[ARFC] Extend GHO Stewards to Arbitrum

Governance
1

Title: [ARFC] Extend GHO Stewards to Arbitrum
Author: @karpatkey_TokenLogic
Date: 2024-07-19

Summary

This publication proposes extending the GHO Steward admin role to the Arbitrum USDC and USDT Stability Modules (GSM) and the Bridging Facilitator.

This publication also proposes this approach is extended to future GHO facilitators, unless specified otherwise.

Motivation

With the introduction of:

On the Arbitrum network; this publication proposes replicating the same agile parameter adjustment process on Ethereum by extending the GHO Steward implementation to the Arbitrum network.

Implementation of this proposal enables further streamlining of governance by enabling several GHO related parameters to be adjusted in synchronised harmony with prevailing market conditions. The GHO stewards configuration will enable faster reaction and proactive adjustments to market conditions.

GHO Steward Signers

With representation from all the major facets supporting GHO, this group ensures Risk, Growth and Liquidity provisions are all considered when amending any of the GHO related parameters.

GHO Stewards consists of members from ACI (Growth), ChaosLabs (Risk), TokenLogic (Finance) and karpatkey (Finance) Service Providers, and utilises a 3 of 4 multi-sig.

Specification

GHO Stewards will consist of the following Service Providers:

The GHO Steward admin role has the permission to adjust the following parameters.

Bridge Facilitator and CCIP Rates
On Ethereum:

  1. CCIP BridgeLimitAdmin role to adjust the bridge limit up to 100% both ways
  2. CCIP RateLimitAdmin role to adjust the TokenPool Rate Limit by 100% both ways, and the TokenPool Rate Limit Refill Rate by 100% both ways
  3. Facilitator Borrow Capacity can be updated by up to 100% both ways
  4. Facilitator Bucket Capacity can be updated by up to 100% both ways

On Arbitrum:

  1. CCIP BucketCapacityManager role to adjust the facilitator bucket capacity by 100% both ways
  2. CCIP RateLimitAdmin role to adjust the TokenPool Rate Limit by 100% both ways, and the TokenPool Rate Limit Refill Rate by 100% both ways

Arbitrum GSM (once deployed)

  1. Exposure Capacity can be updated by up to 100% both ways
  2. Bucket Capacity can be updated by up to 100% both ways
  3. Price Strategy
  4. Fee Strategy can be updated by 50 bps both ways
  5. Price Range (Freeze, Unfreeze)

GHO Steward Arbitrum SAFE: 0x8513e6F37dBc52De87b166980Fa3F50639694B60

Disclosure

TokenLogic and karpatkey receive no payment for this proposal. TokenLogic and karpatkey are both delegates within the Aave community.

Next Steps

  1. Using the Direct-to-AIP process, submit a proposal for vote.

Copyright

Copyright and related rights waived via CC0.

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