- April & May 2024
Overview
This update covers both April & May at Aave Grants. We introduce five new grantees driving value to GHO and an update on the Aave & GHO Ecosystem Advancement round we’re hosting with Gitcoin.
Grants Summary
The total numbers for the grants program’s spending are listed below, starting mid-May of 2021 when the program began until the end of May 2024.
- Total Grant Applications Received: 2648
- Total Applications Approved: 277
- Acceptance Rate:
- Written (Stage 1): 11%
- Video Call (Stage 2): 66%
- Total Amount Disbursed: $5,654,796
- Complete Grant Payments: 90%
- In-progress/Incomplete Grant Payments: 10%
- Status of all grants:
- Complete/Live - 52%
- In-progress - 34%
- Inactive/Sunset/Rugged - 14%
- Amount and Quantity Approved by Category:
- Category - $cumulative cost - number approved
- Applications and Integrations - $2,996,766 - 130 grants
- Code Audits - $130,000 - 5 grants
- Committees & DAOs that Serve Aave’s Ecosystem - $703,780 - 20 grants
- Community (Marketing and Educational) - $701,050 - 54 grants
- Developer Tooling - $427,000 - 17 grants
- Events / Hackathons / Sponsorships - $186,000 - 14 grants
- Other - $299,900 - 13 grants
- Protocol Development - $446,200 - 21 grants
Approved Grants
We received 74 grant applications this past two months and sent out funds for five new grants. The five new teams we’ve granted funds to are some of the highest quality we’ve worked with. We are excited about the contributions they have already made and are looking forward to seeing the long-term impact they will have on GHO and the Aave ecosystem.
All except for one of the teams are “application and integration” focused with grant amounts ranging between $5,000 and $20,000. To see what each grantee is building check out more details below.
- Grant Name - $ total grant amount(payment type) - grant type
- grant description
- use of funds
- Gearbox Protocol - $20,000(full) - applications and integrations
- Gearbox, currently one of the largest non-dex venues for GHO liquidity, is receiving a grant to continue developing leveraging strategies for GHO in their passive pools leverage line. They expect this to facilitate at least $10 million worth of GHO transactions through Gearbox within the first 6 months post-integration.
- funds will go to the past integration of the Gearbox’s passive lending pools and the upcoming integration of the GHO/USDC/USDT Balancer pool
- Notional Finance - $20,000(full) - applications and integrations
- Notional Finance is receiving a second grant after the launch of their highly successful fixed-rate GHO vault in April. This grant will go to their work on developing and launching the USDe/GHO vault, exposing GHO depositors to Ethena’s yields. Additionally, Notional has continued to expand their support for GHO including listing GHO for fixed-rate borrowing and lending and introducing their first leveraged GHO vault.
- funds will go to conducting the risk assessment and selecting the initial parameter set for the two new leveraged GHO vaults
- Mean Finance - $16,400(full) - applications and integrations
- Balmy(fka Mean Finance) has released a dollar-cost averaging tool that allows users to set up recurring AAVE and GHO purchases simply. This grant is for funding their K3PR network LPs which allows them to offer gas-free deposits for AAVE and GHO
- fund will go to funding K3PR LP’s key to facilitating Balmy’s DCAing abilities on Ethereum mainnet with reduced cost to users
- Sturdy - $10,000(full) - application and integrations
- “Sturdy will integrate an aggregator for Aave’s GHO stablecoin into the Sturdy subnet (SN10) on Bittensor. This will enable users to earn AI-optimized yields on GHO, powered by the Bittensor network and the Sturdy protocol.”
- funds will go to integration and build-out costs of for Sturdy’s AI-optimized GHO yield aggregator
- x23.ai - $5,000(full) - other
- x23.ai is receiving a grant for their AI-powered updates tool which originated from summarising Aave forum content. Given x23.ai’s close connection to AGD, this application underwent an extra rigorous review by the entire Aave review committee as outlined in our terms of engagement.
- funds will be used to continue improving coverage of Aave and x23.ai
Aave & GHO Advancement Round
Our Aave & GHO Ecosystem support quadratic Gitcoin round has closed for application with 13 accepted applications. Community funding is live now until June 17th. Check out what the teams are building, show your support, and share to help the community grow.
Ongoing Updates
The grants funded this past April & May are among the highest conviction grants we’ve ever approved. We’re looking forward to watching their impact on GHO and presence in the Aave ecosystem grow. We continue to work closely with grantees and other teams in the ecosystem to ensure each grant has the largest impact possible. We are always open to connecting with any teams interested in working with AGD and supporting our grantees.
Thanks for reading our April & May update and keeping up with Aave’s newest builders.