feat: adjust USDS IR curve

diffs/AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223_before_AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223_after.md

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+## Reserve changes
+
+### Reserves altered
+
+#### USDS ([0xdC035D45d973E3EC169d2276DDab16f1e407384F](https://etherscan.io/address/0xdC035D45d973E3EC169d2276DDab16f1e407384F))
+
+| description | value before | value after |
+| --- | --- | --- |
+| maxVariableBorrowRate | 85 % | 47.5 % |
+| variableRateSlope1 | 9.25 % | 11.75 % |
+| variableRateSlope2 | 75 % | 35 % |
+| interestRate | ![before](https://dash.onaave.com/api/static?variableRateSlope1=92500000000000000000000000&variableRateSlope2=750000000000000000000000000&optimalUsageRatio=920000000000000000000000000&baseVariableBorrowRate=7500000000000000000000000&maxVariableBorrowRate=850000000000000000000000000) | ![after](https://dash.onaave.com/api/static?variableRateSlope1=117500000000000000000000000&variableRateSlope2=350000000000000000000000000&optimalUsageRatio=920000000000000000000000000&baseVariableBorrowRate=7500000000000000000000000&maxVariableBorrowRate=475000000000000000000000000) |
+
+## Raw diff
+
+```json
+{
+  "strategies": {
+    "0xdC035D45d973E3EC169d2276DDab16f1e407384F": {
+      "maxVariableBorrowRate": {
+        "from": "850000000000000000000000000",
+        "to": "475000000000000000000000000"
+      },
+      "variableRateSlope1": {
+        "from": "92500000000000000000000000",
+        "to": "117500000000000000000000000"
+      },
+      "variableRateSlope2": {
+        "from": "750000000000000000000000000",
+        "to": "350000000000000000000000000"
+      }
+    }
+  }
+}
+```

diffs/AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223_before_AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223_after.md

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+## Reserve changes
+
+### Reserves altered
+
+#### USDS ([0xdC035D45d973E3EC169d2276DDab16f1e407384F](https://etherscan.io/address/0xdC035D45d973E3EC169d2276DDab16f1e407384F))
+
+| description | value before | value after |
+| --- | --- | --- |
+| maxVariableBorrowRate | 85 % | 47.5 % |
+| baseVariableBorrowRate | 9.25 % | 11.75 % |
+| variableRateSlope2 | 75 % | 35 % |
+| interestRate | ![before](https://dash.onaave.com/api/static?variableRateSlope1=7500000000000000000000000&variableRateSlope2=750000000000000000000000000&optimalUsageRatio=920000000000000000000000000&baseVariableBorrowRate=92500000000000000000000000&maxVariableBorrowRate=850000000000000000000000000) | ![after](https://dash.onaave.com/api/static?variableRateSlope1=7500000000000000000000000&variableRateSlope2=350000000000000000000000000&optimalUsageRatio=920000000000000000000000000&baseVariableBorrowRate=117500000000000000000000000&maxVariableBorrowRate=475000000000000000000000000) |
+
+## Raw diff
+
+```json
+{
+  "strategies": {
+    "0xdC035D45d973E3EC169d2276DDab16f1e407384F": {
+      "baseVariableBorrowRate": {
+        "from": "92500000000000000000000000",
+        "to": "117500000000000000000000000"
+      },
+      "maxVariableBorrowRate": {
+        "from": "850000000000000000000000000",
+        "to": "475000000000000000000000000"
+      },
+      "variableRateSlope2": {
+        "from": "750000000000000000000000000",
+        "to": "350000000000000000000000000"
+      }
+    }
+  }
+}
+```

