[ARFC] Add MAI to Arbitrum Aave V3 Market

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The proposal to integrate decentralized stablecoin MAI into the Arbitrum Aave V3 Market, part of the Aave-Chan Initiative, underwent revisions based on community feedback and was escalated to the AIP stage. However, technical issues related to MAI repayments on Aave v3 Arbitrum and Optimism were identified and addressed through a governance proposal, demonstrating the community's commitment to platform stability and security.

The discussion revolved around the proposal by MarcZeller to integrate MAI, a decentralized stablecoin, into the Arbitrum Aave V3 Market. The proposal, part of the Aave-Chan Initiative's effort to support stablecoin diversity, included specific risk parameters and was supported by Chaos Labs. They emphasized the importance of setting an appropriate debt ceiling due to MAI's susceptibility to price manipulation1,2.

The proposal underwent several revisions based on feedback from the community. GarrettPetersen from Gauntlet suggested different parameters, which were later agreed upon by ChaosLabs. MarcZeller acknowledged the consensus and announced that an AIP incorporating these parameters would be published soon. He also mentioned that the proposal had been escalated to the AIP stage and voting would start the next day3,4,5,6,7.

However, Bgdlabs reported an issue with repayments of MAI on Aave v3 Arbitrum and Optimism. The problem was traced back to a lack of full compatibility on the connection Pool -> aToken in the case of MAI. To mitigate any potential issues, a targeted pause of the MAI reserve was coordinated with the Aave Guardian. Bgdlabs also announced the creation of Aave governance proposal 238 to fix the problem, with voting set to start in approximately 24 hours8,9.

In conclusion, the integration of MAI into the Arbitrum Aave V3 Market was widely supported, but faced some technical issues that were promptly addressed. The community's collaborative efforts led to the creation of a governance proposal to resolve the issues, demonstrating the community's commitment to maintaining the stability and security of the platform.

Posted 8 months ago

Last reply 6 months ago

Summary updated 2 months ago

Last updated 06/12 00:43