✨ Onboard AUSD Aave v3 Avalanche (bgd-labs#530)

* feat: USDS BR update * ✨ add ausd aave v3 avalanche * ✨ update md file * 🐛 fix AUSD_LM_ADMIN * Revert "feat: USDS BR update" This reverts commit 4fda313. * 🐛 fix Collateral Enabled md to false * 🔧 change seed amount for 100 AUSD * ✨ generate test + fix issue wrong collector transfer * ⬆️ update aave-helpers lib * ✅ test passed + update diff * Revert "⬆️ update aave-helpers lib" This reverts commit b4b5022. * 🔥 revert lib update * 🐛 update chainlink price feed for capo --------- Co-authored-by: Rozengarden <[email protected]>
AaveChan · Dec 23, 2024 · b368d23 · b368d23
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diff --git a/...anche_OnboardAUSD_20241125_before_AaveV3Avalanche_OnboardAUSD_20241125_after.md b/...anche_OnboardAUSD_20241125_before_AaveV3Avalanche_OnboardAUSD_20241125_after.md
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+## Reserve changes
+
+### Reserves added
+
+#### AUSD ([0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a](https://snowtrace.io/address/0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a))
+
+| description | value |
+| --- | --- |
+| decimals | 6 |
+| isActive | true |
+| isFrozen | false |
+| supplyCap | 19,000,000 AUSD |
+| borrowCap | 17,400,000 AUSD |
+| debtCeiling | 0 $ [0] |
+| isSiloed | false |
+| isFlashloanable | true |
+| oracle | [0x83f32c0882B12Ef16214c417efF11FD9e764bf34](https://snowtrace.io/address/0x83f32c0882B12Ef16214c417efF11FD9e764bf34) |
+| oracleDecimals | 8 |
+| oracleDescription | Capped AUSD / USD |
+| oracleLatestAnswer | 0.99925546 |
+| usageAsCollateralEnabled | false |
+| ltv | 0 % [0] |
+| liquidationThreshold | 0 % [0] |
+| liquidationBonus | 0 % |
+| liquidationProtocolFee | 0 % [0] |
+| reserveFactor | 10 % [1000] |
+| aToken | [0x724dc807b04555b71ed48a6896b6F41593b8C637](https://snowtrace.io/address/0x724dc807b04555b71ed48a6896b6F41593b8C637) |
+| aTokenImpl | [0x1E81af09001aD208BDa68FF022544dB2102A752d](https://snowtrace.io/address/0x1E81af09001aD208BDa68FF022544dB2102A752d) |
+| variableDebtToken | [0xDC1fad70953Bb3918592b6fCc374fe05F5811B6a](https://snowtrace.io/address/0xDC1fad70953Bb3918592b6fCc374fe05F5811B6a) |
+| variableDebtTokenImpl | [0xa0d9C1E9E48Ca30c8d8C3B5D69FF5dc1f6DFfC24](https://snowtrace.io/address/0xa0d9C1E9E48Ca30c8d8C3B5D69FF5dc1f6DFfC24) |
+| borrowingEnabled | true |
+| isBorrowableInIsolation | false |
+| interestRateStrategy | [0xCe1C5509f2f4d755aA64B8D135B15ec6F12a93da](https://snowtrace.io/address/0xCe1C5509f2f4d755aA64B8D135B15ec6F12a93da) |
+| aTokenName | Aave Avalanche AUSD |
+| aTokenSymbol | aAvaAUSD |
+| aTokenUnderlyingBalance | 100 AUSD [100000000] |
+| id | 12 |
+| isPaused | false |
+| variableDebtTokenName | Aave Avalanche Variable Debt AUSD |
+| variableDebtTokenSymbol | variableDebtAvaAUSD |
+| virtualAccountingActive | true |
+| virtualBalance | 100 AUSD [100000000] |
+| optimalUsageRatio | 90 % |
+| maxVariableBorrowRate | 80.5 % |
+| baseVariableBorrowRate | 0 % |
+| variableRateSlope1 | 5.5 % |
+| variableRateSlope2 | 75 % |
+| interestRate | ![ir](https://dash.onaave.com/api/static?variableRateSlope1=55000000000000000000000000&variableRateSlope2=750000000000000000000000000&optimalUsageRatio=900000000000000000000000000&baseVariableBorrowRate=0&maxVariableBorrowRate=805000000000000000000000000) |
+
+
+## Raw diff
+
+```json
+{
+  "reserves": {
+    "0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a": {
+      "from": null,
+      "to": {
+        "aToken": "0x724dc807b04555b71ed48a6896b6F41593b8C637",
+        "aTokenImpl": "0x1E81af09001aD208BDa68FF022544dB2102A752d",
+        "aTokenName": "Aave Avalanche AUSD",
+        "aTokenSymbol": "aAvaAUSD",
+        "aTokenUnderlyingBalance": "100000000",
+        "borrowCap": 17400000,
+        "borrowingEnabled": true,
+        "debtCeiling": 0,
+        "decimals": 6,
+        "id": 12,
