AGD Renewal 4: Recent work Updates

[0xmigi]

- March 2023

Overview

This recent work update reports on AGD’s work completed during March and is the third report for the sixth quarter of Aave Grants. It outlines the grants programs’ metrics to date along with details on the grants that were awarded in March, ones that were completed in March, and an overview of recent events and ongoing updates.

Grants Summary

The program’s total numbers for grants awarded since the start in May 2021 up until March are as follows.

• Total Grant Applications Received: 1680
• Total Applications Approved: 223
• Acceptance Rate:
  • written(stage 1): 8%
  • video call(stage 2): 66%
• Total Amount Dispersed to Grants: $4,961,956
• Complete Grant Payments: 85%
• In-progress/Incomplete Grant Payments: 15%
• Amount and Quantity Approved by Category:
  • Applications and integrations (103) ($2,394,556),
  • Code audits (3) ($82,000),
  • Committees & DAOs that serve Aave’s ecosystem (19) ($658,740),
  • Community (marketing and educational) (52) ($672,550),
  • Developer tooling (13) ($365,000),
  • Events / Hackathons / Sponsorships (18) ($186,000),
  • Other (14) ($294,900),
  • Protocol development (21) ($414,200)

March Approved Grants

In March we received 126 grant applications and sent out funds for 6 new grants. In total, the 6 awarded grants amounted to a cumulative $106,000 in funding across single and tranche-based payments. The six awarded grants fell into four of the standard eight categories we use with an average grant size of $17k. Listed below are the awarded grants for March sorted from largest to smallest by funding size:

• Grant Name - $ total grant amount(payment type) - grant type
  • grant description - “grantee self-description”
  • use of funds

• Delta One - $35,000(tranche) - other
  • “Delta One will conduct a deep-dive analysis on the current set of participants, creating a model for rating an LP based on a variety of factors: time in the pool, liquidity depth, stickiness during times of volatility, selling of rewards, and more.”
  • funds will cover the costs of their engineers, designers, and quantitative analysts over two milestone-based tranches

• Dullahan - $28,000(tranche) - protocol development
  • the team at Paladin have built a vault dedicated to the new staked Aave (stkAAVE) utility on GHO. Their vault will enable auto-compounding on deposited stkAAVE as well as the ability to mint discounted GHO onboarding less crypto-savvy users to mint GHO for arbitrage
  • funds will cover the costs of auditing the new vault contracts

• Token Terminal - $20,000(full) - other
  • Token Terminal has fully integrated Aave into its dashboard product which allows anyone to view detailed metrics covering Active loans, TVL, Fees, Supply-side fees, Revenue, Token Incentives, Earnings, Treasury, Active users, and much more.
  • funds will cover the operational costs related to the maintenance of the Aave dashboard on Token Terminal

• Credit Delegation Marketplace / Protonfire DAO - $15,000 (full) - applications and integrations
  • “Our goal is to create a marketplace for under-collateralized lending. Connecting lenders and borrowers in a user-friendly and transparent platform, where they can browse through opportunities and discuss the terms and conditions and reach an agreement for a loan to happen.
    Through a nouveau UI/UX focused platform, Liquidity Providers can check borrowers’ profiles and scores, offer their credit, monitor active loans, while borrowers can browse for opportunities, check and manage their debt.”
  • funds will go towards three milestones of designing and UX, building, and then testing and deployment

• Sharpe Labs - $5,000 (full) - applications and integrations
  • “Sharpe Magnum is a leveraged staking layer that is built on top of Aave. Magnum functions as a staking optimizer, enhancing the capital efficiency of staking pools by effortlessly leveraging staked assets via Aave lending and flashloans.”
  • funds will be used for the development of magMATIC a leveraged LSD product on Polygon and magETH on Aave V3

• LeverEdge - $3,000 (full) - protocol development
  • the LeverEdge team are building a leveraged trading protocol that uses the liquidity of Aave V3 to long and short assets widening the use case of liquidity deposited on Aave V3
  • funds will go towards three full-time developers building out the LeverEdge protocol

March Grantee Completions and Updates

Some notable project completions that have come in from past grantees during March are as follows:

• Tally - granted $20,000 ~4 months ago
  • Tally completed their outlined integration of Aave’s governance! You can try it out here

• Philand - granted $20,000 ~5 months ago
  • announced that the Aave quests are live in Philand. You can now mint NFT representations of your Aave use by visiting Philands quests page

• Projection Finance - granted $30,000 ~10 months ago
  • launched the public version of their multichain Aave V3 simulations app you can now use here!

• Cryptoversidad - granted $4,300 ~4 months ago
  • completed their GHO explainer video series which gives a good overview of how GHO works - also viewable on Lenstube

Similarly, some important updates/milestones reached by other past grantees this March are as follows:

• Apy Vision - granted $20,000 ~7 months ago
  • nearly complete with their Aave integration and are looking for private beta testers who can provide feedback on their alternative Aave integration - if you’re interested see this message from their BD team here

• iHELP - granted $40,000 ~6 months ago
  • submitted their first milestone which completed the preparation and testing of their codebase soon deploying on Ethereum mainnet. Starting with Avalanche their dApp allows users to donate crypto yield generated on Aave to their favourite charities.

• SimBull - granted $30,000 ~3 months ago
  • completed the initial build of their protocol on polygon integrating the Aave contracts. Learn more about their recent milestone from one of their founders Kenneth Giles in this video

Event Summary

A significant event from March was ETH Denver which took place from the 2nd - 5th. In next month’s update, we plan to share a more detailed report on the events from our last quarter including ETH Denver which will cover the Aave-related impacts that have taken place along with some numbers of people reached.

In case you missed it in last month’s post there have been some changes to the upcoming events calendar for AGD. Most importantly ETHGlobal Istanbul is being replaced with ETHGlobal Lisbon (May 12 - 14) following an announcement by ETHGlobabl last month. See February’s events summary for more. Also as mentioned last time, if you are a grantee and will be attending ETHGlobal Lisbon please let us know by filling out this survey.

Ongoing Updates

Recently an update was posted by @0xbilll on how AGD plans to disburse the $300k OP we received as part of the Optimism StimPack phase 0.

In a different thread, AGD recently delegated proposal power to Llama bringing them back above the 80,000 AAVE threshold needed to continue contributing submitting AIP to Aave DAO.

That is all from AGD for March. As always, we welcome any feedback and are happy to surface particular metrics the community would like to see. Thanks for keeping up with our latest work.