Simple Summary

This governance proposal activates the Aave V3 Ethereum pool (3.0.1), by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE, already pre-approved by the community. All the Aave Ethereum V3 addresses can be found in the aave-address-book.

Motivation

While AAVE V3 was deployed to various networks right after the release, the Ethereum pool was still running V2. After careful consideration, the community decided to deploy a fresh V3 instead of upgrading the V2 pool, for increased compatibility between the V3 pools and less general complexity. The assets to be listed & respective configurations have been discussed in the governance forum and been decided in the following snapshot.

Specification

This proposal’s payload does the following:

1. Create the eMode category for eth correlated assets via POOL_CONFIGURATOR.setEModeCategory(1, 90_00, 93_00, 10_100, address(0), 'ETH correlated')
2. Swap of emergency admin to Aave Guardian via ACL_MANAGER.removeEmergencyAdmin(AaveGovernanceV2.SHORT_EXECUTOR) followed by ACL_MANAGER.addEmergencyAdmin(GUARDIAN_ETHEREUM)
3. grant POOL_ADMIN permissions to all the asset listing stewards created inside the constructor() via ACL_MANAGER.addPoolAdmin(stewards[i])

The Steward pattern is taken from V3-listing stewards. Each Steward will handle the listing of one specific asset and then renounce to the granted POOL_ADMIN role. This process is needed as otherwise, the proposal’s gas limit would be really gas-expensive.

Configuration snapshot

What you can see here is a formatted excerpt of the configuration snapshot with the relevant configurations after proposal execution. You can find the full snapshot in the proposal repository.

Reserve Configurations

symbol	ltv	liqThreshold	liqBonus	liqProtocolFee	reserveFactor	borrowingEnabled	supplyCap	borrowCap	eModeCategory	isFlashloanable
WBTC	70.00%	75.00%	6.25%	10%	20%	true	43’000 BTC	28’000 BTC	-	true
WETH	80.00%	82.50%	5.00%	10%	15%	true	1’800’000 WETH	1’400’000 WETH	ETH correlated	true
wstETH	68.50%	79.50%	7.00%	10%	15%	true	200’000 wstETH	3’000 wstETH	ETH correlated	true
USDC	74.00%	76.00%	4.50%	20%	10%	true	1’760’000’000 USDC	1’580’000’000 USDC	-	true
DAI	64.00%	77.00%	4.00%	20%	10%	true	338’000’000 DAI	271’000’000 DAI	-	true
LINK	50.00%	65.00%	7.50%	10%	20%	true	24’000’000 LINK	13’000’000 LINK	-	true
AAVE	60.00%	70.00%	7.50%	10%	0%	false	1’850’000 AAVE	-	-	false

InterestRateStrategies

strategy	BaseVariableBorrowRate	VariableRateSlope1	VariableRateSlope2	optimalUsageRatio	maxExcessUsageRatio	assets
0x24701A6368Ff6D2874d6b8cDadd461552B8A5283	0%	7.00%	300.00%	45.00%	55.00%	WBTC, LINK, AAVE
0x53F57eAAD604307889D87b747Fc67ea9DE430B01	1.00%	3.80%	80.00%	80.00%	20.00%	WETH
0x7b8Fa4540246554e77FCFf140f9114de00F8bB8D	0.25%	4.50%	80.00%	45.00%	55.00%	wstETH
0xD6293edBB2E5E0687a79F01BEcd51A778d59D1c5	0%	4.00%	60.00%	90.00%	10.00%	USDC
0x694d4cFdaeE639239df949b6E24Ff8576A00d1f2	0%	4.00%	75.00%	80.00%	20.00%	DAI

EMode categories

label	ltv	liqThreshold	liqBonus
ETH correlated	90.00%	93.00%	1.00%

Security procedures

The proposal execution is simulated within the tests and the resulting pool configuration is tested for correctness.

In addition this proposal has been tested one the aave interface using forks.

Aave Companies have reviewed the proposal code.

Deployed Contracts

• GenericV3ListingEngine
• ProposalPayload

References

• Discussion: upgrade vs fresh deployment
• Discussion: asset listings & parameters
• Code: ListingEngine
• Code: ProposalPayload

Copyright

Copyright and related rights waived via CC0.