[ARFC] Onboard artMETIS to Aave V3 on Metis Market
Vote Result: NO
Rationale
LlamaRisk’s analysis is extremely valuable and should be heeded; artMETIS is not ready at this moment in time to be listed on Aave due to the security and depeg issues, and its unstake feature is not ready as well. Chaos Labs agrees with the recommendation to not list at the moment as well. The EOA issue is especially significant and needs to be solved before anything further is done with Metis. Therefore, we will vote NO against this proposal.
[ARFC] Deploy Whitelabel Aave V3 Market - Reental
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
[TEMP CHECK] Onboard dlcBTC to Aave v3 on Ethereum and Arbitrum
Vote Result: YES
Rationale
Onboarding a more decentralized version of BTC to use on Ethereum is important, and avoiding the central points of failure with wBTC is a great feature in any version of BTC. dlcBTC has the right infrastructure behind it with Chainlink and unlike other assets which need to have more liquidity and usage before being listed on Aave, it is demand driven and its success is dependent on integrating dlcBTC and AAVE into more DeFi protocols. dlcBTC has a good plan for expansion and growth as well with its merchants and the Chainlink PoR feed is crucial. A longer-term PoL and deposit commitments would be helpful and mutually beneficial as more dlcBTC usage is achieved through increased use of Aave, and we urge the authors to consider this as well.
We think it is worthy to let the risk service providers analyse dlcBTC and assess its suitability for listing on Aave. Therefore, we will vote YES in favour of this proposal.
Increase Bridged USDC Reserve Factor Across All Deployments
Vote Result: YES
Rationale
This is the on-chain proposal for this Snapshot ARFC that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
Request for Bounty Payout - June 2024
Vote Result: YES
Rationale
This is a straightforward proposal to release $1.1k as a bug bounty for the Immunefi program and we will vote YES in favour of it.
[ARFC] Deploy a Lido Aave v3 Instance
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
[TEMP CHECK] Onboard slisBNB to Aave V3 BNB Chain
Vote Result: YES
Rationale
Given that slisBNB is the largest LST for BNB and has a significant amount of locked TVL and users, it makes sense for the Aave DAO to at least consider the risk of onboarding it to the v3 BNB chain and enable the risk service providers to offer their opinion. Therefore, we will vote YES in favour of this proposal.
[ARFC-Addendum] Update Boosters for Merit Round 6
Vote Result: YES
Rationale
Constantly updating the Merit parameters in line with changing market conditions and Aave’s own context is sensible. Removing the OG DAO participant booster now also makes sense. Incentivising wETH supply via the Eth Maxi Boost is also a good move for Aave to ‘hoard’ wETH liquidity. This will also positively impact the v3 Lido instance, which should theoretically be a big revenue generator for the DAO. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Aave Events & Sponsorship Grant 2024
Vote Result: YES
Rationale
Non-revenue generating and ‘softer’ outlays are always tricky to assess in terms of impact and there is no perfect science to it. What is clear is that community building and raising awareness is critical and a brand like rAAVE and the surrounding Aave brands are very important in this endeavour. Moreover, we are happy that the cost has been adjusted down to $650k which, for 2 quarters, seems fair enough given that we funded $500k last September, and it seems in the same ballpark. We also think that events like SheFi attract more individuals to learn about DeFi and are great from a marketing perspective. All in all, the Aave brand is still very strong and needs to be maintained carefully and consistently over time.
A couple of points to note are that the hackathons need to be more targeted and there need to be clear KPIs achieved from some of these events, and events like SheFi should be sponsored but the DAO should not necessarily be paying for the entire events, especially since SheFi has been around for a long time and should ideally be a more sustainable business, as @EzR3aL mentioned.
We will vote YES in favour of this proposal.
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[TEMP CHECK] Deploy an Etherfi/Stablecoin Aave v3 Instance
Vote Result: YES
Rationale
This is one of the ways to mitigate the demand to borrow stablecoins against weETH, which is currently being inhibited by the demand for borrowing wETH instead and the caps being filled. Having a new GHO facilitator and this ‘protocol-specific’ instance strategy gives Aave modularity.
