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miguelmtzinf authored Jun 17, 2024
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6 changes: 6 additions & 0 deletions .gitmodules
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[submodule "lib/aave-helpers"]
path = lib/aave-helpers
url = https://github.com/bgd-labs/aave-helpers
[submodule "lib/ccip"]
path = lib/ccip
url = https://github.com/aave/ccip
[submodule "lib/gho-core"]
path = lib/gho-core
url = https://github.com/aave/gho-core
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## Raw diff

```json
{}
```
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## Raw diff

```json
{}
```
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## Reserve changes

### Reserves added

#### ETHx ([0xA35b1B31Ce002FBF2058D22F30f95D405200A15b](https://etherscan.io/address/0xA35b1B31Ce002FBF2058D22F30f95D405200A15b))

| description | value |
| --- | --- |
| decimals | 18 |
| isActive | true |
| isFrozen | false |
| supplyCap | 3,200 ETHx |
| borrowCap | 320 ETHx |
| debtCeiling | 0 $ |
| isSiloed | false |
| isFlashloanable | true |
| eModeCategory | 1 |
| oracle | [0xD6270dAabFe4862306190298C2B48fed9e15C847](https://etherscan.io/address/0xD6270dAabFe4862306190298C2B48fed9e15C847) |
| oracleDecimals | 8 |
| oracleDescription | Capped ethX / ETH / USD |
| oracleLatestAnswer | 3913.42547237 |
| usageAsCollateralEnabled | true |
| ltv | 74.5 % |
| liquidationThreshold | 77 % |
| liquidationBonus | 7.5 % |
| liquidationProtocolFee | 10 % |
| reserveFactor | 15 % |
| aToken | [0x4F5923Fc5FD4a93352581b38B7cD26943012DECF](https://etherscan.io/address/0x4F5923Fc5FD4a93352581b38B7cD26943012DECF) |
| aTokenImpl | [0x7EfFD7b47Bfd17e52fB7559d3f924201b9DbfF3d](https://etherscan.io/address/0x7EfFD7b47Bfd17e52fB7559d3f924201b9DbfF3d) |
| variableDebtToken | [0x015396E1F286289aE23a762088E863b3ec465145](https://etherscan.io/address/0x015396E1F286289aE23a762088E863b3ec465145) |
| variableDebtTokenImpl | [0xaC725CB59D16C81061BDeA61041a8A5e73DA9EC6](https://etherscan.io/address/0xaC725CB59D16C81061BDeA61041a8A5e73DA9EC6) |
| stableDebtToken | [0x43Cc8AD0c223b38D9c04802bB184A2D97e497D38](https://etherscan.io/address/0x43Cc8AD0c223b38D9c04802bB184A2D97e497D38) |
| stableDebtTokenImpl | [0x15C5620dfFaC7c7366EED66C20Ad222DDbB1eD57](https://etherscan.io/address/0x15C5620dfFaC7c7366EED66C20Ad222DDbB1eD57) |
| borrowingEnabled | true |
| stableBorrowRateEnabled | false |
| isBorrowableInIsolation | false |
| interestRateStrategy | [0x48AF11111764E710fcDcE2750db848C63edab57B](https://etherscan.io/address/0x48AF11111764E710fcDcE2750db848C63edab57B) |
| liquidityIndex | 1 |
| variableBorrowIndex | 1 |
| aTokenName | Aave Ethereum ETHx |
| aTokenSymbol | aEthETHx |
| currentLiquidityRate | 0 % |
| currentVariableBorrowRate | 0 % |
| isPaused | false |
| stableDebtTokenName | Aave Ethereum Stable Debt ETHx |
| stableDebtTokenSymbol | stableDebtEthETHx |
| variableDebtTokenName | Aave Ethereum Variable Debt ETHx |
| variableDebtTokenSymbol | variableDebtEthETHx |
| optimalUsageRatio | 45 % |
| maxExcessStableToTotalDebtRatio | 100 % |
| maxExcessUsageRatio | 55 % |
| optimalStableToTotalDebtRatio | 0 % |
| baseVariableBorrowRate | 0 % |
| variableRateSlope1 | 7 % |
| variableRateSlope2 | 300 % |
| baseStableBorrowRate | 7 % |
| stableRateSlope1 | 0 % |
| stableRateSlope2 | 0 % |
| interestRate | ![ir](/.assets/aa2e8a5322392ad3d4ae80453f4e281a8da627cc.svg) |
| eMode.label | ETH correlated |
| eMode.ltv | 93 % |
| eMode.liquidationThreshold | 95 % |
| eMode.liquidationBonus | 1 % |
| eMode.priceSource | 0x0000000000000000000000000000000000000000 |


