{"post_stream":{"posts":[{"id":24718,"username":"Llamaxyz","avatar_template":"/user_avatar/governance.aave.com/llamaxyz/{size}/2044_2.png","created_at":"2022-11-23T11:38:19.919Z","cooked":"\u003chr\u003e\n\u003cp\u003eTitle: [ARC] Repay excess debt in CRV market for Aave V2 ETH\u003cbr\u003e\nStatus: Proposed\u003cbr\u003e\nAuthor: \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@llamaxyz\u003c/a\u003e and Gauntlet\u003cbr\u003e\nDated: 2022-11-23\u003c/p\u003e\n\u003chr\u003e\n\u003ch1\u003e\u003ca name=\"p-24718-simple-summary-1\" class=\"anchor\" href=\"#p-24718-simple-summary-1\" aria-label=\"Heading link\"\u003e\u003c/a\u003eSimple Summary\u003c/h1\u003e\n\u003cp\u003eDecide on a path forward to repay the excess debt in the CRV market (currently ~$1.6M USD, dependent on CRV’s token price).\u003c/p\u003e\n\u003cp\u003eLlama and Gauntlet propose using Gauntlet’s insolvency refund and Aave’s Treasury to cover the excess debt.\u003c/p\u003e\n\u003ch1\u003e\u003ca name=\"p-24718-abstract-2\" class=\"anchor\" href=\"#p-24718-abstract-2\" aria-label=\"Heading link\"\u003e\u003c/a\u003eAbstract\u003c/h1\u003e\n\u003cp\u003eOver this past week, the user \u003ccode\u003e0x57e04786e231af3343562c062e0d058f25dace9e\u003c/code\u003e opened a short position on CRV using USDC as collateral. At its peak, the user was shorting ~92M units of CRV (roughly $60M USD at today’s prices). The attempt to short CRV on Aave has been unsuccessful, and the user lost ~$10M USD from the liquidations. The user has been fully liquidated, but despite this, Aave has accrued a much smaller (~$1.6M USD) bad debt position as of today’s CRV price.\u003c/p\u003e\n\u003cp\u003eThis excess debt is isolated only to the CRV market. While this is a small amount relative to the total debt of Aave, and well within the limits of Aave’s Safety Module, it is best practice to recapitalize the system to make whole the CRV market.\u003c/p\u003e\n\u003ch1\u003e\u003ca name=\"p-24718-motivation-3\" class=\"anchor\" href=\"#p-24718-motivation-3\" aria-label=\"Heading link\"\u003e\u003c/a\u003eMotivation\u003c/h1\u003e\n\u003cp\u003eAs mentioned in Gauntlet’s \u003ca href=\"https://governance.aave.com/t/arc-market-downturn-gauntlet-analysis-november-2022/10625\"\u003eforum posts\u003c/a\u003e, there is VaR (Value at Risk) from market stress events and the CRV asset broadly posed a potential \u003ca href=\"https://governance.aave.com/t/arc-market-downturn-gauntlet-analysis-november-2022/10625#:~:text=Asset%20ETH%2C%20WBTC%2C%20USDC%2C%20and%20CRV%20had%20liquidation%20amounts%20greater%20than%20%243M.\"\u003erisk\u003c/a\u003e. While this realized insolvency event was well within the bounds of projected VaR, it is best practice to recapitalize the protocol. In a later post, Gauntlet will follow up with more market risk analysis on the events that occurred to provide the community with more context that can translate into improved community practices.\u003c/p\u003e\n\u003cp\u003eRegardless, Gauntlet’s insolvency refund will be honored and triggered. The \u003ca href=\"https://etherscan.io/address/0x7667095Caa12b79fCa489ff6E2198Ca01fDAe057\" rel=\"noopener nofollow ugc\"\u003efund\u003c/a\u003e holds ~$280,000 worth of stkAAVE. Gauntlet will follow up with the next steps in the forum regarding logistics but wanted to first signify this commitment.\u003c/p\u003e\n\u003cp\u003eFor the rest of the excess CRV debt to be covered, Llama proposes using the Aave Treasury (reserves). There are two clear options for covering the remaining excess debt. Using either the Safety Module, or the Aave Treasury (v2 Collector Contract). Given the relatively minimal amount of excess debt, we do not believe it would be efficient to use the safety module. Instead, using the Aave Treasury provides a diversity of assets to cover the shortfall, shows the DAOs alignment with users of the Protocol and provides a far lower technical barrier and a quicker solution. This could also be used as an opportunity to clear up the DAOs treasury, which contains a large number of low value long tail assets. The Safety Module should be saved for larger events.We will follow up in the forums with more details regarding logistics (the assets which will be used, etc.), but we wanted first to suggest using the funds in the Collector Contract and not the Safety Module.\u003c/p\u003e\n\u003ch1\u003e\u003ca name=\"p-24718-specification-4\" class=\"anchor\" href=\"#p-24718-specification-4\" aria-label=\"Heading link\"\u003e\u003c/a\u003eSpecification\u003c/h1\u003e\n\u003cul\u003e\n\u003cli\u003eUse Gauntlet’s insolvency refund and the Aave Collector Contract to cover the excess debt in CRV market.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch1\u003e\u003ca name=\"p-24718-next-steps-5\" class=\"anchor\" href=\"#p-24718-next-steps-5\" aria-label=\"Heading link\"\u003e\u003c/a\u003eNext Steps\u003c/h1\u003e\n\u003cul\u003e\n\u003cli\u003eWelcome community feedback on the proposed specification above.\u003c/li\u003e\n\u003cli\u003eIf the community signals support, Gauntlet and Llama will follow up with implementation details.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eAt a later point, the community may want to revisit the risk/reward tradeoffs of allowing users to short certain assets. Because LTVs/LTs are delineated only by collateral asset rather than on the asset being borrowed, meaningful tradeoffs must be made here (if protocol mechanism design changes are not made). For example, reducing the likelihood of insolvency from users shorting assets would mean significantly reducing capital efficiency on blue chip collateral assets like USDC in a way that may make the protocol  for use. Functionality that exists on V3 but not on V2 (such as borrow caps) mitigates these risks.\u003c/p\u003e\n\u003cp\u003eIn addition, the community may like to revisit the prioritization towards migrating from V2 to V3.