KVORUM
aaveSource: Aave governor v2 · #349

Futher Increase GHO Borrow Rate

executedOct 22, 2023, 01:20 PM UTCby320x329c…3ed4

01Summary

AISummary by Kvorumclaude-haiku-4-5

ARFC proposal to increase GHO borrow rate from 2.5% to 3% (50 basis points), with discounted rate for stkAave holders remaining at ~2.1%. Aims to strengthen GHO peg, enhance protocol revenue, and aligns with coordinated GHO support initiatives. Also greenlights ACI for direct-to-AIP process for future 50 bps increments every 30 days if peg stays outside 0.995-1.005 range, up to 5.5% maximum.

Type
parameter change

Key changes

  • GHO borrow rate increase from 2.5% to 3.0% (50 basis points)(high)
  • stkAave holder discount maintained at 30% (resulting in ~2.1% discounted borrow rate)(medium)
  • Greenlighting ACI for direct-to-AIP process for 50 bps increments every 30 days if GHO peg outside 0.995-1.005 monthly average range, up to 5.5% maximum borrow rate(high)

Notable concerns

  • This proposal delegates future rate adjustment authority to ACI under specified conditions, allowing up to 5.5% borrow rate without requiring full governance votes
Contracts0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

230 words

Simple Summary

This ARFC proposes a further increase in the GHO borrow rate by 50 basis points (bps), raising it from 2.5% to 3%.

Motivation

The Aave community has previously recognized the importance of adjusting the GHO borrow rate to maintain the stability and health of the protocol. The motivations for this proposal are:

  1. Strengthening the GHO Peg: The prior adjustment to the GHO borrow rate resulted in a stronger GHO peg. An additional increase is anticipated to further bolster the peg and get closer to the target value.
  2. Enhancing GHO Revenue: By increasing the borrow rate, the protocol is expected to generate additional revenue from GHO borrowings.
  3. Coordinated Effort: This proposal aligns with other initiatives, including the GHO buy program set of AIPs, as part of a coordinated effort to support the GHO peg.

The discount for stkAave holders remains unchanged at 30%.

This proposal also greenlights the ACI for a direct-to-AIP process for 50 bps increments every 30 days, as long as the GHO peg is outside 0,995<>1,005 monthly average price range, up to 5.5% borrow rate.

Specification

  • Asset: GHO
  • Contract Address: 0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f
  • Current Borrow Rate: 2.5%
  • Proposed Borrow Rate: 3%
  • New discounted Borrow Rate: ~2.1%

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

The proposal follows the standard Aave governance execution pattern: the on-chain action is a single execute() call to a payload contract address, with no further arguments decoded at this level. The actual parameter changes (GHO borrow rate from 2.5% to 3%, discount rate unchanged at 30%) are expected to be encoded inside that payload contract's bytecode/logic, which is not visible in the decoded calldata provided here. Because the only decoded action is an opaque execute() fallback call, I cannot directly verify the specific numeric values (50 bps increase, 3% target rate, 30% discount, 5.5% ceiling) against on-chain calldata — there is nothing in the decoded arguments to compare against or contradict the prose. This is typical and expected for Aave AIP payloads reviewed at this level of decoding, not evidence of a mismatch. Given the lack of visibility into the payload's internal logic, I cannot confirm or deny the described rate changes, so confidence in this comparison is low. No explicit contradictions, extra actions, or omissions are visible between the description and the single decoded action, so I report 'consistent' with low confidence rather than flagging speculative discrepancies. Delegates relying on this analysis should refer to the linked implementation contract source code for full verification of the payload's internal logic.

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
0x46d0…1b09
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters316
VP participating499.3K
Outcome (current)For
Current support99.9%

06Voters

316 total
Filter:
VoterChoice% of totalRationale
320x329c…3ed4For117.2K23.48%—3y ago
070x0703…961bFor88.1K17.64%—3y ago
130x13bd…8548For61.3K12.28%—3y ago
2C0x2cc1…4df1For43.7K8.75%—3y ago
B90xb933…8dd1For42K8.42%—3y ago
EA0xea17…6676For38.9K7.80%—3y ago
EZezr3al.eth0x8659…7d0eFor37.9K7.60%—3y ago
570x57ab…2922For25.9K5.20%—3y ago
E40xe459…e666For20K4.01%—3y ago
870x8787…ea52For18.1K3.63%—3y ago
180x1855…98baFor5K1.01%—3y ago
5A0x5acb…eedfAgainst310.80.06%—3y ago
300x305e…09acFor300.50.06%—3y ago
300x30bc…2085Against123.60.02%—3y ago
170x17f2…0786For1100.02%—3y ago
0X0xmcfly.eth0xafd5…a0a0For92.10.02%—3y ago
5B0x5b85…a97aAgainst190.00%—3y ago
010x019e…2903For20.00%—3y ago
6B0x6b7c…ca6dFor1.60.00%—3y ago
200x2031…c4b2For1.50.00%—3y ago
9E0x9e4d…9636For1.30.00%—3y ago
AB0xabc6…bfceFor1.20.00%—3y ago
7B0x7b49…7f8aFor1.10.00%—3y ago
360x3691…dc51For1.10.00%—3y ago
C70xc724…b01dFor10.00%—3y ago
CF0xcf8c…3620For10.00%—3y ago
740x74a2…c125For10.00%—3y ago
790x794b…9d17For10.00%—3y ago
180x187f…85f0For10.00%—3y ago
370x3744…b243For10.00%—3y ago
700x70df…1889For10.00%—3y ago
690x6974…6272For10.00%—3y ago
570x5762…a752For10.00%—3y ago
890x894d…6892For10.00%—3y ago
F50xf5a1…6ba2For10.00%—3y ago
100x1028…bd3dFor0.70.00%—3y ago
BD0xbd99…2ff5For0.60.00%—3y ago
2A0x2a71…fcf0For0.60.00%—3y ago
1E0x1e17…baacFor0.50.00%—3y ago
1F0x1f89…115dFor0.50.00%—3y ago
280x2872…10f7For0.50.00%—3y ago
FE0xfe06…10d2For0.50.00%—3y ago
200x2035…1685For0.50.00%—3y ago
F80xf8fc…6d4bFor0.50.00%—3y ago
C40xc491…8b24For0.50.00%—3y ago
530x53ff…1b02For0.40.00%—3y ago
A70xa7a3…b532For0.30.00%—3y ago
A00xa0ef…2d56For0.30.00%—3y ago
510x511a…302dFor0.20.00%—3y ago
250x25fd…0b0cFor0.20.00%—3y ago
Showing 50

07Forum

No forum thread is confidently linked to this proposal.