Set LDO, stMATIC, MaticX and SD Emission_Admin for Polygon v3 Liquidity Pool
Vote Result: YAE
Rationale
The ACI voted YAE, LSDs yield loops are a strategic growth vector for Aave increasing both liquidity & borrow volume and thus protocol revenue.
This AIP allows LSDs partner on polygon to participate in LM program to support Aave liquidity growth, it’s a clear win-win for every party involved.
the ACI voted YAE, Aave V1 is not gas optimized and lack the upgrades of V2 & V3. A freeze will still allow users to repay their position and withdraw.
unfortunately this proposal didn’t meet quorum but as it was non-contentious we’re supportive of a re-run.
the ACI voted YAE use USDC to buy CRV, considering the excess debt amount, usage of the safety module is not required, also as CRV is a strategic asset for the emergence of GHO and considering there’s around 30m$ in DAO treasury in stablecoins, using part of DAO stablecoins while keeping the CRV seems the most efficient strategy.
we regret the lack of an “Abstain” option in this vote, while the ACI had no intention to abstain it’s important that the diversity of opinions of the community can be voiced and encourage @Llamaxyz to follow standards if possible.
the ACI voted YAE, consolidating the books to USDC is a net positive for the protocol and with the upcoming emergence of V3 the time to do this is fit. we appreciate llama optimization on premium, theses assets auctions from the protocol are basically “slippage-free” winning trades and great opportunities for arb & Market markets, the ACI is supportive of more systemic integration of the auctions (such as with DEX aggregators) to make the clearing of it as fast and smooth as possible while optimizing the premium to make sure the DAO gets the best possible deal from it at the benefit of the protocol.
Discussions are ongoing with several potential integrators on this.
[ARFC] [ARFC] Receipt of Gauntlet Insolvency Fund
Vote Result: ABSTAIN
Rationale
the ACI voted ABSTAIN. While we have no strong opposition to this proposal, sending the AAVE to the Ecosystem reserve is basically a gift to the Safety module stakers and these funds will eventually run out. we have the feeling that a more strategic usage of these StkAAVE could have been done (Use them to power a discounted credit line of GHO minting and provide GHO liquidity for example)
Thank you for the feedback on the [ARFC] Receipt of Gauntlet Insolvency Fund proposal. Please note, that using the stkAAVE to support GHO adoption is something being looked into. With v3 not yet deployed on Ethereum and seeing v2 liquidity migrate to v3 very slowly, any proposal using stkAAVE to support lower GHO borrowing rates just now is a bit early. If such a proposal was to emerge at a later date, it will likely be at a larger scale than what would be supported by the Gauntlet holding.
Great delegation thread. I really like reading your feedback on each of the proposals. Thank you for being a consistent voter as well.
[ARFC] Aave DAO Policy Change: Halt Listings on all Aave v1 & v2 Non Permissioned Deployments
Vote Result: YAE
as stated many times, V3 is the future of Aave, with current market situation, the protocol needs to fully use the supply and borrow caps to limit risks, adding new listing to V3 exclusively will also add to V3 attractivity and support transition to the new version of the protocol
[ARC] Updated: Gauntlet <> Aave Renewal
Vote Result: YAE
As Gauntlet switched to a fixed fee model, the ACI is plainly supportive of this proposal. Independent third-party risk service providers are key to protocol resilience and the ACI is looking forward to working with gauntlet in 2023.
LSD yield optimizer loops are a massive driver of Aave protocol revenue. This upgrade of interest rate strategy will both increase the expected yield of these strategies and overall protocol revenue while keeping risks at acceptable levels.
The ACI is plainy supportive of this proposal and will also support related proposals in the MATIC ecosystem.
Kudos to @Llamaxyz & Gauntlet for their collaboration on this AIP.
Super exciting to see the Aave Chan Initiative - @MarcZeller has always had his heart within the Aave community and been valuable contributor over the pasts years. ACI is a great initiative to support the Aave DAO directly as a delegate - will support Marc fully on the Aave Chan Initiative
The ACI position did not change with this re-run, V1 is legacy tech and as a cost-to-run (chainlink price feeds infra), we’re supporting progressively fading out legacy versions of Aave to allow focus on V3 and reduce overall cost.
Again, ACI position did not change from snapshot vote, we look forward to keep working with Gauntlet in 2023
Authorise the release of Aave <> Chainlink Proof of Reserve for Aave Avalanche
Vote Result: YAE
Rationale
Proof of Reserve is a net positive for the Aave protocol resilience, as Harmony market events shown, even a functioning Aave can suffer from infrastructure it’s built upon. PoR implementation while not eliminating risks, helps in these scenarios. the ACI is supportive.
As stated multiple times and in line with our delegate platform, the ACI supports LSDs yield leverage strategies as big potential drivers of protocol revenue, this interest rate strategy allows for these strategies to scale and be more profitable while making Aave V3 on polygon more attractive overall.