\u003c/p\u003e","post_number":1,"post_type":1,"posts_count":30,"updated_at":"2022-11-23T11:38:19.919Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":4757,"reads":187,"readers_count":186,"score":24247.4,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://governance.aave.com/t/arc-market-downturn-gauntlet-analysis-november-2022/10625","internal":true,"reflection":false,"title":"[ARC] Market Downturn: Gauntlet Analysis November 2022","clicks":31},{"url":"https://etherscan.io/address/0x7667095Caa12b79fCa489ff6E2198Ca01fDAe057","internal":false,"reflection":false,"title":"GnosisSafeProxy | Address 0x7667095Caa12b79fCa489ff6E2198Ca01fDAe057 | Etherscan","clicks":19},{"url":"https://governance.aave.com/t/arfc-receipt-of-gauntlet-insolvency-fund/10933","internal":true,"reflection":true,"title":"[ARFC] Receipt of Gauntlet Insolvency Fund","clicks":4},{"url":"https://governance.aave.com/t/governance-weekly-recap/9937/18","internal":true,"reflection":true,"title":"Governance Weekly Recap","clicks":1},{"url":"https://governance.aave.com/t/llama-month-2-update/10895","internal":true,"reflection":true,"title":"Llama Month 2 Update","clicks":1},{"url":"https://governance.aave.com/t/arc-gauntlet-aave-renewal/10516/14","internal":true,"reflection":true,"title":"[ARC] Gauntlet \u003c\u003e Aave Renewal","clicks":1},{"url":"https://governance.aave.com/t/llama-month-12-update/15135","internal":true,"reflection":true,"title":"Llama Month 12 Update","clicks":0},{"url":"https://governance.aave.com/t/arfc-cancel-llama-service-provider-stream/14137/18","internal":true,"reflection":true,"title":"[ARFC] Cancel Llama Service Provider Stream","clicks":0},{"url":"https://governance.aave.com/t/arfc-repay-excess-crv-debt-on-ethereum-v2/10955/11","internal":true,"reflection":true,"title":"[ARFC] Repay Excess CRV Debt on Ethereum v2","clicks":0},{"url":"https://governance.aave.com/t/blameless-post-mortem-curve-aug-8-2023/14386","internal":true,"reflection":true,"title":"Blameless Post Mortem: Curve - Aug 8, 2023","clicks":0},{"url":"https://governance.aave.com/t/q4-2022-risk-off-measures/10898","internal":true,"reflection":true,"title":"Q4-2022 Risk-Off Measures","clicks":0}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":26}],"moderator":false,"admin":false,"staff":false,"user_id":5668,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/1","calendar_details":[],"reactions":[{"id":"heart","type":"emoji","count":25}],"current_user_reaction":null,"reaction_users_count":25,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null,"can_vote":false},{"id":24730,"username":"fig","avatar_template":"/user_avatar/governance.aave.com/fig/{size}/7063_2.png","created_at":"2022-11-23T15:12:43.200Z","cooked":"\u003cp\u003eThis is a good gesture - and we are appreciative of \u003cspan class=\"mention\"\u003e@Gauntlet\u003c/span\u003e’s commitment to the insolvency refund.\u003c/p\u003e\n\u003cp\u003eI notice there is additionally USDC in this fund. Did this come from Aave engagements or Compound?\u003c/p\u003e","post_number":2,"post_type":1,"posts_count":30,"updated_at":"2022-11-23T15:12:43.200Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":4,"reads":136,"readers_count":135,"score":182.2,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":7}],"moderator":false,"admin":false,"staff":false,"user_id":3753,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/2","reactions":[{"id":"heart","type":"emoji","count":7}],"current_user_reaction":null,"reaction_users_count":7,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":24750,"username":"the_dealer","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/t/977dab/{size}.png","created_at":"2022-11-23T21:31:08.458Z","cooked":"\u003cp\u003eTwitter brought me here.\u003c/p\u003e\n\u003cp\u003eSeeing that Michael is the biggest depositor of CRV on the Aave V2 protocol (\u003ca href=\"https://debank.com/profile/0x7a16ff8270133f063aab6c9977183d9e72835428\" class=\"inline-onebox\" rel=\"noopener nofollow ugc\"\u003eDeBank | Your DeFi wallet\u003c/a\u003e). He supplies 86% of all deposited CRV in the pool ($75m).\u003c/p\u003e\n\u003cp\u003eThis bad debt is a cost that Michael can easily absorb if he is unable to withdraw his CRV.\u003c/p\u003e\n\u003cp\u003eI believe that no bad debts should be repaid as the user impacted is already worth $240m. Why should the Aave community bail out the rich?\u003c/p\u003e\n\u003cp\u003eThe dealer believes this is a no-deal.\u003c/p\u003e","post_number":3,"post_type":1,"posts_count":30,"updated_at":"2022-11-23T21:31:08.458Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":136,"reads":134,"readers_count":133,"score":706.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://debank.com/profile/0x7a16ff8270133f063aab6c9977183d9e72835428","internal":false,"reflection":false,"title":"DeBank | Your DeFi wallet","clicks":14}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":6566,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/3","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":24755,"username":"Callen_Wintermute","avatar_template":"/user_avatar/governance.aave.com/callen_wintermute/{size}/2411_2.png","created_at":"2022-11-23T23:03:05.832Z","cooked":"\u003cp\u003eThanks \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@Llamaxyz\u003c/a\u003e and \u003cspan class=\"mention\"\u003e@Gauntlet\u003c/span\u003e for putting this forward.\u003c/p\u003e\n\u003cp\u003eThis seems like a reasonable compensation plan and we appreciate Gauntlet using their insolvency fund. In regard to the implementation, which assets do you propose to liquidate from the v2 Collector Contract?\u003c/p\u003e","post_number":4,"post_type":1,"posts_count":30,"updated_at":"2022-11-23T23:03:05.832Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":119,"readers_count":118,"score":53.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":6333,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/4","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":24766,"username":"MarcZeller","avatar_template":"/user_avatar/governance.aave.com/marczeller/{size}/7124_2.png","created_at":"2022-11-24T08:04:54.022Z","cooked":"\u003cp\u003eHello and thx \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@Llamaxyz\u003c/a\u003e for this proposal.\u003c/p\u003e\n\u003cp\u003eConsidering the size of the excess debt, I also agree that mobilizing the Aave DAO treasury is a more straightforward solution. At the current CRV price, the protocol will recover that budget in roughly a bit more than a month.