Thanks @TokenLogic for the detailed analysis of the CoW Swap integration. We have also been collecting similar data points since the collateral/debt swap adapters went live, and we reached similar conclusions. We will therefore enact the following changes:
1. Partner fees for stablecoin to stablecoin debt swaps will be reduced to 0 basis points. This change will eliminate the friction identified in the analysis for users managing their debt positions through the Aave interface, especially when GHO is involved.
2. We will look for a way to integrate the GHO GSM in the swap route whenever a user swaps USDC/USDT for GHO. As you correctly identified, routing GHO swaps through the GSM when GHO is at peg provides a superior user experience by eliminating unnecessary swap fees. This integration will improve the efficiency of GHO debt management and help strengthen the peg.
3. We will continue to monitor swap integrations and adapt as needed. This analysis highlights the importance of ongoing evaluation of how interface-level features impact user behavior and protocol efficiency.
We value this type of substantive, data-driven analysis and appreciate the time you spent on it.
We can’t provide an ETA for these changes for now. While we’re available and online, implementing these changes requires coordination with the CoW Swap team, who may not be available during the holidays. We will provide updates on the implementation timeline as we work through the technical integration.