## Raw diff

```json
{
"reserves": {
"0xA35b1B31Ce002FBF2058D22F30f95D405200A15b": {
"from": null,
"to": {
"aToken": "0x4F5923Fc5FD4a93352581b38B7cD26943012DECF",
"aTokenImpl": "0x7EfFD7b47Bfd17e52fB7559d3f924201b9DbfF3d",
"aTokenName": "Aave Ethereum ETHx",
"aTokenSymbol": "aEthETHx",
"borrowCap": 320,
"borrowingEnabled": true,
"currentLiquidityRate": 0,
"currentVariableBorrowRate": 0,
"debtCeiling": 0,
"decimals": 18,
"eModeCategory": 1,
"interestRateStrategy": "0x48AF11111764E710fcDcE2750db848C63edab57B",
"isActive": true,
"isBorrowableInIsolation": false,
"isFlashloanable": true,
"isFrozen": false,
"isPaused": false,
"isSiloed": false,
"liquidationBonus": 10750,
"liquidationProtocolFee": 1000,
"liquidationThreshold": 7700,
"liquidityIndex": "1000000000000000000000000000",
"ltv": 7450,
"oracle": "0xD6270dAabFe4862306190298C2B48fed9e15C847",
"oracleDecimals": 8,
"oracleDescription": "Capped ethX / ETH / USD",
"oracleLatestAnswer": 391342547237,
"reserveFactor": 1500,
"stableBorrowRateEnabled": false,
"stableDebtToken": "0x43Cc8AD0c223b38D9c04802bB184A2D97e497D38",
"stableDebtTokenImpl": "0x15C5620dfFaC7c7366EED66C20Ad222DDbB1eD57",
"stableDebtTokenName": "Aave Ethereum Stable Debt ETHx",
"stableDebtTokenSymbol": "stableDebtEthETHx",
"supplyCap": 3200,
"symbol": "ETHx",
"underlying": "0xA35b1B31Ce002FBF2058D22F30f95D405200A15b",
"usageAsCollateralEnabled": true,
"variableBorrowIndex": "1000000000000000000000000000",
"variableDebtToken": "0x015396E1F286289aE23a762088E863b3ec465145",
"variableDebtTokenImpl": "0xaC725CB59D16C81061BDeA61041a8A5e73DA9EC6",
"variableDebtTokenName": "Aave Ethereum Variable Debt ETHx",
"variableDebtTokenSymbol": "variableDebtEthETHx"
}
}
},
"strategies": {
"0xA35b1B31Ce002FBF2058D22F30f95D405200A15b": {
"from": null,
"to": {
"address": "0x48AF11111764E710fcDcE2750db848C63edab57B",
"baseStableBorrowRate": "70000000000000000000000000",
"baseVariableBorrowRate": 0,
"maxExcessStableToTotalDebtRatio": "1000000000000000000000000000",
"maxExcessUsageRatio": "550000000000000000000000000",
"optimalStableToTotalDebtRatio": 0,
"optimalUsageRatio": "450000000000000000000000000",
"stableRateSlope1": 0,
"stableRateSlope2": 0,
"variableRateSlope1": "70000000000000000000000000",
"variableRateSlope2": "3000000000000000000000000000"
}
}
}
}
```
1 change: 1 addition & 0 deletions lib/ccip
Submodule ccip added at d6cb9d
1 change: 1 addition & 0 deletions lib/gho-core
Submodule gho-core added at a9647e
4 changes: 3 additions & 1 deletion remappings.txt
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Expand Up @@ -6,4 +6,6 @@ aave-v3-core/=lib/aave-helpers/lib/aave-address-book/lib/aave-v3-core/
aave-v3-periphery/=lib/aave-helpers/lib/aave-address-book/lib/aave-v3-periphery/
ds-test/=lib/aave-helpers/lib/forge-std/lib/ds-test/src/
forge-std/=lib/aave-helpers/lib/forge-std/src/
solidity-utils/=lib/aave-helpers/lib/solidity-utils/src/
solidity-utils/=lib/aave-helpers/lib/solidity-utils/src/
ccip/=lib/ccip/contracts/src/
gho-core/=lib/gho-core/src/contracts/
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// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;

