AGD Recent work Update - thread

- July '22

Overview

Aave Grants DAO (AGD) is currently in its fourth quarter and actively funding projects that will benefit the Aave ecosystem. This update will hopefully provide some more in depth information on recently awarded grants, progress of AGD, and key metrics.

Despite the current market, Aave Grants has seen positive impact from funded projects and a continued interest from high potential candidates. The current quarter began on May 15 after the AGD renewal proposal was executed with a $3 million per quarter funding budget.


July Approved Grants

This past July, AGD has awarded 13 grants with a sum total of $160,896 allocated across single and tranche-based payments. Of the awarded grants, four are applications and integrations, four are protocol development focused, three are aimed at community (marketing and educational), and one for each of these categories: developer tooling, committees & DAOs that serve Aave’s ecosystem and other.

All awarded grants are below $50,000 and above $3,000 with 3 grants of $15,000 being the most commonly awarded amount. Starting with the largest grant this quarter and working down:

  • Grant Name - $ total grant amount(payment type) - grant type
    • grant description
  • Chaos Labs - $50,000(tranche) - developer tooling
    • Chaos Labs is creating and hosting an array of Aave community tools such as a real-time user metrics dashboard and tool to see APY earned/paid
  • Messari - $30,000(tranche) - other
    • building a standardised weekly report for Aave which will outline liquidity and usage metrics to community and be publish via their newsletter (250k subscribers) and Twitter (250k + followers)
  • MetricsDAO - $25,000(tranche) - community (marketing and educational)
    • organised, on-demand analytics delivery of specifically Aave V3 usage
  • Mean Finance - $25,000(tranche) - applications and integrations
    • two yield related project one building on top of the other both using Aave, first is a dollar-cost-averaging(DCA) product that deposits funds waiting to be swapped into investment token into Aave to earn yield, second is a product that rather that DCA-ing the initial investment DCA’s earned yield into a selected asset
  • Alcancia - $20,000(full) - applications and integrations
    • Alcancia brings Mexican Pesos and Dominican Pesos into USDC or DAI and will provide a high-yield savings account for users using Aave
  • Nomis - $20,000(full) - protocol development
    • a crypto protocol based on a mathematical prediction model and AI that generates decentralised credit scores. They offer users crypto loans on DeFi platforms with better terms (lower interest, less collateral) dependant on their wallet data generated credit score
  • Hash Space winner of EthGlobal Hack Money 2022 - $19,000(full) - community (marketing and educational)
    • a game that integrates Aave’s yield generation and Lens protocols social graph into a socialFi like game
  • Pocket Network - $16,396(full) - applications and integrations
    • Pocket Endpoints to Aave’s user facing RPC especially on Ethereum and Polygon, safeguarded by Contract-based permissions, so that only Aave usage would send relays to the endpoint
  • StationX.network - $15,000(full) - committees & DAOs that serve Aave’s ecosystem
    • an investmentDAO creation platform for easy on and off chain investmentDAO creation
  • SoLo Protocol - $15,000(full) - protocol development
    • an identity protocol that enables undercollateralized (UC) loans using off-chain credit scores and a security mechanism involving personal data. KYC information accessed through a zero knowledge proof is used to determine the LTV of a loan on Aave and only made accessible should a borrower default on their loan
  • DeFi Basket - $15,000(full) - application and integrations
    • single transaction portfolio building, copying, and managing application for easy investing including users Aave usage
  • Digital Charity Art-2 - $10,000(full) - protocol development
    • new NFT minting marketplace based on locking up funds to secure mint
  • Continuation of Greek the Community (CryptoBlocks) - $3,000(full) - community (marketing and education)
    • continuation of the Greek community building and translation of Aave’s newsletter content

Milestones this Quarter

Since May 15th AGD has awarded 54 grants with a total sum of $1,473,016 out of the $3 million allocated for the current quarter. This leaves a remaining $1,526,984 available for potential candidates applying before the next budget proposal is passed.

The current burn rate is ~$1m under maximum spend leaving a good margin for additional grants in the remaining days of the current quarter.

Ongoing Updates

To keep the Aave community better informed on AGD’s progress and ROI forum updates like these will be published three or more times a quarter to give a more indepth look into Aave Grants actively awarded projects and comparing progress against metrics outlined in the renewal proposal. In future posts we aim to include more analytical data on ROI along with updates on grant receivers completion rate and ecosystem impact. We welcome any ongoing feedback and are happy to surface any particular metrics the community is interested in seeing in such posts.

11 Likes

Thanks for the comprehensive updates!

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- August ‘22

Overview

Aave Grants DAO (AGD) is near the end of its fourth quarter and has completed funding for grants approved this past August. This recent work update will cover projects awarded in August, giving a little detail on how they plan to help expand the Aave ecosystem along with some statistics on AGD in general, and key metrics achieved.