+        "interestRateStrategy": "0xCe1C5509f2f4d755aA64B8D135B15ec6F12a93da",
+        "isActive": true,
+        "isBorrowableInIsolation": false,
+        "isFlashloanable": true,
+        "isFrozen": false,
+        "isPaused": false,
+        "isSiloed": false,
+        "liquidationBonus": 0,
+        "liquidationProtocolFee": 0,
+        "liquidationThreshold": 0,
+        "ltv": 0,
+        "oracle": "0x83f32c0882B12Ef16214c417efF11FD9e764bf34",
+        "oracleDecimals": 8,
+        "oracleDescription": "Capped AUSD / USD",
+        "oracleLatestAnswer": "99925546",
+        "reserveFactor": 1000,
+        "supplyCap": 19000000,
+        "symbol": "AUSD",
+        "underlying": "0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a",
+        "usageAsCollateralEnabled": false,
+        "variableDebtToken": "0xDC1fad70953Bb3918592b6fCc374fe05F5811B6a",
+        "variableDebtTokenImpl": "0xa0d9C1E9E48Ca30c8d8C3B5D69FF5dc1f6DFfC24",
+        "variableDebtTokenName": "Aave Avalanche Variable Debt AUSD",
+        "variableDebtTokenSymbol": "variableDebtAvaAUSD",
+        "virtualAccountingActive": true,
+        "virtualBalance": "100000000"
+      }
+    }
+  },
+  "strategies": {
+    "0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a": {
+      "from": null,
+      "to": {
+        "address": "0xCe1C5509f2f4d755aA64B8D135B15ec6F12a93da",
+        "baseVariableBorrowRate": "0",
+        "maxVariableBorrowRate": "805000000000000000000000000",
+        "optimalUsageRatio": "900000000000000000000000000",
+        "variableRateSlope1": "55000000000000000000000000",
+        "variableRateSlope2": "750000000000000000000000000"
+      }
+    }
+  }
+}
+```
diff --git a/src/20241125_AaveV3Avalanche_OnboardAUSD/AaveV3Avalanche_OnboardAUSD_20241125.sol b/src/20241125_AaveV3Avalanche_OnboardAUSD/AaveV3Avalanche_OnboardAUSD_20241125.sol
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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3Avalanche} from 'aave-address-book/AaveV3Avalanche.sol';
+import {GovernanceV3Avalanche} from 'aave-address-book/GovernanceV3Avalanche.sol';
+import {AaveV3PayloadAvalanche} from 'aave-helpers/src/v3-config-engine/AaveV3PayloadAvalanche.sol';
+import {EngineFlags} from 'aave-v3-origin/contracts/extensions/v3-config-engine/EngineFlags.sol';
+import {IAaveV3ConfigEngine} from 'aave-v3-origin/contracts/extensions/v3-config-engine/IAaveV3ConfigEngine.sol';
+import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';
+import {SafeERC20} from 'solidity-utils/contracts/oz-common/SafeERC20.sol';
+import {IEmissionManager} from 'aave-v3-origin/contracts/rewards/interfaces/IEmissionManager.sol';
+/**
+ * @title Onboard AUSD
+ * @author ACI
+ * - Snapshot: https://snapshot.org/#/aave.eth/proposal/0x021b40c7042ce770c0ce1ee5ff63591c132a9f0f12e3a1cb92fa209299793dec
+ * - Discussion: https://governance.aave.com/t/arfc-onboard-ausd-to-aave-v3-on-avalanche/19689
+ */
+contract AaveV3Avalanche_OnboardAUSD_20241125 is AaveV3PayloadAvalanche {
+  using SafeERC20 for IERC20;
+
+  address public constant AUSD = 0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a;
+  uint256 public constant AUSD_SEED_AMOUNT = 100e6;
+  address public constant AUSD_ADMIN = 0xac140648435d03f784879cd789130F22Ef588Fcd;
+
+  function _postExecute() internal override {
+    // transfer AUSD seed amount from collector to executor (fix the mistakes of wrong AUSD seed amount reicipient)
+    AaveV3Avalanche.COLLECTOR.transfer(
+      AUSD,
+      GovernanceV3Avalanche.EXECUTOR_LVL_1,
+      AUSD_SEED_AMOUNT
+    );
+
+    IERC20(AUSD).forceApprove(address(AaveV3Avalanche.POOL), AUSD_SEED_AMOUNT);
+    AaveV3Avalanche.POOL.supply(AUSD, AUSD_SEED_AMOUNT, address(AaveV3Avalanche.COLLECTOR), 0);
+
+    (address aAUSD, , ) = AaveV3Avalanche.AAVE_PROTOCOL_DATA_PROVIDER.getReserveTokensAddresses(
+      AUSD
+    );
+    IEmissionManager(AaveV3Avalanche.EMISSION_MANAGER).setEmissionAdmin(AUSD, AUSD_ADMIN);
