GHO Borrow Rate Update (#271)

* feat: update gho borrow rate

* chore: add assets

* chore: update block

* Update GHOStewardsBorrowRateUpdate.md

* chore: re run tests and update image

diffs/AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324_before_AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324_after.md

@@ -0,0 +1,38 @@
+## Reserve changes
+
+### Reserves altered
+
+#### GHO ([0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f](https://etherscan.io/address/0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f))
+
+| description | value before | value after |
+| --- | --- | --- |
+| interestRateStrategy | [0x2f6390Ef66B8564C715aF6834361621dda38d816](https://etherscan.io/address/0x2f6390Ef66B8564C715aF6834361621dda38d816) | [0x7123138CB4891E9dA927492ce29c8a2eC4aB433A](https://etherscan.io/address/0x7123138CB4891E9dA927492ce29c8a2eC4aB433A) |
+| baseVariableBorrowRate | 7.92 % | 13 % |
+| interestRate | ![before](/.assets/8f4bd9d9c75dc060033b9ce1f2681ecb81e1b33f.svg) | ![after](/.assets/233ba99310cd56d74318156592f9f533d1e81dde.svg) |
+
+## Raw diff
+
+```json
+{
+  "reserves": {
+    "0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f": {
+      "interestRateStrategy": {
+        "from": "0x2f6390Ef66B8564C715aF6834361621dda38d816",
+        "to": "0x7123138CB4891E9dA927492ce29c8a2eC4aB433A"
+      }
+    }
+  },
+  "strategies": {
+    "0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f": {
+      "address": {
+        "from": "0x2f6390Ef66B8564C715aF6834361621dda38d816",
+        "to": "0x7123138CB4891E9dA927492ce29c8a2eC4aB433A"
+      },
+      "baseVariableBorrowRate": {
+        "from": "79200000000000000000000000",
+        "to": "130000000000000000000000000"
+      }
+    }
+  }
+}
+```

src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3Ethereum, AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
+import {IProposalGenericExecutor} from 'aave-helpers/interfaces/IProposalGenericExecutor.sol';
+
+/**
+ * @title GHO Borrow Rate Update
+ * @author karpatkey_TokenLogic & ACI & ChaosLabs
+ * - Snapshot: https://snapshot.org/#/aave.eth/proposal/0xc26346b891974968c6fa1745b2cfa869d2d0e5875e9fc2bd661167ae19314c6b
+ * - Discussion: https://governance.aave.com/t/arfc-gho-stewards-borrow-rate-update/16956
+ */
+contract AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324 is IProposalGenericExecutor {
+  address internal immutable INTEREST_RATE_STRATEGY;
+
+  constructor(address interestRateStrategy) {
+    INTEREST_RATE_STRATEGY = interestRateStrategy;
+  }
+
+  function execute() external {
+    AaveV3Ethereum.POOL_CONFIGURATOR.setReserveInterestRateStrategyAddress(
+      AaveV3EthereumAssets.GHO_UNDERLYING,
+      INTEREST_RATE_STRATEGY
+    );
+  }
+}

src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324.t.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3Ethereum} from 'aave-address-book/AaveV3Ethereum.sol';
+import {ProtocolV3TestBase} from 'aave-helpers/ProtocolV3TestBase.sol';
+import {GovV3Helpers, IPayloadsControllerCore, PayloadsControllerUtils} from 'aave-helpers/GovV3Helpers.sol';
+
+import {AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324} from './AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324.sol';
+import {GhoInterestRateStrategy} from './GhoInterestRateStrategy.sol';
+
+/**
+ * @dev Test for AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324
+ * command: make test-contract filter=AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324
+ */
+contract AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324_Test is ProtocolV3TestBase {
+  AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324 internal proposal;
+  GhoInterestRateStrategy internal strategy;
+
+  function setUp() public {
+    vm.createSelectFork(vm.rpcUrl('mainnet'), 19511307);
+    strategy = GhoInterestRateStrategy(
+      GovV3Helpers.deployDeterministic(type(GhoInterestRateStrategy).creationCode)
+    );
+
+    proposal = AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324(
+      GovV3Helpers.deployDeterministic(
+        type(AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324).creationCode,
+        abi.encode(
+          GovV3Helpers.predictDeterministicAddress(type(GhoInterestRateStrategy).creationCode)
+        )
+      )
+    );
+  }
+
+  /**
+   * @dev executes the generic test suite including e2e and config snapshots
+   */
+  function test_defaultProposalExecution() public {
+    defaultTest(
+      'AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324',
+      AaveV3Ethereum.POOL,
+      address(proposal)
+    );
+  }
+}

src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/GHOStewardsBorrowRateUpdate.md