The fourth quarter began on May 15 after the AGD renewal proposal was executed and is one of two $3 million per quarter budgets that were approved. Below is an up-to-date timeline of AGD’s funding so far with the August update highlighted in red.


August Approved Grants

August has been a busy month for AGD with the largest amount of grant applications submitted of any month so far. In total, ~133 applications were submitted with 26 approved for funding. Of the newly approved grants, 21 received funding for August across our eight main categories with an awarded sum total of $379,350. Additionally, at Eth Mexico, we gave out three prizes to the best hackathon builders submitting a project using Aave V3.

The most awarded grant categories have been Applications and Integrations similar to past months with Community (marketing and education) second most awarded. The average grant size has been $16,500 with the most common funding amount being $15K. Awarded grants by funding amount from largest to smallest are as follows:

  • Grant Name - $ total grant amount(payment type) - grant type
    • grant description - “grantee self-description”
  • Shippooor - $50,000(tranche) - developer tooling
    • second milestone grant for the Shippooor team building analytics dashboards for Aave
    • “Shippooor is building an analytics and risk dashboard for the Aave community. The dashboard will enable users to simulate changes in asset prices and see how it impacts their account. “
  • Flexible Voting - AToken Support - $50,000(tranche) - protocol development
    • “Flexible Voting support for ATokens will allow governance token holders to deposit their tokens into Aave while still participating in governance votes with their share of the pool.”
  • 1click - $40,000(tranche) - application and integrations
    • a seamless one-click user experience for investing in any Aave lending pool directly from fiat all in a single dApp interface.
  • Holdler Vault - $25,000(tranche) - application and integrations
    • an ERC-4626 compatible vault that manages the depositing of crypto into AAVE, borrowing of stablecoins, and investing those stablecoins into an underlying protocol that gives a yield bigger than AAVE’s borrow rate. This will incentivise borrowing of stablecoins via Aave V3 and at the same time, keep depositors’ funds protected from liquidation risk.
  • Au Fait Films logo redesign and videos - $25,000(tranche) - community (marketing and educational)
    • Au Fait Films has offered to produce a complete AGD branding redesign along with some high-quality film/video content on Aave, see their proposed work here
  • Flashstake DAO - $20,000(full) - applications and integrations
    • “Flashstake allows you to receive your Aave returns instantly, upfront. No more waiting to earn yield!”
  • APY.vision - $20,000(full) - application and integration
    • an analytics tool to show APY earned/paid on a loan over a specified date range for any specific users position
  • Polypus Protocol - $20,000(full) - applications and integrations
    • polypus is a lending protocol using NFTs as collateral differentiating itself from the competition by offering better LTV and instant borrowing - unmatched liquidity providers will earn a yield on Aave through a native integration
  • Community Health Analytics - $19,000(full) - committees & DAOs that serve Aave’s ecosystem
    • a detailed set of analyses on community health by RnDAO
    • “Both DAOs and Web3 projects depend on the health of their community and vibes—yet understanding and measuring Community Health is challenging. @RnDAO__ has taken on this challenge, researching the topic and developing an analytics tool for Web3 communities!”
  • Aave V3 User Retention and DeFi Analytics - $15,000(full) - developer tooling
    • a second grant for the DappLooker team creating insightful dashboards for Aave
    • “Cohort analysis will help measure user engagement of Aave users on the Polygon/Avalanche/Optimism network over time. It will help track repeat users on the Aave platform and understand what makes them happy. The tool will help understand vital metrics such as churn, user lifecycle, and customer lifetime value and to identify the success of the feature adoption rate. A funnel report gives information on how Aave users progress through different stages and where they drop off, helping identify barriers that cause users to leave before reaching a conversion point.
      Defi Analytics will help understand the day-to-day activity across each network. It will help track the transaction data that is ongoing in real-time. The benefit of this is in the engineering of the tool made that makes complex data turn into easy-to-understand dashboards that track the token’s activity and help build a data-driven web3.“
  • YSchool - $15,000(full) - community (marketing and educational)
    • an educational video series/set of courses on Aave for students in India. YSchool will be hosting the content on their mobile application and site with more than 100K users
  • Accel Defi - Decentralised trading desk - $15,000(full) - applications and integrations
    • a decentralised trading desk product codenamed: UnRekt, aims to serve a wide spectrum of users and have the same feel as a CEX trading platform.
  • Layer3 - $15,000(full) - community (marketing and educational)
    • incentivise protocol adoption through on-chain bounties, Layer3 has already accounted for 11% of all Aave V3 users on Arbitrum. With this grant, they plan to pick it up a notch and help people (re)discover Aave across Layer 2 networks with a new series of bounties/quests
  • DeFiSafety - $12,000(full) - protocol development
    • “This grant will give DeFiSafety some funds to precisely identify how DeFiSafety might create an Aave-specific security framework to ensure the Aave protocol remains as robust and secure as possible”
  • Penn Blockchain - $10,000(full) - committees & DAOs that serve Aave’s ecosystem
    • a series of governance proposals designing a recognized delegate framework for Aave and suggesting how to improve Aave’s delegation and increase community governance involvement
  • Clip Finance - $10,000(full) - applications and integrations
    • a simple and intuitive UI that will allow new users to interact with different DeFi protocols with little complexity - “We’re extremely happy to receive an AGD grant to bring the best DeFi user experience and aggregated liquidity to Aave protocol.”
  • Sovereign Signal - Crypto Grants Wire - $5,750(full) - community (marketing and educational)
    • “Crypto Grants Wire: The project is an ongoing monthly publication detailing all the happenings across grants and incentives programs in crypto that will help to raise awareness of Aave Grants through sponsorship of my work.
      Grants Retrospective: In addition to Crypto Grants Wire I research and publish retrospectives on various grants programs. This report will give the history and background of the program.”
  • DeFi Teller - $5,000(tranche) - developer tooling
    • an educational resource that does the due diligence for the user by providing information about blockchain technology and decentralized applications (reviews, video explainers, on-chain data) in the most accessible way
  • Creation of Turkish Community - $4,000(full) - community (marketing and educational)
    • “This grant aims to announce Aave in our country (Turkey), which follows the crypto ecosystem with great interest and to bring together people related to the Aave and web3 ecosystem. We will produce content about Turkish translation, news bulletins and the latest developments that will be beneficial to the community. We will organize events that will bring the relevant people together and create communication channels.”
  • Aave API Telegram Bot - $3,500(full) - applications and integrations
    • “Use this Telegram bot to get Aave data from the Aave API. You can interact with the bot by sending /start to get the list of commands to the @aave_api_bot.”
  • Blotic - $100(full) - community (marketing and educational)
    • a project with the goal of engaging college students in India to take part in boot camps and meetups focused on blockchain education

