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"description": "\n## Simple Summary\nAs the Aave V3 Ethereum pool already has a freezing steward, which allows the emergency admin to freeze reserves, this AIP aims to synchronize the behavior by doing the same across networks. \n\n## Motivation\nIn order to maintain security across Aave V3 deployments, it's essential to maintain up-to-date preventative functionality on all networks.\n\n## Specification\nAdds a `FreezingSteward` as the `riskAdmin` on the canonical Aave V3 deployments on the following networks:\n\n- Optimism\n- Arbitrum\n- Polygon\n- Metis\n- Base\n\nThe `FreezingSteward` is identical to the one currently [deployed on Ethereum](https://etherscan.io/address/0x2eE68ACb6A1319de1b49DC139894644E424fefD6#code), and only allows the `emergencyAdmin` listed in the `ACLManager` for the given deployment to freeze reserves.\n\nThis proposal also acts as an approval for the Guardian to execute the payload on the Avalanche network.\n\n## References\n\n- Implementation: [Optimism](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Optimism_FreezeStewards_20230907.sol), [Arbitrum](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Arbitrum_FreezeStewards_20230907.sol), [Polygon](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Polygon_FreezeStewards_20230907.sol), [Avalanche](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Avalanche_FreezeStewards_20230907.sol), [Metis](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Metis_FreezeStewards_20230907.sol), [Base](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Base_FreezeStewards_20230907.sol)\n- Tests: [Optimism](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Optimism_FreezeStewards_20230907.t.sol), [Arbitrum](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Arbitrum_FreezeStewards_20230907.t.sol), [Polygon](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Polygon_FreezeStewards_20230907.t.sol), [Avalanche](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Avalanche_FreezeStewards_20230907.t.sol), [Metis](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Metis_FreezeStewards_20230907.t.sol), [Base](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230907_AaveV3_Multi_FreezeStewards/AaveV3_Base_FreezeStewards_20230907.t.sol)\n- [Discussion](https://governance.aave.com/t/temporarily-pausing-gho-integration-in-aave/14626/8)\n\n## Copyright\n\nCopyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).\n",
"description": "\n## Simple Summary\n\nA proposal to adjust seven (7) total risk parameters, including Loan-to-Value, Liquidation Threshold, and Liquidation Bonus, across four (4) Aave V3 Ethereum assets.\n\n## Motivation\n\nChaos Labs’ Parameter Recommendation Platform runs hundreds of thousands of agent-based off-chain and on-chain simulations to examine how different Aave V3 risk parameter configurations would behave under adverse market conditions - and find the optimal values to maximize protocol borrow usage while minimizing losses from liquidations and bad debt.\n\nPlease find more information on the parameter recommendation methodology [here](https://community.chaoslabs.xyz/aave/recommendations/methodology).\n\n_Note: As a general guideline, we limit the proposed changes by +-3% for all parameters as a high/low bound for a given proposal. This ensures more controlled changes and allows us to analyze their effect on user behavior before recommending further amendments to the parameters if the optimal configuration is outside this range._\n\nYou can also view the simulation results and breakdown for the different assets by clicking on them on this [page](https://community.chaoslabs.xyz/aave/risk/markets/Ethereum/recommendations).\n\nThe output of our simulations reveals an opportunity to optimize parameters for DAI, wstETH, rETH and cbETH on V3 Ethereum, resulting in improved capital efficiency of the system, with a negligible effect on the projected VaR (95th percentile of the protocol losses that will be accrued due to bad debt from under-collateralized accounts over 24 hours) and EVaR (Extreme VaR, the 99th percentile of the protocol losses that will be accrued due to bad debt from under-collateralized accounts over 24 hours)\n\nIn addition, for wstETH, rETH, and cbETH, we recommend adjusting the LTV, as the current spread between the LTV to LT for these assets, which were originally set for the conservative V3 Ethereum launch, is unjustifiably large. The new spread will be similar to that of WETH.\n\n**Simulating all changes jointly yields a projected borrow increase of ~$2.5M, with no increase in VaR and Extreme VaR compared to simulations with the current parameters.**\n\n### Liquidity Analysis:\n\nBased on our analysis, we have determined that there is adequate on-chain liquidity to support any significant liquidations with the updated parameters.\n\n### Positions Analysis\n\nWe have not identified any outsized positions that are actively affecting our recommendations.\n\n### Recommendations\n\n| Asset | Parameter | Current | Recommended | Change |\n| ------ | --------------------- | ------- | ----------- | ------ |\n| DAI | Liquidation Penalty | 4% | 5% | +1% |\n| WSTETH | Liquidation Threshold | 80% | 81% | +1% |\n| WSTETH | Loan-to-Value | 69% | 78.5% | +9.5% |\n| cbETH | Liquidation Threshold | 74% | 77% | +3% |\n| cbETH | Loan-to-Value | 67% | 74.5% | +7.5% |\n| rETH | Liquidation Threshold | 74% | 77% | +3% |\n| rETH | Loan-to-Value | 67% | 74.5% | +7.5% |\n\n## References\n\n- Implementation: [Ethereum](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230828_AaveV3_Eth_ChaosLabsRiskParameterUpdates_AaveV3Ethereum/AaveV3_Ethereum_ChaosLabsRiskParameterUpdates_AaveV3Ethereum_20230828.sol)\n- Tests: [Ethereum](https://github.com/bgd-labs/aave-proposals/blob/main/src/20230828_AaveV3_Eth_ChaosLabsRiskParameterUpdates_AaveV3Ethereum/AaveV3_Ethereum_ChaosLabsRiskParameterUpdates_AaveV3Ethereum_20230828.t.sol)\n- [Snapshot](https://snapshot.org/#/aave.eth/proposal/0x5aff6836eb2e2e7a664ab996a75e115dc1d2362d32bd4b1a3d8d68b1833db702)\n- [Discussion](https://governance.aave.com/t/arfc-chaos-labs-risk-parameter-updates-aave-v3-ethereum-2023-08-25/14641)\n\n## Copyright\n\nCopyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).\n",
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