\u003c/p\u003e\n\u003cp\u003eFor the assets mobilized to buy CRV, I would suggest a mix of long-tail assets and stablecoins such as USDC.\u003c/p\u003e\n\u003cp\u003eAave has treasury contracts with large funds outside of ETH L1 but the ETH treasury has largely enough to cover excess debt so seems more efficient to concentrate everything on the ETH contract.\u003c/p\u003e\n\u003cp\u003efor the process of actually buying the CRV, I think a bonding curve with a small market premium of CRV market price to attract MM is the most efficient path. Imho, this premium doesn’t need to be large to work a 50-100 bps (higher for long tail assets, lower for stablecoins) might be considered attractive enough.\u003c/p\u003e","post_number":5,"post_type":1,"posts_count":30,"updated_at":"2022-11-24T08:04:54.022Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":114,"readers_count":113,"score":72.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":3}],"moderator":false,"admin":false,"staff":false,"user_id":6,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/5","reactions":[{"id":"heart","type":"emoji","count":3}],"current_user_reaction":null,"reaction_users_count":3,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":24771,"username":"A_J","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/a/dfb087/{size}.png","created_at":"2022-11-24T10:44:47.935Z","cooked":"\u003cp\u003eHi, thanks a lot for the proposal \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@Llamaxyz\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eThe good thing is that the size of bad debt is addressable.\u003c/p\u003e\n\u003cp\u003eI believe insolvency fund (used in full) + AAVE DAO treasury (used in partial) should fund the protocol bad debt.\u003c/p\u003e\n\u003cp\u003eI strongly suggest creating a framework to address such bad debt issues in future.\u003c/p\u003e","post_number":6,"post_type":1,"posts_count":30,"updated_at":"2022-11-24T10:44:47.935Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":108,"readers_count":107,"score":41.6,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":false,"admin":false,"staff":false,"user_id":472,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/6","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":24772,"username":"DTBAEE","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/d/d6d6ee/{size}.png","created_at":"2022-11-24T11:04:44.270Z","cooked":"\u003cp\u003eWe can deal with this CRV event in this way, but the key is how to formulate a mechanism to prevent similar events from happening again. AAVE currently has many virtual currencies that can be shorted in similar ways. Another 70 similar events will require a compensation of 100 million dollars\u003c/p\u003e","post_number":7,"post_type":1,"posts_count":30,"updated_at":"2022-11-24T11:04:44.270Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":104,"readers_count":103,"score":55.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":669,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/7","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":24773,"username":"MarcZeller","avatar_template":"/user_avatar/governance.aave.com/marczeller/{size}/7124_2.png","created_at":"2022-11-24T11:09:36.750Z","cooked":"\u003cp\u003e\u003ca class=\"mention\" href=\"/u/dtbaee\"\u003e@DTBAEE\u003c/a\u003e  the main discussion for this is here :\u003c/p\u003e\n\u003caside class=\"quote quote-modified\" data-post=\"1\" data-topic=\"10757\"\u003e\n  \u003cdiv class=\"title\"\u003e\n    \u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n    \u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/pauljlei/48/3488_2.png\" class=\"avatar\"\u003e\n    \u003cdiv class=\"quote-title__text-content\"\u003e\n      \u003ca href=\"https://governance.aave.com/t/arc-risk-parameter-recommendations-for-aave-v2-eth-2022-11-22/10757/\"\u003e[ARC] Risk Parameter Recommendations for Aave V2 ETH (2022-11-22)\u003c/a\u003e \u003ca class=\"badge-category__wrapper \" href=\"/c/governance/general/8\"\u003e\u003cspan data-category-id=\"8\" style=\"--category-badge-color: #ED207B; --category-badge-text-color: #000000; --parent-category-badge-color: #2EBAC6;\" data-parent-category-id=\"4\" data-drop-close=\"true\" class=\"badge-category --style-square --has-parent\"\u003e\u003cspan class=\"badge-category__name\"\u003eGeneral\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n    \u003c/div\u003e\n  \u003c/div\u003e\n  \u003cblockquote\u003e\n    \u003ca name=\"summary-1\" class=\"anchor\" href=\"#summary-1\"\u003e\u003c/a\u003eSummary\nA proposal to make parameter changes on Aave V2 ETH. Given that the market situation of these assets is currently volatile, out of an abundance of caution, we recommend temporarily freezing the following markets: \n\nYFI\nCRV\nZRX\nMANA\n1inch\nBAT\nsUSD\nENJ\nGUSD\nAMPL\nRAI\nUSDP\nLUSD\nxSUSHI\nDPI\nrenFIL\nMKR\n\n\n\u003ca name=\"motivation-2\" class=\"anchor\" href=\"#motivation-2\"\u003e\u003c/a\u003eMotivation\nAave V2 lacks many of the risk controls that Aave V3 solves for (supply caps, borrow caps, isolation mode, e-mode, etc). Out of an abundance of caution and given the community’s cur…\n  \u003c/blockquote\u003e\n\u003c/aside\u003e\n\n\u003cp\u003eplease let’s keep the discussion in this thread on repaying excess debt.\u003c/p\u003e","post_number":8,"post_type":1,"posts_count":30,"updated_at":"2022-11-24T11:09:59.150Z","reply_count":0,"reply_to_post_number":7,"quote_count":0,"incoming_link_count":6,"reads":105,"readers_count":104,"score":51.0,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://governance.aave.com/t/arc-risk-parameter-recommendations-for-aave-v2-eth-2022-11-22/10757","internal":true,"reflection":false,"title":"[ARC] Risk Parameter Recommendations for Aave V2 ETH (2022-11-22)","clicks":0}],"read":true,"user_title":null,"reply_to_user":{"id":669,"username":"DTBAEE","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/d/d6d6ee/{size}.png"},"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":6,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/8","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":24923,"username":"G-Blockchain","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/g/4da419/{size}.png","created_at":"2022-11-28T09:45:24.835Z","cooked":"\u003cp\u003eThanks to \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@Llamaxyz\u003c/a\u003e for putting the following proposal together.