Hackathons Winners

At Eth Mexico, AGD awarded $11,000 to three projects with the most innovative Aave V3 integrations. The three winning projects were:

  • :1st_place_medal:Short-Stop - $5,500 — gives the opportunity for users to take a short position on tokens

  • :2nd_place_medal:Sticky App - $4,000 — bringing Crypto to the masses, by allowing creators to turn their content into crypto

  • :3rd_place_medal:APPrende - $1,500 — a learn-to-earn platform that empowers individuals to begin their blockchain journey

Going forward these updates will include ongoing hackathon prize winners as well since they help grow the Aave ecosystem and hopefully benefit from the additional exposure.

Milestones this Quarter

AGD’s May 2022 renewal proposal requested funding for two further quarters and since then AGD has awarded 84 grants with a total sum of $1,956,366 out of the initial $3 million allocated per quarter. This leaves a remaining ~$1.04M coving past events, outstanding tranche payments for the previous quarter and any additional grants still to be awarded.
Based on the current burn rate we are near the halfway point of the renewal proposal and are still seeing an increase in interest and grant applications. A few notable growth metrics since May are:

  • Twitter followers: 6930 → 12,928 (+87%)
  • Telegram members: 595 → 610 (+3%)
  • Lens followers: 0 → 1,392 (+∞%)

Ongoing Updates

If you’re interested in hearing more from some of our previous grantees make sure to tune in to the August Community Call. Additionally, AGD is looking to hire a part-time Events Coordinator and would love any help in finding one. If you think you might be a good fit or know someone who would see this Twitter thread for more.
Lastly, as always, we welcome ongoing feedback and are happy to surface any particular metrics the community is interested in seeing.

6 Likes

Thanks for the detailed updates!

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- September '22

Overview

Aave Grants DAO (AGD) is now in the second half of its two-quarter renewal proposal executed back in May of this year. We are keeping busy reviewing grant applications, supporting recent grantees, and sponsoring events that all help grow the Aave ecosystem. This update covers our budget spending, grantees approved, and different events sponsored this past month of September.

The current quarter began around the middle of August and will run until AGD’s next renewal proposal later this year. Below is an up-to-date timeline of AGD’s funding relative to this post for the month of September.

Grants Summary

Total numbers for the grants program’s spending are listed below starting from mid-May of 2021 up until now.