[ARFC] BAL Interest Rate Curve Upgrade
Vote Result: YAE
Rationale
For the same reasons of wMATIC vote, the ACI is supportive of a proposal in line with its delegate platform.
[ARC]: Risk Parameter Updates for Aave V3 Optimism 2022-12-29
Vote Result: YAE
Rationale
This temporary arc is an act of caution given the relatively low liquidity of AAVE on OP. It should be followed by a more robust AIP later when risk teams will recommend risk parameters for this asset.
Approve pricing approach for WBTC on Aave
Vote Result: WBTC oracle based on WBTC
Rationale
It was not an easy choice, while we firmly believe wBTC value will always “mechanically” go back to peg due to bitgo redeemability and any offpeg event is temporary in nature. it is a better security practice to track the asset directly and not the underlying, in the case of Bitgo issue, doing this will allows liquidation to happen and reduce the negative consequence of this kind of event.
Updated: Aave Grants DAO Renewal
Vote Result: YAE
Rationale
The ACI supports this updated proposal, our “Scrooge McDuck” campaign allowed 750k$ cost-cutting while maintaining a high-quality of AGD program.
AIPs
Update renFIL rate strategy on Aave v2 Ethereum
Rewards controller update across V3 pools
Risk Parameter Updates for Aave v2 Ethereum - LTs and LTVs for Long Tail Assets
Risk Parameter Updates for Aave v2 Ethereum - LT and LTV (DAI, USDC)
Supply/Borrow Cap Updates for Aave v3
Chaos Labs Aave v2 Coverage
Risk Parameter Updates for Aave V3 Optimism Market (2022-12-29)
Vote Result: YAE
Rationale
the ACI voted in support of these proposals (rationales are the same as on snapshot vote). This batch of AIPs during the holidays all reached quorum thanks to the activity of platform delegates and the aave community, that being said, we do not recommend in the future to post AIPs in the middle of holidays to increase the odds of reaching quorum.
mic check - one two, one two, does this thing work?
With the ACI we apologize for the lack of updates in this section of the forum, we got ourselves busy and didn’t take the time to update the huge amounts of TEMP CHECK, ARFC, AIPs, votes & updates we participated in.
We will try to re-start the updates in here, obviously too much has happened since our last update so we start back from now.
From now on we’ll try to publish here a short-term roadmap (less than a month delivery), then update with work done & publish the next roadmap.
with upcoming new hires in the ACI team, we should be able mid-term to publish much more detailed posts in here.
thanks for reading and we would like to express our gratitude towards the 200+ addresses trusting us with their delegations, we will keep working hard to be worthy of your support!
My name is Xavi, and I’m excited to join ACI as its newest team member!
I’m very familiar with Aave and it’s ecosystem as I’ve worked at Aave companies last year, starting from the ground, with special focus in community. I’m also a lawyer & entrepreneur irl and that background has helped me in understanding better how DeFi works.
My main focus will be to help ACI by sharing all ACI activity, as well as general governance, for users, delegates and anyone to have a comprehensive summary of monthly activity in Governance and KPI. I’ll also help ACI build relationships with ecosystem partners, and keep representing ACI.
Shortly I’ll start being active in the Governance Forum, and I’ll start by sharing monthly reports on ACI activity in Governance.
Thanks!
From now on, as an exercise in transparency and convenience for Forum users and readers, we will share a monthly report featuring the key highlights of the month. ACI has created an external page where all Governance and ACI activity can be retrospectively reviewed, starting from February 2023.
Every month, in this same format, we will provide a summary and share the detailed guide for the month, following the structure below:
Month Highlights
X [TEMP CHECK]
X [TEMP CHECK] Snapshot
X [ARFC] Forum
X [ARFC] Snapshot
ACI voted on X (X YAE/NAY/ABSTAIN)
X [AIP]
ACI voted on X (X YAE/NAY/ABSTAIN)
X written by ACI
X Others
Governance Activity
Inside Governance Activity, we will post & share all activity regarding:
Temp Check
Temp Check Snapshot
ARFC Forum
ARFC Snapshot
AIP
Other topics
Each activity/publication and governance step will be linked to corresponding page with detailed information to be accessed. At ACI, we want these reports to serve as a monthly TLDR of the activity taking place in this Forum and in the Governance of Aave, and we want to hear your feedback to improve them.
All this information will be available in an external page ACI has created for your convenience.
We are happy to share that ACI has succesfully managed to list, in collaboration with Coingecko, all Aave V3 Markets aTokens in their site.
We believe this may be useful for users to have some visibility when checking basic information such as price feed, chains available, etc.
*Disclaimer: Please bear in mind that there are still some work to be done by Coingecko on some aToken in Gnosis, Metis, OP and AVAX, so if you see that in those chains for certain assets, the information is only being displayed as “Preview Only”, that’s correct at the time being, and eventually, will be fixed.