KVORUM
aaveSource: Aave governor v2 · #185

increase supply cap for cbETH Aave Ethereum V3

executedMar 24, 2023, 02:51 AM UTCby320x329c…3ed4

01Summary

AISummary by Kvorumclaude-haiku-4-5

Increase cbETH supply cap on Aave Ethereum v3 from 20,000 to 30,000 units to support liquid staking derivative diversity, as proposed by Aave-Chan Initiative with risk parameters determined by Gauntlet & Chaos Labs.

Type
parameter change

Key changes

  • Increase cbETH supply cap from 20,000 to 30,000 on Aave Ethereum v3 Liquidity Pool(medium)

Notable concerns

  • The proposal action decoding shows a fallback function call rather than a clear execute() signature, which may indicate a proxy pattern that warrants verification
Contracts0xbe9895146f7af43049ca1c1ae358b0541ea49704
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

174 words

Simple Summary

This AIP proposal presents Aave with the opportunity to increase cbETH supply cap on the Ethereum v3 Liquidity Pool.

Motivation

Supporting LSDs diversity is part of the Aave-Chan Initiative (ACI) delegate platform.

The ACI does not have any link nor is paid by Coinbase or any entity to present this AIP.

Supply cap is suggested for this asset to limit risk exposure, the caps have been proposed by a join collaboration between Gauntlet & Chaos Labs.

Specification

Ticker: cbETH

Contract Address: 0xbe9895146f7af43049ca1c1ae358b0541ea49704

Risk ParameterCurrent ValueProposed Value
Supply Cap20K30K
contract AaveV3EthCbETHCapsPayload is IProposalGenericExecutor {
  address public constant CBETH = AaveV3EthereumAssets.cbETH_UNDERLYING;

  uint256 public constant CBETH_SUPPLY_CAP = 30_000;

  function execute() external {
    IPoolConfigurator configurator = AaveV3Ethereum.POOL_CONFIGURATOR;

    configurator.setSupplyCap(CBETH, CBETH_SUPPLY_CAP);
  }
}

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

AIMismatch analysis by Kvorummedium confidenceclaude-sonnet-5
Consistent

The proposal follows the standard Aave governance payload pattern: a single on-chain action invoking execute() on a payload contract address, with the actual logic (setSupplyCap for cbETH to 30,000) defined in the linked Solidity source rather than decoded as explicit calldata arguments. This is typical for Aave AIPs, where the executor contract's bytecode is verified off-chain via the published source and audit (BGD Labs), and the decoded action list will always show just 'execute()' with no arguments regardless of the underlying logic. The description's claim (raise cbETH supply cap from 20K to 30K) matches exactly the CBETH_SUPPLY_CAP constant (30_000) in the provided contract source. There is no value, target, or omission discrepancy detectable from the available data. Confidence is medium rather than high because the decoded calldata itself does not expose the setSupplyCap call parameters directly — verification relies on trusting the linked source code matches the deployed bytecode, which is standard practice for Aave payloads but not independently confirmable from the JSON alone.

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
0xb6e5…cc83
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters22
VP participating506.2K
Outcome (current)For
Current support100%

06Voters

22 total
Filter:
VoterChoice% of totalRationale
320x329c…3ed4For226.4K44.73%—4y ago
070x0703…961bFor107.3K21.20%—4y ago
620x62a4…816aFor81.6K16.12%—4y ago
B80xb83b…cf5cFor80.2K15.84%—4y ago
EA0xea17…6676For10.6K2.09%—4y ago
2D0x2d31…5500For500.01%—4y ago
C60xc64c…45f2For170.00%—4y ago
A40xa417…a567For12.40.00%—4y ago
A00xa0ef…2d56For8.30.00%—4y ago
8B0x8bc8…7276For1.20.00%—4y ago
CB0xcbe7…fe98For0.80.00%—4y ago
E40xe459…e666Against0.50.00%—4y ago
2E0x2ec7…64e0For0.40.00%—4y ago
7E0x7e72…e9b6For0.40.00%—4y ago
770x772e…fd0dFor0.40.00%—4y ago
810x81a7…0575For0.40.00%—4y ago
020x0221…fb42For0.10.00%—4y ago
250x25f0…0c8cAgainst0.10.00%—4y ago
060x06c4…66a2For0.10.00%—4y ago
F80xf84c…9a63For0.10.00%—4y ago
6D0x6d65…5316For0.10.00%—4y ago
660x6695…b0bfFor00.00%—4y ago
Showing 22

07Forum

AIForum synthesis by Kvorumclaude-haiku-4-5
sentiment · favorablethread · constructive

Arguments for

  • cbETH is at ~98% of its supply cap, indicating strong market demand that cannot be accommodated by the current 20k limit.— MarcZeller
  • Increasing the cap to 30k will allow new users to join Aave V3 and existing users to increase their position sizes.— MarcZeller
  • The Euler exploit has created additional demand for deposits that the current cap prevents from being met.— MarcZeller
  • A 50% increase adheres to the direct-to-AIP framework, enabling rapid response to high demand.— MarcZeller
  • The 2X supply cap methodology recommends doubling the cap, and 30k represents a prudent increase while observing behavior with the new ETH-correlated emode configuration.— ChaosLabs

Arguments against

None surfaced.

Unresolved concerns

  • Risk teams' models may be overly conservative on liquid staking derivative assets, potentially limiting Aave's growth with strategic assets.— MarcZeller
  • The effect of including cbETH in ETH-correlated E-mode on the distribution of positions and whether further cap increases will be needed is still being analyzed.— ChaosLabs

Notable participants

  • MarcZellerProposer from Aave Chan Initiative who authored and advocated for the cbETH supply cap increase.
  • ChaosLabsRisk analysis team that reviewed the proposal, recommended the 30k cap target, and provided ongoing monitoring of the asset's behavior post-implementation.
  • ponzinomicCommunity member who inquired about implementation timing.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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