  • Total Grant Applications Received: 1029
  • Total Applications Approved: 227
  • Acceptance Rate: 19%
  • Total Amount Dispersed: $5,529,038
  • Amount Dispersed This Term: $1,084,717
  • Amount Left to Disperse This Term: $1,167,483
  • Amount and Quantity Approved by Category:
    • Applications and integrations (70) ($1,733,450),
    • Code audits (2) ($70,000),
    • Committees & DAOs that serve Aave’s ecosystem (18) ($728,000),
    • Community (marketing and educational) (41) ($491,250),
    • Developer tooling (12) ($457,500),
    • Events / Hackathons / Sponsorships (12) ($180,000),
    • Other (8) ($84,900),
    • Protocol development (16) ($251,000)

September Approved Grants

This September we have received 109 grant applications down from the record 138 received last month in August. Of the 109 applications received twelve have been approved for funding with ten receiving the awarded funds this last month. In total, the ten awarded grants amounted to a cumulative $137,340 in funding across single and tranche-based payments with $119,820 of that amount paid out this September. The ten awarded grants fell into five of the eight standard categories with Community (marketing and education) being the most awarded, unlike previous months where it has normally been Applications and Integrations.

The average grant size has been $13,734 with the most commonly awarded amount being $10K. Awarded grants by funding amount from largest to smallest are as follows:

  • Grant Name - $ total grant amount(payment type) - grant type
    • grant description - “grantee self-description”
  • Aave Governance Facilitator - Boardroom - $35,040(tranche) - committees & DAOs that serve Aave’s ecosystem
    • “A Governance Facilitator from Boardroom is integrating with the Aave community to increase transparency and improve communications for Aave governance. Facilitators provide a source of disclosure and information for key voters and delegates to help make informed vote decisions.”
  • DefiLlama - $20,000(full) - other
    • DefiLlama.com is the most used TVL dashboard in the DeFi space and prides itself on being committed to providing data that is transparent, open and neutral. All of their code is fully public on their Github and they have benefited Aave by being one of the only sources of Aave V3 information across the 6 chains and one of the first to cover Aave V2 on Polygon and Avalanche
  • Phi - $20,000(full) - applications and integrations
    • “Through the gamified familiarity of our application, Phi encourages new users to overcome the mental barrier of participating in Crypto. Over time, this will create a flywheel for future Aave community growth and help people experience lending/ borrowing in DeFi. Phi has reach within both the NFT and DeFi ecosystems- allowing us to incentivise cross-pollination between products and encourage different communities to interact with Aave."
  • The Product House - $10,000(full) - community (marketing and educational)
    • “The Product House is a community of web3 folks where we enable them to learn, earn, build, and grow together in this space. We have a diverse and robust community which can help AAVE cater to a much wider audience.”
  • Defishy.xyz - $10,000(full) - applications and integrations
    • “Defishy.xyz will improve the Aave stakeholder/token holder experience by allowing users to identify wallets close to liquidation on Aave and position themselves accordingly.
      The recent crash of May 2022 was caused largely by a series of liquidation cascades as large whale wallets were liquidated. As liquidators sold massive amounts of collateral on exchanges, collateral prices dropped, resulting in more liquidations.
      We created Defishy to democratize liquidation health data of all wallets, such that users are able to manage liquidation risk more effectively. Our team at Defishy is thrilled to be working with Aave and supporting the Aave community!”
  • AwesomeQA - $10,000(full) - community (marketing and educational)
    • “We’re working hard to provide the best possible customer support for the AAVE community by automatically answering repetitive questions, giving insights on the frequently asked questions, and democratizing web3 support knowledge.”
  • Proposal Inverter - $10,000(full) - protocol development
    • “Inverter eases grant giving process by providing an interface that helps organizations manage the applications and funding of multiple proposals over a long term. Secondly, due to the milestone-based funding module, Aave grants DAO would have more confidence while funding proposals because Inverter allows funders to fund proposals as long as funders are satisfied with the completion of milestones.
      Moreover, we imagine millions of dollars of locked idle funds sitting on proposal funnels to be deposited in low-risk protocols such as Aave to generate yield.”
  • Edge - $10,000(full) - applications and integrations
    • a mobile self-custody wallet with end-to-end deposits and withdraws directly into a bank account, awarded grant will be used for the native integration of Aave’s borrowing, and lending using WBTC as collateral
  • Aave Academy - DoDAO - $9,600(full) - community (marketing and educational)
    • a set of two interactive courses one aimed at being an introduction to Aave and the second an Aave-centric developer course covering relevant smart contracts, fetching Aave data, writing a simple UI application on top of Aave and more. This is the second grant for DoDAO which previously created 11 educational guides on Aave here
  • Opportunity Summit - $2,700(full) - community (marketing and educational)
    • an educational outreach program teaching student communities in Ghana about the properties of blockchain technology and Aave use cases. Awarded grant will be going towards two sets of events an in-person event and an online event

Events Summary

To date, AGD has sponsored multiple different events directly and indirectly since its start in May of 2021. These have been a mix of hackathons, main/side sponsorships, conferences, and rAAVEs. A breakdown of total events spending is as follows:

  • Hackathon Bounties - $124,000
  • Main/Side Sponsorships - $596,895
  • Digital Marketing - $895,599
  • rAAVEs - $461,043

In total that has accounted for $2,077,537 of AGD spending with $124,000 going to hackathon bounties across 33 awarded prizes. Notably, of those 33 projects born out of the different hackathon bounties, 3 have gone on to receive further grant funding and turn their projects into beneficial tools helping grow the Aave ecosystem.

