Fixed REP price feed on AAVE v1
01Summary
Replace the Chainlink REP/ETH price feed on Aave v1 Ethereum with a fixed price adapter set to 0.0004625695693 ETH, the average REP price from September-October 2023. This allows Chainlink to deprecate the REP/ETH feed since the legacy REP token on Aave v1 has minimal supply (~$100) and is already frozen.
- Type
- protocol addition
Key changes
- Replace Chainlink REP/ETH price feed with fixed price adapter on Aave v1 Oracle(medium)
- Set fixed REP price to 0.0004625695693 ETH (average from 01/09/2023 to 31/10/2023)(medium)
Notable concerns
- REP is a legacy token that underwent migration; current supply on Aave v1 is less than $100
- REP token is already frozen on Aave v1
- Fixed price may not reflect current market conditions as it represents a historical average
Generated by Kvorum
02Description
Simple Summary
Replace existing REP/ETH price feed by Chainlink on Aave v1 Ethereum with a fixed price adapter.
Motivation
The REP asset listed on Aave 1 Ethereum is a legacy one, that long time ago has suffered a token migration.
With a total supply of this legacy REP on Aave v1 of less than $100, Chainlink is looking to shut down the REP/ETH price feed, but this can only be done if Aave stops using it.
Consequently, giving the size of the asset and that factually is off-boarded (frozen), we propose to replace the Chainlink price feed by an ad-hoc one that will return a constant value: the average price of the token for the period from 01/09/2023 till 31/10/2023.
Specification
Average REP price to use: 0.0004625695693 ETH
- call
IAaveOracle(AAVE_V1_ORACLE).setAssetSources([0x1985365e9f78359a9B6AD760e32412f4a445E862], [0xc7751400F809cdB0C167F87985083C558a0610F7])to replace the price feed of theREPon Aave v1 Pool.
References
-
Implementation: AaveV1Ethereum
-
Tests: AaveV1Ethereum
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The decoded calldata contains a single action: a call to forwardPayloadForExecution, which is Aave's standard governance pattern for triggering execution of a separately deployed 'payload' contract (identified here by payload id 3, executor level 1, on chain 1, at address 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5). This forwarding call itself does not reveal the internal logic of the payload contract, so the actual setAssetSources call described in the proposal's Specification section cannot be directly verified from this single decoded action. However, this forwarding mechanism is routine boilerplate for Aave governance proposals of this type (as referenced by the linked AaveV1Ethereum_FixedREPPriceFeed implementation contract), and there is no evidence in the decoded action of any redirection, extra transfer, or parameter that contradicts the description. Given that the payload's internal contents are not decoded here, confidence in a full verification is low, but nothing in what is decoded conflicts with the stated intent to replace the REP/ETH oracle with a fixed-price adapter. No value, target, or omitted/extra action discrepancies can be confirmed with the available data.'
Generated by Kvorum
04Actions
- Target
- 0x9aee…2bc7
- Value
- 0 wei
- Function
- forwardPayloadForExecution((uint256,uint8,address,uint40))
- Arguments
{ "0": [ "1", "1", "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", "3" ] }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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