wMATIC Interest Rate Update
01Summary
Proposal to reduce wMATIC variable rate slope1 parameter from 6.10% to 5.00% on Aave v3 Polygon, which will lower borrow rates to align better with competing yield sources (MaticX at 4.68% APR, stMATIC at 4.30% APR) while maintaining rates above current staking yields to establish a stable borrow rate floor.
- Type
- parameter change
Key changes
- Reduce wMATIC variableRateSlope1 parameter from 6.10% to 5.00%(high)
- Expected borrow rate decrease to below 5.00% following implementation(high)
Notable concerns
- Current utilization is less than Uoptimal value, so demand sustainability depends on yield-maximizing strategies
Generated by Kvorum
02Description
Simple Summary
This AIP will reduce the wMATIC Slope1 parameters from 6.10% to 5.00% Aave v3 Polygon.
Motivation
This AIP will reduce the slope1 paramter to 5.00%. This is higher than the current MaticX and stMATIC yield rate whilst marginally lower than the existing borrow rate.
v3 wMATIC Borrow Rate: 5.96% APY MaticX APR: 4.68% stMATIC APR: 4.30%
Upon implementing this AIP, the borrow rate is anticipated to decrease to below 5.00%, current utilization is less than the Uoptimal value. The demand from yield-maximizing strategies is expected to create consistent demand for borrowing wMATIC. Over time, this is projected to establish a floor under wMATIC borrow rates.
Specification
Revise the interest rate strategy as per below:
wMATIC Address: 0x0d500B1d8E8eF31E21C99d1Db9A6444d3ADf1270
variableRateSlope1: From 6.10% to 5.00%
All other parameters remain the same as the existing interest rate startegy.
References
- Implementation: AaveV3Polygon
- Tests: AaveV3Polygon
- Snapshot
- Discussion
Disclaimer
TokenLogic receives no compensation beyond Aave protocol for the creation of this proposal. TokenLogic is a delegate within the Aave ecosystem.
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The single decoded action is the standard Aave cross-chain governance mechanism: the mainnet proposal calls forwardPayloadForExecution to relay a previously registered payload (ID 7) to the Aave v3 Polygon Payload Controller contract, which will then execute the actual interest rate strategy update on Polygon. This matches the expected pattern for Aave AIPs that modify parameters on a non-mainnet market — the granular parameter change (variableRateSlope1 6.10%→5.00%) lives inside the target payload contract on Polygon, not in the mainnet calldata itself, so it cannot be directly verified from this action alone. However, the target chain (137, Polygon), the payload controller address, and the forwarding mechanism are all consistent with what the description implies (an update to the Aave v3 Polygon wMATIC reserve). There is no evidence of a mismatched target, redirected funds, or an unrelated action. Given the standard nature of this bridging call and lack of contradictory evidence, I assess this as consistent, with medium confidence because the actual rate-change parameters are not independently visible in this decoded action set and rely on the referenced payload contract being correctly implemented as described.'
Generated by Kvorum
04Actions
- Target
- 0x9aee…2bc7
- Value
- 0 wei
- Function
- forwardPayloadForExecution((uint256,uint8,address,uint40))
- Arguments
{ "0": [ "137", "1", "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C", "7" ] }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 320x329c…3ed4 | For | 116.5K | 20.87% | — | 3y ago |
| 070x0703…961b | For | 86.8K | 15.54% | — | 3y ago |
| 130x13bd…8548 | For | 61.3K | 10.98% | — | 3y ago |
| 230x2331…7e73 | For | 60K | 10.75% | — | 3y ago |
| 2C0x2cc1…4df1 | For | 43.7K | 7.82% | — | 3y ago |
| B90xb933…8dd1 | For | 42.4K | 7.59% | — | 3y ago |
| EA0xea17…6676 | For | 38.8K | 6.94% | — | 3y ago |
| EZezr3al.eth0x8659…7d0e | For | 38K | 6.81% | — | 3y ago |
| 570x57ab…2922 | For | 26.2K | 4.69% | — | 3y ago |
| 870x8787…ea52 | For | 21.1K | 3.78% | — | 3y ago |
| E40xe459…e666 | For | 20K | 3.58% | — | 3y ago |
| 180x1855…98ba | For | 3.5K | 0.63% | — | 3y ago |
| DF0xdf06…4977 | For | 27.3 | 0.00% | — | 3y ago |
| 270x2731…00ba | For | 4.8 | 0.00% | — | 3y ago |
| 950x9529…bd83 | For | 1.2 | 0.00% | — | 3y ago |
| 600x6004…00c1 | For | 0.1 | 0.00% | — | 3y ago |
| 000x001d…fb20 | For | 0.1 | 0.00% | — | 3y ago |
| A30xa36e…fd12 | For | 0.1 | 0.00% | — | 3y ago |
| AE0xaef0…6f0b | For | 0 | 0.00% | — | 3y ago |
| 3B0x3b42…9293 | For | 0 | 0.00% | — | 3y ago |
| B90xb936…579d | For | 0 | 0.00% | — | 3y ago |
| 000x00d9…6b97 | For | 0 | 0.00% | — | 3y ago |
| 710x71ed…7d22 | For | 0 | 0.00% | — | 3y ago |
07Forum
No forum thread is confidently linked to this proposal.
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