September Events

This past September AGD helped sponsored two events: Kyiv Tech Summit and ETHOnline. At the Kyiv Tech Summit, one prize of $4K was awarded to a team building a score based on your Lens data that can be used in DeFi lending like credit delegation.

  • :1st_place_medal:LensScore - $4,000 - LensScore for DeFi lending and Web3 interactions is a protocol to calculate users’ score based on metrics from Lens profiles and provide it to all EVM-compatible chains using RedStone Oracle.

ETHOnline was a larger event with ten prize-winning teams across five different Aave-specific categories. The winning projects by category were:

  1. Stablecoin Growth - Build projects and integrations that bring more stablecoin liquidity into Aave such as new yield aggregation tools, wallet integrations or fintech/e-commerce integrations.

    • :1st_place_medal:NoPoolNoGame - $3,000 - No Pool No game is the only GameFi game where you can earn money without taking the risk of losing any
    • :2nd_place_medal:Napier Finance - $1,000 - Napier Finance is the most efficient fixed-yield market compatible with any DeFi yield source and Principal Tokens
  2. Credit Delegation with Lens Protocol - Assess the reputation of Lens profiles and use this data to enable users to delegate or access credit.

    • :1st_place_medal:Loki - $3,000 - Loki gives the opportunity to raise capital through social media, enabling the power of communities.
    • :2nd_place_medal:Lwned - $1,000 - Lwned offers partially collateralized loans to users by crowdfunding the principal.
  3. Accessibility - Enable new ways or groups of users to access the Aave protocol.

    • :1st_place_medal:Senate - $3,000 - a one-stop solution for delegates to stay aware of all active proposals (on-chian + off-chain) across DAOs, receive reminders for unvoted proposals, and showcase their governance activity.
    • :2nd_place_medal:No Cost Subscriptions - $1,000 - with No Cost Subscriptions you can add more revenue for your user base, and monetization without farming sensitive user data. NCS are a new subscription model that allows users to subscribe by saving with their favourite businesses.
  4. Aave Forex Tool - Enhance the ability of users to access forex liquidity by using one or all of Aave’s listed features: E-mode, flash loans, or other DeFi integrations such as Curve.

    • :1st_place_medal:Big Shot - $3,000 - Big Shot is an ERC20 shorting protocol integrating with both Aave and Uniswap pools to create a leveraged short position for the user.
    • :2nd_place_medal:Rush - $1,000 - Rush makes it easy for Defi users to use flasloans as a strategy. Flashloans allow you to borrow tokens and return them in the same transaction. This allows defi uses an alternative to make extra returns when used properly.
  5. Transaction Builder - Create new ways to compose or visualize Aave transactions such as a dispatcher contract for submitting multiple actions in a single transaction, or a recipe builder with gas estimation.

    • :1st_place_medal:OneStopOrderDispatch - $3,000 - OneStopOrderDispatch writes a dispatcher contract that can allow the users to submit multiple actions in a single transaction.
    • :2nd_place_medal:TokenFlow - $1,000 - TokenFlow is a Zapier-like web3 automation flow that fully leverages the composability of Web3.

Milestones this Quarter

This quarter as mentioned earlier began around mid-August. The allocated budget was $3M of which $1.08M has been spent leaving around ~$1.16M left to disperse.
So far it has been less active in terms of applicant numbers than at the end of the last quarter, but still, there is generally more interest in grants than in previous quarters.

Ongoing Updates

Notable updates for AGD are the hiring of our new part-time Events Coordinator Cree and the upcoming events in Bogota: Devcon, an event with Boys Club, and rAAVE Bogota. If you are planning on being at Devcon make sure to come by our zone to pick up some swag, say hi to Aave fam and maybe even get a ticket for rAAVE Bogota.
Lastly, as always, we welcome any ongoing feedback and are happy to surface particular metrics the community would like to see.

4 Likes

Hey @0xmigi,

Thanks for the update from the Aave Grants DAO. It seems to have been a successful quarter for AGD. Thanks to you and your team for that.

You reference the spend for certain events and the following caught my attention:
* Digital Marketing - $895,599

Could you perhaps provide some additional details around the activities that fall under Digital Marketing. That expense is pretty significant if we compare it alone to other application to the DAO over the last couple of weeks.

Thanks for your feedback in advance!

Hey @G-Blockchain,

Thanks for the comment! Regarding the Digital Marketing spend total, that figure is since the start of the grants program up until now so over a year and a half timeframe.
It was mostly dedicated to - sponsoring Blockworks in Q1 of 2022 to support Aave Arc (outlined in our most recent renewal proposal) & various Bankless sponsorships in Q2 and Q3 to support the launch of Aave v3 (from the budgeted $750k for Digital Marketing outlined in the same renewal proposal).
Otherwise, the additional spending of that figure came from some artist payments and POAP design items. We have a live table with a complete breakdown of the events spending on our site if you want to see more.

