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stkABPT Emission Update (#930)
* Emissions update * Emission update fixes * Fixed md file, added allowances updates, fixed tests * fixed allowance update and tests * fixed tests * fixed unused import * fixed naming and md file * 'increment distribution end' * feat: clean up tests --------- Co-authored-by: efecarranza <[email protected]>
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‎diffs/AaveV3Ethereum_EmissionUpdate_20251219_before_AaveV3Ethereum_EmissionUpdate_20251219_after.md‎

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## Raw diff
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```json
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{
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"raw": {
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"0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9": {
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"label": "AaveV2Ethereum.ASSETS.AAVE.UNDERLYING, AaveV2EthereumArc.ASSETS.AAVE.UNDERLYING, AaveV3Ethereum.ASSETS.AAVE.UNDERLYING",
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"contract": "lib/aave-umbrella/lib/aave-v3-origin/lib/solidity-utils/lib/openzeppelin-contracts-upgradeable/lib/openzeppelin-contracts/contracts/proxy/transparent/TransparentUpgradeableProxy.sol:TransparentUpgradeableProxy",
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"balanceDiff": null,
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"nonceDiff": null,
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"stateDiff": {
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"0x495a957a79652a5e0fd2a854635df04aeb86fb136127eba37ff9c7b5a260662d": {
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"previousValue": "0x0000000000000000000000000000000000000000000004f79c41084d5297e515",
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"newValue": "0x0000000000000000000000000000000000000000000006131d622ea76acf3ed5"
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}
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}
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},
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"0x9eda81c21c273a82be9bbc19b6a6182212068101": {
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"label": "AaveSafetyModule.STK_AAVE_WSTETH_BPTV2",
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"contract": "lib/aave-umbrella/lib/aave-v3-origin/lib/solidity-utils/lib/openzeppelin-contracts-upgradeable/lib/openzeppelin-contracts/contracts/proxy/transparent/TransparentUpgradeableProxy.sol:TransparentUpgradeableProxy",
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"balanceDiff": null,
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"nonceDiff": null,
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"stateDiff": {
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"0x0000000000000000000000000000000000000000000000000000000000000009": {
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"previousValue": "0x000000000000000000000000000000000000000000000000000000006989e13f",
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"newValue": "0x000000000000000000000000000000000000000000000000000000006a00883f"
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},
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"0xfc8aee8416b692e3581ecb0e469dfb43f6eb58b5c6dba1f8235e29609b3cb8a0": {
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"previousValue": "0x0000000000000000000000006953fc03000000000000000000055873e297b4bd",
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"newValue": "0x00000000000000000000000069542a5f00000000000000000001a50ff6f39a12"
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},
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"0xfc8aee8416b692e3581ecb0e469dfb43f6eb58b5c6dba1f8235e29609b3cb8a1": {
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"previousValue": "0x00000000000000000000000000000000000000000000000004e4c159b1db552a",
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"newValue": "0x00000000000000000000000000000000000000000000000004e4f9cee86a41d8"
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}
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}
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},
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"0xdabad81af85554e9ae636395611c58f7ec1aaec5": {
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"label": "GovernanceV3Ethereum.PAYLOADS_CONTROLLER",
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"contract": "lib/aave-umbrella/lib/aave-v3-origin/lib/solidity-utils/lib/openzeppelin-contracts-upgradeable/lib/openzeppelin-contracts/contracts/proxy/transparent/TransparentUpgradeableProxy.sol:TransparentUpgradeableProxy",
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"balanceDiff": null,
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"nonceDiff": null,
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"stateDiff": {
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"0x60969e1cbcb55c22c415d8d4f95d877c6b7c4a416eeb50448d660a445fb3775f": {
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"previousValue": "0x0069542a5e000000000002000000000000000000000000000000000000000000",
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"newValue": "0x0069542a5e000000000003000000000000000000000000000000000000000000"
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},
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"0x60969e1cbcb55c22c415d8d4f95d877c6b7c4a416eeb50448d660a445fb37760": {
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"previousValue": "0x000000000000000000093a8000000000000069824edf00000000000000000000",
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"newValue": "0x000000000000000000093a8000000000000069824edf00000000000069542a5f"
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}
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}
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}
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}
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}
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```

‎src/20251219_AaveV3Ethereum_EmissionUpdate/AaveV3Ethereum_EmissionUpdate_20251219.sol‎