+    IEmissionManager(AaveV3Avalanche.EMISSION_MANAGER).setEmissionAdmin(aAUSD, AUSD_ADMIN);
+  }
+
+  function newListings() public pure override returns (IAaveV3ConfigEngine.Listing[] memory) {
+    IAaveV3ConfigEngine.Listing[] memory listings = new IAaveV3ConfigEngine.Listing[](1);
+
+    listings[0] = IAaveV3ConfigEngine.Listing({
+      asset: AUSD,
+      assetSymbol: 'AUSD',
+      priceFeed: 0x83f32c0882B12Ef16214c417efF11FD9e764bf34,
+      enabledToBorrow: EngineFlags.ENABLED,
+      borrowableInIsolation: EngineFlags.DISABLED,
+      withSiloedBorrowing: EngineFlags.DISABLED,
+      flashloanable: EngineFlags.ENABLED,
+      ltv: 0,
+      liqThreshold: 0,
+      liqBonus: 0,
+      reserveFactor: 10_00,
+      supplyCap: 19_000_000,
+      borrowCap: 17_400_000,
+      debtCeiling: 0,
+      liqProtocolFee: 0,
+      rateStrategyParams: IAaveV3ConfigEngine.InterestRateInputData({
+        optimalUsageRatio: 90_00,
+        baseVariableBorrowRate: 0,
+        variableRateSlope1: 5_50,
+        variableRateSlope2: 75_00
+      })
+    });
+
+    return listings;
+  }
+}
diff --git a/src/20241125_AaveV3Avalanche_OnboardAUSD/AaveV3Avalanche_OnboardAUSD_20241125.t.sol b/src/20241125_AaveV3Avalanche_OnboardAUSD/AaveV3Avalanche_OnboardAUSD_20241125.t.sol
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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {GovV3Helpers} from 'aave-helpers/src/GovV3Helpers.sol';
+import {AaveV3Avalanche} from 'aave-address-book/AaveV3Avalanche.sol';
+import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';
+import {IEmissionManager} from 'aave-v3-origin/contracts/rewards/interfaces/IEmissionManager.sol';
+
+import 'forge-std/Test.sol';
+import {ProtocolV3TestBase, ReserveConfig} from 'aave-helpers/src/ProtocolV3TestBase.sol';
+import {AaveV3Avalanche_OnboardAUSD_20241125} from './AaveV3Avalanche_OnboardAUSD_20241125.sol';
+
+/**
+ * @dev Test for AaveV3Avalanche_OnboardAUSD_20241125
+ * command: FOUNDRY_PROFILE=avalanche forge test --match-path=src/20241125_AaveV3Avalanche_OnboardAUSD/AaveV3Avalanche_OnboardAUSD_20241125.t.sol -vv
+ */
+contract AaveV3Avalanche_OnboardAUSD_20241125_Test is ProtocolV3TestBase {
+  AaveV3Avalanche_OnboardAUSD_20241125 internal proposal;
+
+  function setUp() public {
+    vm.createSelectFork(vm.rpcUrl('avalanche'), 54627124);
+    proposal = new AaveV3Avalanche_OnboardAUSD_20241125();
+  }
+
+  /**
+   * @dev executes the generic test suite including e2e and config snapshots
+   */
+  function test_defaultProposalExecution() public {
+    defaultTest('AaveV3Avalanche_OnboardAUSD_20241125', AaveV3Avalanche.POOL, address(proposal));
+  }
+
+  function test_collectorHasAUSDFunds() public {
+    GovV3Helpers.executePayload(vm, address(proposal));
+    (address aTokenAddress, , ) = AaveV3Avalanche
+      .AAVE_PROTOCOL_DATA_PROVIDER
+      .getReserveTokensAddresses(proposal.AUSD());
+    assertGe(IERC20(aTokenAddress).balanceOf(address(AaveV3Avalanche.COLLECTOR)), 100 * 10 ** 6);
+  }
+
+  function test_AUSDAdmin() public {
+    GovV3Helpers.executePayload(vm, address(proposal));
+    (address aAUSD, , ) = AaveV3Avalanche.AAVE_PROTOCOL_DATA_PROVIDER.getReserveTokensAddresses(
+      proposal.AUSD()
+    );
+    assertEq(
+      IEmissionManager(AaveV3Avalanche.EMISSION_MANAGER).getEmissionAdmin(proposal.AUSD()),
+      proposal.AUSD_ADMIN()
+    );
+    assertEq(
+      IEmissionManager(AaveV3Avalanche.EMISSION_MANAGER).getEmissionAdmin(aAUSD),
+      proposal.AUSD_ADMIN()
+    );
+  }
+}
diff --git a/src/20241125_AaveV3Avalanche_OnboardAUSD/OnboardAUSD.md b/src/20241125_AaveV3Avalanche_OnboardAUSD/OnboardAUSD.md
@@ -0,0 +1,59 @@
+---
+title: "Onboard AUSD"
+author: "ACI"
+discussions: "https://governance.aave.com/t/arfc-onboard-ausd-to-aave-v3-on-avalanche/19689"
+snapshot: "https://snapshot.org/#/aave.eth/proposal/0x021b40c7042ce770c0ce1ee5ff63591c132a9f0f12e3a1cb92fa209299793dec"