import {AaveV3Ethereum, AaveV3EthereumEModes} from 'aave-address-book/AaveV3Ethereum.sol';
import {AaveV3PayloadEthereum} from 'aave-helpers/v3-config-engine/AaveV3PayloadEthereum.sol';
import {EngineFlags} from 'aave-helpers/v3-config-engine/EngineFlags.sol';
import {IAaveV3ConfigEngine} from 'aave-helpers/v3-config-engine/IAaveV3ConfigEngine.sol';
import {IV3RateStrategyFactory} from 'aave-helpers/v3-config-engine/IV3RateStrategyFactory.sol';
import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';
import {SafeERC20} from 'solidity-utils/contracts/oz-common/SafeERC20.sol';

/**
* @title Onboarding ETHx to Aave V3
* @author karpatkey_TokenLogic
* - Snapshot: https://snapshot.org/#/aave.eth/proposal/0x9238b091250c739f5b5486ab8dbaa110b0b7ec0582698ea2c2d3721377e4b0bb
* - Discussion: https://governance.aave.com/t/arfc-onboarding-ethx-to-aave-v3-ethereum/15672
*/
contract AaveV3Ethereum_OnboardingETHxToAaveV3_20240521 is AaveV3PayloadEthereum {
using SafeERC20 for IERC20;

address public constant ETHx = 0xA35b1B31Ce002FBF2058D22F30f95D405200A15b;
uint256 public constant ETHx_SEED_AMOUNT = 0.01 ether;

function _postExecute() internal override {
IERC20(ETHx).forceApprove(address(AaveV3Ethereum.POOL), ETHx_SEED_AMOUNT);
AaveV3Ethereum.POOL.supply(ETHx, ETHx_SEED_AMOUNT, address(AaveV3Ethereum.COLLECTOR), 0);
}

function newListings() public pure override returns (IAaveV3ConfigEngine.Listing[] memory) {
IAaveV3ConfigEngine.Listing[] memory listings = new IAaveV3ConfigEngine.Listing[](1);

listings[0] = IAaveV3ConfigEngine.Listing({
asset: ETHx,
assetSymbol: 'ETHx',
priceFeed: 0xD6270dAabFe4862306190298C2B48fed9e15C847,
eModeCategory: AaveV3EthereumEModes.ETH_CORRELATED,
enabledToBorrow: EngineFlags.ENABLED,
stableRateModeEnabled: EngineFlags.DISABLED,
borrowableInIsolation: EngineFlags.DISABLED,
withSiloedBorrowing: EngineFlags.DISABLED,
flashloanable: EngineFlags.ENABLED,
ltv: 74_50,
liqThreshold: 77_00,
liqBonus: 7_50,
reserveFactor: 15_00,
supplyCap: 3_200,
borrowCap: 320,
debtCeiling: 0,
liqProtocolFee: 10_00,
rateStrategyParams: IV3RateStrategyFactory.RateStrategyParams({
optimalUsageRatio: _bpsToRay(45_00),
baseVariableBorrowRate: _bpsToRay(0),
variableRateSlope1: _bpsToRay(7_00),
variableRateSlope2: _bpsToRay(300_00),
stableRateSlope1: _bpsToRay(0),
stableRateSlope2: _bpsToRay(0),
baseStableRateOffset: _bpsToRay(0),
stableRateExcessOffset: _bpsToRay(0),
optimalStableToTotalDebtRatio: _bpsToRay(0)
})
});

return listings;
}
}
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// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;

import {GovV3Helpers} from 'aave-helpers/GovV3Helpers.sol';
import {AaveV3Ethereum} from 'aave-address-book/AaveV3Ethereum.sol';
import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';

import 'forge-std/Test.sol';
import {ProtocolV3TestBase, ReserveConfig} from 'aave-helpers/ProtocolV3TestBase.sol';
import {AaveV3Ethereum_OnboardingETHxToAaveV3_20240521} from './AaveV3Ethereum_OnboardingETHxToAaveV3_20240521.sol';