\u003c/p\u003e\n\u003cp\u003eIs there a timeline for finalizing the approach to paying off the bad debt?\u003c/p\u003e\n\u003cp\u003eA few thoughts:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eGreat that Gauntlet’s insolvency fund covers some of the bad debts. How would this look in practice? Do Gauntlet send the stkAAVE to the Aave treasury/ecosystem reserve in return for USDC? (a form of OTC) or would Gauntlet unstake the stkAAVE and sell the AAVE on the secondary market for CRV? I would be in favour of the first option to avoid selling AAVE.\u003c/li\u003e\n\u003cli\u003eThe treasury makes sense and I look forward to seeing the breakdown of the assets to be used.\u003c/li\u003e\n\u003c/ul\u003e","post_number":11,"post_type":1,"posts_count":30,"updated_at":"2022-11-28T09:45:24.835Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":7,"reads":100,"readers_count":99,"score":60.0,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":3088,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/11","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25024,"username":"Llamaxyz","avatar_template":"/user_avatar/governance.aave.com/llamaxyz/{size}/2044_2.png","created_at":"2022-11-30T19:00:06.269Z","cooked":"\u003cp\u003e\u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@llamaxyz\u003c/a\u003e would like to present the following pathway forward for addressing the Bad Debt within the CRV Reserve.\u003c/p\u003e\n\u003chr\u003e\n\u003ch3\u003e\u003ca name=\"p-25024-proposal-1\" class=\"anchor\" href=\"#p-25024-proposal-1\" aria-label=\"Heading link\"\u003e\u003c/a\u003eProposal\u003c/h3\u003e\n\u003cp\u003eA summary of the key actions:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eAcquire CRV to repay 100% of Bad Debt, $1,877,777.89\u003c/li\u003e\n\u003cli\u003eGauntlet to transfer the insolvency fund to the DAO, $308,118.89\u003c/li\u003e\n\u003cli\u003eConsolidate Assets held in v2 Collector Contract, $434,299.61\u003c/li\u003e\n\u003cli\u003eDAO retains existing aCRV \u0026amp; AAVE Holding, $339,328.88, $308,118.89 respectively\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eNote: Values are subject to change with asset price movements within the market.\u003c/p\u003e\n\u003cp\u003eThe DAO is to purchase the full amount of the bad debt within the CRV Reserve via a Bonding Curve with a 2% premium to the Chainlink Oracle price, \u003ca href=\"https://docs.chain.link/data-feeds/price-feeds/addresses?network=ethereum\" rel=\"noopener nofollow ugc\"\u003eCRV/USD\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eThe quantity to be purchased is equal to the variableDebtCRV position in the below wallet:\u003c/p\u003e\n\u003cp\u003eWallet: \u003ccode\u003e0x57e04786e231af3343562c062e0d058f25dace9e\u003c/code\u003e\u003cbr\u003e\nQuantity: 2,651,906.53507042958070438 CRV\u003cbr\u003e\nUSD Value: 1,877,777.89 @ $0.708106/CRV\u003cbr\u003e\nCRV: \u003ccode\u003e0xD533a949740bb3306d119CC777fa900bA034cd52\u003c/code\u003e\u003cbr\u003e\nCRV/USD Oracle: \u003ccode\u003e0xCd627aA160A6fA45Eb793D19Ef54f5062F20f33f\u003c/code\u003e\u003c/p\u003e\n\u003cp\u003eGauntlet is to redeem the stkAAVE and transfer the AAVE to the Ecosystem Reserve Contract once the funds have been withdrawn from the Safety Module.\u003c/p\u003e\n\u003cp\u003eGauntlet Wallet: \u003ccode\u003e0x7667095Caa12b79fCa489ff6E2198Ca01fDAe057\u003c/code\u003e\u003cbr\u003e\nQuantity stkAAVE: 4,923.6\u003cbr\u003e\nValue stkAAVE: $308,118.89 @ 62.5800\u003cbr\u003e\nEcosystem Reserve: \u003ccode\u003e0x25f2226b597e8f9514b3f68f00f494cf4f286491\u003c/code\u003e\u003c/p\u003e\n\u003cp\u003eThe following tokens in the v2 Collector Contract are to be Redeemed and exchanged for USDC via a series of Bonding Curves:\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://i.imgur.com/3ES2hz4.png\" alt=\"\" role=\"presentation\" width=\"810\" height=\"812\"\u003e\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-25024-implementation-2\" class=\"anchor\" href=\"#p-25024-implementation-2\" aria-label=\"Heading link\"\u003e\u003c/a\u003eImplementation\u003c/h3\u003e\n\u003cp\u003eTo repay the bad debt:\u003c/p\u003e\n\u003cp\u003epool.repay(crv, total bad debt, variableInterest, Address)\u003c/p\u003e\n\u003cp\u003eCRV:\u003ccode\u003e0xD533a949740bb3306d119CC777fa900bA034cd52\u003c/code\u003e\u003cbr\u003e\nTotal Bad Debt: \u003ccode\u003e2,651,906.53507042958070438\u003c/code\u003e\u003cbr\u003e\nAddress: \u003ccode\u003e0x57e04786e231af3343562c062e0d058f25dace9e\u003c/code\u003e\u003c/p\u003e\n\u003chr\u003e\n\u003ch3\u003e\u003ca name=\"p-25024-discussion-3\" class=\"anchor\" href=\"#p-25024-discussion-3\" aria-label=\"Heading link\"\u003e\u003c/a\u003eDiscussion\u003c/h3\u003e\n\u003cp\u003eLlama believes the CRV position held by the DAO can be considered a strategic asset with the intention of it being converted to veCRV and potentially used to either generate revenues, bootstrap GHO on Curve or direct CRV rewards towards \u003ca href=\"https://governance.aave.com/t/arc-staked-atokens-a-new-aave-primitive-exploring-vote-escrow-economies/10406\"\u003enew aToken gauges\u003c/a\u003e. At this point in time, we believe the DAO can acquire CRV with USDC, and avoid using the existing CRV holding.\u003c/p\u003e\n\u003cp\u003eThe above proposal enables the DAO to continue to maintain its current CRV position. The DAO is one of the largest Liquidity Providers of CRV on the v2 Ethereum deployment and this liquidity when transferred to v3 will continue to generate revenue as CRV is one of the most sought after governance tokens listed on the protocol.\u003c/p\u003e\n\u003cp\u003eIn addition, \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@Llamaxyz\u003c/a\u003e seeks to Redeem the aTokens shown in the image and then convert these holdings to USDC by deploying a series of bonding curves. The amount of tokens, price, value of each holding and the premium to the Chainlink Oracle applied on the Bonding Curve is shown above. This is intended to consolidate the assets held within the v2 Collector Contract and also partially offset the USDC outflows.