KVORUM
aaveSource: Aave governance v3 · #357

LBTC and eBTC Price Feeds Update

executedAug 17, 2025, 10:03 AM UTCbyF70xf71f…1e02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Update price feed strategies for LBTC and eBTC on Ethereum and Base to support yield-bearing functionality. LBTC will use a StakedLBTCOracle ratio provider with 2% yearly growth cap, while eBTC will use AccountantWithRateProviders with 1.9% yearly growth cap, both backed by Chainlink BTC/USD feeds. Changes align with LBTC's upgrade to yield-bearing token launching August 11, 2025.

Type
parameter change

Key changes

  • LBTC price strategy upgraded to use StakedLBTCOracle ratio provider on Ethereum and Base to reflect value accrual from Babylon stake rewards post-upgrade(high)
  • eBTC price strategy updated to use AccountantWithRateProviders as ratio provider to account for restaking rewards accrual(high)
  • LBTC maxYearlyRatioGrowthPercent set to 2.00% on both Ethereum and Base(medium)
  • eBTC maxYearlyRatioGrowthPercent set to 1.90% on Ethereum(medium)
  • Both assets maintain Chainlink BTC/USD as underlying feed with snapshot ratios of 1.00(low)

Notable concerns

  • Snapshot ratio of 1.00 for both assets as of June 15, 2025 (LBTC) and July 12, 2025 (eBTC) requires verification that these accurately reflect current yield accrual rates
  • The 2% yearly growth cap for LBTC may need monitoring to ensure it appropriately constrains price growth from Babylon rewards without creating arbitrage opportunities
Contracts0xf8c04B50499872A5B5137219DEc0F791f7f620D00xA04669FE5cba4Bb21f265B562D23e562E45A1C670x03bB418e89B75407585f8198178f253DA32162180x1De9fcfeDF3E51266c188ee422fbA1c7860DA0eF0x1b293DC39F94157fA0D1D36d7e0090C8B8B8c13F
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

374 words

Simple Summary

AIP for updating the price feeds of LBTC and eBTC, ensuring accurate prices for both assets that will be upgraded to yield-bearing tokens.

Motivation

Lombard is upgrading LBTC into a yield-bearing asset launching on August 11th, 2025. The asset will start accruing BABY rewards from Babylon; therefore, we need to upgrade the LBTC price strategy to reflect value accrual after the upgrade.

Currently, LBTC has been priced with the BTC / USD price feed as previously recommended in the LBTC analysis. In the price strategy section, it was mentioned that in the future, the asset would start generating yield from Babylon stake rewards and would need to upgrade the price strategy.

eBTC is an LRT that is mainly backed by LBTC. We also highlight in the eBTC technical analysis that the price cap adapter must be updated as soon as restaking rewards start accruing.

Specification

The table below illustrates the configuration parameters recommended by Chaos Labs:

Price feed details

<br>

LBTC

Parameter (Mainnet)Value
OracleCapped LBTC / BTC / USD
Ratio ProviderStakedLBTCOracle
Underlying FeedChainlink SVR BTC/USD
Oracle Latest Answer(Aug-11-2025) USD 119,667.05332541
Snapshot Ratio1.00
Snapshot TimestampJun-15-2025
maxYearlyRatioGrowthPercent2.00%
Parameter (Base)Value
OracleCapped LBTC / BTC / USD
Ratio ProviderStakedLBTCOracle
Underlying FeedChainlink BTC/USD
Oracle Latest Answer(Aug-11-2025) USD 119,714.02384483
Snapshot Ratio1.00
Snapshot TimestampJun-15-2025
maxYearlyRatioGrowthPercent2.00%
<br>

eBTC

Parameter (Mainnet)Value
OracleCapped eBTC / BTC / USD
Ratio ProviderAccountantWithRateProviders
Underlying FeedChainlink SVR BTC/USD
Oracle Latest Answer(Aug-11-2025) USD 119,665.73000000
Snapshot Ratio1.00
Snapshot TimestampJul-12-2025
maxYearlyRatioGrowthPercent1.90%

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

The proposal follows Aave's standard governance execution pattern: the on-chain action is a single execute() call into a dedicated payload contract (0x399d...086ac) rather than individually decoded parameter-setting calls. Because the payload's internal logic (oracle addresses, ratio providers, growth caps) is not exposed in the decoded_arguments, I cannot directly verify the specific numeric parameters (e.g., 2.00%/1.90% maxYearlyRatioGrowthPercent, oracle addresses) claimed in the description against on-chain state — this is typical for BGD/Aave payload proposals where implementation detail lives in verified, linked source code (referenced in the proposal) rather than in the top-level calldata. I also note the description covers both an Ethereum mainnet payload and a Base payload, but only one action (mainnet) appears in the decoded actions list; this is common when cross-chain execution is bundled inside the mainnet payload's cross-chain controller call, so it is not treated as a discrepancy absent evidence of omission. Given the opacity of the single execute() call, I found no evidence of a mismatch, but also cannot fully confirm parameter-level accuracy, so confidence is set to low rather than flagging unconfirmed concerns as high-severity issues.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

1 total
#0fallback()chain 0x1
Target
0x399d…86ac
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters52
VP participating882.2K
Outcome (current)For
Current support100%

06Voters

52 total
Filter:
VoterChoice% of totalRationale
EA0xea0c…6b5aFor333K37.75%—1y ago
570x57ab…2922For278K31.52%—1y ago
EZezr3al.eth0x8659…7d0eFor129.5K14.68%—1y ago
B90xb933…8dd1For39.5K4.48%—1y ago
870x8787…ea52For25.4K2.88%—1y ago
EC0xecc2…6ac9For25.2K2.86%—1y ago
3D0x3ddc…05b0For20.2K2.29%—1y ago
8B0x8b37…2a22For10.9K1.24%—1y ago
7A0x7ae1…e585For10.4K1.18%—1y ago
2C0x2cc1…4df1For6.7K0.76%—1y ago
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07Forum

No forum thread is confidently linked to this proposal.