KVORUM
aaveSource: Aave governor v2 · #376

MAI/MIMATIC deprecation, 2023.10.31

executedNov 24, 2023, 11:46 AM UTCby680x683a…6c02

01Summary

AISummary by Kvorumclaude-haiku-4-5

Gauntlet proposes to deprecate MAI/MIMATIC across Aave V3 on Polygon, Avalanche, Optimism, and Arbitrum due to the asset's inability to maintain its ~$0.72 peg. The changes include dramatically reducing Liquidation Thresholds (to 0.01 on most chains), increasing borrow rates (Slope 2 to 300%, Reserve Factor to 95%), freezing the reserve on Avalanche, and setting LTV to 0 on Avalanche.

Type
parameter change

Key changes

  • Reduce Liquidation Threshold for MAI/MIMATIC from 0.8 to 0.01 on Avalanche, Arbitrum, and Polygon; reduce from 0.8 to 0.65 on Optimism(high)
  • Increase Interest Rate Model parameters: Uopt from 0.8 to 0.45, Slope2 from 0.75 to 3.0 (300%), and Reserve Factor from 0.2 to 0.95 (95%) across Arbitrum, Avalanche, Optimism, and Polygon(high)
  • Freeze MAI/MIMATIC reserve and set LTV to 0 on Avalanche(high)

Notable concerns

  • MAI/MIMATIC has dropped to ~$0.72 and failed to regain peg over several months
  • Previous similar action on Avalanche (AIP-318) was not fully executed, necessitating this re-attempt
  • Dramatic parameter changes will make borrowing MAI/MIMATIC significantly more expensive and reduce collateral value
ContractsAaveV3PolygonAaveV3AvalancheAaveV3OptimismAaveV3Arbitrum
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

386 words

Summary

Given MAI/MIMATIC price drop to ~$0.72 and its inability to regain peg for the past few months, Gauntlet recommends to begin deprecation of MAI/MIMATIC. We aim to do so by changing LT and increasing borrow rates to incentivize repayment. Additionally, Gauntlet recommends freezing MAI/MIMATIC and setting MAI/MIMATIC LTV -> 0 on Avalanche, which was not executed in this previous AIP.

Specification

LT reductions

ChainAssetCurrent LTRecommended LT
avalanche v3MAI/MIMATIC0.80.01
arbitrum v3MAI/MIMATIC0.80.01
polygon v3MAI/MIMATIC0.80.01
optimism v3MAI/MIMATIC0.80.65

IR recommendations

Adjust Uopt to 0.45, Slope 2 to 300%, RF to 95%

ChainAssetCurrent UoptCurrent Slope2Current RFRecommended UoptRecommended Slope2Recommended RF
arbitrum v3MAI0.80.750.20.4530.95
avalanche v3MAI0.80.750.20.4530.95
optimism v3MAI0.80.750.20.4530.95
polygon v3miMATIC0.80.750.20.4530.95

Freeze MAI and set LTV -> 0 on Avalanche

ChainAssetAction
avalanche v3MAI/MIMATICFreeze Reserve, set LTV -> 0

References

Disclaimer

Gauntlet has not received any compensation from any third-party in exchange for recommending any of the actions contained in this proposal.

By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.

Copyright

Copyright and related rights waived via CC0.

By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.

03Mismatch analysis

AIMismatch analysis by Kvorummedium confidenceclaude-sonnet-5
Consistent

The proposal uses Aave's standard cross-chain governance pattern: the mainnet actions only call forwardPayloadForExecution, which relays a pre-deployed payload (identified by an id) to the CrossChainController on each target network. The actual parameter changes (LT reductions, interest-rate curve updates, freeze/LTV-to-zero on Avalanche) are encoded inside those separately deployed payload contracts, not visible in this decoded calldata. What can be verified here is that there are exactly four forwarding actions, one for each of the four chains named in the description (Polygon 137, Avalanche 43114, Optimism 10, Arbitrum 42161), which matches the scope of the proposal (LT changes on all four chains, IR changes on all four, freeze/LTV-zero on Avalanche only, consistent with one forwarded payload per chain covering all its changes). No target mismatches, extra actions, or missing chains are apparent. Because the specific numeric parameters (LT values, Uopt/Slope2/RF) are not decodable from the provided calldata, I cannot fully verify those exact figures against the prose, which is why confidence is medium rather than high — but nothing in the visible calldata contradicts the description, and the architecture (payload forwarding) is standard and expected for multi-chain Aave proposals, not a red flag itself. No discrepancies were identified within the scope that can be verified.”

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

4 total
#0forwardPayloadForExecution((uint256,uint8,address,uint40))chain 0x1
Target
0x9aee…2bc7
Value
0 wei
Function
forwardPayloadForExecution((uint256,uint8,address,uint40))
Arguments
{
  "0": [
    "137",
    "1",
    "0x401B5D0294E23637c18fcc38b1Bca814CDa2637C",
    "9"
  ]
}
Calldata
#1forwardPayloadForExecution((uint256,uint8,address,uint40))chain 0x1
Target
0x9aee…2bc7
Value
0 wei
Function
forwardPayloadForExecution((uint256,uint8,address,uint40))
Arguments
{
  "0": [
    "43114",
    "1",
    "0x1140CB7CAfAcC745771C2Ea31e7B5C653c5d0B80",
    "6"
  ]
}
Calldata
#2forwardPayloadForExecution((uint256,uint8,address,uint40))chain 0x1
Target
0x9aee…2bc7
Value
0 wei
Function
forwardPayloadForExecution((uint256,uint8,address,uint40))
Arguments
{
  "0": [
    "10",
    "1",
    "0x0E1a3Af1f9cC76A62eD31eDedca291E63632e7c4",
    "3"
  ]
}
Calldata
#3forwardPayloadForExecution((uint256,uint8,address,uint40))chain 0x1
Target
0x9aee…2bc7
Value
0 wei
Function
forwardPayloadForExecution((uint256,uint8,address,uint40))
Arguments
{
  "0": [
    "42161",
    "1",
    "0x89644CA1bB8064760312AE4F03ea41b05dA3637C",
    "3"
  ]
}
Calldata

05Tally

Summed from votes

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total

No votes recorded yet.

07Forum

No forum thread is confidently linked to this proposal.