Proposal 201

README.md

@@ -203,6 +203,7 @@ As of 29th April 2024, Certora is the service provider of the Aave DAO writing t
 | 197 | [Aave v3 Generalized Risk Stewards (AGRS) activation](./reports/v3-197-aave-v3-multichain-generelized-risk-steward-activation.md)  |
 | 198 | [Aave v3 GHO CCIP Integration Maintenance](./reports/v3-198-aave-v3-Ethereum-and-Arbitrum-GHO-CCIP-maintenance.md)  |
 | 199 | [Aave v3 stkAAVE - Re-enable Rewards](./reports/v3-199-aave-v3-Ethereum-reenable-rewards-stkAAVE.md)  |
+| 201 | [Aave v3 PYUSD Campaign](./reports/v3-201-aave-v3-Ethereum-PYUSD-campaign.md)  |
 
 
 

reports/v3-201-aave-v3-Ethereum-PYUSD-campaign.md

@@ -0,0 +1,119 @@
+# Proposal 201. PYUSD Reserve Configuration Update & Incentive Campaign
+
+
+<br>
+
+### Voting link
+
+[https://vote.onaave.com/proposal/?proposalId=201](https://vote.onaave.com/proposal/?proposalId=201)
+
+<br>
+
+### Governance forum discussion
+
+[https://governance.aave.com/t/arfc-pyusd-reserve-configuration-update-incentive-campaign/19573/2](https://governance.aave.com/t/arfc-pyusd-reserve-configuration-update-incentive-campaign/19573/2)
+
+<br>
+
+### Payloads
+
+* Ethereum - [proposal payloads](https://etherscan.io/address/0x4927022149AAfE0B199722869b9Eb96d1c1799cf#code)
+
+<br>
+
+## Certora analysis
+
+<br>
+
+### Proposal types
+
+:wrench: :bar_chart: configuration update
+
+:handshake: permission granting or revoking
+
+:moneybag: :receipt: asset transfer
+
+<br>
+
+### Context
+
+This proposal aims to enhance the adoption and liquidity of PayPal’s stablecoin, PYUSD, on the Aave platform. By adjusting the reserve settings for PYUSD and implementing a six-month incentive campaign, it seeks to make PYUSD borrowing more attractive, offering up to 4% APR in rewards for Aave users. Additionally, a liquidity pool on Balancer is proposed to support PYUSD/GHO trading, with further incentives provided by PayPal and Trident Digital. This dual effort is intended to increase PYUSD’s utility and improve its liquidity, making it a more viable asset within DeFi.
+
+<br>
+
+### Proposal creation
+
+Transaction: [https://etherscan.io/tx/0x2038734975b9e5407ceb1417d5d8dff4fc25c8abad9d641a526171f5edc4aced](https://etherscan.io/tx/0x2038734975b9e5407ceb1417d5d8dff4fc25c8abad9d641a526171f5edc4aced)
+
+```
+- proposalId: 201
+- creator: 0x57ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922
+- accessLevel: 1
+- ipfsHash: 0x60f540e34c1b586a245dc16025098ca382fde4d9cb104a8c04a39745f3a7ea81
+```
+
+<br>
+
+**createProposal() parameters**
+
+```
+{
+  "payloads": [ 
+    { 
+      "chain": "1", 
+      "accessLevel": "1", 
+      "payloadsController": "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", 
+      "payloadId": "207" 
+    }, 
+  ], 
+  "votingPortal": "0x9b24C168d6A76b5459B1d47071a54962a4df36c3", 
+  "ipfsHash": "0x60f540e34c1b586a245dc16025098ca382fde4d9cb104a8c04a39745f3a7ea81" 
+}
+```
+
+<br>
+
+### Aave Seatbelt report
+
+**Proposal report**
+
+[https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/201.md](https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/proposals/201.md)
+
+**Payload reports**
+
+* Ethereum - [https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/207.md](https://github.com/bgd-labs/seatbelt-gov-v3/blob/main/reports/payloads/1/0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5/207.md)
+
+<br>
+
+### Technical analysis
+
+We have verified that the proposal payload does the following:
+
+1. **Adjusts PYUSD Reserve Parameters on Aave v3:**
+   - **Borrow Cap**: Sets the borrow cap for PYUSD to 15 million.
+   - **Loan-to-Value (LTV)**: Configures LTV at 75%.
+   - **Liquidation Threshold (LT)**: Sets LT to 78%.
+   - **Liquidation Penalty**: Establishes a liquidation penalty of 7.5%.
+   - **Liquidation Protocol Fee**: Applies a 10% liquidation protocol fee.
+
+2. **Approves a 300,000 GHO Allocation to the Aave Liquidity Coordinator (ALC SAFE):**
+   - Enables the Aave Collector to approve 300,000 GHO to the ALC SAFE address, facilitating liquidity support for the PYUSD/GHO pool on Balancer. 
+3. **Sets Emission Admin Rights for PYUSD and aEthPYUSD:**
+   - Grants `ACI_TREASURY` control over emissions for both PYUSD and aEthPYUSD.
+
+<br>
+
+The proposal is consistent with the description on both Snapshot and the governance forum.
+
+<br>
+
+### Certora validations
+
+:white_check_mark: The code on the proposal payload corresponds to the proposal specification.
+
+:white_check_mark: The proposal includes a proper tests suite, checking all necessary post-conditions.
+
+:white_check_mark: BGD reviewed the payload before the proposal was submitted.
+
+:white_check_mark: Certora reviewed the procedure followed to submit the proposal.
+