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// SPDX-License-Identifier: MIT
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pragma solidity ^0.8.0;
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import {IProposalGenericExecutor} from 'aave-helpers/src/interfaces/IProposalGenericExecutor.sol';
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import {IStakeToken} from 'aave-helpers/lib/aave-address-book/src/common/IStakeToken.sol';
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import {AaveSafetyModule} from 'aave-address-book/AaveSafetyModule.sol';
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import {AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
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import {MiscEthereum} from 'aave-address-book/MiscEthereum.sol';
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import {IERC20} from 'openzeppelin-contracts/contracts/token/ERC20/IERC20.sol';
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/**
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* @title stkABPT Emission Update
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* @author @TokenLogic
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* - Snapshot: https://snapshot.box/#/s:aavedao.eth/proposal/0x6712b1677068d2d316af699757057a0c8c03e0ff0693c12aacc381d294c419a4
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* - Discussion: https://governance.aave.com/t/arfc-safety-module-umbrella-emission-update/23103/9
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*/
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contract AaveV3Ethereum_EmissionUpdate_20251219 is IProposalGenericExecutor {
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uint128 public constant AAVE_EMISSION_PER_SECOND_STK_BPT = uint128(40 ether) / 1 days;
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function execute() external override {
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IStakeToken.AssetConfigInput[] memory config = new IStakeToken.AssetConfigInput[](1);
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config[0] = IStakeToken.AssetConfigInput({
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emissionPerSecond: AAVE_EMISSION_PER_SECOND_STK_BPT,
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totalStaked: 0,
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underlyingAsset: AaveSafetyModule.STK_AAVE_WSTETH_BPTV2
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});
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IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2).configureAssets(config);
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uint256 newDistributionEnd = IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2)
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.distributionEnd() + 90 days;
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IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2).setDistributionEnd(newDistributionEnd);
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uint256 currentAllowance = IERC20(AaveV3EthereumAssets.AAVE_UNDERLYING).allowance(
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MiscEthereum.ECOSYSTEM_RESERVE,
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AaveSafetyModule.STK_AAVE_WSTETH_BPTV2
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);
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uint256 updatedAllowance = currentAllowance +
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(uint256(AAVE_EMISSION_PER_SECOND_STK_BPT) * (newDistributionEnd - block.timestamp));
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MiscEthereum.AAVE_ECOSYSTEM_RESERVE_CONTROLLER.approve(
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MiscEthereum.ECOSYSTEM_RESERVE,
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AaveV3EthereumAssets.AAVE_UNDERLYING,
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AaveSafetyModule.STK_AAVE_WSTETH_BPTV2,
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0
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);
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MiscEthereum.AAVE_ECOSYSTEM_RESERVE_CONTROLLER.approve(
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MiscEthereum.ECOSYSTEM_RESERVE,
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AaveV3EthereumAssets.AAVE_UNDERLYING,
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AaveSafetyModule.STK_AAVE_WSTETH_BPTV2,
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updatedAllowance
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);
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}
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}

‎src/20251219_AaveV3Ethereum_EmissionUpdate/AaveV3Ethereum_EmissionUpdate_20251219.t.sol‎

