KVORUM
aaveSource: Aave governance v3 · #453

GSM Migration

executedMar 3, 2026, 01:12 PM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

Migrate Mainnet GSMs (USDC and USDT) to a new unified GSM version. Deploy GhoDirectFacilitator and GhoReserve to enable DAO-controlled GHO management. Seize existing GSMs, deploy new stataUSDC and stataUSDT GSM4626 contracts with updated configurations (110M and 70M GHO draw limits respectively), and transition liquidity while maintaining protocol stability.

Type
contract upgrade

Key changes

  • Deploy new GhoDirectFacilitator and GhoReserve to create unified GSM paradigm with DAO-controlled GHO allocation(high)
  • Deploy new stataUSDC and stataUSDT GSM4626 contracts to replace existing GSMs(high)
  • Seize existing USDC and USDT GSMs, freezing their actions and transferring underlying tokens to collector(high)
  • Configure stataUSDC GSM with 110M GHO draw limit and 87M USDC exposure capacity(medium)
  • Configure stataUSDT GSM with 70M GHO draw limit and 55M USDT exposure capacity(medium)
  • Set burn fees at 0.08% for USDC and 0.10% for USDT; mint fees remain at 0%(medium)
  • Grant Executor LIQUIDATOR_ROLE and RiskCouncil LIMIT_MANAGER_ROLE and MINTER_ROLE for capacity management(medium)
  • Register new swap freeze oracles with price bounds ($0.990-$1.010 freeze, $0.995-$1.005 unfreeze)(low)

Notable concerns

  • Migration requires burning existing GSM GHO and minting new GHO; treasury may need to cover discrepancies
  • Existing GSM seizure is a significant operational change that freezes current GSM actions
  • Coordination needed between multiple contract deployments and role assignments during migration
ContractsGhoDirectFacilitatorGhoReservestataUSDC GSM4626stataUSDT GSM4626GHO token contractGhoBucketStewardGSMRegistryexisting USDC GSMexisting USDT GSMFeeStrategy (0xF009Ce2453884712707DcED6e5eA16F3e6f515E0)FeeStrategy (0x06fbDE909B43f01202E3C6207De1D27cC208AcC1)
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

519 words

Simple Summary

With the launch of what is known as the new Remote GSM, this publication updates the existing Mainnet GSMs to the new version.

Motivation

To create a unified GSM paradigm for both mainnet and L2s, a newer version of the GSM has been developed. The new GSMs use and restore GHO to a DAO controlled GhoReserve that holds a predefined amount of GHO and the DAO allows entities (such as the GSMs) to draw GHO up to a predefined amount.

Specification

  • Deploy GhoDirectFacilitator to mint GHO for GSMs
  • Deploy GhoReserve to hold GHO to be used by GSMs
  • Deploy new stataUSDC and stataUSDT GSM4626 from the Gho-Core repository with their respective Oracles
  • Grant the Executor the 'LIQUIDATOR_ROLE' to be able to seize the existing GSMs
  • Grant the RiskCouncil the LIMIT_MANAGER_ROLE on the GhoReserve and MINTER_ROLE on the GhoDirectFacilitator to manage capacity
  • Seize the current USDC and USDT GSMs by calling the seize() function.
    • This freezes actions on them and transfers the underlying tokens to the collector
  • Add the GhoDirectFacilitator as a facilitator on the GHO token contract
  • Add the GhoDirectFacilitator as a controlled facilitator on theGhoBucketSteward
  • Add new GSMs to the GSMRegistry
  • Update the FeeStrategy of the new GSMs:
  • Register new swap freeze oracles
  • Transfer stataUSDC and stataUSDT from the Collector to the proposal contract
  • With the obtained stataUSDC and stataUSDT, exchange for GHO on the new respective GSMs
  • Use the obtained GHO to burnAfterSeize() on the current USDC and USDT GSMs. If there are any discrepancies in the amount of GHO, use GHO from the treasury to bring the minted GHO by the GSMs to zero
  • Remove existing GSMs as facilitators of the GHO token
  • Remove existing GSMs from the GSMRegistry
  • Remove existing USDC and USDT GSMs from being a controlled facilitator on the GhoBucketSteward
  • Revoke roles assigned to EXECUTOR and old GSMs

The below details the configuration of the stataUSDC GSM.

ParameterValue
Draw Limit (GHO)110.00M
Exposure Capacity (USDC)87.00M
Price Strategy1:1
Freeze Lower Bound$0.990
Freeze Upper Bound$1.010
Unfreeze Lower Bound$0.995
Unfreeze Upper Bound$1.005
Mint GHO Fee0.00%
Burn GHO Fee0.08%

The below details the configuration of the stataUSDT GSM.

ParameterValue
Draw Limit (GHO)70.00M
Exposure Capacity (USDT)55.00M
Price Strategy1:1
Freeze Lower Bound$0.990
Freeze Upper Bound$1.010
Unfreeze Lower Bound$0.995
Unfreeze Upper Bound$1.005
Mint GHO Fee0.00%
Burn GHO Fee0.10%

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorum

A calldata-vs-description analysis is not generated yet. Review the decoded actions →

04Actions

1 total
#0fallback()chain 0x1
Target
0x57ea…ffa3
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

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Outcome (current)—
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06Voters

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07Forum

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