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167-aave-v3-polygon-maticx-params-update.md

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Proposal 167. Aave v3 Polygon - MATICX Risk parameters update


Voting link

https://app.aave.com/governance/proposal/?proposalId=167


Governance forum discussion

https://governance.aave.com/t/arfc-maticx-polygon-v3-upgrade/11555


BGD analysis


Proposal types

🔧 📊 params-update


Context

This proposal the risk parameters of MATICX on Aave v3 Polygon, including collateral configurations, caps, cap and interest rate strategy. Additionally, MATICX is enabled for borrowing.


Proposal creation

Transaction: https://etherscan.io/tx/0x51582eac1ddfef9bdc9f1f45a9e13b76be4094880724595fda41a0507ac0494a

- id: 167
- creator: 0x55b16934c3661e1990939bc57322554d9b09f262
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x158a6bc04f0828318821bae797f50b0a1299d45b]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x00000000000000000000000046a1b7d4a2920270c7eb2c2db4df2259a109bcb4]
- withDelegatecalls: [true]
- startBlock: 16741620
- endBlock: 16760820
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x49b18bdf919604d435b7a3736c5a9a728a96874783f5a50fab2ed4aa61f5fb6f

Aave Seatbelt reports

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/167.md

Polygon

TBA


Technical analysis

From a technical perspective, we have verified that the proposal payload does the following changes on MATICX on Aave v3 Polygon:

  • Enable the asset for borrowing.
  • Supply cap changed to 8'600'000 MATICX
  • Borrow cap changed to 5'200'000 MATICX
  • Liquidation protocol fee changed to 10%
  • Collateral params changes:
    • LTV: 50 -> 58%
    • Liquidation Threshold: 65% -> 67%
  • Interest rate strategy parameters:
    • Base variable borrow rate: 0.25%
    • Optimal utilization: 45%
    • Variable slope 1: 4%
    • Variable slope 2: 150%
    • Base stable rate offset: 2%
    • Stable slope 1: 0.5%
    • Stable slope 2: 150%

BGD 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.

✅ Only one payload used via delegatecall

✅ BGD reviewed the procedure followed to submit the proposal.