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+---
+title: "GHO Stewards + Borrow Rate Update"
+author: "karpatkey_TokenLogic ACI ChaosLabs"
+discussions: "https://governance.aave.com/t/arfc-gho-stewards-borrow-rate-update/16956"
+snapshot: "https://snapshot.org/#/aave.eth/proposal/0xc26346b891974968c6fa1745b2cfa869d2d0e5875e9fc2bd661167ae19314c6b"
+---
+
+## Simple Summary
+
+In response to recent market events, this AIP increases the GHO Borrow Rate to 13.00%.
+
+## Motivation
+
+In response to recent stable coin Borrow Rates increasing and Maker DAO's recently proposed changes, this AIP amends the current GHO Interest Rate strategy.
+
+This AIP is expected to enable GHO to continue growing whilst maintaining peg stability. Upon implementation the Borrow Rate arbitrage opportunity with be meaningfully reduced.
+
+## Specification
+
+| Description                | Current (%) | Proposed (%)       |
+| -------------------------- | ----------- | ------------------ |
+| Non Discounted Borrow Rate | 7.48%       | 13.00%             |
+| stkAAVE Discount           | 30.00%      | 30.00% (no change) |
+| Discounted Borrow Rate     | 5.24%       | 9.10%              |
+
+## References
+
+- Implementation: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324.sol)
+- Tests: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324.t.sol)
+- [Snapshot](https://snapshot.org/#/aave.eth/proposal/0xc26346b891974968c6fa1745b2cfa869d2d0e5875e9fc2bd661167ae19314c6b)
+- [Discussion](https://governance.aave.com/t/arfc-gho-stewards-borrow-rate-update/16956)
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).

src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/GHOStewardsBorrowRateUpdate_20240324.s.sol

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+// 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_GHOStewardsBorrowRateUpdate_20240324} from './AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324.sol';
+import {GhoInterestRateStrategy} from './GhoInterestRateStrategy.sol';
+
+/**
+ * @dev Deploy InterestRateStrategy
+ * deploy-command: make deploy-ledger contract=src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/GHOStewardsBorrowRateUpdate_20240324.s.sol:DeployInterestRateStrategy chain=mainnet
+ * verify-command: npx catapulta-verify -b broadcast/GHOStewardsBorrowRateUpdate_20240324.s.sol/1/run-latest.json
+ */
+contract DeployInterestRateStrategy is EthereumScript {
+  function run() external broadcast {
+    // deploy ir
+    GovV3Helpers.deployDeterministic(type(GhoInterestRateStrategy).creationCode);
+  }
+}
+
+/**
+ * @dev Deploy Ethereum
+ * deploy-command: make deploy-ledger contract=src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/GHOStewardsBorrowRateUpdate_20240324.s.sol:DeployEthereum chain=mainnet
+ * verify-command: npx catapulta-verify -b broadcast/GHOStewardsBorrowRateUpdate_20240324.s.sol/1/run-latest.json
+ */
+contract DeployEthereum is EthereumScript {
+  function run() external broadcast {
+    // deploy payloads
+    address payload0 = GovV3Helpers.deployDeterministic(
+      type(AaveV3Ethereum_GHOStewardsBorrowRateUpdate_20240324).creationCode,
+      abi.encode(
+        GovV3Helpers.predictDeterministicAddress(type(GhoInterestRateStrategy).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/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/GHOStewardsBorrowRateUpdate_20240324.s.sol:CreateProposal chain=mainnet
+ */
+contract CreateProposal is EthereumScript {
+  function run() external {
+    address strategy = GovV3Helpers.predictDeterministicAddress(
+      type(GhoInterestRateStrategy).creationCode
+    );
+    // 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_GHOStewardsBorrowRateUpdate_20240324).creationCode,
+      abi.encode(strategy)
+    );
+    payloads[0] = GovV3Helpers.buildMainnetPayload(vm, actionsEthereum);
+
+    // create proposal
+    vm.startBroadcast();
+    GovV3Helpers.createProposal(
+      vm,
+      payloads,
+      GovV3Helpers.ipfsHashFile(
+        vm,
+        'src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/GHOStewardsBorrowRateUpdate.md'
+      )
+    );
+  }
+}