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// SPDX-License-Identifier: MIT
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pragma solidity ^0.8.0;
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import {AaveV3Ethereum} from 'aave-address-book/AaveV3Ethereum.sol';
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import {ProtocolV3TestBase} from 'aave-helpers/src/ProtocolV3TestBase.sol';
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import {AaveV3Ethereum_EmissionUpdate_20251219} from './AaveV3Ethereum_EmissionUpdate_20251219.sol';
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import {IStakeToken} from 'aave-address-book/common/IStakeToken.sol';
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import {AaveSafetyModule} from 'aave-address-book/AaveSafetyModule.sol';
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import {IERC20} from 'openzeppelin-contracts/contracts/token/ERC20/IERC20.sol';
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import {MiscEthereum} from 'aave-address-book/MiscEthereum.sol';
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import {AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
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/**
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* @dev Test for AaveV3Ethereum_EmissionUpdate_20251219
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* command:
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* FOUNDRY_PROFILE=test forge test --match-path=src/20251219_AaveV3Ethereum_EmissionUpdate/AaveV3Ethereum_EmissionUpdate_20251219.t.sol -vv
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*/
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contract AaveV3Ethereum_EmissionUpdate_20251219_Test is ProtocolV3TestBase {
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AaveV3Ethereum_EmissionUpdate_20251219 internal proposal;
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function setUp() public {
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vm.createSelectFork(vm.rpcUrl('mainnet'), 24127590);
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proposal = new AaveV3Ethereum_EmissionUpdate_20251219();
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}
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function test_defaultProposalExecution() public {
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defaultTest('AaveV3Ethereum_EmissionUpdate_20251219', AaveV3Ethereum.POOL, address(proposal));
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}
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function test_checkConfig() public {
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(uint128 emissionPerSecondBefore, , ) = IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2)
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.assets(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2);
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assertEq(
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emissionPerSecondBefore,
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uint128(130 ether) / 1 days,
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'unexpected stkABPT emission rate before'
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);
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executePayload(vm, address(proposal));
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(uint128 emissionPerSecondAfter, , ) = IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2)
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.assets(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2);
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assertEq(
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emissionPerSecondAfter,
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proposal.AAVE_EMISSION_PER_SECOND_STK_BPT(),
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'unexpected stkABPT emission rate after'
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);
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}
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function test_distributionEnd() public {
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uint256 endTimestampBefore = IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2)
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.distributionEnd();
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assertGt(
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endTimestampBefore,
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block.timestamp,
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'New distribution duration is lower than current timestamp'
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);
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executePayload(vm, address(proposal));
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uint256 endTimestampAfter = IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2)
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.distributionEnd();
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assertEq(endTimestampBefore + 90 days, endTimestampAfter, 'New distribution duration differs');
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}
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function test_checkAllowance() public {
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uint256 allowanceBefore = IERC20(AaveV3EthereumAssets.AAVE_UNDERLYING).allowance(
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MiscEthereum.ECOSYSTEM_RESERVE,
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AaveSafetyModule.STK_AAVE_WSTETH_BPTV2
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);
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uint256 newDistributionEnd = IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2)
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.distributionEnd() + 90 days;
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uint256 secondsRemaining = newDistributionEnd - block.timestamp;
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uint256 expectedAllowance = allowanceBefore +
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(uint256(proposal.AAVE_EMISSION_PER_SECOND_STK_BPT()) * secondsRemaining);
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executePayload(vm, address(proposal));
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assertEq(
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IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2).distributionEnd(),
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newDistributionEnd,
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'unexpected distributionEnd after'
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);
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uint256 allowanceAfter = IERC20(AaveV3EthereumAssets.AAVE_UNDERLYING).allowance(
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MiscEthereum.ECOSYSTEM_RESERVE,
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AaveSafetyModule.STK_AAVE_WSTETH_BPTV2
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);
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assertEq(allowanceAfter, expectedAllowance, 'unexpected allowance after');
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assertGe(allowanceAfter, allowanceBefore, 'allowance after should be >= allowance before');
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}
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function test_checkRewards_stkBPT() public {
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address stakedToken = 0x3de27EFa2F1AA663Ae5D458857e731c129069F29;
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address staker = 0xce88686553686DA562CE7Cea497CE749DA109f9F;
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uint256 rewardsPerDay = 40e18;
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executePayload(vm, address(proposal));
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vm.startPrank(staker);
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IERC20(stakedToken).approve(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2, 1 ether);
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IERC20(stakedToken).balanceOf(staker);
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IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2).stake(staker, 1 ether);
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vm.stopPrank();
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vm.warp(block.timestamp + 1 days);
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uint256 rewardsBalance = IStakeToken(AaveSafetyModule.STK_AAVE_WSTETH_BPTV2)
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.getTotalRewardsBalance(staker);
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assertTrue(rewardsBalance > 0 && rewardsBalance <= rewardsPerDay);
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vm.stopPrank();
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}
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}

‎src/20251219_AaveV3Ethereum_EmissionUpdate/EmissionUpdate.md‎

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---
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title: "stkABPT Emission Update"
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author: "@TokenLogic"
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discussions: "https://governance.aave.com/t/arfc-safety-module-umbrella-emission-update/23103/9"
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---
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## Simple Summary
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Reduce AAVE emissions for the legacy Safety Module **stkABPT** (stkAAVE/wstETH BPTv2) from **130 AAVE/day** to **40 AAVE/day**.
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## Motivation
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This change follows the proposal’s direction to **phase out stkABPT incentives** (as emissions will trend to **0**) by reducing incentives on the legacy Safety Module. Reducing stkABPT emissions lowers ongoing incentive spend while supporting the transition towards the Umbrella Safety Modules and improved capital efficiency.
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**Note:** **stkAAVE is not being phased out**; it will be **repurposed** into a **no-risk staking (dividend yield) contract**.
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## Specification
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- **Target module:** Legacy Safety Module stake token **stkABPT** (`AaveSafetyModule.STK_AAVE_WSTETH_BPTV2`).
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- **Change:** Update AAVE rewards emission rate from **130 AAVE/day → 40 AAVE/day** by setting:
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- `emissionPerSecond = 40 AAVE / day` (expressed as `uint128(40 ether) / 1 days`)
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- **Distribution end:** extend rewards distribution by **90 days**: `newDistributionEnd = distributionEnd + 90 days`.
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- **Allowance adjustment (funding):** Reset and set the AAVE allowance from the **Ecosystem Reserve** to the stake token to cover **already accrued** + **future emissions**:
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- `allowance = currentAllowance + emissionPerSecond * (newDistributionEnd - block.timestamp)`
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- **No other changes:** This payload does **not** modify stkAAVE emissions, cooldown parameters, slashing parameters, or any Umbrella module emissions.
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## References
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- Implementation: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20251219_AaveV3Ethereum_EmissionUpdate/AaveV3Ethereum_EmissionUpdate_20251219.sol)
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- Tests: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20251219_AaveV3Ethereum_EmissionUpdate/AaveV3Ethereum_EmissionUpdate_20251219.t.sol)
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- [Snapshot](https://snapshot.box/#/s:aavedao.eth/proposal/0x6712b1677068d2d316af699757057a0c8c03e0ff0693c12aacc381d294c419a4)
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- [Discussion](https://governance.aave.com/t/arfc-safety-module-umbrella-emission-update/23103/9)
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## Copyright
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Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).

