Add MAI to Aave Optimism V3 pool
01Summary
Proposal to add MAI stablecoin to Aave's Optimism v3 pool as a collateral asset in isolation mode, with supply cap of 7.6M, borrow cap of 2.5M, and debt ceiling of 1.9M to support stablecoin diversity.
- Type
- protocol addition
Key changes
- MAI token onboarded as new collateral asset on Optimism v3 pool in isolation mode(high)
- Supply cap set at 7,600,000 MAI and borrow cap at 2,500,000 MAI to limit risk exposure(high)
- Loan-to-value ratio of 75% with 80% liquidation threshold and 5% liquidation bonus(high)
- Variable borrow rate strategy: 4% slope below 80% utilization, 75% slope above 80% utilization, 0% base rate(medium)
- Reserve factor set at 20% with 10% liquidation protocol fee(medium)
- Debt ceiling established at 1,900,000 MAI(medium)
Notable concerns
- MAI is a stablecoin that operates in isolation mode, limiting composability with other assets
- Proposal explicitly states ACI has no affiliation with QiDAO or entities behind MAI
- Risk parameters were collaboratively developed by Gauntlet and Chaos Labs
Generated by Kvorum
02Description
Simple Summary
This AIP proposal presents Aave with the opportunity to onboard MAI to the Optimism v3 Liquidity Pool.
Motivation
Supporting stablecoin diversity is part of the Aave-Chan Initiative (ACI) delegate platform.
The ACI does not have any link nor is paid by QiDAO or any entity to present this AIP.
The risk parameters provided introduce MAI as a collateral asset.
Supply and borrow caps are suggested for this asset to limit risk exposure, the caps have been proposed by a join collaboration between Gauntlet & Chaos Labs.
Specification
Ticker: MAI
Contract Address: 0xdFA46478F9e5EA86d57387849598dbFB2e964b02
| Risk Parameter | Value |
|---|---|
| Isolation Mode | YES |
| Enable Borrow | YES |
| Enable Collateral | YES (in isolation mode) |
| Loan To Value | 75% |
| Liquidation Threshold | 80% |
| Liquidation Bonus | 5% |
| Reserve Factor | 20% |
| Liquidation Protocol Fee | 10% |
| Borrow Cap | 2,500k |
| Supply Cap | 7,600k |
| Debt Ceiling | 1,900k |
| Base | 0% |
| Slope1 | 4% |
| Uoptimal | 80% |
| Slope2 | 75% |
The proposal payload uses the IEngine to perform a new asset listing with the following parameters:
IEngine.Listing({
asset: MAI,
assetSymbol: 'MAI',
priceFeed: MAI_USD_FEED,
rateStrategyParams: Rates.RateStrategyParams({
optimalUsageRatio: _bpsToRay(80_00),
baseVariableBorrowRate: 0,
variableRateSlope1: _bpsToRay(4_00),
variableRateSlope2: _bpsToRay(75_00),
stableRateSlope1: _bpsToRay(4_00),
stableRateSlope2: _bpsToRay(75_00),
baseStableRateOffset: _bpsToRay(1_00),
stableRateExcessOffset: _bpsToRay(8_00),
optimalStableToTotalDebtRatio: _bpsToRay(20_00)
}),
enabledToBorrow: EngineFlags.ENABLED,
stableRateModeEnabled: EngineFlags.DISABLED,
borrowableInIsolation: EngineFlags.DISABLED,
withSiloedBorrowing: EngineFlags.DISABLED,
flashloanable: EngineFlags.DISABLED,
ltv: 75_00,
liqThreshold: 80_00,
liqBonus: 5_00,
reserveFactor: 20_00,
supplyCap: 7_600_000,
borrowCap: 2_500_000,
debtCeiling: 1_900_000,
liqProtocolFee: 10_00,
eModeCategory: 0
});
References
A list of relevant links for this proposal
Security Considerations
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 where the on-chain action is a single execute(address) call that delegatecalls into a separate payload contract (0x1720d605289A189c5fbD360Ca2307DB5C6D3fDfd). This is the normal mechanism for Aave listing proposals built with the aave-v3-crosschain-listing-template referenced in the proposal's 'proposalCode' link. Because the actual IEngine.Listing parameters (LTV, caps, rate strategy, etc.) are executed inside that payload contract rather than being visible as direct calldata arguments in the governance action, I cannot cryptographically verify each individual risk parameter against the raw decoded calldata. However, the structure, single target action, and reference to the payload source code are all consistent with how the described listing would be implemented, and there is nothing in the decoded action that contradicts or extends beyond the described scope (e.g., no unrelated transfers, role grants, or additional targets). Given the well-known and audited pattern (reviewed by BGD Labs) and the matching addresses/links, I find no evidence of a value, target, or scope mismatch. Confidence is medium rather than high solely because the specific numeric parameters are not independently decodable from the single execute() call shown here, so a full line-by-line verification of caps/LTV/rate curve was not possible from calldata alone.