Given that this is a TEMP CHECK, we would like to find other ways of solving this problem as well, perhaps in the way that @TokenLogic has suggested with reducing the ETH Reserve’s utilisation and increasing the weETH supply cap, or by deploying a weETH-wETH instance instead as @PennBlockchain has suggested. We would like @ChaosLabs to explore all of these options and give the DAO their recommendation on which one makes the most sense in terms of overall revenue for the DAO and the cost of deployment.
Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Aave V3 Deployment on Aptos Mainnet
Vote Result: YES
Rationale
Deploying Aave on its first non-EVM chain is a significant milestone and Aptos represents quite a lot of opportunity for Aave to capture, given that lending platforms account for 55% of the chain’s $500M TVL, and that Aave will couple its position as the leading lending platform with the largest incentives on the platform. Aave can significantly benefit from the looping strategies on Aptos. Aptos has benefits in its infrastructure that Aave has not yet had the opportunity to exploit, and this will be an interesting test case for Aave’s cross-chain expansion in v4. We’d also like to thank @0xkeyrock.eth for their extensive analysis at this early stage which has helped us gain a lot of perspective on this deployment.
Therefore, we will vote YES in favour of this proposal.
[ARFC-Addendum] Update in Renewal of Aave Guardian 2024
Vote Result: YES
Rationale
This is a straightforward change and the new Guardians have signalled their approval on the forum. Therefore we will vote YES in favour of this proposal.
Increase weETH Caps on Base
Vote Result: YES
Rationale
Meeting demand for weETH makes sense and will drive more demand to Aave while allowing depositors to participate in the Optimism Superfest. However, we would have preferred if Chaos Labs or Llama Risk had provided their opinion on this cap increase before voting; in any case, we have chosen to vote YES in favour this time as we are directionally in favour of the proposal.
Stablecoin IR Curve Amendment
Vote Result: YES
Rationale
Aligning the Aave stablecoin rates in line with the DSR and the broader market is logical and avoids rate arbitrage. Moreover, having the rates in line with the broader market until now have led to rate stability and stable utilisation. Therefore, we will vote YES in favour of this proposal.
Increase CCIP Facilitator Capacity
Vote Result: YES
Rationale
Increasing the CCIP Facilitator Capacity on Arbitrum to 2.5M units is a logical move given the healthy liquidity on Arbitrum, solid GHO peg, and the level of utilization the bucket has already achieved. Therefore, we will vote YES in favour of this proposal.
[ARFC] TokenLogic + karpatkey Financial Service Providers - Phase II
Vote Result: YES
Rationale
TokenLogic and Karpatkey have done a great job as Aave treasury managers and this is highlighted in Aave’s current financial position and the stability of GHO now, which is well-placed to continue its growth. We are glad that the Aave Liquidity Network considerations have been baked into this proposal since this will be a cornerstone of Aave v4 and beyond. We also agree with the need to stabilise the Safety Module and ensure that it does not pose an overexposure risk to Aave. Another aspect that @EzR3aL mentioned that is commendable is the Aave Analytics portion done by TokenLogic - it is incredibly important to hammer down on this and ensure its widespread usage across DeFi. The budget is definitely in line with expectations as well.
All in all, it is a no-brainer to vote YES in favour of this extension.
[ARFC] GHO Parameter Adjustment - Governance Process Amendment
Vote Result: YES
Rationale
Amending these parameters for the deployment of GHO on new networks will reduce governance debt and streamline the job of Aave service providers. Therefore, we will vote YES in favour of this proposal.
[ARFC] Deploy USDC and USDT GSM On Arbitrum
Vote Result: YES
Rationale
Deploying a GSM on Arbitrum for USDC and USDT is necessary and will avoid the creation of arbitrage between Arbitrum and mainnet. Minting more GHO via the GSMs is safer for users and maintains GHO stability better by creating a USDC/USDT reserve in the GSM. Lastly, LlamaRisk also supports this deployment. Therefore, we will vote YES in favour of this proposal.
[ARFC] - Chaos Labs Risk Parameter Updates - sAVAX on Aave V3 Avalanche - 07.16.2024
Vote Result: YES
Rationale
Chaos Labs’ analysis regarding the dynamics of the sAVAX market and the number of liquidations that can be completed efficiently logically leads to the increase in LTV and LT for the asset. Therefore, we will vote YES in favour of this proposal.
[ARFC] Aave Events & Sponsorship Proposal 2024
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.