Aave v3 Base Activation
01Summary
This proposal activates the Aave V3 lending pool on Base by setting up risk administration, deploying a price oracle sentinel, and listing three initial assets (WETH, USDbC, and cbETH) with specified risk parameters recommended by Gauntlet and Chaos Labs. The pool has been tested and verified, with the Aave Guardian multisig holding temporary POOL_ADMIN role for safety.
- Type
- protocol addition
Key changes
- Activate Aave V3 pool on Base network with initial setup of risk administration and price oracle sentinel(high)
- List WETH on Base with 80% LTV, 83% liquidation threshold, 5% liquidation bonus, 5,000 supply cap, and 4,000 borrow cap(high)
- List USDbC on Base with 77% LTV, 80% liquidation threshold, 5% liquidation bonus, 8,000,000 supply cap, and 6,500,000 borrow cap(high)
- List cbETH on Base with 67% LTV, 74% liquidation threshold, 7.5% liquidation bonus, 1,000 supply cap, and 100 borrow cap(high)
- Create eth-correlated E-Mode category including WETH and cbETH with 90% LTV, 93% liquidation threshold, and 2% liquidation bonus(medium)
- Set risk steward as risk admin via ACL_MANAGER.addRiskAdmin()(medium)
- Set price oracle sentinel via POOL_ADDRESSES_PROVIDER.setPriceOracleSentinel()(medium)
- Aave Guardian multisig holds temporary POOL_ADMIN role for initial weeks as security measure(medium)
Notable concerns
- cbETH has significantly lower borrow cap (100) compared to other assets, suggesting concentrated risk considerations
- All three assets have disabled stable borrowing
- Reserve factors vary by asset (10-15%), requiring different risk management approaches
Generated by Kvorum
02Description
Simple Summary
This proposal allows the Aave governance to activate the Aave V3 Base pool (3.0.2) by completing all the initial setup and listing WETH, USDbC and cbETH as suggested by the risk service providers (Gauntlet and Chaos Labs) on the governance forum. All the Aave Base V3 addresses can be found in the aave-address-book.
Motivation
The Base and Coinbase ecosystem is a good opportunity of expansion for Aave, touching into the new user base and exploring fresh use cases.
Aave community has approved the expansion on the governance forum and snapshot.
Specification
The proposal will do the following:
- set risk steward as the risk admin by executing
ACL_MANAGER.addRiskAdmin() - set price oracle sentinel with
POOL_ADDRESSES_PROVIDER.setPriceOracleSentinel() - list the following assets on Aave V3 on Base: wETH, cbETH, and USDbC.
The table below illustrates the initial suggested risk parameters for each asset, a combination of recommendations provided by Gauntlet and ChaosLabs.
| WETH | USDbC | cbETH | |
|---|---|---|---|
| Isolation Mode | NO | NO | NO |
| Enable Borrow | YES | YES | YES |
| Enable Collateral | YES | YES | YES |
| Emode Category | eth-correlated | N/A | eth-correlated |
| Loan To Value | 80% | 77% | 67% |
| Liquidation Threshold | 83% | 80% | 74% |
| Liquidation Bonus | 5% | 5% | 7.5% |
| Reserve Factor | 15% | 10% | 15% |
| Liquidation Protocol Fee | 10% | 10% | 10% |
| Supply Cap | 5,000 | 8,000,000 | 1,000 |
| Borrow Cap | 4,000 | 6,500,000 | 100 |
| Debt Ceiling | N/A | N/A | N/A |
| uOptimal | 80% | 90% | 45% |
| Base | 0% | 0% | 0% |
| Slope1 | 3.8% | 4% | 7% |
| Slope2 | 80% | 60% | 300% |
| Stable Borrowing | Disabled | Disabled | Disabled |
| Flashloanable | YES | YES | YES |
| Siloed Borrowing | NO | NO | NO |
| Borrowed in Isolation | NO | YES | NO |
E-Mode:
| Category | Assets included | LT | LTV | Liquidation Bonus |
|---|---|---|---|---|
| eth-correlated | WETH, cbETH | 93% | 90% | 2% |
cbEth adapter: 0x80f2c02224a2E548FC67c0bF705eBFA825dd5439
Price oracle sentinel: 0xe34949A48cd2E6f5CD41753e449bd2d43993C9AC
Risk Steward: 0x12DEB4025b79f2B43f6aeF079F9D77C3f9a67bb6
Security
The proposal execution is simulated within the tests and the resulting pool configuration is tested for correctness.