src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3EthereumLidoAssets} from 'aave-address-book/AaveV3EthereumLido.sol';
+import {AaveV3PayloadEthereumLido} from 'aave-helpers/src/v3-config-engine/AaveV3PayloadEthereumLido.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';
+/**
+ * @title USDS Interest Rate Curve Update
+ * @author Aave Chan Initiative
+ * - Snapshot: Direct-to-AIP
+ * - Discussion: https://governance.aave.com/t/arfc-usds-interest-rate-curve-update/20243
+ */
+contract AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223 is AaveV3PayloadEthereumLido {
+  function rateStrategiesUpdates()
+    public
+    pure
+    override
+    returns (IAaveV3ConfigEngine.RateStrategyUpdate[] memory)
+  {
+    IAaveV3ConfigEngine.RateStrategyUpdate[]
+      memory rateStrategies = new IAaveV3ConfigEngine.RateStrategyUpdate[](1);
+    rateStrategies[0] = IAaveV3ConfigEngine.RateStrategyUpdate({
+      asset: AaveV3EthereumLidoAssets.USDS_UNDERLYING,
+      params: IAaveV3ConfigEngine.InterestRateInputData({
+        optimalUsageRatio: EngineFlags.KEEP_CURRENT,
+        baseVariableBorrowRate: EngineFlags.KEEP_CURRENT,
+        variableRateSlope1: 11_75,
+        variableRateSlope2: 35_00
+      })
+    });
+
+    return rateStrategies;
+  }
+}

src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223.t.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3EthereumLido} from 'aave-address-book/AaveV3EthereumLido.sol';
+
+import 'forge-std/Test.sol';
+import {ProtocolV3TestBase, ReserveConfig} from 'aave-helpers/src/ProtocolV3TestBase.sol';
+import {AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223} from './AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223.sol';
+
+/**
+ * @dev Test for AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223
+ * command: FOUNDRY_PROFILE=mainnet forge test --match-path=src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223.t.sol -vv
+ */
+contract AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223_Test is ProtocolV3TestBase {
+  AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223 internal proposal;
+
+  function setUp() public {
+    vm.createSelectFork(vm.rpcUrl('mainnet'), 21464361);
+    proposal = new AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223();
+  }
+
+  /**
+   * @dev executes the generic test suite including e2e and config snapshots
+   */
+  function test_defaultProposalExecution() public {
+    defaultTest(
+      'AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223',
+      AaveV3EthereumLido.POOL,
+      address(proposal)
+    );
+  }
+}

src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
+import {AaveV3PayloadEthereum} from 'aave-helpers/src/v3-config-engine/AaveV3PayloadEthereum.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';
+/**
+ * @title USDS Interest Rate Curve Update
+ * @author Aave Chan Initiative
+ * - Snapshot: Direct-to-AIP
+ * - Discussion: https://governance.aave.com/t/arfc-usds-interest-rate-curve-update/20243
+ */
+contract AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223 is AaveV3PayloadEthereum {
+  function rateStrategiesUpdates()
+    public
+    pure
+    override
+    returns (IAaveV3ConfigEngine.RateStrategyUpdate[] memory)
+  {
+    IAaveV3ConfigEngine.RateStrategyUpdate[]
+      memory rateStrategies = new IAaveV3ConfigEngine.RateStrategyUpdate[](1);
+    rateStrategies[0] = IAaveV3ConfigEngine.RateStrategyUpdate({
+      asset: AaveV3EthereumAssets.USDS_UNDERLYING,
+      params: IAaveV3ConfigEngine.InterestRateInputData({
+        optimalUsageRatio: EngineFlags.KEEP_CURRENT,
+        baseVariableBorrowRate: 11_75,
+        variableRateSlope1: EngineFlags.KEEP_CURRENT,
+        variableRateSlope2: 35_00
+      })
+    });
+
+    return rateStrategies;
+  }
+}

