KVORUM
aaveSource: Aave governance v3 · #441

MKR and USDtb oracle adjustments

executedFeb 3, 2026, 11:36 AM UTCbyF70xf71f…1e02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Replace MKR price feed on Aave v3 Ethereum with a dynamic calculation based on SKY/USD and the MKR-to-SKY migration contract (at a 24000:1 exchange rate with progressive discount), and replace USDtb price feed with a static 1 USD peg to account for decreased MKR secondary market liquidity and USDtb's borrowable-only status.

Type
parameter change

Key changes

  • MKR price feed changed from Chainlink MKR/USD to a calculated feed derived from SKY/USD Chainlink and the MKR-to-SKY migration contract, with dynamic discount mechanism instead of static 6%(high)
  • USDtb price feed changed from CAPO over USDtb/USD Chainlink to a fixed 1 USD peg(medium)

Notable concerns

  • MKR secondary market liquidity has decreased due to ongoing migration to SKY, making direct Chainlink MKR/USD pricing fragile
  • USDtb experiences temporary liquidity dislocations that justify conservative fixed pricing
  • Technical implementation of MKR/USD feed uses dynamic discount instead of initially proposed static 6% discount
Contracts0xec1D1B3b0443256cc3860e24a46F108e699484Aa0x44Bb2a64bAf94210B583338D3D97b1e8288Bd4780x2FA6A78E3d617c1013a22938411602dc9Da98dBa0x88025072a7db6db5e54e46d43850bb44ca93d6c0
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

284 words

Simple Summary

Proposal to, on Aave v3 Ethereum Core, replace the price feed of MKR with one calculated from SKY/USD Chainlink and the MKR-to-SKY migration contract, and USDtb by one statically pegged to 1 USD.

Motivation

As described by Aave risk providers, with the running MKR to SKY migration, liquidity on secondary market for MKR has decreased, and sourcing its price from that has become fragile. Given that the asset can be migrated at a fixed exchange rate (24000 SKY for 1 MKR) on-chain, it is natural to price the legacy MKR statically, based on that rate and the discount progressively increasing to encourage migration.

Regarding USDtb, similar to other only-borrowable assets, for the Aave protocol is only positive to price it at a price of 1 USD, conservatively, thereby abstracting from temporary liquidity (hence price) dislocations.

There is a slight deviation on the technical implementation of the MKR/USD feed, to be dynamic in regards to the migration discount, instead of the initially defined 6% static by risk providers. More details in the References section.

Specification

The proposal payload will do the following oracle price feeds replacement v3 Ethereum Core.

NetworkParameterCurrentProposed
MKRPrice FeedMKR / USD Chainlink (~$1501.49)MKR / USD (calculated from SKY/USD and migration contract) (~$1494.9540)
USDtbPrice FeedCAPO over USDtb / USD Chainlink ($0.999)Fixed ONE USD ($1)

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

The proposal uses the standard Aave governance short-executor pattern: a single top-level action that calls execute() with no arguments on a dedicated payload contract. This is normal for Aave v3 proposals — the actual state changes (here, setting new price feed addresses for MKR and USDtb) are implemented inside that payload contract's own execute() function and are not exposed in the decoded top-level calldata. Because the calldata payload only shows execute() with no decoded arguments, it is not possible to directly verify the specific oracle addresses, the dynamic-discount mechanism, or the $1 peg described in the prose against on-chain parameters from this data alone. There is nothing in the visible calldata that contradicts the description, and the pattern (single execute() call to a named payload contract, referenced in the proposal's own 'Implementation' link) is exactly what is expected for this type of Aave proposal. Given the inability to inspect the internal logic of the payload contract from the provided decoded action, confidence is low, but there is no evidence of a mismatch, so the assessment is recorded as consistent rather than flagged as a discrepancy.}],

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
0x1988…cf25
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

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Outcome (current)—
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06Voters

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07Forum

No forum thread is confidently linked to this proposal.