[ARFC] Consolidate Collector Contract & Secure Service Provider Runway
title: [ARFC] Consolidate Collector Contract & Secure Service Provider Runway author: @llama - @TokenLogic created: 2023-05-13
Summary
This publication proposes swapping many long tail assets for aUSDC to be used for Service Provider renumeration.
Abstract
Aave DAO's service provider aUSDC burn rate exceeds the aUSDC revenue. Consequently, assets held in the Ethereum Collector Contract need to be periodically swapped to USDC and deposited in Aave v2.
This publication intends to swap several assets via Cowswap to USDC. The USDC is to be deposited in Aave v2 for aUSDC and then used to remunerate Service Providers via the various streaming contracts.
Motivation
There is currently $1.7M aUSDC held in the Ethereum Collector contract.
There are a number of Service Providers requiring payment in aUSDC. The below summarises all of Aave's active Service Provider commitments.
Details of each Service Providers funding can be found here by hovering the cursor over the respective Service Providers contract. Similar applies for the contract start and finish dates.
In order to provide sufficient funding, assets need to be converted to aUSDC. This publication proposes swapping assets to USDC and then depositing the USDC into Aave v2. The amount of aUSDC held post swap is estimated to be $4.5M which is sufficient to sustain the DAO in the short term.
During the next 6 months several Service Providers funding will expire and require re-approval from the DAO. Llama anticipates Service Providers migrating from aUSDC to aethUSDC. ie: from v2 to v3 aToken funding. Our next proposal will include transferring funds from Aave v2 to v3 which is an enabler for new funding requests to use aethTokens.
Specification
Perform the following:
- Redeem assets from various Aave deployments
- Claim accumulated fees from Paraswap
- Swap non USDC nominated assets to USDC via Cowswap
- Deposit USDC in Aave v2
EthereumClaimPayload prepared by @bgdlabs. The details can be found here.
The following asset holdings are to be converted to USDC.
| Network | Instance | Token | Quantity | Value (USD) |
|---|---|---|---|---|
| Ethereum | Aave V2 | aUSDT | 974,000.00 | $974,000.00 |
| Ethereum | Aave V2 | aDAI | 974,000.00 | $974,000.00 |
| Ethereum | Aave V1 | USDC | 297,352.31 | $297,411.92 |
| Ethereum | Aave V2 | aBUSD | 285,748.81 | $287,845.68 |
| Ethereum | Aave ARC | aUSDC ARC | 56,843.45 | $56,854.84 |
| Ethereum | Aave V1 | USDT | 32,004.18 | $32,020.88 |
| Ethereum | Paraswap Fee Claimer Short Executor | USDC | 29,661.46 | $29,657.45 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | USDC | 26716.04889 | $26,721.29 |
| Ethereum | Aave RWA | aUSDC RWA | 19,175.77 | $19,173.18 |
| Ethereum | Aave V2 | aSUSD | 18,433.16 | $18,420.25 |
| Ethereum | Aave V2 | aTUSD | 15,466.02 | $15,574.98 |
| Ethereum | Aave V2 | aGUSD | 14,060.32 | $14,060.32 |
| Ethereum | Aave V2 | aUST | 892,922.91 | $13,442.60 |
| Ethereum | Aave V2 | aFRAX | 11,178.45 | $11,373.01 |
| Ethereum | Aave V2 | aMKR | 13.03 | $8,339.69 |
| Ethereum | Aave V2 | aUSDP | 7,590.86 | $7,613.76 |
| Ethereum | Aave V2 | aLUSD | 4,256.38 | $4,292.71 |
| Ethereum | Aave V2 | aYFI | 0.49 | $3,396.76 |
| Ethereum | Aave V2 | aUNI | 459.53 | $2,403.05 |
| Ethereum | Aave V1 | TUSD | 1,604.09 | $1,615.39 |
| Ethereum | Aave V2 | a1INCH | 2,836.58 | $1,174.26 |
| Ethereum | Aave V1 | BUSD | 339.91 | $342.40 |
| Ethereum | Aave V1 | MKR | 0.49 | $313.80 |
| Ethereum | Aave V1 | UNI | 49.74 | $260.09 |
| Ethereum | Aave V1 | YFI | 0.03 | $201.68 |
| Ethereum | Paraswap Fee Claimer Short Executor | TUSD | 131.62 | $132.54 |
| Ethereum | Aave V1 | SUSD | 90.40 | $90.34 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | UNI | 13.38318574 | $66.61 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | BUSD | 58.82777403 | $59.41 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | YFI | 0.005292643 | $38.41 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | LUSD | 22.41506409 | $22.68 |
| Ethereum | Paraswap Fee Claimer Short Executor | MKR | 0.03 | $18.77 |
| Ethereum | Paraswap Fee Claimer Short Executor | YFI | 0.00 | $13.13 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | FRAX | 10.680329 | $10.58 |
| Ethereum | Paraswap Fee Claimer Short Executor | UNI | 2.00 | $10.40 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | GUSD | 9.96 | $9.96 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | sUSD | 8.265389733 | $8.29 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | TUSD | 1.663624248 | $1.68 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | 1INCH | 3.743601522 | $1.53 |
| Ethereum | Paraswap Fee Claimer Permissionless Claimer | MKR | 0.001908067 | $1.28 |
| $2,800,995.60 |
The USDC is to then be deposited into Ethereum Aave v2 with the Collector Contract to hold aUSDC.
Copyright
Copyright and related rights waived via CC0.
Off-Chain Vote
YAE
549.01K AAVE100%
NAE
12.65 AAVE0%
ABSTAIN
18.94 AAVE0%
Timeline
May 14, 2023Proposal created
May 15, 2023Proposal vote started
May 17, 2023Proposal vote ended
Oct 11, 2024Proposal updated