src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/GhoInterestRateStrategy.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.10;
+
+import {DataTypes} from 'aave-v3-core/contracts/protocol/libraries/types/DataTypes.sol';
+import {IDefaultInterestRateStrategy} from 'aave-v3-core/contracts/interfaces/IDefaultInterestRateStrategy.sol';
+import {IReserveInterestRateStrategy} from 'aave-v3-core/contracts/interfaces/IReserveInterestRateStrategy.sol';
+import {IPoolAddressesProvider} from 'aave-v3-core/contracts/interfaces/IPoolAddressesProvider.sol';
+import {AaveV3Ethereum, AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
+
+/**
+ * @title GhoInterestRateStrategy
+ * @author Aave
+ * @notice Implements the calculation of GHO interest rates, which defines a fixed variable borrow rate.
+ * @dev The variable borrow interest rate is fixed at deployment time. The rest of parameters are zeroed.
+ */
+contract GhoInterestRateStrategy is IDefaultInterestRateStrategy {
+  /// @inheritdoc IDefaultInterestRateStrategy
+  uint256 public constant OPTIMAL_USAGE_RATIO = 0;
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  uint256 public constant OPTIMAL_STABLE_TO_TOTAL_DEBT_RATIO = 0;
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  uint256 public constant MAX_EXCESS_USAGE_RATIO = 0;
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  uint256 public constant MAX_EXCESS_STABLE_TO_TOTAL_DEBT_RATIO = 0;
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  IPoolAddressesProvider public constant ADDRESSES_PROVIDER =
+    AaveV3Ethereum.POOL_ADDRESSES_PROVIDER;
+
+  // Base variable borrow rate when usage rate = 0. Expressed in ray
+  uint256 internal immutable _baseVariableBorrowRate = 130000000000000000000000000; // 13.00% in ray format
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getVariableRateSlope1() external pure returns (uint256) {
+    return 0;
+  }
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getVariableRateSlope2() external pure returns (uint256) {
+    return 0;
+  }
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getStableRateSlope1() external pure returns (uint256) {
+    return 0;
+  }
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getStableRateSlope2() external pure returns (uint256) {
+    return 0;
+  }
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getStableRateExcessOffset() external pure returns (uint256) {
+    return 0;
+  }
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getBaseStableBorrowRate() public pure returns (uint256) {
+    return 0;
+  }
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getBaseVariableBorrowRate() external view override returns (uint256) {
+    return _baseVariableBorrowRate;
+  }
+
+  /// @inheritdoc IDefaultInterestRateStrategy
+  function getMaxVariableBorrowRate() external view override returns (uint256) {
+    return _baseVariableBorrowRate;
+  }
+
+  /// @inheritdoc IReserveInterestRateStrategy
+  function calculateInterestRates(
+    DataTypes.CalculateInterestRatesParams memory
+  ) public view override returns (uint256, uint256, uint256) {
+    return (0, 0, _baseVariableBorrowRate);
+  }
+}

src/20240324_AaveV3Ethereum_GHOStewardsBorrowRateUpdate/config.ts

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+import {ConfigFile} from '../../generator/types';
+export const config: ConfigFile = {
+  rootOptions: {
+    pools: ['AaveV3Ethereum'],
+    title: 'GHO Stewards + Borrow Rate Update',
+    shortName: 'GHOStewardsBorrowRateUpdate',
+    date: '20240324',
+    author: 'karpatkey_TokenLogic ACI ChaosLabs',
+    discussion: 'https://governance.aave.com/t/arfc-gho-stewards-borrow-rate-update/16956',
+    snapshot:
+      'https://snapshot.org/#/aave.eth/proposal/0xc26346b891974968c6fa1745b2cfa869d2d0e5875e9fc2bd661167ae19314c6b',
+  },
+  poolOptions: {AaveV3Ethereum: {configs: {}, cache: {blockNumber: 19508206}}},
+};