Add UNI, MKR, SNX & BAL to Ethereum v3
01Summary
This proposal adds four assets (UNI, MKR, SNX, and BAL) to Aave Ethereum v3 as collateral with borrowing enabled in isolation mode. Each asset has risk parameters set by Chaos Labs and Gauntlet, with debt ceilings ranging from $2.5M to $17M. All four assets received favorable community Snapshot votes and are currently listed on Aave v2, enabling user migration to v3.
- Type
- protocol addition
Key changes
- UNI added to Ethereum v3 with 65% LTV, 77% liquidation threshold, $17M debt ceiling, and 500k borrow cap / 2M supply cap(high)
- MKR added to Ethereum v3 with 65% LTV, 70% liquidation threshold, $2.5M debt ceiling, and 1,500 borrow cap / 6,000 supply cap(high)
- SNX added to Ethereum v3 with 49% LTV, 65% liquidation threshold, $2.5M debt ceiling, and 1.1M borrow cap / 2M supply cap(high)
- BAL added to Ethereum v3 with 57% LTV, 62% liquidation threshold, $2.9M debt ceiling, and 185k borrow cap / 700k supply cap(high)
- All four assets enabled in isolation mode with borrowing and collateral enabled, stable borrowing disabled for all(high)
Generated by Kvorum
02Description
Simple Summary
This proposal will onboard UNI, MKR, SNX & BAL to the Ethereum v3 Liquidity Pool.
Abstract
This proposal bundles four asset listing for Ethereum v3 into a single governance submission. Each asset is to be added in isolation mode, as collateral, with borrowing enabled.
Each Asset is currently listed on Aave v2. Gauntlet and Chaos Labs have provided the risk parameters for each v3 asset listing. Each asset received a favouable Snapshot vote indicating broad community support for listing the asset on the v3 Ethereum deployment.
Upon listing UNI, MKR, SNX & BAL users will be able to begin migrating there positions from Aave v2 to v3 on Ethereum.
Motivation
Enabling users to migrate from Ethereum v2 to v3 requires each asset to first be added to v3. Llama presented individual ARFC for each of the mentioned assets and based upon the Snapshot results, the community supports adding UNI, MKR, SNX and BAL to the Ethereum v3 deployment.
The links below detail the individual governance forum posts and respective Snapshot proposals.
-
UNI
-
MKR
-
SNX
-
BAL
Specification
Ticker: UNI
Contract Address: 0x1f9840a85d5af5bf1d1762f925bdaddc4201f984
Oracle: 0x553303d460EE0afB37EdFf9bE42922D8FF63220e
| Risk Parameter | Value |
|---|---|
| Isolation Mode | YES |
| Enable Borrow | YES |
| Enable Collateral | YES |
| Loan To Value | 65.00% |
| Liquidation Threshold | 77.00% |
| Liquidation Bonus | 10.00% |
| Reserve Factor | 20.00% |
| Liquidation Protocol Fee | 10.00% |
| Borrow Cap | 500,000 units |
| Supply Cap | 2,000,000 units |
| Debt Ceiling | $17,000,000 |
| Variable Base | 0.00% |
| Variable Slope1 | 7.00% |
| Variable Slope2 | 300.00% |
| Uoptimal | 45.00% |
| Stable Borrowing | Disabled |
| Stable Slope1 | 13.00% |
| Stable Slope2 | 300.00% |
| Base Stable Rate Offset | 3.00% |
| Stable Rate Excess Offset | 5.00% |
| Optimal Stable To Total Debt Ratio | 20.00% |
Ticker: MKR
Contract Address: 0x9f8F72aA9304c8B593d555F12eF6589cC3A579A2
Oracle: 0xec1D1B3b0443256cc3860e24a46F108e699484Aa
| Risk Parameter | Value |
|---|---|
| Isolation Mode | YES |
| Enable Borrow | YES |
| Enable Collateral | YES |
| Loan To Value | 65.00% |
| Liquidation Threshold | 70.00% |
| Liquidation Bonus | 8.50% |
| Reserve Factor | 20.00% |
| Liquidation Protocol Fee | 10.00% |
| Borrow Cap | 1,500 units |
| Supply Cap | 6,000 units |
| Debt Ceiling | $2,500,000 |
