Uoptimal: 40%

  • wMATIC:

    slope1: 6.75%

    slope2: 134%

    Uoptimal: 48%

  • USDC:

    slope1: 9.75%

    slope2: 134%

    Uoptimal: 77%


The proposal is consistent with the description on both Snapshot and the governance forum except the value of slope1 on DAI, USDC, USDT which is changed from 9% to 9.75%.


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.