The deployed pool and other permissions have been programmatically verified.
In addition, we have also checked the code diffs of the deployed base contracts with the deployed contracts on Ethereum and other networks.
As a matter of caution, the POOL_ADMIN role will be given for the first weeks to the Aave Guardian multisig.
References
- Implementation: Base
- Tests: Base
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The decoded calldata contains only a single generic 'execute(address)' call that forwards to a payload contract address (0xBdD1458A6d399C88D4509275e4463485C6c86Ef3). This is the standard Aave governance architecture for cross-chain deployments: the mainnet proposal executes a payload contract whose internal logic (asset listings, ACL role grants, price oracle sentinel updates, risk parameter configuration) is not visible in the top-level decoded calldata. Because the actual substantive actions described in the proposal (adding a risk admin, setting the price oracle sentinel, listing WETH/cbETH/USDbC with specific risk parameters) are expected to occur inside this payload contract rather than being directly decodable from the provided action list, we cannot verify parameter-by-parameter correctness (LTV, LT, caps, interest rate curves, e-mode settings, etc.) against the calldata provided. This is a known and expected pattern for Aave governance payloads, not evidence of malicious intent or misrepresentation. Given the lack of visibility into the payload's internal calls, confidence in a detailed comparison is low, and no specific value mismatches, target mismatches, or omissions can be confirmed or denied. Based on the standard pattern and lack of any contradictory evidence, the proposal appears consistent with its description, but this assessment carries low confidence due to the opacity of the single decoded action's downstream effects within the payload contract.
Generated by Kvorum
04Actions
- Target
- 0x3215…8942
- Value
- 0 wei
- Function
- execute(address)
- Arguments
{ "0": "0xBdD1458A6d399C88D4509275e4463485C6c86Ef3" }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 320x329c…3ed4 | For | 109.1K | 20.73% | — | 3y ago |
| 200x2079…d6ce | For | 100.7K | 19.15% | — | 3y ago |
| 620x62a4…816a | For | 82.9K | 15.76% | — | 3y ago |
| B80xb83b…cf5c | For | 82.5K | 15.68% | — | 3y ago |
| EA0xea17…6676 | For | 54.1K | 10.28% | — | 3y ago |
| B90xb933…8dd1 | For | 44.1K | 8.38% | — | 3y ago |
| 2C0x2cc1…4df1 | For | 28.4K | 5.40% | — | 3y ago |
| E40xe459…e666 | For | 20K | 3.80% | — | 3y ago |
| 180x1855…98ba | For | 3K | 0.57% | — | 3y ago |
| 870x8787…ea52 | For | 1K | 0.19% | — | 3y ago |
| CE0xce8f…f4f3 | For | 200 | 0.04% | — | 3y ago |
| DF0xdf06…4977 | For | 27.3 | 0.01% | — | 3y ago |
| 740x742b…d2e0 | For | 20.6 | 0.00% | — | 3y ago |
| 2F0x2f2f…f78a | For | 2 | 0.00% | — | 3y ago |
| 960x9670…3fbb | For | 1.2 | 0.00% | — | 3y ago |
| 8B0x8bc8…7276 | For | 1.2 | 0.00% | — | 3y ago |
| 2B0x2ba0…8412 | For | 1.1 | 0.00% | — | 3y ago |
| 3C0x3cfa…478e | For | 1 | 0.00% | — | 3y ago |
| C70xc724…b01d | For | 1 | 0.00% | — | 3y ago |
| 340x3465…5073 | For | 1 | 0.00% | — | 3y ago |
| 970x9776…db70 | For | 1 | 0.00% | — | 3y ago |
| B90xb9f1…36d4 | For | 1 | 0.00% | — | 3y ago |
| A00xa0ef…2d56 | For | 0.3 | 0.00% | — | 3y ago |
| DF0xdf11…e568 | For | 0.1 | 0.00% | — | 3y ago |
| 500x50d2…5318 | For | 0.1 | 0.00% | — | 3y ago |
| 340x3496…126b | For | 0.1 | 0.00% | — | 3y ago |
07Forum
No forum thread is confidently linked to this proposal.
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