Thanks for the reply!

That makes more sense, and thank you for clarifying that. I wasn’t aware of the table on the website which is a great resource.

Thanks for the transparency.

Keep up the good work!

1 Like

- October ‘22

Overview

Aave Grants DAO (AGD) is now about mid-way through the second half of its two-quarter renewal proposal executed back in May of this year. October has been a busy month with events in Bogata, reviewing applications, supporting recent grantees, and generally helping expand Aave’s ecosystem. This monthly update covers our budget spending, grantees approved, and events sponsored in this past month of October.

The current quarter began around the middle of August and will run until AGD’s next renewal proposal in the coming months. Below is an up-to-date timeline of AGD’s funding relative to this post for the month of October.

Grants Summary

Total numbers for the grants program’s spending are listed below starting from mid-May of 2021 when the program began up until now.

  • Total Grant Applications Received: 1150
  • Total Applications Approved: 176
  • Acceptance Rate:
    • written(stage 1): 10%
    • video call(stage 2): 61%
  • Total Amount Dispersed: $5,833,038
  • Amount Dispersed This Term: $1,468,537
  • Amount Left to Disperse This Term: $790,363
  • Complete Milestone-Based Grants: 83%
  • In-progress/Incomplete Milestone-Based grants: 17%
  • Amount and Quantity Approved by Category:
    • Applications and integrations (70) ($2,390,000),
    • Code audits (2) ($120,000),
    • Committees & DAOs that serve Aave’s ecosystem (18) ($950,000),
    • Community (marketing and educational) (41) ($636,250),
    • Developer tooling (12) ($697,500),
    • Events / Hackathons / Sponsorships (12) ($210,000),
    • Other (8) ($394,900),
    • Protocol development (16) ($401,000)

October Approved Grants

This October we have received 106 grant applications slightly down from the 109 last month in September. Of the 106 applications received 16 have been approved for funding with 17 receiving awarded funds this previous month (some were approved in earlier months). In total, the 17 awarded grants amounted to a cumulative $137,340 in funding across single and tranche-based payments with $119,820 of that amount paid out this September. The 17 awarded grants spanned the eight standard categories we use with Application and Integrations being the most awarded, and Protocol Development second most awarded.

The average grant size has been $18.2k with the most commonly awarded amount being both $5k and $3k. Listed below are the awarded grants for October ranging from largest to smallest by funding size:

  • Grant Name - $ total grant amount(payment type) - grant type
    • grant description - “grantee self-description”
    • use of funds
  • Financial Reporting - $65,000(tranche) - committees & DAOs that serve Aave’s ecosystem
    • grant to Llama DAO for financial reporting completed between May and July 2022 - an older application only being processed now
    • funds used to pay for financial reporting work produced for the Aave DAO
  • Blockchain Education Network - $50,000(tranche) - community (marketing and educational)
    • Blockchain Education Network (BEN) is creating an “Intro to Governance” course which intends to increase user adoption and voter participation and further decentralize voting power into the hands of young people from various diverse backgrounds
    • funds will be used to create the course and focus aspects around Aave’s governance
  • 100K BAL Acquisition - $42,200(tranche) - protocol development
    • project with the goal of submitting an AIP proposal leading to Aave DAO acquiring 100K of BAL tokens, driven by members of Llama DAO
    • funds used to pay for work leading up to, preparing for, and executing this proposal
  • iHelp - $40,000(tranche) - protocol development
    • iHelp aims to be a leading donations protocol using Aave to generate yield that will be directed to established charitable organizations.
    • funds will be used for code preparation, optimization, testing and the audit done by Certik
  • TuffDAO - $22,000(tranche) - code audits
    • “TuffDAO’s tVBT contracts are backed by a portfolio of Aave lending pool positions. This grant is set to be used for a contract audit to make sure we are airtight!”
    • funds will be used for a smart contract audit of tVBT contracts
  • Ithil - $18,000(full) - applications and integrations
    • Ithil allows DeFi users to run complex strategies with a single click, using their own and/or borrowed funds, on a variety of external protocols. The Aave strategy will allow users to provide collateral in their token of choice and receive boosted aTokens in return to their Ithil Vault - when closed the position will burn the aTokens and underlying notional + accrued earnings will be sent back to the user
    • funds will go toward the creation and audit of strategies build on Aave
  • Mercle - $15,000(full) - committees & DAOs that serve Aave’s ecosystem
    • Mercle is building a simplified user interface for contributors of crypto communities to engage, collaborate, start updating and collect contribution claims. An example would be Tally plus contributors’ data showing information on who has voted, how active they are in the communities discord and forum etc.
    • funds will go towards delivering a more insightful governance UI for Aave including features outlined in the inspiration for builders page
  • Risk DAO (Not Aave’s Risk DAO) - $12,000(full) - applications and integrations
    • “a collaborative framework for researchers to provide services around economical risk analysis assessment, developing open-source risk assessment tools and dashboards to stress test, monitor, and manage risk in DeFi lending and borrowing protocols, as well as L1 and L2 networks.”
    • funds will go to the cost of two devs building the proposed dashboard
  • Rain - $10,000(full) - other
    • “Rain is excited to receive a grant from Aave to begin allowing users to earn yield”
    • funds will pay for smart contract engineer work done to integrate Aave into the Rain product
  • Clutch Wallet - $10,000(full) - applications and integrations
    • “Clutch wants to onboard the masses into web3 and expose them to the power of DeFi. Decentralized money market protocols like AAVE play a critical role in the crypto ecosystem, and with the AAVE grant, Clutch will be able to develop core functionality that makes it easy for users to seamlessly participate in liquidity pools.”
    • funds will be used to build lending, staking and AMM features into Clutch Wallet
  • Rio Crypto Hub - $5,000(full) - events / hackathons / sponsorships
    • “Rio Crypto Hub can increase awareness of AAVE’s protocol in Brazil’s ecosystem :palm_tree::globe_with_meridians: We are looking forward to providing real-life experiences by gathering AAVE’s ghost vibes with Crypto Hub’s people.”
    • funds will go toward organizing and gathering equipment necessary for the events in Rio’s Favelas
  • Idential - $5,000(full) - developer tooling
    • will allow organizations to issue credentials to developers building in their ecosystems, with further integration it will be easier to discover developers that have the skills to build in a specific ecosystem
    • funds are for product development and server costs
  • Level Three: Web3 Education Case Studies - $5,000(full) - community (marketing and educational)
    • “Level Three: Web3 Educational Case Studies is a repository of open-source case studies to be used in University modules and courses. It begins with a case study of the Decentralized Finance (DeFi) protocol Aave.”
    • funds will be used to help with research, editing, and a creating website
  • New Aave Governance UI - $3,000(full) - applications and integrations
    • “Alternative UI for non-DeFi-native users by DaoLens: DaoLens aims to simplify the experience of using Aave protocol for non-defi-native users. The alternative UI will handhold the users and make them understand every ‘why’ and ‘how’ of the protocol while using it. This project helps Aave expand their user base to folks who have little or no knowledge of UI. There are a lot of people who would get interested in using Aave if we remove the barrier of entry by providing a beginner-friendly UI to the core functionalities.”
    • funds will go toward engineering and design resources
  • Spicy Punks - $3,000(full) - events / hackathons / sponsorships
    • a restaurant in Ludhiana, India which is focused on conducting web3 meetups around DeFi and web3
    • funds will be used to complete 5 Aave community meet-ups within an 8-10 week timeframe
  • RociFi - $3,000(full) - applications and integrations
    • “RociFi is an on-chain credit scoring protocol for under-collateralized retail loans. RociFi received an Aave DAO grant to integrate its credit scores into Aave to enhance user-level risk assessment - akin to a micro-level Gauntlet - which could allow governance to offer higher LTVs to certain borrowers, thus enhancing capital efficiency and revenue.”
    • funds are for technical integration and marketing promotion
  • Next Vision - $2,000(full) - protocol development
    • Next Vision is a launchpad for up-and-coming web2 artists built on top of an adapted fork of APWine’s contracts. The platform will allow fans of web2 artists to fund their artist of choice with time and in return receive an NFT that connects them to the artists’ journey
    • funds will go toward developing an MVP within the next months

Just to specify the grants listed above and the ones generally coved in these monthly reports always follow the first payment of an awarded grant whether it’s a full payment or the first of multiple. Grantees labelled with the tranche tag after the amount indicate a grant that will be dispersed in more than one payment. In order to monitor progress and reduce exposure, grants over a certain size are paid out in tranches.

Events Summary

An up-to-date breakdown of AGDs total events spending since the start of the program is as follows:

  • Hackathon Bounties - $124,000
  • Main/Side Sponsorships - $664,895
  • Digital Marketing - $926,395
  • rAAVEs - $617,898

In total that has accounted for $2,333,188 of AGD spending and can be detailed further on our website here.

October Events

This October the main events AGD helped facilitate were rAAVE Bogota, Boysclub x Aave Grants, and the Aave booth that ran during Devcon Bogota.

Milestones this Quarter

This quarter as mentioned earlier began around mid-August. The allocated budget was $3M of which $1,468,537 has been spent leaving around ~$800k left to disperse.

Ongoing Updates

Of note, this November AGD will likely be putting up a renewal proposal which would aim to secure the continuation of the program for the next period so keep your eyes on the forum for that. Additionally, we have an exciting announcement coming up soon which will hopefully benefit all our previous grantees. Make sure to follow our Twitter and/or Lens to hear it first @aavegrants.

