GHO Stewards + Borrow Rate Update
01Summary
AIP increases GHO borrow rate from 7.48% to 13.00% (non-discounted) and from 5.24% to 9.10% (stkAAVE discounted) to respond to market conditions, reduce arbitrage opportunities, and maintain peg stability as other stablecoins raise rates.
- Type
- parameter change
Key changes
- Non-discounted GHO borrow rate increased from 7.48% to 13.00%(high)
- stkAAVE discounted borrow rate increased from 5.24% to 9.10%(high)
- stkAAVE discount percentage remains at 30.00% with no change(low)
Notable concerns
- Rate increase significantly higher than previous rate; may impact GHO borrower costs
- Proposal response to external market events and competitor rate changes
Generated by Kvorum
02Description
Simple Summary
In response to recent market events, this AIP increases the GHO Borrow Rate to 13.00%.
Motivation
In response to recent stable coin Borrow Rates increasing and Maker DAO's recently proposed changes, this AIP amends the current GHO Interest Rate strategy.
This AIP is expected to enable GHO to continue growing whilst maintaining peg stability. Upon implementation the Borrow Rate arbitrage opportunity with be meaningfully reduced.
Specification
| Description | Current (%) | Proposed (%) |
|---|---|---|
| Non Discounted Borrow Rate | 7.48% | 13.00% |
| stkAAVE Discount | 30.00% | 30.00% (no change) |
| Discounted Borrow Rate | 5.24% | 9.10% |
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The decoded on-chain action is a single, parameterless execute() call to a payload contract address, which is the standard pattern used by Aave governance proposals: the actual state-changing logic (e.g., deploying a new GHO interest rate strategy and setting it on the reserve) is implemented inside that payload contract's bytecode, not passed as calldata arguments to the governance executor. Because no function arguments or numeric parameters are exposed in this decoded action, it is not possible to directly verify the specific rate values (13.00% non-discounted, 9.10% discounted) claimed in the description against on-chain data at this level of decoding. The target address matches the pattern of a dedicated payload contract, and the proposal description links to the exact implementation source code corresponding to this AIP, which is consistent with standard practice. Given the opacity of a bare execute() call, I cannot confirm or deny a value mismatch, so I flag no explicit discrepancies but assign low confidence rather than asserting full consistency. There is no evidence of target mismatch, omitted actions, or extra claims within the scope of what's decodable here — the single action aligns with the single strategic change (a GHO borrow rate update) described in the prose. Delegates relying on deeper verification should consult the linked Solidity implementation and diff it against current on-chain parameters, since this calldata format alone cannot substantiate the specific percentages claimed.
Generated by Kvorum
04Actions
- Target
- 0x1a9f…bf77
- 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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