Generated by Kvorum
04Actions
- Target
- 0x5f5c…6711
- Value
- 0 wei
- Function
- execute(address)
- Arguments
{ "0": "0x1720d605289A189c5fbD360Ca2307DB5C6D3fDfd" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 320x329c…3ed4 | For | 229.9K | 45.49% | — | 4y ago |
| 070x0703…961b | For | 108.5K | 21.48% | — | 4y ago |
| 620x62a4…816a | For | 82.4K | 16.31% | — | 4y ago |
| B80xb83b…cf5c | For | 81K | 16.03% | — | 4y ago |
| 180x1855…98ba | For | 3K | 0.59% | — | 4y ago |
| A00xa06c…61f7 | For | 397.7 | 0.08% | — | 4y ago |
| EA0xea17…6676 | For | 39.6 | 0.01% | — | 4y ago |
| E40xe459…e666 | For | 0.5 | 0.00% | — | 4y ago |
| C30xc3bc…9fbf | For | 0.2 | 0.00% | — | 4y ago |
07Forum
- [ARFC] Add MAI to Optimism Aave V3 pool ↗discourse · high confidence
Arguments for
- Onboarding MAI supports stablecoin diversity, aligning with the ACI delegate platform, using risk parameters modeled on the existing Polygon V3 deployment.— MarcZeller
- MAI's market cap and trading volume are adequate for a cautious listing in Isolation Mode with appropriate caps, and its low volatility supports the proposed liquidation threshold.— ChaosLabs
- Listing MAI in Isolation Mode with a well-defined debt ceiling and caps mitigates price-manipulation risk from its low market cap while adding a more volatile asset offering to the protocol.— ChaosLabs
- MAI has a proven track record as an overcollateralized stablecoin already listed on Aave V3 Avalanche and Polygon, supporting replication of similar parameters on Optimism.— GarrettPetersen
- Both major risk providers (Chaos Labs and Gauntlet) converged on aligned risk parameters, and Chaos Labs ultimately endorsed Gauntlet's supply/borrow cap recommendations, indicating consensus for moving forward.— ChaosLabs, GarrettPetersen
Arguments against
None surfaced.
Unresolved concerns
- Initial disagreement between Chaos Labs and Gauntlet over the exact supply cap, borrow cap, and debt ceiling values was resolved by Chaos Labs deferring to Gauntlet, but the underlying methodological differences were not fully discussed.— ChaosLabs, GarrettPetersen
Notable participants
- MarcZellerProposal author from the Aave-Chan Initiative who introduced the proposal, disclosed a personal QI holding, and shepherded it through Snapshot and AIP stages.
- ChaosLabsRisk service provider that provided initial risk parameter recommendations and later endorsed Gauntlet's revised caps to reach consensus.
- GarrettPetersenRepresented Gauntlet, providing an alternative set of supply/borrow cap and debt ceiling recommendations based on their own methodology.
- bgdlabsPosted a brief follow-up linking to a related listing update on Arbitrum.
Generated by Kvorum
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