[ARFC] Onboarding weETH to Aave V3 on Scroll
Author: ACI
Date: 2024-07-19
Proposal updated with Risk Params provided by Risk Service Providers. 2024-07-23
Summary:
This ARFC seeks to add Ether.fi Liquid Restaking Token weETH to Aave V3 on Scroll.
After the successful onboarding of weETH to Aave v3 Ethereum, Arbitrum, and Base, alongside recent Supply and Borrow Cap increases for weETH due to significant demand, this proposal will further increase the ability for Aave to service weETH demand from users.
This proposal will go direct-to-AIP following the asset onboarding framework.
Motivation:
weETH is an LRT that allows users to stake their ETH, accrue staking rewards, and receive additional rewards through native restaking on EigenLayer.
Ether.fi has also launched weETH on Arbitrum and Base allowing L2 users to get exposure to LRT yield and points. As weETH has already been approved for onboarding to Aave V3 on Ethereum, Arbitrum, and Base by the DAO, this proposal extends the onboarding of weETH to Aave v3 on Scroll.
Proof of Liquidity and Deposit Commitments:
weETH deposits into Aave on Scroll will accumulate ether.fi and EigenLayer points and Scroll Marks.
Specification:
weETH on Scroll: 0x01f0a31698c4d065659b9bdc21b3610292a1c506
weETH/ETH Chainlink Feed: 0x57bd9E614f542fB3d6FeF2B744f3B813f0cc1258
Risk Parameters will be provided by Risk Service Providers and the ARFC will be updated following their feedback.
| Parameter | Value |
|---|---|
| Isolation Mode | No |
| Borrowable | Yes |
| Collateral Enabled | Yes |
| Supply Cap (weETH) | 2,000 |
| Borrow Cap (weETH) | 400 |
| Debt Ceiling | - |
| LTV | 72.50% |
| LT | 75.00% |
| Liquidation Bonus | 7.50% |
| Liquidation Protocol Fee | 10.00% |
| Variable Base | 0.0% |
| Variable Slope1 | 7.00% |
| Variable Slope2 | 300.00% |
| Uoptimal | 45.00% |
| Reserve Factor | 15.00% |
| Stable Borrowing | Disabled |
| Flashloanable | Yes |
| Siloed Borrowing | No |
| Borrowed in Isolation | No |
| E-Mode Category | ETH-correlated |
Useful Links
Disclaimer
This proposal is powered by Skywards. ACI is not directly affiliated with Ether.fi and did not receive compensation for creating this proposal.
The ACI and several ACI team members are both weETH and ETHFI holders.
Next Steps
- Discussion period on the governance forum with addition of risk parameters.
- Publish an AIP vote for final confirmation and enforcement of the proposal.
Copyright
Copyright and related rights waived via CC0.
Off-Chain Vote
YAE
594.98K AAVE100%
NAY
0.2 AAVE0%
ABSTAIN
94.26 AAVE0%
Timeline
Jul 27, 2024Proposal created
Jul 28, 2024Proposal vote started
Jul 31, 2024Proposal vote ended
Feb 05, 2026Proposal updated