\u003c/p\u003e","post_number":15,"post_type":1,"posts_count":30,"updated_at":"2022-11-30T20:31:54.900Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":605,"reads":98,"readers_count":97,"score":3149.6,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://docs.chain.link/data-feeds/price-feeds/addresses?network=ethereum","internal":false,"reflection":false,"title":"Price Feed Contract Addresses | Chainlink Documentation","clicks":2},{"url":"https://governance.aave.com/t/arc-staked-atokens-a-new-aave-primitive-exploring-vote-escrow-economies/10406","internal":true,"reflection":false,"title":"ARC: Staked ATokens, A New Aave Primitive Exploring Vote-Escrow Economies","clicks":0},{"url":"https://governance.aave.com/t/arfc-repay-excess-crv-debt-on-ethereum-v2/10955/11","internal":true,"reflection":true,"title":"[ARFC] Repay Excess CRV Debt on Ethereum v2","clicks":3},{"url":"https://governance.aave.com/t/llama-month-2-update/10895","internal":true,"reflection":true,"title":"Llama Month 2 Update","clicks":0},{"url":"https://governance.aave.com/t/governance-weekly-recap/9937/19","internal":true,"reflection":true,"title":"Governance Weekly Recap","clicks":0},{"url":"https://governance.aave.com/t/llama-month-12-update/15135","internal":true,"reflection":true,"title":"Llama Month 12 Update","clicks":0}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":7}],"moderator":false,"admin":false,"staff":false,"user_id":5668,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/15","reactions":[{"id":"heart","type":"emoji","count":7}],"current_user_reaction":null,"reaction_users_count":7,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25025,"username":"fig","avatar_template":"/user_avatar/governance.aave.com/fig/{size}/7063_2.png","created_at":"2022-11-30T20:06:56.519Z","cooked":"\u003cp\u003eThis seems like three separate proposals in one:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003e\n\u003cp\u003euse Gauntlet’s insolvency refund\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eacquire 2,651,906 CRV at a market value of $1,877,777\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eredeem the v2 Collector Contract for a total value of $434,299\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNow that these are more explicit - I’d like to drill into \u003cspan class=\"hashtag\"\u003e#2:\u003c/span\u003e\u003c/p\u003e\n\u003chr\u003e\n\u003cp\u003eWe are supportive of using the insolvency refund and think that is a no-brainer. For the Curve acquisition, it seems a bit soon and aggressive to acquire more than needed.\u003c/p\u003e\n\u003cp\u003eTo encourage full transparency, we believe this decision to acquire a \u003cem\u003esurplus\u003c/em\u003e of CRV would be best lived in a separate discussion.\u003c/p\u003e\n\u003cp\u003eIt feels like a better, more simple course of action would be the following:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eredeem the insolvency refund (~$300,000)\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eredeem and use v2 collector contract (~$430,000)\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eacquire CRV to pay the difference of bad debt (~$1,477,000)\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eI am not convinced of the need to focus on future, undiscussed DAO partnerships while patching a hole.\u003c/p\u003e\n\u003cp\u003eIt’s like building a new marble kitchen while your basement is flooding…\u003c/p\u003e","post_number":16,"post_type":1,"posts_count":30,"updated_at":"2022-11-30T20:08:56.561Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":86,"readers_count":85,"score":27.2,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":3753,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/16","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25026,"username":"MatthewGraham","avatar_template":"/user_avatar/governance.aave.com/matthewgraham/{size}/1068_2.png","created_at":"2022-11-30T20:56:05.187Z","cooked":"\u003cp\u003eHi \u003ca class=\"mention\" href=\"/u/fig\"\u003e@fig\u003c/a\u003e,\u003c/p\u003e\n\u003cp\u003eIn general, I see the logic of three proposals. However, the way we thought about this was, what is the fastest and simplest way to repay the debt whilst achieving the same outcome. We need to acquire sufficient CRV to repay the debt, this is a requirement of the implementation and therefore we have a choice of two options:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eUtilise the existing aCRV holding and acquire the balance\u003c/li\u003e\n\u003cli\u003eAcquire 100% of the CRV bad debt and the DAO retains the aCRV holding.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eCRV is one of the best earning revenue streams outside of stables. Having a good deposit in the v3 CRV Reserve will generate revenue for the DAO. After \u003ca class=\"mention\" href=\"/u/AaveLabs\"\u003e@AaveLabs\u003c/a\u003e spent the time and effort developing the new aToken collateral, \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@Llamaxyz\u003c/a\u003e wanted to be able to maximise that opportunity of having a veCRV holding (assumes the DAO converts aCRV to veCRV).\u003c/p\u003e\n\u003cp\u003eIf the DAO continues to hold the aCRV holding, then the bad debt is essentially recovered through interest earned by the DAO. The period of time for the DAO to earn enough aCRV from interest payments on its aCRV holding was around 80 days a week ago, it is now 225 days and with v3 + normal borrowing conditions enabled, we expect it will probably come down from 225 days.