‎src/20251219_AaveV3Ethereum_EmissionUpdate/EmissionUpdate_20251219.s.sol‎

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// SPDX-License-Identifier: MIT
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pragma solidity ^0.8.0;
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import {GovV3Helpers, IPayloadsControllerCore, PayloadsControllerUtils} from 'aave-helpers/src/GovV3Helpers.sol';
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import {GovernanceV3Ethereum} from 'aave-address-book/GovernanceV3Ethereum.sol';
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import {EthereumScript} from 'solidity-utils/contracts/utils/ScriptUtils.sol';
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import {AaveV3Ethereum_EmissionUpdate_20251219} from './AaveV3Ethereum_EmissionUpdate_20251219.sol';
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/**
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* @dev Deploy Ethereum
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* deploy-command: make deploy-ledger contract=src/20251219_AaveV3Ethereum_EmissionUpdate/EmissionUpdate_20251219.s.sol:DeployEthereum chain=mainnet
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* verify-command: FOUNDRY_PROFILE=deploy npx catapulta-verify -b broadcast/EmissionUpdate_20251219.s.sol/1/run-latest.json
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*/
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contract DeployEthereum is EthereumScript {
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function run() external broadcast {
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// deploy payloads
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address payload0 = GovV3Helpers.deployDeterministic(
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type(AaveV3Ethereum_EmissionUpdate_20251219).creationCode
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);
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// compose action
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IPayloadsControllerCore.ExecutionAction[]
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memory actions = new IPayloadsControllerCore.ExecutionAction[](1);
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actions[0] = GovV3Helpers.buildAction(payload0);
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// register action at payloadsController
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GovV3Helpers.createPayload(actions);
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}
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}
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/**
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* @dev Create Proposal
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* command: make deploy-ledger contract=src/20251219_AaveV3Ethereum_EmissionUpdate/EmissionUpdate_20251219.s.sol:CreateProposal chain=mainnet
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*/
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contract CreateProposal is EthereumScript {
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function run() external {
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// create payloads
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PayloadsControllerUtils.Payload[] memory payloads = new PayloadsControllerUtils.Payload[](1);
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// compose actions for validation
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{
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IPayloadsControllerCore.ExecutionAction[]
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memory actionsEthereum = new IPayloadsControllerCore.ExecutionAction[](1);
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actionsEthereum[0] = GovV3Helpers.buildAction(
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type(AaveV3Ethereum_EmissionUpdate_20251219).creationCode
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);
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payloads[0] = GovV3Helpers.buildMainnetPayload(vm, actionsEthereum);
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}
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// create proposal
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vm.startBroadcast();
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GovV3Helpers.createProposal(
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vm,
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payloads,
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GovernanceV3Ethereum.VOTING_PORTAL_ETH_AVAX,
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GovV3Helpers.ipfsHashFile(vm, 'src/20251219_AaveV3Ethereum_EmissionUpdate/EmissionUpdate.md')
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);
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}
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}

‎src/20251219_AaveV3Ethereum_EmissionUpdate/config.ts‎

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import {ConfigFile} from '../../generator/types';
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export const config: ConfigFile = {
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rootOptions: {
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pools: ['AaveV3Ethereum'],
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title: 'stkABPT Emission Update',
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shortName: 'EmissionUpdate',
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date: '20251219',
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author: '@TokenLogic',
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discussion: 'https://governance.aave.com/t/arfc-safety-module-umbrella-emission-update/23103/9',
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snapshot:
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'https://snapshot.box/#/s:aavedao.eth/proposal/0x6712b1677068d2d316af699757057a0c8c03e0ff0693c12aacc381d294c419a4',
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votingNetwork: 'AVALANCHE',
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},
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poolOptions: {AaveV3Ethereum: {configs: {OTHERS: {}}, cache: {blockNumber: 24044429}}},
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};

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