Lastly, as always, we welcome any ongoing feedback and are happy to surface any particular metrics the community would like to see.

3 Likes

Wow. Close to $100k was paid to Llama while the Co-Founder of @Llamaxyz is the lead at Aave Grants DAO. What the grants DAO is paying for both those items is a joke. The reporting a student can do for $1000k. $65k for this: October 2022 Financial Report.

To avoid any accusations and conflict, @HelloShreyas should step down.
As much as there was a statement that grants are reviewed by a group and not @HelloShreyas still has to raise questions on the above grants paid.

Please note that I do believe the other efforts being done by @Llamaxyz do benefit the DAO, but I am questioning the fee paid and the link between @Llamaxyz, the Grants DAO & @HelloShreyas

5 Likes

I have to support @G-Blockchain here.
It doesn’t feel and look good to me, that @Llamaxyz is receiving so much for some report probably anyone can do if you know where to gather this data. (shouldn’t be a problem to find this out)

Also, we already have a contract with @Llamaxyz why is this not included in there?

Accounting Reports
Publish financial reporting statements enabled by the data warehouse. Provide monthly and quarterly financial statements including income statements, cash flow statements, and balance sheets.
Provide periodic token distribution analyses, transparency on outflows, and more economic analyses. In time, this will be expanded to cover the Aave Grants DAO as well.

And its already expensive enough if you ask me, i voted against it.

Llama charges a $1.5 million base fee for 12 months plus a KPI-based bonus of $0-500k. 70% of the total fee will be in USDC and 30% in AAVE.

See here for the full thread
Llama <> Aave Proposal

So yeah, there the link between AGD and @Llamaxyz is something the community should question.
And in my opinion there is no need anymore for a grant for someone who is already working for months/years with Aave.
The grants should help new projects, individuals.

2 Likes

it’s culling time. and I’m not the only one watching

@EzR3aL @G-Blockchain are watching too. @HelloShreyas your time is nearing its end

let’s take a deeper look at some of your madness //

Funded grants - and expand

payment for 100k BAL acquisition which is up for vote? tsk tsk tsk.

bad move. you don’t want to make Aave unhappy.

still watching.

6 Likes

hello Shreyas.

i’m back for more. please say hello to matthew for me

look at all the transfers from Aave Grants to Llama! that’s fun

a sum of $284,613 paid to llama during your tenure, 8% of all grants

god I love the transparency of ethereum // i used your address here and grants here

watching.

3 Likes

@G-Blockchain @EzR3aL @thewatcher thank you for your comments.

These are older grants that are being paid out (2nd or 3rd milestones) for work already completed. There’s nothing to hide! All the grants and grant payments are public.

As discussed here, I currently do not review individual grant applications. AGD is a team of 9 independent reviewers. I help set the process and ensure it’s running smoothly (Airtable forms, Notion page, multisigs, marketing), recruit and onboard the the team, assess the effectiveness of our grants, coordinate with Aave stakeholders on strategic priorities for Aave Grants to fund, and provide periodic updates to the Aave community.

I take any conflict between Llama and Aave Grants very seriously. I have never been involved in any reviews of grants that Llama has applied for. I was never involved in conversations about these grants, let alone reviewing or deciding on whether to approve these grants. I also make it extremely clear when I have a conflict on another applicant’s grant application.

Llama has not and will not apply for any grants from AGD for scope that is covered in the Llama <> Aave proposal. All these are older grants that have been approved several months back and paid out now.

Having said all this, I had already planned for this term at AGD to be my last anyway so I’ll be stepping down as lead after this term; I will share more in the renewal proposal. I still plan to contribute to AGD, help with the renewal proposal, and help find a new lead. Let me know if you have any suggestions!

I’ve only contributed to help grow Aave over the past few years. I care deeply about the protocol and community and I think AGD has helped seed many contributors including Omni Analytics, Chaos Labs, Forta, Gelato, and Penn Blockchain, among others. Among all the protocols I’ve worked with, Aave has one of the most thriving contributor and developer communities, and AGD has a big role to play in that.

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We appreciate Shreya’s and Llama’s contribution to the Aave ecosystem, but this information naturally raises several questions.

  1. As far as we are aware, there are at least two members who are part of both Llama and AGD. Is this information disclosed anywhere? How many members are part of both organisations?
  2. Even if Llama co-founder is not directly involved in approving grants, isn’t it still a conflict of interest that could compromise the integrity of the grants process directly or indirectly?
  3. Paying Llama $65,000 for a Financial Report and paying $42,000 extra to come up with a proposal for acquiring 100k BAL and executing seems excessive. Can you share more about the work needed to conduct such to show the cost is indeed justifiable?
2 Likes