\u003c/p\u003e\n\u003cp\u003e\u003c/p\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/0/0204ec54e69d2923a26bada5fcd2b8df325d0857.png\" data-download-href=\"/uploads/short-url/hRvaHKiANNt2WgZjAhyAV0esyX.png?dl=1\" title=\"Screenshot 2022-11-30 at 20.40.56\"\u003e\u003cimg src=\"https://europe1.discourse-cdn.com/flex013/uploads/aave/optimized/2X/0/0204ec54e69d2923a26bada5fcd2b8df325d0857_2_690x349.png\" alt=\"Screenshot 2022-11-30 at 20.40.56\" data-base62-sha1=\"hRvaHKiANNt2WgZjAhyAV0esyX\" width=\"690\" height=\"349\" srcset=\"https://europe1.discourse-cdn.com/flex013/uploads/aave/optimized/2X/0/0204ec54e69d2923a26bada5fcd2b8df325d0857_2_690x349.png, https://europe1.discourse-cdn.com/flex013/uploads/aave/optimized/2X/0/0204ec54e69d2923a26bada5fcd2b8df325d0857_2_1035x523.png 1.5x, https://europe1.discourse-cdn.com/flex013/uploads/aave/optimized/2X/0/0204ec54e69d2923a26bada5fcd2b8df325d0857_2_1380x698.png 2x\" data-dominant-color=\"272730\"\u003e\u003cdiv class=\"meta\"\u003e\n\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eScreenshot 2022-11-30 at 20.40.56\u003c/span\u003e\u003cspan class=\"informations\"\u003e1724×872 41.5 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\n\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003cp\u003e\u003c/p\u003e\n\u003cp\u003eDue to the factors mentioned above we opted to acquire CRV to repay the bad debt knowing the DAO will earn aCRV from the existing aCRV holding over time. This directs us towards Option 2.\u003c/p\u003e\n\u003cp\u003eThe easiest and simplest means of achieving option 2, is to covert a single holding to CRV. A dominant asset holding, ie: USDC, is the most logical choice. Looking at the v2 Collector Contract, ideally we would keep the USDC, plus other dominant holdings, and instead utilise other assets. The table in the earlier post outlines our thoughts around which assets to utilise. If we swap these assets for CRV directly, it may take longer and it does introduce complexity. Swapping the assets in the table to CRV risks some of the smaller holdings not being arbitraged in a timely manner and delaying the repayment. Therefore, we opted to go for the same net outcome, whilst decoupling the tasks. However, this one initiative and can be deployed in a single AIP.\u003c/p\u003e\n\u003cp\u003eI do want to thank you for asking these questions, I am happy to explain the logic. If the DAO choose to reduce its aCRV holding exposure, then we can pivot that way. \u003cimg src=\"https://emoji.discourse-cdn.com/twitter/slight_smile.png?v=12\" title=\":slight_smile:\" class=\"emoji\" alt=\":slight_smile:\" loading=\"lazy\" width=\"20\" height=\"20\"\u003e\u003c/p\u003e","post_number":17,"post_type":1,"posts_count":30,"updated_at":"2022-11-30T21:42:08.812Z","reply_count":1,"reply_to_post_number":16,"quote_count":0,"incoming_link_count":0,"reads":90,"readers_count":89,"score":68.0,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":"TokenLogic-Finance","flair_url":"https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/1/19c7d3ed672c3cbb4bc9d6675d6b951a50f24b4f.png","flair_bg_color":"","flair_color":"","flair_group_id":49,"badges_granted":[],"version":3,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/0/0204ec54e69d2923a26bada5fcd2b8df325d0857.png","internal":false,"reflection":false,"title":"0204ec54e69d2923a26bada5fcd2b8df325d0857.png","clicks":0}],"read":true,"user_title":"TokenLogic-Finance SP","title_is_group":false,"reply_to_user":{"id":3753,"username":"fig","avatar_template":"/user_avatar/governance.aave.com/fig/{size}/7063_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":3}],"moderator":false,"admin":false,"staff":false,"user_id":1362,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/17","reactions":[{"id":"heart","type":"emoji","count":3}],"current_user_reaction":null,"reaction_users_count":3,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25027,"username":"fig","avatar_template":"/user_avatar/governance.aave.com/fig/{size}/7063_2.png","created_at":"2022-11-30T21:34:15.405Z","cooked":"\u003cp\u003eI don’t have a problem with three proposals. It’s more the update in the comments.\u003c/p\u003e\n\u003cp\u003eFeels like it would be better conveyed to the community - and gain more visibility - if outside of a thread.\u003c/p\u003e\n\u003chr\u003e\n\u003cp\u003eGenerally, we will vote for reduced aCRV holdings at this time.\u003c/p\u003e\n\u003cp\u003eKeep it simple.\u003c/p\u003e","post_number":18,"post_type":1,"posts_count":30,"updated_at":"2022-11-30T21:38:20.513Z","reply_count":0,"reply_to_post_number":17,"quote_count":0,"incoming_link_count":2,"reads":84,"readers_count":83,"score":41.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":1362,"username":"MatthewGraham","avatar_template":"/user_avatar/governance.aave.com/matthewgraham/{size}/1068_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":false,"admin":false,"staff":false,"user_id":3753,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/18","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25033,"username":"G-Blockchain","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/g/4da419/{size}.png","created_at":"2022-12-01T10:23:48.391Z","cooked":"\u003cp\u003eThanks for the update \u003ca class=\"mention\" href=\"/u/llamaxyz\"\u003e@Llamaxyz\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eI am in support of the outline proposal.\u003c/p\u003e\n\u003cp\u003eDoes the following fall within the scope of the Llama contract with the DAO? Or will Llama request additional payment via the Aave Grants DAO or from the DAO itself?\u003c/p\u003e","post_number":19,"post_type":1,"posts_count":30,"updated_at":"2022-12-01T10:23:48.391Z","reply_count":1,"reply_to_post_number":15,"quote_count":0,"incoming_link_count":3,"reads":78,"readers_count":77,"score":80.6,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":5668,"username":"Llamaxyz","avatar_template":"/user_avatar/governance.aave.com/llamaxyz/{size}/2044_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":3}],"moderator":false,"admin":false,"staff":false,"user_id":3088,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/19","reactions":[{"id":"heart","type":"emoji","count":3}],"current_user_reaction":null,"reaction_users_count":3,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25059,"username":"Llamaxyz","avatar_template":"/user_avatar/governance.aave.com/llamaxyz/{size}/2044_2.png","created_at":"2022-12-01T18:59:32.781Z","cooked":"\u003caside class=\"quote no-group\" data-username=\"G-Blockchain\" data-post=\"19\" data-topic=\"10779\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg loading=\"lazy\" alt=\"\" width=\"24\" height=\"24\" src=\"https://avatars.discourse-cdn.com/v4/letter/g/4da419/48.png\" class=\"avatar\"\u003e G-Blockchain:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eDoes the following fall within the scope of the Llama contract with the DAO? Or will Llama request additional payment via the Aave Grants DAO or from the DAO itself?