+---
+
+## Simple Summary
+
+This proposal seeks to onboard AUSD, a secure digital dollar backed 1:1 by USD fiat, to Aave V3 on Avalanche. AUSD, issued by Agora, serves as a stable and liquid alternative to USDT and USDC. With a growing AUM and robust liquidity, AUSD will enhance Aave’s liquidity pool, offering users a reliable and efficient stablecoin option with strong institutional backing.
+
+## Motivation
+
+Agora offers AUSD, a digital dollar minted 1:1 with USD fiat. AUSD is designed to be a secure digital currency, utilizing one of the world’s largest custodian banks to safeguard assets. AUSD enables users to participate in trading, lending and payments. It is the most cost-efficient stablecoin to transact with due to its gas-optimized smart contract, making it ideal for traders and payments.
+
+Agora operates an open partnership model, allowing collaboration with a diverse range of customers who meet KYB (Know Your Business) requirements and operate in jurisdictions we can serve. This approach contrasts with single partnership models (eg. Exchange-Backed Stables), ensuring that AUSD can be widely adopted across different ecosystems, providing liquidity and stability without conflicts of interest.
+
+AUSD is currently available on Ethereum, Avalanche, Sui and Mantle, garnering $70+ million in TVL and $12+ million in daily DEX volume since contract deployment. The reserve assets are managed by VanEck ($100B+ asset manager) and custodied with one of the largest global banks, ensuring security and safety. AUSD’s unique value proposition also includes zero-fee minting and redemption facilities, making it an attractive asset for all ecosystem participants.
+
+By integrating AUSD into Aave, users will gain access to a stable, liquid asset that supports trading, lending, and other decentralized finance activities. This integration aligns with Aave’s mission to decentralize finance while offering secure and reliable stablecoin options.
+
+## Specification
+
+The table below illustrates the configured risk parameters for **AUSD**
+
+| Parameter                 |                                      Value |
+| ------------------------- | -----------------------------------------: |
+| Isolation Mode            |                                      false |
+| Borrowable                |                                    ENABLED |
+| Collateral Enabled        |                                      false |
+| Supply Cap (AUSD)         |                                 19,000,000 |
+| Borrow Cap (AUSD)         |                                 17,400,000 |
+| Debt Ceiling              |                                      USD 0 |
+| LTV                       |                                        0 % |
+| LT                        |                                        0 % |
+| Liquidation Bonus         |                                        0 % |
+| Liquidation Protocol Fee  |                                        0 % |
+| Reserve Factor            |                                       10 % |
+| Base Variable Borrow Rate |                                        0 % |
+| Variable Slope 1          |                                      5.5 % |
+| Variable Slope 2          |                                       75 % |
+| Uoptimal                  |                                       90 % |
+| Flashloanable             |                                    ENABLED |
+| Siloed Borrowing          |                                   DISABLED |
+| Borrowable in Isolation   |                                   DISABLED |
+| Oracle                    | 0x83f32c0882B12Ef16214c417efF11FD9e764bf34 |
+
+Additionaly [0xac140648435d03f784879cd789130F22Ef588Fcd](https://snowtrace.io/address/0xac140648435d03f784879cd789130F22Ef588Fcd) has been set as the emission admin for AUSD and the corresponding aToken.
