From bf89f581efc0603bda793d685636dd0cc46bcb72 Mon Sep 17 00:00:00 2001 From: marczeller Date: Thu, 29 Feb 2024 17:59:38 +0100 Subject: [PATCH 1/2] GHO BR update --- ...86872b45a9cd8b31a38113050f5481468cb333.svg | 1 + ...rrowRateIncrease20240229_20240229_after.md | 43 ++++++++++++++ ...GHOBorrowRateIncrease20240229_20240229.sol | 20 +++++++ ...OBorrowRateIncrease20240229_20240229.t.sol | 32 ++++++++++ .../GHOBorrowRateIncrease20240229.md | 40 +++++++++++++ ...OBorrowRateIncrease20240229_20240229.s.sol | 58 +++++++++++++++++++ .../config.ts | 35 +++++++++++ 7 files changed, 229 insertions(+) create mode 100644 .assets/4986872b45a9cd8b31a38113050f5481468cb333.svg create mode 100644 diffs/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_before_AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_after.md create mode 100644 src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.sol create mode 100644 src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.t.sol create mode 100644 src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md create mode 100644 src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229_20240229.s.sol create mode 100644 src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/config.ts diff --git a/.assets/4986872b45a9cd8b31a38113050f5481468cb333.svg b/.assets/4986872b45a9cd8b31a38113050f5481468cb333.svg new file mode 100644 index 000000000..85a982918 --- /dev/null +++ b/.assets/4986872b45a9cd8b31a38113050f5481468cb333.svg @@ -0,0 +1 @@ + Borrow APR, variableBorrow APR, stableUtilization Rate0%25%50%75%100%0%5%Optimal 0%Optimal 0% \ No newline at end of file diff --git a/diffs/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_before_AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_after.md b/diffs/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_before_AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229_after.md new file mode 100644 index 000000000..55a74e365 --- /dev/null +++ b/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 + } + } + } +} +``` \ No newline at end of file diff --git a/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.sol b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.sol new file mode 100644 index 000000000..e76882bc5 --- /dev/null +++ b/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 + ); + } +} diff --git a/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.t.sol b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/AaveV3Ethereum_GHOBorrowRateIncrease20240229_20240229.t.sol new file mode 100644 index 000000000..d871732ce --- /dev/null +++ b/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) + ); + } +} diff --git a/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md new file mode 100644 index 000000000..358900388 --- /dev/null +++ b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md @@ -0,0 +1,40 @@ +--- +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%. +Source: https://aave.tokenlogic.com.au/stablecoin-rates + +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 @karpatkey_TokenLogic 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/). diff --git a/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229_20240229.s.sol b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229_20240229.s.sol new file mode 100644 index 000000000..7333881a4 --- /dev/null +++ b/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' + ) + ); + } +} diff --git a/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/config.ts b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/config.ts new file mode 100644 index 000000000..4c376b09d --- /dev/null +++ b/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}, + }, + }, +}; From 01e77c02adff32ad8a3bb66f3c0c77a4ab9ed6b3 Mon Sep 17 00:00:00 2001 From: marczeller Date: Thu, 29 Feb 2024 18:01:22 +0100 Subject: [PATCH 2/2] markdown cleanup --- .../GHOBorrowRateIncrease20240229.md | 3 +-- 1 file changed, 1 insertion(+), 2 deletions(-) diff --git a/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md index 358900388..175d5d1a8 100644 --- a/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md +++ b/src/20240229_AaveV3Ethereum_GHOBorrowRateIncrease20240229/GHOBorrowRateIncrease20240229.md @@ -15,7 +15,6 @@ AIP-381 allows for 100 bps increases in the GHO borrow rate every 7 days while m 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%. -Source: https://aave.tokenlogic.com.au/stablecoin-rates 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. @@ -27,7 +26,7 @@ Increasing the non-discounted borrow rate of GHO from 6.22% to 7.22% will keep i - **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 @karpatkey_TokenLogic Aave finance SPs. +If required, ACI will monitor the GHO peg and use authorized discretion for further rate adjustments in coordination with Aave finance SPs. ## References