GHO BR increase 2024-02-29 - Review (#227)

* GHO BR update

* markdown cleanup

diffs/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_before_AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_after.md

@@ -0,0 +1,43 @@
+## Reserve changes
+
+### Reserves altered
+
+#### GHO ([0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f](https://etherscan.io/address/0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f))
+
+| description | value before | value after |
+| --- | --- | --- |
+| interestRateStrategy | [0x00524e8E4C5FD2b8D8aa1226fA16b39Cad69B8A0](https://etherscan.io/address/0x00524e8E4C5FD2b8D8aa1226fA16b39Cad69B8A0) | [0x3a4D5316ec79622686a19f69CE546997cC8e8514](https://etherscan.io/address/0x3a4D5316ec79622686a19f69CE546997cC8e8514) |
+| baseVariableBorrowRate | 6.22 % | 7.22 % |
+| interestRate | ![before](/.assets/005b16eaa54199269ae451836387895a28c5d76e.svg) | ![after](/.assets/4986872b45a9cd8b31a38113050f5481468cb333.svg) |
+
+## Raw diff
+
+```json
+{
+  "reserves": {
+    "0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f": {
+      "interestRateStrategy": {
+        "from": "0x00524e8E4C5FD2b8D8aa1226fA16b39Cad69B8A0",
+        "to": "0x3a4D5316ec79622686a19f69CE546997cC8e8514"
+      }
+    }
+  },
+  "strategies": {
+    "0x3a4D5316ec79622686a19f69CE546997cC8e8514": {
+      "from": null,
+      "to": {
+        "baseStableBorrowRate": 0,
+        "baseVariableBorrowRate": "72200000000000000000000000",
+        "maxExcessStableToTotalDebtRatio": 0,
+        "maxExcessUsageRatio": 0,
+        "optimalStableToTotalDebtRatio": 0,
+        "optimalUsageRatio": 0,
+        "stableRateSlope1": 0,
+        "stableRateSlope2": 0,
+        "variableRateSlope1": 0,
+        "variableRateSlope2": 0
+      }
+    }
+  }
+}
+```

src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.sol

@@ -0,0 +1,20 @@
+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3Ethereum, AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
+
+/**
+ * @title GHO Borrow Rate Increase 2024-02-29
+ * @author ACI
+ * - Discussion: https://governance.aave.com/t/arfc-increase-gho-borrow-rate-29-02-2024/16787
+ */
+contract AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229 {
+  address public constant INTEREST_RATE_STRATEGY = 0x3a4D5316ec79622686a19f69CE546997cC8e8514;
+
+  function execute() external {
+    AaveV3Ethereum.POOL_CONFIGURATOR.setReserveInterestRateStrategyAddress(
+      AaveV3EthereumAssets.GHO_UNDERLYING,
+      INTEREST_RATE_STRATEGY
+    );
+  }
+}

src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.t.sol

@@ -0,0 +1,32 @@
+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3Ethereum} from 'aave-address-book/AaveV3Ethereum.sol';
+
+import 'forge-std/Test.sol';
+import {ProtocolV3TestBase, ReserveConfig} from 'aave-helpers/ProtocolV3TestBase.sol';
+import {AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229} from './AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.sol';
+
+/**
+ * @dev Test for AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229
+ * command: make test-contract filter=AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229
+ */
+contract AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_Test is ProtocolV3TestBase {
+  AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229 internal proposal;
+
+  function setUp() public {
+    vm.createSelectFork(vm.rpcUrl('mainnet'), 19334429);
+    proposal = new AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229();
+  }
+
+  /**
+   * @dev executes the generic test suite including e2e and config snapshots
+   */
+  function test_defaultProposalExecution() public {
+    defaultTest(
+      'AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229',
+      AaveV3Ethereum.POOL,
+      address(proposal)
+    );
+  }
+}

