KVORUM
aaveSource: Aave governor v2 · #378

CRVUSD onboarding on Aave V3 Ethereum

executedNov 25, 2023, 02:31 PM UTCby320x329c…3ed4

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to add crvUSD (Curve Protocol's stablecoin) to Aave V3 Ethereum as a borrowable asset without collateral properties. The asset has $130M+ circulating supply with strong peg stability. Supply cap set at 60M crvUSD, borrow cap at 50M crvUSD, with standard stablecoin interest rate parameters.

Type
protocol addition

Key changes

  • Onboard crvUSD token (0xf939E0A03FB07F59A73314E73794Be0E57ac1b4E) to Aave V3 Ethereum pool(high)
  • Configure crvUSD as borrowable asset with 50M borrow cap and 60M supply cap(high)
  • Disable collateral properties for crvUSD - cannot be used as collateral for borrowing(high)
  • Set variable interest rate parameters: base 0%, slope1 5%, slope2 80%, optimal utilization 80%(medium)
  • Enable flashloan functionality for crvUSD(medium)
  • Set 10% reserve factor and 10% liquidation protocol fee(medium)

Notable concerns

  • Asset is relatively young despite strong peg resilience
  • Collateral activation deferred to future governance proposal pending crvUSD maturity
  • Stable borrowing disabled for this asset
Contracts0xf939E0A03FB07F59A73314E73794Be0E57ac1b4E0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

354 words

Simple Summary

This AIP proposes the onboarding of the CRVUSD stablecoin, minted by the Curve Protocol, into the Aave V3 Ethereum pool.

Motivation

CrvUSD is a USD-peg stablecoin minted by the Curve Protocol. While it's relatively young, it has grown to a circulating supply of over $130M with strong peg resilience. Onboarding this asset into Aave will:

  • Reinforce synergies between Aave and Curve.
  • Offer Aave users an additional decentralized stablecoin option matching the ACI diversity support ethos.
  • Strengthen the relationship between the CRVUSD & the GHO stablecoins.

As the primary usecase for stablecoins is to be deposited by users looking for a passive yield and used as a borrowable asset and not as much as a collateral asset, the ACI proposes a CRVUSD onboarding outside isolation mode but without collateral properties.

Following CrvUSD maturity, the Aave governance can propose a collateral activation for crvUSD at a later stage.

Specification

Ticker: crvUSD
Contract address: 0xf939E0A03FB07F59A73314E73794Be0E57ac1b4E
Price Feed: 0xEEf0C605546958c1f899b6fB336C20671f9cD49F

We propose the following parameters for a crvUSD onboarding:

ParameterValue
Isolation ModeNo
BorrowableYes
Collateral EnabledNo
Supply Cap (CRVUSD)60M
Borrow Cap (CRVUSD)50M
Debt CeilingN/A
LTVN/A
LTN/A
Liquidation BonusN/A
Liquidation Protocol Fee10.00%
Variable Base0.00%
Variable Slope15.00%
Variable Slope280.00%
Uoptimal80.00%
Reserve Factor10.00%
Stable BorrowingDisabled
Stable Slope113.00%
Stable Slope2300.00%
Base Stable Rate Offset3.00%
Stable Rate Excess Offset8.00%
Optimal Stable To Total Debt Ratio20.00%
FlashloanableYes
Siloed BorrowingNo
Borrowed in IsolationNo

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

The proposal follows Aave's standard governance architecture: the on-chain action is a single call to forwardPayloadForExecution, which delegates the actual execution to a separate payload contract (0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5) rather than encoding the crvUSD listing parameters directly in this proposal's calldata. This is the normal, expected pattern for Aave AIPs, and the presence of exactly one forwarding action targeting a payload contract is consistent with a listing proposal of this type — there is no evidence of a mismatched target, redirected funds, or unrelated action. However, because the granular parameters described in the Specification table (supply/borrow caps, interest rate curve, collateral status, etc.) live inside the un-decoded payload contract and are not visible in the provided calldata, I cannot directly verify each numeric claim against on-chain values. Given the lack of visibility into the payload's internal logic, confidence in a full line-by-line comparison is low, though nothing in the available calldata contradicts the description, so I do not flag a discrepancy — I simply flag reduced confidence due to the indirection typical of Aave's payload-based governance execution.

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",
    "19"
  ]
}
Calldata

05Tally

Summed from votes

Voters17
VP participating559.2K
Outcome (current)For
Current support100%

06Voters

17 total
Filter:
VoterChoice% of totalRationale
320x329c…3ed4For116.1K20.75%—3y ago
070x0703…961bFor86.8K15.52%—3y ago
130x13bd…8548For61.3K10.96%—3y ago
230x2331…7e73For60K10.73%—3y ago
2C0x2cc1…4df1For43.7K7.81%—3y ago
B90xb933…8dd1For42.4K7.58%—3y ago
EA0xea17…6676For38.7K6.93%—3y ago
EZezr3al.eth0x8659…7d0eFor38.1K6.81%—3y ago
570x57ab…2922For27.3K4.88%—3y ago
870x8787…ea52For21.2K3.79%—3y ago
E40xe459…e666For20K3.58%—3y ago
180x1855…98baFor3.6K0.64%—3y ago
DF0xdf06…4977For27.30.00%—3y ago
0D0x0d3d…c572For21.40.00%—3y ago
730x7306…c011For10.00%—3y ago
570x5762…a752For10.00%—3y ago
820x82ea…1fccFor0.50.00%—3y ago
Showing 17

07Forum

No forum thread is confidently linked to this proposal.