[ARFC] GHO Steward v2 Upgrade

Governance
1

title: [ARFC] GHO Steward v2 Upgrade
author: @karpatkey_TokenLogic
created: 2024-09-19

Summary

This publication proposes upgrading the GHO Steward Role to incorporate additional functionality to accomodate the current and future growth of GHO.

Motivation

In response to the expanding GHO ecosystem, GhoSteward v2 incorporates several different stewards to avoid the need to redeploy the entire steward contract whenever an upgrade or change is proposed.

  • GhoBucketSteward
  • GhoAaveSteward
  • GhoCcipSteward
  • GhoGsmSteward

Any future change to the GHO Steward functionality will require only the corresponding steward to be updated. This reduces the complexity and streamlines future amendments to the GHO Steward role.

In addition, some new features have been added to allow for controlling parameters related to CCIP.

The below outlines the functionality of the new GHO Steward role:

GhoBucketSteward

  • updateFacilitatorBucketCapacity
    • The update changes up to 100% upwards
    • Facilitator must be in controlled list
    • Only callable by the GHO Steward

GhoAaveSteward

  • updateGhoBorrowCap

    • The update changes up to 100% upwards and downwards
    • Only callable by the GHO Steward

  • updateGhoBorrowRate

    • The update changes up to 5.0% (configurable by the DAO) upwards or downwards the following four variables:
      • optimalUsageRatio
      • baseVariableBorrowRate
      • variableRateSlope1
      • variableRateSlope2

  • The initially allowed amount of change for these variables is 5%, but is configurable by the DAO

    • Max value for borrow rate is 25.0%
    • Note that this is enforced by GHO_BORROW_RATE_MAX and is an absolute max on the final value, whereas the other update conditions enforce how much a value is allowed to change on each individual update (and there is no enforced maximum value)

  • Only callable by the GHO Steward

  • updateGhoSupplyCap

    • The update changes up to 100% upwards
    • Only callable by the GHO Steward

GhoCcipSteward

  • updateBridgeLimit
    • The update changes up to 100% upwards or downwards
    • Only callable by the GHO Steward
  • updateRateLimit
    • The update changes up to 100% upwards or downwards
    • Only callable by the GHO Steward

GhoGsmSteward

  • updateGsmExposureCap

    • The update changes up to 100% upwards
    • Only callable by the GHO Steward

  • updateGsmBuySellFees

    • The update changes up to 0.5% upwards or downwards (in both buy and sell individually)
    • Asumes that strategy is FixedFeeStrategy created by FixedFeeStrategyFactory
    • Only callable by the GHO Steward

Management of the GHO Steward Permissions

The following functions can only be called by the owner (the Aave DAO)

  • setControlledFacilitator on GhoBucketSteward
    • Only callable by the Aave DAO
  • setRiskConfig on GhoAaveSteward
    • Sets the max percent changes for each of the four required parameters for Gho borrow rate (optimal usage ratio, base variable borrow rate, variable slope rate 1 and 2)
    • Only callable by the Aave DAO

Further details relating to GhoSteward v2 can be found here.

GHO Stewards

The below provides a recap of the current GHO Stewards for completeness.

The SAFE is configured to have 3 of 4 signer requirement.

Specification

The following contracts must be granted these roles by the DAO:

  • GhoAaveSteward
    • RiskAdmin in Aave V3 Ethereum Pool
  • GhoBucketSteward (both on Ethereum and Arbitrum)
    • GhoTokenBucketManagerRole on GhoToken
  • GhoCcipSteward
    • RateLimitAdmin and BridgeLimitAdmin roles on GhoTokenPool (just rateLimitAdmin on Arbitrum)
  • GhoGsmSteward
    • Configurator in every GSM asset that the DAO wants the risk council to manage

To facilitate the CCIP Steward, a new CCIP token pool implementation will be implemented on Arbitrum to allow setting of rateLimitAdmin.

Disclosure

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

Next Steps

  1. Gather feedback from the community.
  2. If consensus is reached on this ARFC, escalate this proposal to the Snapshot stage.
  3. If Snapshot outcome is YAE, an AIP will be submitted for community vote.

Copyright

Copyright and related rights waived via CC0.

6 Likes
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A snapshot vote has been created:

Link: here

Start date Sep 25, 2024, 9:12 PM
End date Sep 28, 2024, 9:12 PM

Thank you in advance for participating in the vote.

1 Like