CRVUSD onboarding on Aave V3 Ethereum
01Summary
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
Generated by Kvorum
02Description
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:
| Parameter | Value |
|---|---|
| Isolation Mode | No |
| Borrowable | Yes |
| Collateral Enabled | No |
| Supply Cap (CRVUSD) | 60M |
| Borrow Cap (CRVUSD) | 50M |
| Debt Ceiling | N/A |
| LTV | N/A |
| LT | N/A |
| Liquidation Bonus | N/A |
| Liquidation Protocol Fee | 10.00% |
| Variable Base | 0.00% |
| Variable Slope1 | 5.00% |
| Variable Slope2 | 80.00% |
| Uoptimal | 80.00% |
| Reserve Factor | 10.00% |
| Stable Borrowing | Disabled |
| Stable Slope1 | 13.00% |
| Stable Slope2 | 300.00% |
| Base Stable Rate Offset | 3.00% |
| Stable Rate Excess Offset | 8.00% |
| Optimal Stable To Total Debt Ratio | 20.00% |
| Flashloanable | Yes |
| Siloed Borrowing | No |
| Borrowed in Isolation | No |
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
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
04Actions
- Target
- 0x9aee…2bc7
- Value
- 0 wei
- Function
- forwardPayloadForExecution((uint256,uint8,address,uint40))
- Arguments
{ "0": [ "1", "1", "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", "19" ] }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 320x329c…3ed4 | For | 116.1K | 20.75% | — | 3y ago |
| 070x0703…961b | For | 86.8K | 15.52% | — | 3y ago |
| 130x13bd…8548 | For | 61.3K | 10.96% | — | 3y ago |
| 230x2331…7e73 | For | 60K | 10.73% | — | 3y ago |
| 2C0x2cc1…4df1 | For | 43.7K | 7.81% | — | 3y ago |
| B90xb933…8dd1 | For | 42.4K | 7.58% | — | 3y ago |
| EA0xea17…6676 | For | 38.7K | 6.93% | — | 3y ago |
| EZezr3al.eth0x8659…7d0e | For | 38.1K | 6.81% | — | 3y ago |
| 570x57ab…2922 | For | 27.3K | 4.88% | — | 3y ago |
| 870x8787…ea52 | For | 21.2K | 3.79% | — | 3y ago |
| E40xe459…e666 | For | 20K | 3.58% | — | 3y ago |
| 180x1855…98ba | For | 3.6K | 0.64% | — | 3y ago |
| DF0xdf06…4977 | For | 27.3 | 0.00% | — | 3y ago |
| 0D0x0d3d…c572 | For | 21.4 | 0.00% | — | 3y ago |
| 730x7306…c011 | For | 1 | 0.00% | — | 3y ago |
| 570x5762…a752 | For | 1 | 0.00% | — | 3y ago |
| 820x82ea…1fcc | For | 0.5 | 0.00% | — | 3y ago |
07Forum
No forum thread is confidently linked to this proposal.
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