218-aave-v3-optimism-MAI-listing.md

Proposal 218. Aave v3 Optimism - listing of MAI

Voting link

https://app.aave.com/governance/proposal/?proposalId=218

Governance forum discussion

https://governance.aave.com/t/arfc-add-mai-to-optimism-aave-v3-pool/12765

BGD analysis

Proposal types

💎 🆕 asset-listing

🔮 oracle-addition

Context

This proposal lists MAI on the Aave v3 Optimism pool.

Proposal creation

Transaction: https://etherscan.io/tx/0xec489ad15bdeb1cd478b517249f403b3e4d5142bf7c3f10fdfed91f6cadfaad1

- id: 218
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x5f5c02875a8e9b5a26fbd09040abcfdeb2aa6711]
- values: [0]
- signatures: [execute(address)]
- calldatas: [0x0000000000000000000000001720d605289a189c5fbd360ca2307db5c6d3fdfd]
- withDelegatecalls: [true]
- startBlock: 17223447
- endBlock: 17242647
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x4a52c673dc62b4e293c3c3a2d37aace4c567bcfba3de640d1e89b5ed008a284a

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/218.md

Optimism

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/218_optimism_15_0.md

Technical analysis

We have verified the proposal uses correctly the Aave cross-chain governance system to communicate with Optimism.

The proposal payload correctly uses the BGD's Aave Config Engine of Aave v3 Optimism, in this case, its listing features.

We have verified the payload respects the interface required by the v3 config engine and lists the MAI asset with the following configurations:

MAI

• The asset is enabled for borrowing and the interest rate strategy follows the parameters on Snapshot:
  • Base variable borrow: 0%
  • Variable borrow slope 1: 4%
  • Variable borrow slope 2: 75%
  • Optimal point: 80%
• The asset is enabled as collateral in isolation
• LTV: 75%
• Liquidation Threshold: 80%
• Liquidation Bonus: 5%
• Liquidation Protocol Fee: 10%
• Reserve Factor: 20%
• Supply cap: 7'600'000 MAI
• Borrow cap: 2'500'000 MAI
• Debt ceiling 1'900'000 USD
• No eMode category
• Not flashlonable
• Not enabled for borrowing on isolation

The oracle used is a Chainlink MAI/USD feed.

The initial configuration is completely aligned with the recommendations of risk providers in the Aave governance forum.

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.