Title : [TEMP CHECK] Aave V3 “MVP” Deployment on GnosisChain
Author : Marc Zeller @marczeller - Aave Chan Initiative
Date : 2023-08-16
Summary
This TEMP CHECK proposes the deployment of an Aave V3 pool on GnosisChain. The assets considered for this deployment include wETH, wstETH, GNO, USDC, wxDAI, and EURe.
Motivation
Aave & GnosisChain with the upcoming deployment of GnosisPay L2 payment system and GnosisCard product have strategic synergies opportunities. Allowing users to “deposit as collateral, borrow and spend with Gnosis” seamless and near-zero fees experience.
GnosisChain has been a historic actor in the ecosystem, with its roots tracing back to the POA network.
This proposal builds upon the precedent of synergies between the Aave codebase and the gnosischain as illustrated by the friendly fork RMM Market with RealT, as seen here.
This “MVP” deployment opens the gates for deeper synergies between the Gnosis & Aave ecosystems in the future.
Specification
The proposed deployment on GnosisChain will include the following assets:
| Risk Parameter | wETH | wstETH | GNO | USDC | wxDAI | EURe |
|---|---|---|---|---|---|---|
| Isolation Mode | NO | NO | YES | NO | NO | NO |
| Enable Borrow | YES | YES | NO | YES | YES | YES |
| Enable Collateral | YES | YES | YES | YES | YES | NO |
| Emode Category | N/A | N/A | N/A | N/A | N/A | N/A |
| Loan To Value | 80.5% | 69% | 25% | 77% | 77% | N/A |
| Liquidation Threshold | 83% | 80% | 28% | 80% | 80% | N/A |
| Liquidation Bonus | 5% | 6% | 10% | 4.5% | 4.5% | N/A |
| Reserve Factor | 15% | 15% | N/A | 10% | 10% | 15% |
| Liquidation Protocol Fee | 10% | 10% | 10% | 10% | 10% | 10% |
| Supply Cap | 7500 wETH | 2000 wsETH | 300000 | 5M USDC | 10M xDAI | 3.5M EURe |
| Borrow Cap | 7500 wETH | 500 wstETH | N/A | 5M USDC | 10M xDAI | 3.5M EURe |
| Debt Ceiling | N/A | N/A | 5M$ | N/A | N/A | N/A |
| uOptimal | 90% | 45% | N/A | 90% | 90% | 90% |
| Base | 0% | 0% | N/A | 0% | 0% | 0% |
| Slope1 | 3.8% | 3.8% | N/A | 3.5% | 5% | 5% |
| Slope2 | 80% | 80% | N/A | 60% | 60% | 60% |
Even if both assets currently lack the maturity to be considered, the ACI is supportive mid-term of adding both wGHO and sDAI onboarding in the GnosisChain V3 pool.
Disclaimer
The Aave Chan Initiative is not affiliated with or paid by any third parties to publish this TEMP CHECK.
The ACI, as an entity, is a customer of Monerium. (EURe)
Next Steps
- Gather community feedback on this TEMP CHECK.
- If consensus is reached, escalate this proposal to the TEMP CHECK Snapshot stage.
- If TEMP CHECK snapshot outcome is YAE, escalate to ARFC stage. and create a deployment checklist process.
- If ARFC stage requirements are met, escalate to ARFC snapshot
- If ARFC Snapshot outcome is YAE, Publish a deployment AIP.
Copyright
Copyright and related rights waived via CC0.