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97-halt-eth-borrow-aave-v2-ethereum.md

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Proposal 97. Halt ETH borrowing on Aave v2 Ethereum


Voting link

https://app.aave.com/governance/proposal/?proposalId=97


Governance forum discussion

https://governance.aave.com/t/arc-aave-ethpow-fork-risk-mitigation-plan/9438/3


BGD analysis


Proposal types

🔧 📊 params-update

➖ 🧊 halt-borrow


Context

The proposal disables ETH borrowing (via WETH) on Aave v2 Ethereum, as a cautionary measure to avoid high utilisation, and consequently liquidation blockers, on the upcoming Ethereum Merge: the transition of the network to a Proof-of-Stake consensus mechanism. In addition, the proposal releases 60 AAVE tokens from the Aave v2 Ethereum collector, to Maker DAO, who participated on the governance forum analysis.


Proposal creation

Transaction: https://etherscan.io/tx/0x25ca35f005aae409fc35bfc2be4edfc221d12fbb58ab47d0ad16f5aadb5ced85

- id: 97
- creator: 0x683a4f9915d6216f73d6df50151725036bd26c02
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x3d569673daa0575c936c7c67c4e6aeda69cc630c,0x311bb771e4f8952e6da169b425e7e92d6ac45756]
- values: [0,0]
- signatures: [,]
- calldatas: [0xf18d03cc00000000000000000000000025f2226b597e8f9514b3f68f00f494cf4f2864910000000000000000000000007fc66500c84a76ad7e9c93437bfc5ac33e2ddae9000000000000000000000000be8e3e3618f7474f8cb1d074a26affef007e98fb00000000000000000000000000000000000000000000000340aad21b3b700000,0xa8dc0f45000000000000000000000000c02aaa39b223fe8d0a0e5c4f27ead9083c756cc2]
- withDelegatecalls: [false,false]
- startBlock: 15461634
- endBlock: 15480834
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0x1d008d832f4a2aef5eb81bf1ff8becbd6bc67e6405ec3921b984569389852b66

Aave Seatbelt report

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/097.md


Technical analysis

We have verified, that this proposal, as described on Snapshot and the Aave governance forum, does the following:

  1. Call transfer() on the controller of the Aave ecosystem's reserve, targeting the Aave Ecosystem Reserve, to transfer 60 AAVE tokens to MakerDAO pause proxy contract.
  2. Call disableBorrowingOnReserve() for WETH on the pool configurator of Aave v2 Ethereum.

It is important to highlight that this proposal doesn't act on any other Aave pool, which seems quite asymmetric.


BGD validations

✅ The code on the proposal payload corresponds to the proposal specification.

✅ Payload encoded via multiple targets and calldatas, no delegatecall

❓ The proposal includes a proper tests suite, checking all necessary post-conditions.

❌ BGD reviewed the payload before the proposal was submitted.

❌ BGD reviewed the procedure followed to submit the proposal.