/**
* @dev Test for AaveV3Ethereum_OnboardingETHxToAaveV3_20240521
* command: FOUNDRY_PROFILE=mainnet forge test --match-path=src/20240521_AaveV3Ethereum_OnboardingETHxToAaveV3/AaveV3Ethereum_OnboardingETHxToAaveV3_20240521.t.sol -vv
*/
contract AaveV3Ethereum_OnboardingETHxToAaveV3_20240521_Test is ProtocolV3TestBase {
AaveV3Ethereum_OnboardingETHxToAaveV3_20240521 internal proposal;

function setUp() public {
vm.createSelectFork(vm.rpcUrl('mainnet'), 19937144);
proposal = new AaveV3Ethereum_OnboardingETHxToAaveV3_20240521();
}

/**
* @dev executes the generic test suite including e2e and config snapshots
*/
function test_defaultProposalExecution() public {
defaultTest(
'AaveV3Ethereum_OnboardingETHxToAaveV3_20240521',
AaveV3Ethereum.POOL,
address(proposal)
);
}

function test_collectorHasETHxFunds() public {
GovV3Helpers.executePayload(vm, address(proposal));
(address aTokenAddress, , ) = AaveV3Ethereum
.AAVE_PROTOCOL_DATA_PROVIDER
.getReserveTokensAddresses(proposal.ETHx());
assertGe(IERC20(aTokenAddress).balanceOf(address(AaveV3Ethereum.COLLECTOR)), 0.01 ether);
}
}
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---
title: "Onboarding ETHx to Aave V3 Ethereum"
author: "karpatkey_TokenLogic"
discussions: "https://governance.aave.com/t/arfc-onboarding-ethx-to-aave-v3-ethereum/15672"
snapshot: "https://snapshot.org/#/aave.eth/proposal/0x9238b091250c739f5b5486ab8dbaa110b0b7ec0582698ea2c2d3721377e4b0bb"
---

## Simple Summary

This publication onboards Stader Lab's ETHx onto the Ethereum Aave v3 deployment as collateral and includes it the ETH-correlated E-Mode category.

## Motivation

Liquid staking tokens (LSTs) have proven to be popular collateral assets on Aave. The ETHx represents Stader’s staked ETH and provides its users with liquid staking benefits. Supporting ETHx on Aave V3 promotes LST diversity and complements existing assets like stETH, cbETH and rETH.

Given their high correlation to ETH, LSTs are commonly used as collateral to borrow ETH and engage in yield leveraged staking. Several communities have built products that automate such strategies on top of Aave. The inclusion of ETHx in the ETH-category E-Mode enables these strategies to maximize the yield potential of the recursive strategy.

The risk parameters have been provided by Chaos Labs, and the smart contracts of ETHx reviewed by BGD Labs. Further details, including LlamaRisk's more qualitative assessment, can be found on the Aave governance forum.

## Specification

The table below illustrates the configured risk parameters for **ETHx**

| Parameter | Value |
| ---------------------------------- | -----------------------------------------: |
| Isolation Mode | false |
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (ETHx) | 3,200 |
| Borrow Cap (ETHx) | 320 |
| Debt Ceiling | USD 0 |
| LTV | 74.5 % |
| LT | 77 % |
| Liquidation Bonus | 7.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 15 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 7 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Stable Borrowing | DISABLED |
| Stable Slope1 | 0 % |
| Stable Slope2 | 0 % |
| Base Stable Rate Offset | 0 % |
| Stable Rate Excess Offset | 0 % |
| Optimal Stable To Total Debt Ratio | 0 % |
| Flashloanable | ENABLED |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
| Oracle | 0xD6270dAabFe4862306190298C2B48fed9e15C847 |

## References

- Implementation: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/e8968bac42771c0a782f8ec60c409affbab80a3e/src/20240521_AaveV3Ethereum_OnboardingETHxToAaveV3/AaveV3Ethereum_OnboardingETHxToAaveV3_20240521.sol)
- Tests: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/e8968bac42771c0a782f8ec60c409affbab80a3e/src/20240521_AaveV3Ethereum_OnboardingETHxToAaveV3/AaveV3Ethereum_OnboardingETHxToAaveV3_20240521.t.sol)
- [Snapshot](https://snapshot.org/#/aave.eth/proposal/0x9238b091250c739f5b5486ab8dbaa110b0b7ec0582698ea2c2d3721377e4b0bb)
- [Discussion](https://governance.aave.com/t/arfc-onboarding-ethx-to-aave-v3-ethereum/15672)

## Copyright

Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).
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