v3-28-aave-v3-ethereum-debt-ceiling-increase-for-snx-and-mkr.md

Proposal 28. Chaos Labs Risk Parameter Updates - Increase Debt Ceiling for SNX and MKR on V3 Ethereum - 01.31.2024.

Voting link

https://vote.onaave.com/proposal/?proposalId=28

Governance forum discussion

https://governance.aave.com/t/arfc-chaos-labs-risk-parameter-updates-increase-debt-ceiling-for-snx-and-mkr-on-v3-ethereum-01-31-2024/16480/1

Payloads

• Ethereum - proposal payloads

Certora analysis

Proposal types

🔧 📊 configuration update

Context

This proposal increases the debt ceiling of the following assets on Aave-V3-Ethereum: SNX, MKR since both tokens has reached high utilization - 94%, 99% respectively.

Proposal creation

Transaction: https://etherscan.io/tx/0x8d8e160969a6443725d2ce7c39a9c5f05552afd78e43c1874a67b00a0611273c

- proposalId: 28
- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
- accessLevel: 1
- ipfsHash: 0x6a98f5da75561ecd119ee401e6c7956b71d709ad0892461aef49692aa06fafc5

createProposal() parameters

{
  "payloads": [
    {
      "chain": "1",
      "accessLevel": 1,
      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5",
      "payloadId": "63"
    },
  ],
  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3",
  "ipfsHash": "0x6a98f5da75561ecd119ee401e6c7956b71d709ad0892461aef49692aa06fafc5"
}

Aave Seatbelt report

Proposal report

https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/28.md

Payload reports

• Ethereum V3 - https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/63.md

Technical analysis

We have verified that the payload modifies the debt ceiling of the following tokens:

SNX: From: 2.5M To: 4M

MKR: From: 8.5M To: 12M

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.