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Title: [ARFC] Receipt of Gauntlet Insolvency Fund Author: @llamaxyz Dated: 2022-11-06

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Simple Summary

Llama proposes that Gauntlet's Insolvency Fund be transferred to the Aave Ecosystem Reserve in the form of AAVE tokens.

Abstract

In response to excessive CRV debt, Gauntlet is to transfer the funds held in the Insolvency Fund to Aave. Llama proposes that the Insolvency Fund be transferred in the form of AAVE tokens to the Ecosystem Reserve.

stkAAVE is to be unstaked and the resulting AAVE transferred to the following address: ethereum: 0x25F2226B597E8F9514B3F68F00f494cF4f286491

Motivation

Gauntlet has already committed to transferring the Insolvency Funds to Aave as mentioned on this forum post. This proposal is to formalize that Aave is to receive AAVE tokens and that they are to be received into the Ecosystem Reserve.

Llama proposes that the AAVE tokens from the Insolvency Fund are not used to purchase the CRV needed to repay the excessive debt in the CRV Reserve. Acquiring the required CRV is to be funded in an alternative manner. A separate proposal will emerge providing a place for conversation around how to proceed with repaying the bad debt within the CRV Reserve.

Specification

Gauntlet is to perform the following:

• Unstakes the stkAAVE holding
• Upon the cooldown period ending, retrieves the AAVE
• Transfers AAVE to the Ecosystem Reserve

Ecosystem Reserve: ethereum: 0x25F2226B597E8F9514B3F68F00f494cF4f286491

Next Steps

• Snapshot is to be posted on the 11th December
• Voting starts 12th December
• Voting finishes 16th December
• Short Executor voting criteria to be applied

Copyright

Copyright and related rights waived via CC0.