| Variable Base | 0.00% |
| Variable Slope1 | 7.00% |
| Variable Slope2 | 300.00% |
| Uoptimal | 45.00% |
| Stable Borrowing | Disabled |
| Stable Slope1 | 13.00% |
| Stable Slope2 | 300.00% |
| Base Stable Rate Offset | 3.00% |
| Stable Rate Excess Offset | 5.00% |
| Optimal Stable To Total Debt Ratio | 20.00% |
Ticker: SNX
Contract Address: 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f
Oracle: 0xDC3EA94CD0AC27d9A86C180091e7f78C683d3699
| Risk Parameter | Value |
|---|---|
| Isolation Mode | YES |
| Enable Borrow | YES |
| Enable Collateral | YES |
| Loan To Value | 49.00% |
| Liquidation Threshold | 65.00% |
| Liquidation Bonus | 8.50% |
| Reserve Factor | 35.00% |
| Liquidation Protocol Fee | 10.00% |
| Borrow Cap | 1,100,000 units |
| Supply Cap | 2,000,000 units |
| Debt Ceiling | $2,500,000 |
| Variable Base | 3.00% |
| Variable Slope1 | 15.00% |
| Variable Slope2 | 100.00% |
| Uoptimal | 80.00% |
| Stable Borrowing | Disabled |
| Stable Slope1 | 15.00% |
| Stable Slope2 | 100.00% |
| Base Stable Rate Offset | 3.00% |
| Stable Rate Excess Offset | 5.00% |
| Optimal Stable To Total Debt Ratio | 20.00% |
Ticker: BAL
Contract Address: 0xba100000625a3754423978a60c9317c58a424e3D
Oracle: 0xdF2917806E30300537aEB49A7663062F4d1F2b5F
| Risk Parameter | Value |
|---|---|
| Isolation Mode | YES |
| Enable Borrow | YES |
| Enable Collateral | YES |
| Loan To Value | 57% |
| Liquidation Threshold | 62.00% |
| Liquidation Bonus | 8.30% |
| Reserve Factor | 20.00% |
| Liquidation Protocol Fee | 10.00% |
| Borrow Cap | 185,000 units |
| Supply Cap | 700,000 units |
| Debt Ceiling | $2,900,000 |
| Variable Base | 3.00% |
| Variable Slope1 | 14.00% |
| Variable Slope2 | 150.00% |
| Uoptimal | 80.00% |
| Stable Borrowing | Disabled |
| Stable Slope1 | 20.00% |
| Stable Slope2 | 150.00% |
| Base Stable Rate Offset | 3.00% |
| Stable Rate Excess Offset | 5.00% |
| Optimal Stable To Total Debt Ratio | 20.00% |
Implementation
A list of relevant links like for this proposal:
The risk paramters detailed within this proposal have been jointly provided by Chaos Labs and Gauntlet.
The proposal Payload was reviewed by Bored Ghost Developing.
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows the standard Aave governance pattern: a single on-chain action that calls execute() on a pre-deployed, audited payload contract (0xf146c735f39281d35fffee1a99e65b5307305a4f). The description states this payload will list UNI, MKR, SNX, and BAL on Aave v3 Ethereum in isolation mode, as collateral, with borrowing enabled, and provides detailed risk parameters sourced from Gauntlet/Chaos Labs and linked forum/Snapshot votes. Because the decoded calldata is opaque (only shows the top-level execute() call rather than the internal listInitReserve/setReserve calls the payload performs), there is no way to directly cross-check the specific numeric risk parameters (LTV, thresholds, caps, etc.) against on-chain calldata. This is typical and expected for Aave's payload-based governance execution model, and does not indicate a hidden or malicious action — the payload is linked, reviewed by BGD Labs, and its source code is provided. Given the lack of granular calldata to verify against, confidence is low, but there is no evidence of a mismatch between the stated intent (listing 4 assets with isolation/collateral/borrow settings) and the single decoded action, which is consistent with that intent. No numeric mismatches, target mismatches, or extra/missing actions can be identified from the available data.
