IIP-129: Metagov Delegation Request - Delegate Aave to EOA for DPI Borrow Enable and DPI on ARC AIPs

Status: Proposed Author(s): @oneski22 @Mringz @Matthew_Graham @Metfanmike Created: 27th January 2022 Discussions to: https://gov.indexcoop.com/t/iip-129-metagov-delegation-request-delegate-aave-to-eoa-for-dpi-borrow-enable-and-dpi-on-arc-aips/3766 Quorum: 109,069 [2,181,385*0.05]

Simple Summary

This IIP requests authorization for Index Coop to delegate all of IndexCoop’s AAVE voting rights to an External Owned Account (EOA). This is intended to be for the sole purpose of submitting 3 AIPs and for voting said AIPs. The first AIP will re-enable the borrowing of DPI on Aave V2, as well as several other Aave Treasury maintenance actions. The second AIP will propose the listing of DPI on the Aave ARC Market, to bolster the institutional adoption of DPI. The third AIP will propose changes to the AVAX Aave Market parameters enabling us to launch AVAX2x-FLI.

Abstract

All Aave voting rights are to be delegated to an EOA controlled by the IndexCoop development team to submit the 3 AIPs.

By delegating to an EOA address, the IndexCoop Dev Team will be able to submit the 3 AIPs, the first after review by the Aave DAO, IndexCoop and Llama Community teams, the second after review by IndexCoop, Fireblocks and Aave DAO, and the third after review by IndeCoop, Aave DAO and Ava Labs. The submission must be performed from an EOA address and can not be performed from a multisig address. IndexCoop engineering will review any AIP an additional time prior to submission, as per convention.

After the voting process for these AIPs has been completed the delegation power will revert back to its current configuration which is the standard multi-sig wallet for all IndexCoop assets.

Motivation

Even more important than the ability to vote, is the ability to put forward proposals. Proposals can only be put forward by an EOA address. Thus the need for the IndexCoop’s Aave holding proposal power to be delegated to an EOA address.

In order to submit an AIP, a minimum number of votes is needed to meet the proposal power requirement for creating and sustaining a proposal. To propose on Aave, we need 80,000 votes to meet the proposal power requirement.

IndexCoop holds roughly 100,000 AAVE votes.

Specification

IndexCoop multi-sig wallet delegates the Aave voting power to an ethereum address controlled by IndexCoop Dev Team which is then to be used for submitting the AIPs.

Vote

FOR

• Delegate Aave voting power from the IndexCoop Multisig address to IndexCoop Dev Team’s EOA.

AGAINST

• Do not delegate Aave voting power from the IndexCoop Multisig address to IndexCoop Dev Team’s EOA.

Copyright

Copyright and related rights waived via CC0.