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v3-157-aave-v3-etherfi-ethereum-instance-activation.md

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Proposal 133. Etherfi Ethereum Instance Activation.


Voting link

https://vote.onaave.com/proposal/?proposalId=157


Governance forum discussion

https://governance.aave.com/t/arfc-deploy-an-etherfi-stablecoin-aave-v3-instance/18440


Payloads


Certora analysis


Proposal types

🔧 📊 configuration update

💎 🆕 asset-listing

🤝 permission granting or revoking

💰 🧾 asset transfer

Context

This proposal activates the Aave v3 EtherFi instance in order to meet the high demand for borrowing wETH on Aave using weETH as collateral.


Proposal creation

Transaction: https://etherscan.io/tx/0x2300662ec66ec45800c8215857074a28a3727ed711f5d95784d52dca5e2e1d82

- proposalId: 157
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x4fadf8fd69d0a3438ed48d6c69173bee13ab0789ef29bfd931c30adce38b8438

createProposal() parameters

{
  "payloads": [ 
    { 
      "chain": "1", 
      "accessLevel": "1", 
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
      "payloadId": "166" 
    }, 
  ], 
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
  "ipfsHash": "0x4fadf8fd69d0a3438ed48d6c69173bee13ab0789ef29bfd931c30adce38b8438" 
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/157.md

Payload reports


Technical analysis

We have verified that the payload activates the Aave v3 EtherFi instance with the following:

  • Register Ethereum Etherfi instance in Ethereum V3 PoolAddressesProviderRegistry with ID 45.

  • Set Ethereum PROTOCOL_GUARDIAN as Pool Admin of Ethereum Etherfi instance.

  • Set Risk Admin to CapsPlusRisk Steward contract.

  • Transfer 15,000 GHO to Catapulta as their service fee

  • Listing of weETH, USDC, PYUSD, and FRAX tokens with the specified configuration

  • Supply seed amount for each of the newly listed tokens


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.