327-aave-v3-multichain-weth-rate-strategy-update.md

Proposal 327. Aave v3 Arbitrum, Optimism, Polygon, Metis - WETH interest rate update

Voting link

https://app.aave.com/governance/proposal/?proposalId=327

Governance forum discussion

https://governance.aave.com/t/gauntlet-interest-rate-recommendations-for-weth-and-wmatic-on-v2-and-v3/14588/8

BGD analysis

Proposal types

🔧 📊 params-update

Context

This proposal updates the interest rate strategy of WETH on Aave v3 Polygon, Arbitrum, Optimism and Metis.

Proposal creation

Transaction: https://etherscan.io/tx/0x4e6cbe89a54708d6fc0cdbf250efe7ac50f81ae219a551a27d0c790cca4b2949

- id: 327
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0xd1b3e25fd7c8ae7caddc6f71b461b79cd4ddcfa3,0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711,0x158a6bc04f0828318821bae797f50b0a1299d45b,0x2fe52ef191f0be1d98459bdad2f1d3160336c08f]
- values: [0,0,0,0]
- signatures: [execute(address),execute(address),execute(address),execute(address)]
- calldatas: [0x0000000000000000000000001cdb984008dcee9d06c28654ed31cf82680eea62,0x000000000000000000000000fc7b55cc7c5bd3ae89ac679c7250ab30754c5cc5,0x0000000000000000000000007aa759a57c6b039a93e93683facd14209ee9a3dd,0x00000000000000000000000003232b5ee80369a88620615f8328beec1884b731]
- withDelegatecalls: [true,true,true,true]
- startBlock: 18223833
- endBlock: 18243033
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x813261d85ca6092337de2d636c5cddac499b0db3fe19a823062b45fcc19719da

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/327.md

Polygon

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/327_Polygon_pending_1.md

Arbitrum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/327_Arbitrum_pending_0.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/327_Optimism_pending_2.md

Technical analysis

We have verified that, as presented in the specification, the following payloads properly update the variable slope 1 of WETH on all the target instances to 3.3%.

Polygon

Arbitrum

Optimism

Metis. Due to (most probably) infrastructure issues, the payload is not verified, but we have double checked the origin repository of the proposal, and the payload is correct.

It is important to highlight that the claim of doing it in all instances of Aave apart from Aave v3 Ethereum is incorrect, as Aave v3 Base is not affected

BGD validations

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

✅ Payload encoded via multiple targets and calldatas, no delegatecall

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

❌ BGD reviewed the payload before the proposal was submitted.

❌ BGD reviewed the procedure followed to submit the proposal.