KVORUM
aaveSource: Aave governor v2 · #365

GHO - Increase Borrow Rate

executedNov 13, 2023, 04:11 AM UTCby320x329c…3ed4

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to increase GHO borrow rate from 3.00% to 4.72% (with ~3.31% for stkAave holders) to improve GHO's peg stability by reducing minting incentives, prioritizing peg maintenance over growth.

Type
parameter change

Key changes

  • GHO borrow rate increased from 3.00% to 4.72%(high)
  • stkAave holder discounted borrow rate increased to approximately 3.31% (30% discount maintained)(high)
  • Aave Facilitator Bucket Level remains at 35.00M units(low)
  • Establishes framework for future 50 bps increments every 30 days if GHO peg remains outside 0.995-1.005 range, up to maximum 5.5% borrow rate(medium)

Notable concerns

  • GHO growth expected to slow as a result of rate increase
  • Future automatic rate increases up to 5.5% may be implemented through direct-to-AIP process if peg remains unstable
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

167 words

Simple Summary

This publication proposes increasing the GHO Borrow Rate from 3.00% to 4.72%, slightly below the proposed sDAI rate.

Motivation

By increasing the borrow rate to 4.72%, the goal is to improve the peg by reducing the incentive to mint GHO relative to other stable coins. As a result, GHO's growth is expected to slow. This publication prioritises returning GHO to peg over growth.

After implementing this proposal, the community can continue with the current plan, 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: 3.00% Proposed Borrow Rate: 4.72% New discounted Borrow Rate: ~3.31%

The discount for stkAave holders remains unchanged at 30%. The Aave Facilitator Bucket Level is to remain at 35.00M units

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

The proposal description details a specific GHO borrow rate change (3.00% -> 4.72%), an implied discounted rate (~3.31%) with unchanged 30% stkAave discount, and an unchanged 35M facilitator bucket cap. However, the only decoded on-chain action provided is a single call to forwardPayloadForExecution, which is a generic governance-forwarding function used by Aave's cross-chain governance system to trigger execution of a separate payload contract (referenced by an id/address). This action does not itself contain the numeric parameters (borrow rate, discount, bucket cap) that the description discusses — those would be encoded inside the target payload contract's own execution logic, which is not decoded here. Because the calldata is opaque at this level (it merely routes execution to another contract), I cannot directly verify or refute the specific rate figures, discount, or bucket cap claims against on-chain values. This is a common and expected pattern for Aave governance proposals that execute via a payload contract referenced in the description's 'Implementation' link. Given the lack of visibility into the actual parameter-setting calls, confidence is low, and no discrepancy is asserted — the single forwarding action is consistent with the general mechanism of an Aave AIP execution, but does not provide enough detail to confirm the specific numeric claims in the description.

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
#0forwardPayloadForExecution((uint256,uint8,address,uint40))chain 0x1
Target
0x9aee…2bc7
Value
0 wei
Function
forwardPayloadForExecution((uint256,uint8,address,uint40))
Arguments
{
  "0": [
    "1",
    "1",
    "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5",
    "10"
  ]
}
Calldata

05Tally

Summed from votes

Voters29
VP participating454.3K
Outcome (current)For
Current support100%

06Voters

29 total
Filter:
VoterChoice% of totalRationale
320x329c…3ed4For116.5K25.64%—3y ago
130x13bd…8548For61.3K13.49%—3y ago
230x2331…7e73For60K13.21%—3y ago
2C0x2cc1…4df1For43.7K9.61%—3y ago
B90xb933…8dd1For42.4K9.33%—3y ago
EA0xea17…6676For38.8K8.53%—3y ago
EZezr3al.eth0x8659…7d0eFor38K8.37%—3y ago
570x57ab…2922For27.1K5.97%—3y ago
870x8787…ea52For21.1K4.64%—3y ago
180x1855…98baFor5K1.11%—3y ago
770x775c…d75bFor346.20.08%—3y ago
DF0xdf06…4977For27.30.01%—3y ago
7E0x7eb9…69b9For17.40.00%—3y ago
540x54c3…8f57For5.30.00%—3y ago
1B0x1b15…c121For5.20.00%—3y ago
800x809f…20e4For3.30.00%—3y ago
000x0034…a298For1.10.00%—3y ago
700x70df…1889For10.00%—3y ago
570x5762…a752For10.00%—3y ago
A30xa378…e811For0.20.00%—3y ago
700x709e…e8f7For0.20.00%—3y ago
180x18d6…13f9For0.20.00%—3y ago
FB0xfbcc…594aFor0.10.00%—3y ago
150x1572…85faFor00.00%—3y ago
0C0x0c66…fda7For00.00%—3y ago
940x945f…c726For00.00%—3y ago
8B0x8bf6…3083For00.00%—3y ago
C70xc74f…2c5eFor00.00%—3y ago
160x16ae…96abFor00.00%—3y ago
Showing 29

07Forum

No forum thread is confidently linked to this proposal.