src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223.t.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV3Ethereum} from 'aave-address-book/AaveV3Ethereum.sol';
+
+import 'forge-std/Test.sol';
+import {ProtocolV3TestBase, ReserveConfig} from 'aave-helpers/src/ProtocolV3TestBase.sol';
+import {AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223} from './AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223.sol';
+
+/**
+ * @dev Test for AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223
+ * command: FOUNDRY_PROFILE=mainnet forge test --match-path=src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223.t.sol -vv
+ */
+contract AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223_Test is ProtocolV3TestBase {
+  AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223 internal proposal;
+
+  function setUp() public {
+    vm.createSelectFork(vm.rpcUrl('mainnet'), 21464361);
+    proposal = new AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223();
+  }
+
+  /**
+   * @dev executes the generic test suite including e2e and config snapshots
+   */
+  function test_defaultProposalExecution() public {
+    defaultTest(
+      'AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223',
+      AaveV3Ethereum.POOL,
+      address(proposal)
+    );
+  }
+}

src/20241223_Multi_USDSInterestRateCurveUpdate/USDSInterestRateCurveUpdate.md

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+---
+title: "USDS Interest Rate Curve Update"
+author: "ChaosLabs"
+discussions: "https://governance.aave.com/t/arfc-usds-interest-rate-curve-update/20243"
+---
+
+## Simple Summary
+
+Following our previous stablecoin IR recommendation, Chaos Labs recommends adjustments to USDS’s interest rate curves on the Prime and Core deployments.
+
+## Motivation
+
+As noted in our previous stablecoin IR [recommendation](https://www.notion.so/USDS-IR-Update-15e57ab37ebf80bdb091e3d65ca16bff?pvs=21), we did not provide updates to USDS’s interest rate curves because there was a concurrent [AIP](https://vote.onaave.com/proposal/?proposalId=209&ipfsHash=0x1a9acbab30d3c9c381e899fb79433cf8bdb996bddb514b195baa32a085a84809) that proposed adjusting its IR curves. This AIP has since passed and been implemented, allowing us to recommend further adjustments.
+
+We have observed frequent spikes above UOptimal for USDS on the Core instance, with rates briefly exceeding 100% in December. Rates on the Prime deployment have been more stable as a result of limited sUSDe growth in this deployment. As shown below, the spikes in the Core instance have continued after the passage of the AIP and the associated IR change.
+
+The frequent spikes have coincided with a decrease in borrows, as a result of large market outflows. To optimally price the asset, and to set USDS in line with other stablecoins, we recommend increasing the target borrow rate at UOptimal, which will also reduce the time spent above UOptimal. Specifically, we recommend targeting 12.5% at UOptimal and a Slope2 of 35% for both USDS markets, noting that this is aligned with the target rate for all other major stablecoin markets.
+
+## Specification
+
+| Chain    | Market | **Asset** | Current Base Rate | **Current Slope1** | **Current Slope2** | Recommended Base Rate | **Recommended Slope1** | **Recommended Slope2** |
+| -------- | ------ | --------- | ----------------- | ------------------ | ------------------ | --------------------- | ---------------------- | ---------------------- |
+| Ethereum | Core   | USDS      | 9.25%             | 0.75%              | 75%                | 11.75%                | -                      | 35%                    |
+| Ethereum | Prime  | USDS      | 0.75%             | 9.25%              | 75%                | -                     | 11.75%                 | 35%                    |
+
+## References
+
+- Implementation: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223.sol), [AaveV3EthereumLido](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223.sol)
+- Tests: [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223.t.sol), [AaveV3EthereumLido](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20241223_Multi_USDSInterestRateCurveUpdate/AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223.t.sol)
+- Snapshot: Direct-to-AIP
+- [Discussion](https://governance.aave.com/t/arfc-usds-interest-rate-curve-update/20243)
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).

src/20241223_Multi_USDSInterestRateCurveUpdate/USDSInterestRateCurveUpdate_20241223.s.sol

