Simple Summary
Update on V2 Ethereum Deprecation Plan.
Motivation
Following the v2 deprecation framework, Gauntlet and Chaos recommend the following parameter changes to frozen assets on Aave v2 Ethereum.
User Analysis
Asset | User Address | Supplied | % of Total Supply | Current HF | Liquidatable LT |
---|---|---|---|---|---|
ZRX | 0x1a5023cc3067da8cc1f5e7846d3a3662c954416a |
$8.93M | 98% | 1.48 | 28% |
CVX | 0x30dd12344ce6bb4596c37f68b507028fabfe2e0f |
$260K | 66% | 1.39 | 25% |
MKR | 0x143e79a9e576fddb5de9ae144ecd0ad17a716179 |
$354K | 5.6% | 2.07 | 23% |
MKR | 0xac1dbac279f02a4ec333ad17279093dcf6230136 |
$151K | 2.4% | 2.03 | 23% |
MKR | 0xffe6212baf6c88850dcd6511cd32be11c50d3a61 |
$137K | 2.2% | 2.21 | 22% |
MANA | 0x23b4f89e21c82aa54a7cfa263b36e724e70dd69a |
$89.4K | 13% | 1.26 | 40% |
ENS | 0xab192cf0d1d01203862f618b65b31fdedb8b3305 |
$226K | 2.6% | 1.12 | 45% |
CRV | 0x7421c1ed16b400e4868ce696452c3c985f8cd04d |
$26.9K | 0.3% | 1.20 | 38% |
CRV | 0xaecdde1672f3f121b3a6c43a2e0b5dfc28f6224c |
$492K | 5.3% | 1.28 | 35% |
Recommendations
LT
In total, this will affect 36 accounts, leading to a cumulative liquidation of $3,142 in collateral value.
Asset | Current LT | Rec LT | Value Liquidated ($) | Accounts Liquidated |
---|---|---|---|---|
1INCH | 40% | 24% | 37 | 1 |
BAL | 35% | 25% | 1 | 1 |
BAT | 40% | 1% | 678 | 5 |
CRV | 45% | 42% | 4 | 2 |
CVX | 35% | 33% | 0 | 0 |
DPI | 42% | 16% | 76 | 2 |
ENJ | 52% | 50% | 337 | 1 |
ENS | 52% | 50% | 0 | 0 |
LINK | 83% | 82% | 383 | 5 |
MANA | 54% | 48% | 83 | 2 |
MKR | 50% | 35% | 199 | 4 |
REN | 32% | 27% | 311 | 2 |
SNX | 49% | 43% | 12 | 1 |
UNI | 70% | 70% | 0 | 0 |
xSUSHI | 57% | 28% | 909 | 9 |
YFI | 50% | 45% | 413 | 1 |
ZRX | 42% | 37% | 0 | 0 |
LTV
We recommend setting LTV to 0 for all frozen assets on V2.
Specification
Asset | Cur LT | Rec LT | Current LTV | Rec LTV |
---|---|---|---|---|
1INCH | 40% | 24% | 30% | 0 |
BAL | 35% | 25% | 0 | 0 |
BAT | 40% | 1% | 0 | 0 |
CRV | 45% | 42% | 0 | 0 |
CVX | 35% | 33% | 0 | 0 |
DPI | 42% | 16% | 0 | 0 |
ENJ | 52% | 50% | 0 | 0 |
ENS | 52% | 50% | 42% | 0 |
LINK | 83% | 82% | 70% | 0 |
MANA | 54% | 48% | 0 | 0 |
MKR | 50% | 35% | 45% | 0 |
REN | 32% | 27% | 0 | 0 |
SNX | 49% | 43% | 36% | 0 |
UNI | 70% | 70% | 58% | 0 |
xSUSHI | 57% | 28% | 0 | 0 |
YFI | 50% | 45% | 0 | 0 |
ZRX | 42% | 37% | 0 | 0 |
Next Steps
We will move forward with the direct-to-AIP framework and publish the AIP this Friday. We will revisit and provide further LT reduction recommendations in two weeks.
Disclaimer
Gauntlet and Chaos have not received any compensation from any third-party in exchange for recommending any of the actions contained in this proposal.
By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.