+
+## References
+
+- Implementation: [AaveV3Avalanche](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20241125_AaveV3Avalanche_OnboardAUSD/AaveV3Avalanche_OnboardAUSD_20241125.sol)
+- Tests: [AaveV3Avalanche](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20241125_AaveV3Avalanche_OnboardAUSD/AaveV3Avalanche_OnboardAUSD_20241125.t.sol)
+- [Snapshot](https://snapshot.org/#/aave.eth/proposal/0x021b40c7042ce770c0ce1ee5ff63591c132a9f0f12e3a1cb92fa209299793dec)
+- [Discussion](https://governance.aave.com/t/arfc-onboard-ausd-to-aave-v3-on-avalanche/19689)
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).
diff --git a/src/20241125_AaveV3Avalanche_OnboardAUSD/OnboardAUSD_20241125.s.sol b/src/20241125_AaveV3Avalanche_OnboardAUSD/OnboardAUSD_20241125.s.sol
@@ -0,0 +1,57 @@
+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {GovV3Helpers, IPayloadsControllerCore, PayloadsControllerUtils} from 'aave-helpers/src/GovV3Helpers.sol';
+import {GovernanceV3Ethereum} from 'aave-address-book/GovernanceV3Ethereum.sol';
+import {EthereumScript, AvalancheScript} from 'solidity-utils/contracts/utils/ScriptUtils.sol';
+import {AaveV3Avalanche_OnboardAUSD_20241125} from './AaveV3Avalanche_OnboardAUSD_20241125.sol';
+
+/**
+ * @dev Deploy Avalanche
+ * deploy-command: make deploy-ledger contract=src/20241125_AaveV3Avalanche_OnboardAUSD/OnboardAUSD_20241125.s.sol:DeployAvalanche chain=avalanche
+ * verify-command: FOUNDRY_PROFILE=avalanche npx catapulta-verify -b broadcast/OnboardAUSD_20241125.s.sol/43114/run-latest.json
+ */
+contract DeployAvalanche is AvalancheScript {
+  function run() external broadcast {
+    // deploy payloads
+    address payload0 = GovV3Helpers.deployDeterministic(
+      type(AaveV3Avalanche_OnboardAUSD_20241125).creationCode
+    );
+
+    // compose action
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actions = new IPayloadsControllerCore.ExecutionAction[](1);
+    actions[0] = GovV3Helpers.buildAction(payload0);
+
+    // register action at payloadsController
+    GovV3Helpers.createPayload(actions);
+  }
+}
+
+/**
+ * @dev Create Proposal
+ * command: make deploy-ledger contract=src/20241125_AaveV3Avalanche_OnboardAUSD/OnboardAUSD_20241125.s.sol:CreateProposal chain=mainnet
+ */
+contract CreateProposal is EthereumScript {
+  function run() external {
+    // create payloads
+    PayloadsControllerUtils.Payload[] memory payloads = new PayloadsControllerUtils.Payload[](1);
+
+    // compose actions for validation
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actionsAvalanche = new IPayloadsControllerCore.ExecutionAction[](1);
+    actionsAvalanche[0] = GovV3Helpers.buildAction(
+      type(AaveV3Avalanche_OnboardAUSD_20241125).creationCode
+    );
+    payloads[0] = GovV3Helpers.buildAvalanchePayload(vm, actionsAvalanche);
+
+    // create proposal
+    vm.startBroadcast();
+    GovV3Helpers.createProposal(
+      vm,
+      payloads,
+      GovernanceV3Ethereum.VOTING_PORTAL_ETH_POL,
+      GovV3Helpers.ipfsHashFile(vm, 'src/20241125_AaveV3Avalanche_OnboardAUSD/OnboardAUSD.md')
+    );
+  }
+}