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v3-223-aave-v3-Ethereum-prime-core-USDS-ir-curve-update.md

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Proposal 223. USDS Interest Rate Curve Update

Voting Link

Link to voting page

Governance Forum Discussions

Link to forum discussions

Payloads

Certora Analysis

Proposal Types

  • 🔧 📊 Configuration updates

Context

Chaos Labs recommends adjustments to USDS’s interest rate curves on the Prime and Core deployments. The frequent spikes have coincided with a decrease in borrows, as a result of large market outflows. To optimally price the asset, and to set USDS in line with other stablecoins, Chaos Labs recommend increasing the target borrow rate at UOptimal, which will also reduce the time spent above UOptimal. Specifically, Chaos Labs recommend targeting 12.5% at UOptimal and a Slope2 of 35% for both USDS markets, noting that this is aligned with the target rate for all other major stablecoin markets.

Proposal Creation

Transaction: 0x0cda0efd5372e16500de349ed1d43cf0f47f380dd17ffc1c1bc64b791b42a9a6

  • proposalId: 223
  • creator: 0x57ab7ee15cE5ECacB1aB84EE42D5A9d0d8112922
  • accessLevel: 1
  • ipfsHash: 0x70aac42c7fdd1833721a1e00bed7cdde16591bb66473849ba2eb5cc899106258

createProposal() Parameters

{
    "payloads": [
        {
            "chain": "1",
            "accessLevel": 1,
            "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5",
            "payloadId": 226
        }
    ],
    "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3",
    "ipfsHash": "0x70aac42c7fdd1833721a1e00bed7cdde16591bb66473849ba2eb5cc899106258"
}

Aave Seatbelt Report

Proposal Report Link to Seatbelt proposal report

Payload Reports

Technical Analysis

We have verified that the specified parameters has changed to the desired numbers.

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.