Discrepancies
- lowomitted in description
The decoded calldata only shows a single generic execute() call to the payload contract; the granular risk parameters (LTV, liquidation thresholds, caps, interest rate curves, etc.) for each of the four assets are not visible in the decoded action and cannot be independently verified against the description's tables. This is standard for Aave governance payloads, but it limits the ability to confirm exact parameter matches on-chain.
Generated by Kvorum
04Actions
- Target
- 0xf146…5a4f
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 320x329c…3ed4 | For | 226.2K | 41.90% | — | 4y ago |
| 620x62a4…816a | For | 82K | 15.19% | — | 4y ago |
| 130x13bd…8548 | For | 81K | 15.00% | — | 4y ago |
| B80xb83b…cf5c | For | 80.6K | 14.93% | — | 4y ago |
| B90xb933…8dd1 | For | 41.9K | 7.76% | — | 4y ago |
| 160x1664…36d9 | For | 16.9K | 3.13% | — | 4y ago |
| EA0xea17…6676 | For | 10.7K | 1.98% | — | 4y ago |
| 050x0527…8469 | For | 603 | 0.11% | — | 4y ago |
| A00xa0ef…2d56 | For | 8.3 | 0.00% | — | 4y ago |
| 190x19dd…8c20 | For | 3.1 | 0.00% | — | 4y ago |
| E40xe459…e666 | For | 0.5 | 0.00% | — | 4y ago |
| 290x2946…5469 | For | 0.3 | 0.00% | — | 4y ago |
| FF0xffc2…d86f | For | 0.2 | 0.00% | — | 4y ago |
| 100x1089…96f9 | For | 0.2 | 0.00% | — | 4y ago |
| CE0xceca…90c9 | For | 0.1 | 0.00% | — | 4y ago |
| 5F0x5fd5…1c00 | For | 0.1 | 0.00% | — | 4y ago |
| F20xf279…bab2 | For | 0.1 | 0.00% | — | 4y ago |
| FF0xff70…3ca5 | For | 0 | 0.00% | — | 4y ago |
07Forum
- [ARFC] Add BAL Ethereum v3 ↗discourse · high confidence
- [ARFC] Add UNI to Ethereum v3 ↗discourse · high confidence
- [ARFC] Add SNX to Ethereum v3 ↗discourse · high confidence
- [ARFC] Add MKR to Ethereum v3 ↗discourse · high confidence
Arguments for
- BAL is a strategic asset for Aave given the Aave-Balancer relationship (token swaps) and the potential for veBAL to help bootstrap GHO and the new aToken primitive.— Llamaxyz
- Balancer DAO's BAL deposits into Aave act as a passive buyback for Balancer while Aave earns interest, and BAL's farming opportunities with low impermanent loss attract borrowers.— solarcurve
- Risk parameters were reviewed and updated by Gauntlet to align with current market conditions and Aave's risk framework before proceeding.— Pauljlei, wfu, Llamaxyz
- The proposal has ACI support.— MarcZeller
- The Snapshot vote was very favorable, indicating strong community backing.— Llamaxyz
- A parallel Balancer governance proposal to migrate BAL from Ethereum v2 to v3 would bring substantial additional TVL (an estimated $1.05M) to the new v3 reserve.— MatthewGraham
Arguments against
None surfaced.
Notable participants
- LlamaxyzProposal author who drafted the listing, incorporated Gauntlet's feedback, ran the Snapshot, and later reported on AIP submission and the Balancer migration proposal.
- solarcurveCo-author from Balancer DAO who voiced support and highlighted BAL's farming appeal and Balancer's deposit strategy.
- PauljleiGauntlet representative who committed to re-evaluating risk parameters for the proposal.
- wfuGauntlet analyst who delivered the detailed updated risk parameter recommendations and interest rate curve analysis.
- MarcZellerRepresented the ACI and publicly confirmed support for the proposal ahead of the Snapshot vote.
- MatthewGrahamProvided a follow-up update on the AIP submission and the parallel Balancer migration proposal driving additional TVL.
Generated by Kvorum
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