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v3-199-aave-v3-Ethereum-reenable-rewards-stkAAVE.md

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Proposal 199. Safety Module stkAAVE - Re-enable Rewards


Voting link

https://vote.onaave.com/proposal/?proposalId=199


Governance forum discussion

https://governance.aave.com/t/arfc-amend-safety-module-emissions/16640/13


Payloads


Certora analysis


Proposal types

💰 🧾 asset transfer


Context

This proposal aims to renewing the AAVE emissions to stkAAVE holders for the following 180 days. With the conclusion of the recent reward cycle, this proposal aims to renew $AAVE emissions for stkAAVE holders. The stkAAVE module has proven to be a crucial mechanism as an AAVE supply sink, currently holding a TVL of $480M and accounting for 18.8% of the supply. It is recommended to maintain these emissions in anticipation of upcoming Umbrella developments, with adjustments to be made following the outcomes of the Umbrella upgrade.


Proposal creation

Transaction: https://etherscan.io/tx/0xba04900fca46c65797d22df17141e885a666225253829b99c8138623d909dde6

- proposalId: 199
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x315b3aa83bf146c7733f371552c641726508fc9cb061a159ecacadc0d4eacaa7

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "205" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x315b3aa83bf146c7733f371552c641726508fc9cb061a159ecacadc0d4eacaa7" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/199.md

Payload reports


Technical analysis

We have verified that the proposal payload does the following:

  1. Configure emission of AAVE tokens on stkAAVE with the following parameters:

    • Emission: 360 AAVE per day, set as emission per second (4.1666...e18 wei per second).
    • Distribution Duration: 180 days from proposal execution.

  2. Approve AAVE tokens from the Aave Ecosystem Reserve to stkAAVE, allowing stakers to claim them:

    • The contract first resets the current approval of AAVE tokens to zero.
    • It then sets a new approval amount based on the remaining allowance plus the required distribution amount for the 180-day period.
    • Total Approval Amount: Existing remaining allowance + 64,800 AAVE.

Explanation of the Approval Reset Mechanism

To adhere to ERC20 standards and avoid potential race conditions, the contract first sets the current approval to zero before setting a new approval amount. This best practice ensures that any unspent tokens from prior allowances are included in the updated approval, maximizing fund efficiency and preventing token lockup.

Summary

This proposal extends AAVE rewards for stkAAVE stakers at a rate of 360 AAVE/day for an additional 180 days, ensuring efficient and secure reward distribution from the Ecosystem Reserve.


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.