\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eHi \u003ca class=\"mention\" href=\"/u/g-blockchain\"\u003e@G-Blockchain\u003c/a\u003e,\u003c/p\u003e\n\u003cp\u003eThank you for you asking the question as others could also be wondering this too.\u003c/p\u003e\n\u003cp\u003eOver the last week, Llama has submitted two AIPs adjusting risk parameters in partnership with Chaos Labs. Although the nature of this work falls outside of the \u003ca href=\"https://governance.aave.com/t/updated-proposal-llama-aave/9924\"\u003escope defined in the AIP\u003c/a\u003e, we are glad to support the community during a busy period.\u003c/p\u003e\n\u003cp\u003eWith respect to this specific proposal, aspects of it do fall within Llama work scope, as it relates to the funds held by the DAO and how  said funds are managed. Whether or not the DAO addresses the bad debt is a community decision and we are pleased to be involved in presenting a potential way forward to the community.\u003c/p\u003e\n\u003cp\u003eLlama does not intend to seek any additional funding for any of the three mentioned proposals. We enjoy working with other service providers and are here to support the Aave community.\u003c/p\u003e","post_number":20,"post_type":1,"posts_count":30,"updated_at":"2022-12-01T18:59:32.781Z","reply_count":0,"reply_to_post_number":19,"quote_count":1,"incoming_link_count":2,"reads":79,"readers_count":78,"score":70.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://governance.aave.com/t/updated-proposal-llama-aave/9924","internal":true,"reflection":false,"title":"Updated Proposal: Llama \u003c\u003e Aave","clicks":2},{"url":"https://governance.aave.com/t/llama-month-2-update/10895/3","internal":true,"reflection":true,"title":"Llama Month 2 Update","clicks":0}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":3}],"moderator":false,"admin":false,"staff":false,"user_id":5668,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/20","reactions":[{"id":"heart","type":"emoji","count":3}],"current_user_reaction":null,"reaction_users_count":3,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25060,"username":"Kene_Anode","avatar_template":"/user_avatar/governance.aave.com/kene_anode/{size}/13773_2.png","created_at":"2022-12-01T19:39:42.781Z","cooked":"\u003cp\u003eThis is an important proposal that I believe should be addressed promptly. Considering the change in prices could affect the numbers at the time of writing this.\u003c/p\u003e\n\u003cp\u003eHowever I think that the proposal might be too broad, breaking this down into separate proposals with the most important action items being the first would be a better way to approach this.\u003cbr\u003e\nSeparate discussions for the each of the action items would allow more discourse on each action item and possibly more community feedback and visibility.\u003c/p\u003e\n\u003cp\u003eAfter utilizing the insolvency fund and the v2 collectors contract to satisfy the bad debt, then a separate discussion can be started on the acquisition of more CRV, we would have more time to breakdown the justification for such an acquisition without the bad debt hanging over our heads.\u003c/p\u003e","post_number":21,"post_type":1,"posts_count":30,"updated_at":"2022-12-01T19:39:42.781Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":73,"readers_count":72,"score":19.6,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":"Orbit-Delegate","flair_url":"https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/0/0adc16555b3a42bc4ab9b9ef34ad35b846808ff7.png","flair_bg_color":"","flair_color":"","flair_group_id":43,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"Orbit-Delegate","title_is_group":false,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":6215,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/21","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25061,"username":"MatthewGraham","avatar_template":"/user_avatar/governance.aave.com/matthewgraham/{size}/1068_2.png","created_at":"2022-12-01T19:55:36.308Z","cooked":"\u003cp\u003eHi \u003ca class=\"mention\" href=\"/u/Kene_Anode\"\u003e@Kene_Anode\u003c/a\u003e,\u003c/p\u003e\n\u003cp\u003eLlama is proposing to acquire the CRV needed to repay 100% of the bad debt from tokens held in the v2 Collector Contract on Ethereum. The bad debt is nominated in CRV and thus must be repaid in CRV, which means we must acquire CRV to pay back the full amount of bad debt. Llama is not proposing to redeem the aCRV holding to partially fund the bad debt repayment. Instead Llama prefers a different approach.\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"Llamaxyz\" data-post=\"1\" data-topic=\"10779\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg loading=\"lazy\" alt=\"\" width=\"24\" height=\"24\" src=\"https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/llamaxyz/48/2044_2.png\" class=\"avatar\"\u003e Llamaxyz:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eGiven the relatively minimal amount of excess debt, we do not believe it would be efficient to use the safety module. Instead, using the Aave Treasury provides a diversity of assets to cover the shortfall, shows the DAOs alignment with users of the Protocol and provides a far lower technical barrier and a quicker solution. This could also be used as an opportunity to clear up the DAOs treasury, which contains a large number of low value long tail assets.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eGauntlet has put forward funds, that partially fund paying down the bad debt. Llama proposing using the assets in the table to partially fund this, just indirectly. The balance is to then be funded from the USDC holdings. Rather than swap many assets to CRV, Llama is proposing swap many assets to USDC and swap USDC to CRV. Rather than two steps in series, we are performing two steps in parallel. This reduces the dependencies and is likely to accelerate the overall schedule for paying down the bad debt.\u003c/p\u003e\n\u003cp\u003eIs there any aspect of this proposal that is not supported or isn’t clear which we can expand on.