hvax.eth

[AAVE] April Finance Update

Voting ended almost 2 years agoSucceeded

Simple Summary

This proposal presents April's funding update, including the following key activities:

Migrating holdings from v2 to v3 (Polygon and Ethereum)
Extending the DAO's GHO runway to cover upcoming expenses
Returning RealT's supplied WXDAI to RealT
Migrating AGD's allowance to GHO
Reimburse BGD Labs for the costs paid towards external security reviews
Send LINK and MATIC to refill Aave Robot and Aave Delivery Infrastructure

The forum discussion for BGD labs' reimbursements can be found here and the Snapshot can be found here.

Motivation

With the upcoming extension of Merit and the funding request from Chaos Labs, this proposal will swap sufficient assets to GHO to ensure enough funds are available as required.

This proposal cancels the existing USDT Allowance to the Aave Grants DAO and replaces it with a GHO Allowance of equal size, 612.9k. This represents a continuation of transitioning to using GHO as the preferred means of covering DAO expenses.

Also within this proposal, there is the corrective action of returning 3504 RealT WXDAI sent by RealT to the Aave Gnosis Chain collector by accident. Details on the agreement with realT can be found here.

This proposal will follow the Direct-To-AIP as outlined in this proposal.

Certain permissionless actions on the aave governance requires interaction (transaction) by someone for the governance system to run. This is done by the Aave Robot, which spends LINK tokens for the gas amount spent during the automation of these permissionless actions.

During the past months BGD labs had spent in total of 1640 LINK for the Aave Robot, and 4000 MATIC for funding the Aave Delivery Infrastructure which is used to pay for the bridging fees in order for the governance system to work.

BGD has paid the following amounts for security reviews so reimbursement is in order:

Compensation to Mixbytes for the review of Governance v3 Tokens: $30'000
Compensation to Emanuele Ricci (@stermi) for the review done on Aave 3.1 Feature: $12'000
Engagement with Spearbit for Aave v3 Ad-hoc Review: $109'200

Specification

BGD Reimbursements

Transfer 42'000 aUSDC v2 Ethereum to 0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF
Transfer 109'200 aUSDT v2 Ethereum to 0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF
Transfer 1640 aLINK v2 Ethereum to 0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF
Transfer 4000 aMATIC v2 Polygon to 0xbCEB4f363f2666E2E8E430806F37e97C405c130b

aDI BOT Refill

Transfer 20,000 MATIC to 0xF6B99959F0b5e79E1CC7062E12aF632CEb18eF0d

Migrating AGD's allowance to GHO

The following Allowance is to be cancelled and replaced with GHO:

Cancel aUSDT Allowance
Increase GHO Allowance by 613,000 units

The AGD mulisig eth:0x89C51828427F70D77875C6747759fB17Ba10Ceb0 will be able to use the allowance function on 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c to claim the GHO.

Merit Allowances

Allowance of 3.0M GHO for the Merit program
Allowance of 645 aEthWETH for the Merit program

Returning RealT's supplied WXDAI to RealT

Transfer 3,504 armmv3WXDAI to 0x7DA9A33d15413F499299687cC9d81DE84684E28E on Gnosis Chain.

Consolidate GHO funding and Migrate funds from V2 to V3

Part A

Perform the following Swaps, Migrate Eth v2 to v3 and bridge from Polyon to Ethereum.

Deposit wETH and wBTC in the Treasury into Aave v3.

Assets migrated from Polygon to Ethereum are to be deposited into Aave v3 where practical, with the exception of DAI and USDC which will be swapped to GHO during Part B.