[ARFC] Remove Community Preference For Supply Cap Limits
Vote Result: YES
Rationale
Removing a limiting factor on growth while keeping risk contained through the risk frameworks of risk service providers makes sense to us. Further, LlamaRisk and Chaos Labs both agree with this recommendation. Therefore, we will vote YES in favour of this proposal.
GHO Borrow Rate Update September 2024
Vote Result: YES
Rationale
Reducing the GHO borrow rate by 0.75% will enable more GHO to be borrowed since the USDC and USDT GSMs are already at capacity. We also need to ensure that GHO is not more expensive than alternatives on v3 Ethereum, which it currently is now. Given GHO is trading at >$1 on Ethereum, it will encourage users to migrate to GHO debt. Therefore, we will vote YES in favour of this proposal.
[ARFC] Chaos Labs Risk Parameter Updates - sAVAX LT/LTV Adjustment
Vote Result: YES
Rationale
Increasing the LT/LTV of sAVAX is logical since its underlying risk profile has evolved; supply has increased and is well-distributed. Therefore, we will vote YES in favour of this proposal.
[ARFC] Chaos Labs Risk Parameter Updates - LTV and LT Alignment
Vote Result: YES
Rationale
The marginal increases in VaR as a result of adjusting LT/LTVs for similar assets across deployments are an acceptable trade-off when compared to the improved UX and optimization of the Aave protocol. Therefore, we will vote YES in favour of this proposal.
Onboard tBTC
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. Given that BGD Labs thinks that tBTC does not have any issues in terms of integration with Aave, and that LlamaRisk and Chaos Labs are still in favour of the onboarding, we will vote YES in favour of this proposal.
Onboard cbBTC on Mainnet and Base
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.
[ARFC] BGD. Aave v3.2: liquid eModes
Vote Result: YES
Rationale
Augmenting eMode with liquid eMode is a great upgrade. Removing the technical limitation of allowing assets to be used in multiple eModes is a big unlock, while adding further flexibility with how the asset can be used in eMode (borrowable, collateral, or both), further extends the capabilities of eMode. Removing the eMode-specific price feed and removing the stable rate logic from the protocol that simplifies the codebase and optimises gas consumption is also necessary clean-up work. This is another great upgrade from BGD Labs and weād like to commend them for their work in constantly improving the Aave protocol.
Therefore, we will vote YES in favour of this proposal.
Reserve Factor Updates Late September
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.
[ARFC] Superlend Profit Share Proposal, Deploying a Friendly Fork of Aave V3 on Etherlink (Stage 2 EVM Rollup) and Arbitrum
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK proposal 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] USTB/BUIDL GSM
Vote Result: YES
Rationale
Onboarding USTB to Aave increases the diversity of the RWA products on the protocol and, as we mentioned in our rationale for the BUIDL GSM, we are strongly in favour of Aave expanding its presence in the RWA space. The redemption process outlined especially with the integration between Superstate and BlackRock seems efficient, with all GHO being able to be redeemed for USDC or rebalanced for BUIDL if needed.
USTB is a well-known product in the space, has been assessed by individuals with significant experience in the space as part of the STEP program on Arbitrum, and provides a NAV via Chainlink, with a PoR oracle coming soon. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Add Support for Wrapped OETH (wOETH) to Aave v3
Vote Result: YES
Rationale
OETH is one of the highest yielding LSTs, and given that the primary use case for LSTs is looping, this could bring a decent amount of revenue to Aave, given the market cap of $100M. We would like to see the risks of onboarding OETH from the risk providers and would also like them to validate that OETH is one of the most attractive LSTs to loop with and verify how tight the OETH peg is. Therefore, we will vote YES in favour of this proposal.
[ARFC] GHO Steward v2 Upgrade
Vote Result: YES
Rationale
This proposal enables more streamlined management of GHO by the GHO Stewards; given where GHO is in its journey at the moment, making it as seamless as possible to update its parameters by the Stewards makes the most sense. Therefore, we will vote YES in favour of this proposal.
[ARFC] Lido Instance - wstETH Slope1 & Uoptimal Update
Vote Result: YES
Rationale
Reducing Slope1 to 2.25% given market conditions and combining it with an increase in UOpt from 45% to 80% makes sense, given that the wstETH deposit yield generated from increased borrowing power can cover the borrow cost and enable more profitable and attractive leveraged looping. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Add Support for Wrapped Super OETH (wsuperOETHb) to Aave v3
Vote Result: YES
Rationale
Given the performance of wsuperOETHb to date and the revenue potential for Aave, it would be good to get a detailed risk analysis from the risk providers. Where yields are so high, there is high risk, and it would be good to assess the risk vs reward of onboarding this asset onto Aave v3 Base. Growth in the TVL of the asset is a good sign but not necessarily the only one for Aave - we have to be careful about onboarding assets that could bring significant risk to the protocol, and for an asset with such high yields, the bar for passing should be even higher. Therefore, we will vote YES in favour of this proposal in expectation of the risk providersā analysis.
[TEMP CHECK] Deploy a Gnosis DAO Credit Line Aave v3 Instance
Vote Result: YES
Rationale
Creating a controlled Aave instance to generate liquidity in stablecoins for DAO treasuries opens up significant new business opportunities for the DAO. Many DAO treasuries are in great need of stablecoin liquidity and providing this in the form of GHO proliferates GHO more strongly across the ecosystem.
We would like further information on who the liquidation would be handled by and some more detail on the ācontrolledā process, as we commented on in the proposal. Therefore, we will vote YES in favour of this proposal and await the risk providersā recommendations on it.
[TEMP CHECK] Deploy a Crypto.com Aave v3 Instance
Vote Result: YES
Rationale
Crypto.comās cdcETH has a TVL of $80M and integrating cdcETH in its own instance may be better than doing so on mainnet, the proposal for which did not pass earlier this year. It would be interesting to explore a Crypto.com-specific instance for the Earn product and we would like to see more information on the profit such an instance could generate.
However, we are voting warily in favour given that most cdcETH is on the Cronos chain and not mainnet. If we are to vote in favour at the ARFC stage, we would like to see 1) profit projections, and 2) a detailed risk assessment. Weāre also not sure at this point whether we would be in favour of matching incentives via Ahab until a clear profit model is identified for this instance.
Set ACI as Emission Manager for wstETH & tBTC
Vote Result: YES
Rationale
This proposal is in line with a series of proposals we have voted in favour of with our rationale here to make the ACI the Emissions Manager for incentives programs. Therefore, we will vote YES in favour of this proposal.
Chaos Labs Risk Parameter Updates - sAVAX LT/LTV Adjustment
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.
Chaos Labs Risk Parameter Updates - LTV and LT Alignment
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.
Update flashBorrowers
Vote Result: YES
Rationale
This is an operational change to the flashBorrowers whitelist and we will therefore vote YES in favour of this proposal.