[ARFC] Launch GHO on Base & Set ACI as Emissions Manager for Rewards
Vote Result: YES
Rationale
We are in favour of launching GHO across networks. Base is growing quickly and it is very important to deploy GHO on Base. GHO brings in new users to Aave, which is crucial, and the analysis from LlamaRisk that these users demonstrate higher engagement with other DeFi protocols than regular Aave v3 users, combined with lower liquidation rates, is necessary for the protocol to grow. We think GHO is ready for further expansion and the liquidity trends are very positive. Both risk providers are also in favour. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] World Liberty Financial Aave v3 Instance on Ethereum Mainnet Proposal
Vote Result: YES
Rationale
From our perspective, WLF’s Aave v3 instance is a friendly fork of Aave and adds to the growing ‘friendly forks’ of Aave that provide a good revenue stream to the DAO. WLF could have simply forked Aave v3 without choosing to build a relationship with the protocol, and given the 0 risk it poses to Aave to have the WLF instance of Aave v3, we are in favour of this proposal.
Therefore, we will vote YES in favour of this proposal.
Increase USDS Borrow Rate to Match Sky Savings Rate
Vote Result: YES
Rationale
Aligning the Savings Rate to match Sky is sensible to ensure that incentives are not just directed towards USDS loopers. Therefore, we will vote YES in favour of this proposal.
Update Legacy Guardian
Vote Result: YES
Rationale
Updating the emergency roles in line with the more granular Aave Guardian roles is sensible. Therefore, we will vote YES in favour of this proposal.
Renew LlamaRisk as Risk Service Provider
Vote Result: YES
Rationale
This is the on-chain vote 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 <> Aave Risk Management Service Renewal
Vote Result: YES
Rationale
This is the on-chain vote 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.
Reserve Factor Updates Mid October
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.
wstETH Slope1 & Uoptimal Update
Vote Result: YES
Rationale
This is the on-chain vote 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.
Aave <> Certora Continuous Security Services
Vote Result: YES
Rationale
This is the on-chain vote 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.
Onboard ezETH to Lido Instance
Vote Result: YES
Rationale
This is the on-chain vote for this Snapshot ARFC that we voted in favour of according to our rationale here. Moreover, Certora has confirmed that the oracle is secure for use and is robust against donation-based price manipulation. Therefore, we will vote YES in favour of this proposal.
[ARFC] Aave <> BGD Labs. Phase 4
Vote Result: YES
Rationale
It is an absolute necessity for the Aave DAO to renew BGD’s services and have them as the development and security coordinator for the protocol. Their work has been exemplary and has contributed to Aave’s continued growth to a huge degree. The scope outlined covers a broad range of topics and we think it is necessary for BGD Labs to continue their work in these areas. Therefore, we will vote YES in favour of this proposal.
Fix USDS Borrow Rate to Match Sky Savings Rate
Vote Result: YES
Rationale
Reducing Slope1 to 0.75% in line with other stablecoins on Aave is a needed change and will further optimise borrowing volumes. Therefore, we will vote YES in favour of this proposal.
[ARFC] Dolce Vita Extension
Vote Result: YES
Rationale
We would favour @eboado’s suggestion of lowering the proposition power to create a Snapshot proposal to ~5k AAVE. This will have the benefit of having enough ‘power’ to create a proposal while disincentivising spam. Ownership of the Snapshot to the multisig makes sense. Formalising forum management makes sense but we also agree with @stani that there should be more moderators. We trust @EzR3aL but having a diversity of moderators is only beneficial. All in all, we think Dolce Vita streamlines Aave governance and will vote YES, but prior to the on-chain vote, would like the above changes to be made to the proposal.
2 Likes
[ARFC] Launch aUSDC GSM on Ethereum
Vote Result: YES
Rationale
This is the ARFC vote for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Ensuring that a significant portion of GHO supply can generate revenue for the DAO is important, and this will also enable the GHO Stewards to increase the Bucket and Exposure Capacities of the aToken GSMs. Moreover, LlamaRisk and Chaos Labs both support this proposal. Therefore, we will vote YES in favour of this proposal.
Aave BGD Phase 4
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.
[TEMP CHECK] Onboard SCR to Aave V3 Scroll Instance
Vote Result: ABSTAIN
Rationale
Given the low historical demand to use governance assets as collateral in DeFi and the low volumes seen for these assets on other chains, it may not make the most sense to onboard SCR at this point. The asset is very nascent, and volatility risk is to be expected. However, we do think it may be beneficial to see some risk and revenue modelling for the asset at this stage, but are not entirely convinced about this. Therefore, we will vote to ABSTAIN on this proposal.
[TEMP CHECK] Onboard AUSD to Aave V3
Vote Result: YES
Rationale
There is a significant amount of legal research that needs to be completed by LlamaRisk alongside risk analysis by them and Chaos Labs. While we are at the TEMP CHECK stage currently, it makes sense to move it onto the ARFC stage so that all this analysis can be completed since AUSD is a stablecoin with potential with $70M+ in TVL and $12M+ in daily DEX volume, and the 50+ institutions onboarded, and it makes sense to comprehensively assess it for inclusion on Aave v3 Avalanche. We will vote YES in favour at this TEMP CHECK stage in lieu of comprehensive analysis at the ARFC stage.
[ARFC] Aave Generalized Risk Stewards (AGRS) Activation
Vote Result: YES
Rationale
We are firmly in favour of trialling Edge and automating risk parameter management on Aave. It makes sense to change risk parameters within the constraints outlined in as timely a manner as possible. Trying this system out with wETH only is a good first step and therefore we will vote YES in favour of this proposal.
[ARFC] PYUSD Reserve Configuration Update & Incentive Campaign
Vote Result: YES
Rationale
Improving PYUSD and GHO liquidity is a good initiative and having Trident Digital provide the LM rewards is a positive. The cost of liquidity being split with the Aave DAO is fair, and as Chaos Labs mentioned, if LPs hold GHO debt, the cost could be reduced even further. Penalising the holding of undesired debt tokens in the reward formula is a good step forward in incentive programs in our perspective. We’d like to point out that the concern around the PYUSD multisig from LlamaRisk is valid and we’d like to see that clarified. We appreciate the level of due diligence done here.
We will vote YES in favour of this proposal.
stkGHO Incentives
Vote Result: YES
Rationale
Given the importance of stkGHO in growing GHO, and the impending launch of Umbrella, we think extending the stkGHO incentives is necessary. GHO is still early in its journey and growing it should still be of prime importance; therefore, until the launch of Umbrella, we think it is important to continue these incentives. Therefore, we will vote YES in favour of this proposal.