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+// 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} from 'solidity-utils/contracts/utils/ScriptUtils.sol';
+import {AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223} from './AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223.sol';
+import {AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223} from './AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223.sol';
+
+/**
+ * @dev Deploy Ethereum
+ * deploy-command: make deploy-ledger contract=src/20241223_Multi_USDSInterestRateCurveUpdate/USDSInterestRateCurveUpdate_20241223.s.sol:DeployEthereum chain=mainnet
+ * verify-command: FOUNDRY_PROFILE=mainnet npx catapulta-verify -b broadcast/USDSInterestRateCurveUpdate_20241223.s.sol/1/run-latest.json
+ */
+contract DeployEthereum is EthereumScript {
+  function run() external broadcast {
+    // deploy payloads
+    address payload0 = GovV3Helpers.deployDeterministic(
+      type(AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223).creationCode
+    );
+    address payload1 = GovV3Helpers.deployDeterministic(
+      type(AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223).creationCode
+    );
+
+    // compose action
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actions = new IPayloadsControllerCore.ExecutionAction[](2);
+    actions[0] = GovV3Helpers.buildAction(payload0);
+    actions[1] = GovV3Helpers.buildAction(payload1);
+
+    // register action at payloadsController
+    GovV3Helpers.createPayload(actions);
+  }
+}
+
+/**
+ * @dev Create Proposal
+ * command: make deploy-ledger contract=src/20241223_Multi_USDSInterestRateCurveUpdate/USDSInterestRateCurveUpdate_20241223.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 actionsEthereum = new IPayloadsControllerCore.ExecutionAction[](2);
+    actionsEthereum[0] = GovV3Helpers.buildAction(
+      type(AaveV3Ethereum_USDSInterestRateCurveUpdate_20241223).creationCode
+    );
+    actionsEthereum[1] = GovV3Helpers.buildAction(
+      type(AaveV3EthereumLido_USDSInterestRateCurveUpdate_20241223).creationCode
+    );
+    payloads[0] = GovV3Helpers.buildMainnetPayload(vm, actionsEthereum);
+
+    // create proposal
+    vm.startBroadcast();
+    GovV3Helpers.createProposal(
+      vm,
+      payloads,
+      GovernanceV3Ethereum.VOTING_PORTAL_ETH_POL,
+      GovV3Helpers.ipfsHashFile(
+        vm,
+        'src/20241223_Multi_USDSInterestRateCurveUpdate/USDSInterestRateCurveUpdate.md'
+      )
+    );
+  }
+}

src/20241223_Multi_USDSInterestRateCurveUpdate/config.ts

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+import {ConfigFile} from '../../generator/types';
+export const config: ConfigFile = {
+  rootOptions: {
+    configFile: 'tmp.ts',
+    author: 'Aave Chan Initiative',
+    pools: ['AaveV3Ethereum', 'AaveV3EthereumLido'],
+    title: 'USDS Interest Rate Curve Update',
+    shortName: 'USDSInterestRateCurveUpdate',
+    date: '20241223',
+    discussion: 'https://governance.aave.com/t/arfc-usds-interest-rate-curve-update/20243',
+    snapshot: 'Direct-to-AIP',
+    votingNetwork: 'POLYGON',
+  },
+  poolOptions: {
+    AaveV3Ethereum: {
+      configs: {
+        RATE_UPDATE_V3: [
+          {
+            asset: 'USDS',
+            params: {
+              optimalUtilizationRate: '',
+              baseVariableBorrowRate: '11.75',
+              variableRateSlope1: '',
+              variableRateSlope2: '35',
+            },
+          },
+        ],
+      },
+      cache: {blockNumber: 21464361},
+    },
+    AaveV3EthereumLido: {
+      configs: {
+        RATE_UPDATE_V3: [
+          {
+            asset: 'USDS',
+            params: {
+              optimalUtilizationRate: '',
+              baseVariableBorrowRate: '',
+              variableRateSlope1: '11.75',
+              variableRateSlope2: '35',
+            },
+          },
+        ],
+      },
+      cache: {blockNumber: 21464361},
+    },
+  },
+};