\u003c/p\u003e\n\u003cp\u003eTo repay the bad debt the function requires CRV as an input. Which means paying back 100% of the bad debt requires CRV to be acquired. There is no other way.\u003c/p\u003e\n\u003cp\u003epool.repay(crv, total bad debt, variableInterest, Address)\u003c/p\u003e\n\u003cp\u003eCRV:\u003ccode\u003e0xD533a949740bb3306d119CC777fa900bA034cd52\u003c/code\u003e\u003cbr\u003e\nTotal Bad Debt: \u003ccode\u003e2,651,906.53507042958070438\u003c/code\u003e\u003cbr\u003e\nAddress: \u003ccode\u003e0x57e04786e231af3343562c062e0d058f25dace9e\u003c/code\u003e\u003c/p\u003e","post_number":22,"post_type":1,"posts_count":30,"updated_at":"2022-12-01T20:05:18.757Z","reply_count":1,"reply_to_post_number":21,"quote_count":1,"incoming_link_count":1,"reads":79,"readers_count":78,"score":55.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":"TokenLogic-Finance","flair_url":"https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/1/19c7d3ed672c3cbb4bc9d6675d6b951a50f24b4f.png","flair_bg_color":"","flair_color":"","flair_group_id":49,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"TokenLogic-Finance SP","title_is_group":false,"reply_to_user":{"id":6215,"username":"Kene_Anode","avatar_template":"/user_avatar/governance.aave.com/kene_anode/{size}/13773_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":1362,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/22","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25064,"username":"thewatcher","avatar_template":"/user_avatar/governance.aave.com/thewatcher/{size}/2424_2.png","created_at":"2022-12-01T22:10:20.394Z","cooked":"\u003cp\u003eoh \u003ca class=\"mention\" href=\"/u/matthewgraham\"\u003e@MatthewGraham\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e“\u003cem\u003ethere is no other way.\u003c/em\u003e”\u003c/p\u003e\n\u003cp\u003ethere are so many ways // there is always a way, matthewG\u003c/p\u003e\n\u003cp\u003ehow about the aCRV you mention\u003c/p\u003e\n\u003cdiv class=\"spoiler\"\u003e\n\u003cp\u003eannoyed, watching.\u003c/p\u003e\n\u003c/div\u003e","post_number":23,"post_type":1,"posts_count":30,"updated_at":"2022-12-01T22:10:20.394Z","reply_count":1,"reply_to_post_number":22,"quote_count":0,"incoming_link_count":0,"reads":71,"readers_count":70,"score":19.2,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":1362,"username":"MatthewGraham","avatar_template":"/user_avatar/governance.aave.com/matthewgraham/{size}/1068_2.png"},"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":6343,"hidden":false,"trust_level":1,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/23","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25065,"username":"fig","avatar_template":"/user_avatar/governance.aave.com/fig/{size}/7063_2.png","created_at":"2022-12-01T22:33:31.974Z","cooked":"\u003cp\u003e\u003ca class=\"mention\" href=\"/u/matthewgraham\"\u003e@MatthewGraham\u003c/a\u003e I empathize with some of the frustration expressed by the community. While using the treasury is best, it feels important to maintain the integrity of a process and allow more voices.\u003c/p\u003e\n\u003cp\u003eThis debt may be nominal in dollar amounts but the proposed repayment represents different strategies; 1) preserving Gov tokens on our balance sheet vs 2) reedem aCRV -  discussing surplus later\u003c/p\u003e\n\u003cp\u003eI understand it needs to be repaid in CRV - as do I believe \u003ca class=\"mention\" href=\"/u/Kene_Anode\"\u003e@Kene_Anode\u003c/a\u003e does too\u003c/p\u003e\n\u003cp\u003eBut there are very different ways of doing it as such.\u003c/p\u003e\n\u003cp\u003eI will continue with my crappy analogies as if they do anything:\u003c/p\u003e\n\u003cp\u003eThis feels like you’re are fixing an old coat you love - its got a big ole’ hole in the elbow. You have good leather at home, which may take a bit of work - it may be a bit discolored, but it would definitely fix it.\u003c/p\u003e\n\u003cp\u003eWhy do we need to go get more, new leather? We already have some.\u003c/p\u003e\n\u003chr\u003e\n\u003cp\u003eI apologize for the impassioned discussion here as  I  maintain my focus on letting the community be as informed as possible, and creating a predictable, consistent process.\u003c/p\u003e\n\u003cp\u003eThanks for letting me air it out \u003cimg src=\"https://emoji.discourse-cdn.com/twitter/v.png?v=12\" title=\":v:\" class=\"emoji\" alt=\":v:\" loading=\"lazy\" width=\"20\" height=\"20\"\u003e\u003c/p\u003e","post_number":24,"post_type":1,"posts_count":30,"updated_at":"2022-12-01T22:33:31.974Z","reply_count":3,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":2,"reads":79,"readers_count":78,"score":70.8,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":3753,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/arc-repay-excess-debt-in-crv-market-for-aave-v2-eth/10779/24","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":25087,"username":"MatthewGraham","avatar_template":"/user_avatar/governance.aave.com/matthewgraham/{size}/1068_2.png","created_at":"2022-12-02T14:23:01.247Z","cooked":"\u003cp\u003eHi \u003ca class=\"mention\" href=\"/u/thewatcher\"\u003e@thewatcher\u003c/a\u003e,\u003c/p\u003e\n\u003cp\u003eUsing aCRV and even Gauntlet’s stkAAVE holding to fund this is a partial solution and does not enable the full amount of bad debt to be repaid.\u003c/p\u003e\n\u003cp\u003eBad Debt \u0026gt; aCRV Holding\u003cbr\u003e\nBad Debt \u0026gt; (aCRC + stkAAVE swapped to CRV)\u003c/p\u003e\n\u003cp\u003eThus, CRV needs to be acquired to repay 100% of the bad debt.\u003c/p\u003e","post_number":25,"post_type":1,"posts_count":30,"updated_at":"2022-12-02T14:24:18.344Z","reply_count":0,"reply_to_post_number":23,"quote_count":0,"incoming_link_count":1,"reads":76,"readers_count":75,"score":35.2,"yours":false,"topic_id":10779,"topic_slug":"arc-repay-excess-debt-in-crv-market-for-aave-v2-eth","primary_group_name":null,"flair_name":"TokenLogic-Finance","flair_url":"https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/1/19c7d3ed672c3cbb4bc9d6675d6b951a50f24b4f.png","flair_bg_color":"","flair_color":"","flair_group_id":49,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"TokenLogic-Finance 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