Ethereum v2 Reserve Factor Adjustment
01Summary
Increase Reserve Factor (RF) by 5% for 11 assets on Ethereum v2, routing more interest to Aave DAO Treasury and encouraging migration to v3. No user funds at liquidation risk; borrowing rates unchanged.
- Type
- parameter change
Key changes
- DAI Reserve Factor increased from 30.00% to 35.00%(medium)
- FRAX Reserve Factor increased from 35.00% to 40.00%(medium)
- GUSD Reserve Factor increased from 25.00% to 30.00%(medium)
- LINK Reserve Factor increased from 35.00% to 40.00%(medium)
- LUSD Reserve Factor increased from 30.00% to 35.00%(medium)
- sUSD Reserve Factor increased from 35.00% to 40.00%(medium)
- USDC Reserve Factor increased from 30.00% to 35.00%(medium)
- USDP Reserve Factor increased from 25.00% to 30.00%(medium)
Notable concerns
- Reduction in deposit yields may incentivize users to migrate from Ethereum v2, potentially concentrating liquidity in v3
Generated by Kvorum
02Description
Simple Summary
This AIP is a continuation of proposal 49 on Governance v3 and increases the Reserve Factor (RF) for assets on Ethereum v2 by 5.00%, up to a maximum of 99.99%.
Motivation
This AIP will reduce deposit yield for assets on Ethereum v2 by increasing the RF. With this upgrade being passed, users will be further encouraged to migrate from Ethereum v2 to v3.
Increasing the RF routes a larger portion of the interest paid by users to Aave DAO's Treasury. User's funds are not at risk of liquidation and the borrowing rate remains unchanged.
Of the assets with an RF set at 99.99%, there is no change. All other asset reserves will have the RF increased by up to 5%.
Specification
The following parameters are to be updated as follows:
| Asset | Previous Reserve Factor | New Reserve Factor |
|---|---|---|
| DAI | 30.00% | 35.00% |
| FRAX | 35.00% | 40.00% |
| GUSD | 25.00% | 30.00% |
| LINK | 35.00% | 40.00% |
| LUSD | 30.00% | 35.00% |
| sUSD | 35.00% | 40.00% |
| USDC | 30.00% | 35.00% |
| USDP | 25.00% | 30.00% |
| USDT | 30.00% | 35.00% |
| WBTC | 35.00% | 40.00% |
| WETH | 30.00% | 35.00% |
References
- Implementation: AaveV2Ethereum
- Tests: AaveV2Ethereum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows the standard Aave governance v3 payload pattern: a single on-chain action that calls execute() (decoded as a generic fallback) on a dedicated payload contract address. This is consistent with how Aave AIPs are typically structured — the granular parameter changes (here, per-asset Reserve Factor increases) are implemented inside the Solidity payload contract referenced in the 'Implementation' link, not encoded as visible calldata arguments in the top-level governance action. Because the decoded action reveals no explicit parameters, it is not possible to directly verify each individual Reserve Factor value (e.g., DAI 30%→35%, WETH 30%→35%, etc.) against the calldata itself. However, there is no evidence of any mismatch, extra action, or suspicious target — the single action targets one payload contract as expected for this proposal type, and no additional or conflicting actions are present. Given the opacity of the delegatecall-style execute() pattern, confidence in a granular value-by-value comparison is low, but nothing in the visible calldata contradicts the description, so no discrepancies are flagged. This assessment relies on the well-established convention of Aave's payload architecture rather than direct verification of internal contract logic.
Generated by Kvorum
04Actions
- Target
- 0xa26a…12aa
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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