GHST Polygon V3 Soft Freeze
01Summary
This proposal implements a 'Soft Freeze' of the GHST asset on Aave Polygon V3 by disabling borrowing, setting LTV to 0%, and significantly reducing borrow and supply caps. This is a temporary conservative measure following the deprecation of the GHST bonding curve, which is expected to increase volatility. Governance will reassess parameters in weeks/months once more market data is available.
- Type
- parameter change
Key changes
- Disable borrowing for GHST (Enable Borrow: YES to NO)(high)
- Set Loan To Value to 0% (from 25%), preventing GHST from being used as collateral for borrowing(high)
- Reduce borrow cap from 3.23M to 220k GHST(high)
- Reduce supply cap from 5.88M to 4.65M GHST(medium)
- Maintain liquidation threshold at 45% and liquidation bonus at 15%(low)
Notable concerns
- This is a temporary 'Soft Freeze' pending bonding curve deprecation and market stabilization
- Significant restrictions placed on GHST utility until risk parameters can be reassessed with more data
- Existing GHST positions may be affected by the removal of borrowing functionality and collateral value
Generated by Kvorum
02Description
Simple Summary
This AIP presents the Aave governance with an opportunity to change GHST risk parameters for Aave Polygon V3 Liquidity pool.
Motivation
GHST is the native asset of the Aavegotchi ecosystem. This ARFC proposes new risk parameters for GHST following the deprecation of the "Bonding Curve," which created a new risk profile for the asset and is expected to increase its volatility.
Previously, GHST was minted and burned on an ETH L1 bonding curve contract, which lowered its volatility. However, with the deprecation of the curve, a "Soft Freeze" of the GHST asset on Aave V3 Polygon is proposed to allow for a conservative reaction to this new risk profile.
Once the bonding curve is deprecated and more market data is available on the risk profile of GHST, Aave governance will have in a few weeks/months a stronger basis to assess and provide updated risk parameters for the GHST asset.
Specification
Ticker: GHST (GHST)
Contract Address: 0x385Eeac5cB85A38A9a07A70c73e0a3271CfB54A7
| Risk Parameter | Current Value | Proposed Value |
|---|---|---|
| Isolation Mode | NO | NO |
| Enable Borrow | YES | NO |
| Enable Collateral | YES | YES |
| Loan To Value | 25% | 0% |
| Liquidation Threshold | 45% | 45% |
| Liquidation Bonus | 15% | 15% |
| Reserve Factor | 20% | 20% |
| Liquidation Protocol Fee | 10% | 10% |
| Borrow Cap | 3.23M | 220k |
| Supply Cap | 5.88M | 4.65M |
| Debt Ceiling | N/A | N/A |
contract GHSTV3RiskParamPayload is IProposalGenericExecutor {
address public constant GHST = AaveV3PolygonAssets.GHST_UNDERLYING;
uint256 public constant GHST_SUPPLY_CAP = 4_650_000;
uint256 public constant GHST_BORROW_CAP = 220_000;
uint256 public constant GHST_LTV = 0;
uint256 public constant GHST_LIQ_THRESHOLD = 4500;
uint256 public constant GHST_LIQ_BONUS = 11500;
bool public constant GHST_BORROWING_ENABLED = false;
function execute() external {
AaveV3Polygon.POOL_CONFIGURATOR.setSupplyCap(GHST, GHST_SUPPLY_CAP);
AaveV3Polygon.POOL_CONFIGURATOR.setBorrowCap(GHST, GHST_BORROW_CAP);
AaveV3Polygon.POOL_CONFIGURATOR.setReserveBorrowing(GHST, GHST_BORROWING_ENABLED);
AaveV3Polygon.POOL_CONFIGURATOR.configureReserveAsCollateral({
asset: GHST,
ltv: GHST_LTV,
liquidationThreshold: GHST_LIQ_THRESHOLD,
liquidationBonus: GHST_LIQ_BONUS
});
}
}
References
A list of relevant links like for this proposal e.g.
Security Considerations
The proposal Payload was reviewed by Bored Ghost Developing.
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal description details a set of risk-parameter changes for GHST on Aave V3 Polygon (disable borrowing, LTV to 0%, borrow/supply cap reductions, unchanged liquidation params) and includes the Solidity source of a payload contract (GHSTV3RiskParamPayload) that implements exactly these changes via standard Aave Pool Configurator calls. The only decoded on-chain action is a single 'execute(address)' call routed through what appears to be the standard Aave cross-chain/governance executor, passing the address of the payload contract. This matches the typical pattern for Aave governance proposals, where the top-level transaction simply delegatecalls a payload contract whose bytecode is not separately decoded in the provided data. Because the decoded action does not expose the individual setSupplyCap/setBorrowCap/setReserveBorrowing/configureReserveAsCollateral calls, I cannot directly verify that the numeric parameters in the calldata match those in the description (e.g., 220,000 borrow cap, 4,650,000 supply cap, 0% LTV). However, nothing in the available decoded data contradicts the description, and the pattern (single execute call to a named payload address) is exactly what this type of proposal is expected to produce. Given the limited visibility into the underlying delegatecall, confidence is low, but there is no indication of a mismatch, so the assessment is consistent rather than flagging an unverified discrepancy.
Generated by Kvorum
04Actions
- Target
- 0x158a…d45b
- Value
- 0 wei
- Function
- execute(address)
- Arguments
{ "0": "0xA0A864D3B0837e4806A91647C6aD382A7F73E1a8" }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
- [ARFC] GHST Polygon V3 “Soft Freeze” ↗discourse · high confidence
Arguments for
- A soft freeze is a prudent defensive measure to allow tracking and analyzing GHST's new risk profile following bonding curve deprecation before full parameters are set.— MarcZeller, ChaosLabs, Pauljlei
- The proposal provides time to gather sufficient market data on GHST volatility and risk characteristics before Aave governance makes informed long-term parameter decisions.— MarcZeller
Arguments against
None surfaced.
Notable participants
- MarcZellerProposer of the GHST Polygon V3 soft freeze and ACI founder with disclosed significant GHST holdings.
- ChaosLabsRisk service provider offering explicit support for the proposal as a defensive solution.
- PauljleiGauntlet representative supporting the temporary freeze while committing to continued market analysis.
Generated by Kvorum
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