src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md

@@ -0,0 +1,39 @@
+---
+title: "GHO Borrow Rate Increase 2024-02-29"
+author: "ACI"
+discussions: "https://governance.aave.com/t/arfc-increase-gho-borrow-rate-29-02-2024/16787"
+---
+
+## Simple Summary
+
+This ARFC proposes an increase in the GHO borrow rate from 6.22% APR to 7.22% APR to support the GHO peg restoration further, align borrowing costs with average market rates, and maintain its attractiveness as an option. The discounted rates remain unchanged at a 30% discount.
+
+## Motivation
+
+AIP-381 allows for 100 bps increases in the GHO borrow rate every 7 days while maintaining rates up to 9.5% APR if the monthly average price of GHO stays outside a 0,995<>1,005 price range.
+
+While the peg has improved, it is still outside of the target range. This ARFC continues with the previous proposals for a further increase in the GHO borrow rate.
+
+The GHO peg has shown more stability recently but is still slightly below the target. The average monthly borrow rate on Aave for DAI is 8.41%, LUSD is 7.34%, USDC is 9.01%, and USDT is 8.94%.
+
+Increasing the non-discounted borrow rate of GHO from 6.22% to 7.22% will keep it an attractive option, increase protocol revenue, and is not expected to negatively affect the peg.
+
+## Specification
+
+- **Current Borrow Rate:** 6.22% APR - ~6.35% APY
+- **Proposed Borrow Rate:** 7.22% - ~7.48% APY (non-discounted)
+- **Discounted Rates:** 30% discount
+- **New Discounted Borrow Rate:**
+  - GHO: ~5.24% APY
+
+If required, ACI will monitor the GHO peg and use authorized discretion for further rate adjustments in coordination with Aave finance SPs.
+
+## References
+
+- Implementation: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.sol)
+- Tests: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.t.sol)
+- [Discussion](https://governance.aave.com/t/arfc-increase-gho-borrow-rate-29-02-2024/16787)
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).

src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229_20240229.s.sol

@@ -0,0 +1,58 @@
+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {GovV3Helpers, IPayloadsControllerCore, PayloadsControllerUtils} from 'aave-helpers/GovV3Helpers.sol';
+import {EthereumScript} from 'aave-helpers/ScriptUtils.sol';
+import {AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229} from './AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.sol';
+
+/**
+ * @dev Deploy Ethereum
+ * deploy-command: make deploy-ledger contract=src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229_20240229.s.sol:DeployEthereum chain=mainnet
+ * verify-command: npx catapulta-verify -b broadcast/GHOBorrowRateIncrease20240229_20240229.s.sol/1/run-latest.json
+ */
+contract DeployEthereum is EthereumScript {
+  function run() external broadcast {
+    // deploy payloads
+    address payload0 = GovV3Helpers.deployDeterministic(
+      type(AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229).creationCode
+    );
+
+    // compose action
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actions = new IPayloadsControllerCore.ExecutionAction[](1);
+    actions[0] = GovV3Helpers.buildAction(payload0);
+
+    // register action at payloadsController
+    GovV3Helpers.createPayload(actions);
+  }
+}
+
+/**
+ * @dev Create Proposal
+ * command: make deploy-ledger contract=src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229_20240229.s.sol:CreateProposal chain=mainnet
+ */
+contract CreateProposal is EthereumScript {
+  function run() external {
+    // create payloads
+    PayloadsControllerUtils.Payload[] memory payloads = new PayloadsControllerUtils.Payload[](1);
+
+    // compose actions for validation
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actionsEthereum = new IPayloadsControllerCore.ExecutionAction[](1);
+    actionsEthereum[0] = GovV3Helpers.buildAction(
+      type(AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229).creationCode
+    );
+    payloads[0] = GovV3Helpers.buildMainnetPayload(vm, actionsEthereum);
+
+    // create proposal
+    vm.startBroadcast();
+    GovV3Helpers.createProposal(
+      vm,
+      payloads,
+      GovV3Helpers.ipfsHashFile(
+        vm,
+        'src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md'
+      )
+    );
+  }
+}

src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/config.ts

@@ -0,0 +1,35 @@
+import {ConfigFile} from '../../generator/types';
+export const config: ConfigFile = {
+  rootOptions: {
+    pools: ['AaveV3Ethereum'],
+    title: 'GHO Borrow Rate Increase 2024-02-29',
+    shortName: 'GHOBorrowRateIncrease20240229',
+    date: '20240229',
+    author: 'ACI',
+    discussion: 'https://governance.aave.com/t/arfc-increase-gho-borrow-rate-29-02-2024/16787',
+    snapshot: '',
+  },
+  poolOptions: {
+    AaveV3Ethereum: {
+      configs: {
+        RATE_UPDATE_V3: [
+          {
+            asset: 'GHO',
+            params: {
+              optimalUtilizationRate: '0',
+              baseVariableBorrowRate: '7.22',
+              variableRateSlope1: '0',
+              variableRateSlope2: '0',
+              stableRateSlope1: '0',
+              stableRateSlope2: '0',
+              baseStableRateOffset: '0',
+              stableRateExcessOffset: '0',
+              optimalStableToTotalDebtRatio: '0',
+            },
+          },
+        ],
+      },
+      cache: {blockNumber: 19334429},
+    },
+  },
+};