KVORUM
aaveSource: Aave governor v2 · #196

Add DeFi Saver to Aave V3 FlashBorrowers

executedApr 8, 2023, 03:06 AM UTCby320x329c…3ed4

01Summary

AISummary by Kvorumclaude-haiku-4-5

Whitelist DeFi Saver as a FlashBorrower on Aave V3 across Ethereum, Arbitrum, and Optimism to enable fee-waived flashloans for high-leverage strategies like emode, expected to increase borrow volume and DAO revenue.

Type
protocol addition

Key changes

  • DeFi Saver added to FlashBorrowers whitelist on Aave V3 Ethereum, enabling fee-waived flashloans(high)
  • DeFi Saver added to FlashBorrowers whitelist on Aave V3 Arbitrum, enabling fee-waived flashloans(high)
  • DeFi Saver added to FlashBorrowers whitelist on Aave V3 Optimism, enabling fee-waived flashloans(high)
  • Removal of 9 bps flashloan fee for DeFi Saver's high-leverage emode strategies(high)

Notable concerns

  • Flashloan fees waived for DeFi Saver while maintained for other users, creating asymmetric fee structure
  • Strategic fee waiver set precedent that may lead to future requests from other integrations
  • Fee waiver removes direct revenue from liquidity providers for DeFi Saver transactions
ContractsACL_MANAGER on EthereumACL_MANAGER on ArbitrumACL_MANAGER on OptimismFL_AAVE_V3 (0xd9D8e68717Ce24CCbf162868aaad7E38d81b05d1)FL_ACTION (0x72915D41982DfCAf30b871290618E59C45Edba7F)
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

292 words

Simple Summary

This proposal presents Aave governance with the opportunity to whitelist DeFi Saver as part of FlashBorrowers of Aave V3 on Ethereum, Arbitrum & Optimism liquidity pools.

Motivation

DeFi Saver has a long-standing history of synergies with the Aave Protocol, being one of the first third-party integrations of Aave V1 in 2020.

Currently, every flashloan has a 9 bps fee that rewards liquidity providers in Aave. While flashloans were created by Aave, the ecosystem as a whole has replicated this feature, and most protocols do not implement any fees.

The ACI does not support waiving the fees for flashloans in general, as we firmly believe that users’ funds used, even in the context of a single transaction, should be rewarded.

However, some strategic use cases of V3, such as emode, are very fee-sensitive as they mobilize high leverage. Waiving the DeFi Saver flashloan fees is expected to make these strategies more convenient and profitable, leading to increased borrow volume and thus increased Aave DAO revenue.

This proposal presents Aave governance with the opportunity to whitelist DeFi Saver as a part of FlashBorrowers of Aave V3 on Ethereum, Arbitrum & Optimism liquidity pools.

Specification

This AIP aims to implement three similar payloads (one for each network), which will simply call addFlashBorrower() on the ACL_MANAGER contract.

Here's one of these payloads for Ethereum:


contract AaveV3EthDFSFlashBorrowActivation is IProposalGenericExecutor {
  address public constant FL_AAVE_V3 = 0xd9D8e68717Ce24CCbf162868aaad7E38d81b05d1;
  address public constant FL_ACTION = 0x72915D41982DfCAf30b871290618E59C45Edba7F;

  function execute() external {
    AaveV3Ethereum.ACL_MANAGER.addFlashBorrower(FL_AAVE_V3);
    AaveV3Ethereum.ACL_MANAGER.addFlashBorrower(FL_ACTION);
  }
}

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 describes three near-identical payloads (Ethereum, Arbitrum, Optimism) that each call ACL_MANAGER.addFlashBorrower() twice to whitelist DeFi Saver's flash-loan contracts. The decoded on-chain actions show exactly three top-level calls: one direct execute() (typical of a mainnet payload invocation) and two execute(address) calls that appear to route through cross-chain bridge executors, each passing a distinct target payload address — a pattern consistent with Aave's standard cross-chain governance execution model where L2 payloads are triggered from an L1 proposal. The count (3 actions, one per network) and call pattern (execute/execute(address) wrapping a payload) match the proposal's stated structure. However, the decoded calldata does not expose the inner addFlashBorrower() calls or the specific FL_AAVE_V3/FL_ACTION addresses, so full verification of the exact whitelisted addresses per chain is not possible from the given data alone — this is a visibility limitation rather than a contradiction. No value mismatches, target mismatches, or extra/missing high-level actions were found. Given the standard nature of this whitelist action and the structural match, I assess this as consistent with medium confidence due to the inability to fully unpack the nested calls.

Discrepancies

  • lowomitted in description

    The decoded calldata only shows top-level execute()/execute(address) calls routed through bridge executors; the actual addFlashBorrower() calls to FL_AAVE_V3 and FL_ACTION addresses on each network are not visible in the decoded arguments, so their exact parameters cannot be independently verified against the description's Solidity snippet.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

3 total
#0fallback()chain 0x1
Target
0x70e9…1153
Value
0 wei
Function
fallback()
Arguments
{}
Calldata
#1execute(address)chain 0x1
Target
0xd1b3…cfa3
Value
0 wei
Function
execute(address)
Arguments
{
  "0": "0x76B19D3c129bFDdb16e1Ddb9eEEf1db378BfB379"
}
Calldata
#2execute(address)chain 0x1
Target
0x5f5c…6711
Value
0 wei
Function
execute(address)
Arguments
{
  "0": "0x510B59f8258cF0BBeCA9477Fc774001B58DF9A09"
}
Calldata

05Tally

Summed from votes

Voters13
VP participating458.9K
Outcome (current)For
Current support100%

06Voters

13 total

No votes recorded yet.

07Forum

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

Arguments for

  • DeFi Saver has a long-standing history as one of the first third-party integrations of Aave, establishing a synergistic relationship with the protocol since 2020.— MarcZeller
  • Waiving flashloan fees for DeFi Saver will make fee-sensitive strategies like LST/wETH leverage loops and emode more profitable, incentivizing higher borrow volume and increasing Aave DAO revenue.— MarcZeller
  • Flash loans enable users to reach complex leveraged positions in fewer transaction steps and with less gas, improving user experience compared to manual looping strategies.— DecentMuse, MarcZeller

Arguments against

None surfaced.

Unresolved concerns

  • How exactly are flashloans used within the leverage loop strategy—are they only for unwinding positions or for other purposes?— Michigan_Blockchain
  • Can the volume and financial impact of Aave's current relationship with DeFi Saver be quantified to validate the revenue compensation claim?— Michigan_Blockchain

Notable participants

  • MarcZellerAuthor of the proposal and primary defender of the rationale; represents Aave Chan Initiative.
  • Michigan_BlockchainAsked clarifying questions about flashloan mechanics, leverage strategies, and the quantifiable impact of DeFi Saver on Aave volume.
  • DecentMuseProvided detailed explanation of how flashloans enable multi-step leverage strategies to be executed more efficiently.
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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