Following the final approval via governance, and after some extra setup work for the Aave Guardian to activate the Proof of Reserve system on Avalanche, currently everything is ready for the final activation.
To describe what will happen:
- The Guardian will execute 2 payload smart contracts:
- General activation of the system, for both Aave v2 and v3 Avalanche https://snowtrace.io/address/0x3215225538da1546fe0da88ee13019f402078942#code
- Addition of a
PROOF_OF_RESERVE_ADMINon Aave v2 Avalanche and upgrade of the PoolConfigurator contract to allow this role to disable borrowing and freeze assets.
https://snowtrace.io/address/0x2971768bac1121629c46f7040fb8947370fcd74a#code
- The general payload will:
- Register the pairs assets/PoR feeds on the Aggregator smart contract.
- Enable the Proof of Reserve Executor contract for v3.
- Enable the Proof of Reserve Executor contract for v2.
- Give
RISK_ADMINrole to the Executor v3. - Pull 10 LINK from the Collector of Avalanche, to fund the Chainlink Automation system, which will monitor and trigger any emergency action regarding PoR.
- Register the 2 Automations, one for v2 and another for v3.
As previously published, the assets covered will initially be DAI.e, AAVE.e, BTC.b, LINK.e, WBTC.e, and WETH.e.
We estimate the system to be active on Thursday/Friday, submitted to the timing of execution by the Aave Guardian.