Aave v3 Gnosis Instance Updates Part 1
Vote Result: YES
Rationale
This is the onchain proposal for this Snapshot ARFC that we voted in favour of according to our rationale here.
Deploy 10M GHO into Aave v3 Lido Instance
Vote Result: YES
Rationale
This is the onchain proposal for this Snapshot ARFC that we voted in favour of according to our rationale here.
Aave v3.3 Sherlock Contest Funding
Vote Result: YES
Rationale
This is the onchain proposal for this Snapshot ARFC that we voted in favour of according to our rationale here.
Funding Proposal: karpatkey as GHO Growth Service Provider
Vote Result: YES
Rationale
This is the onchain proposal for this Snapshot ARFC that we voted in favour of according to our rationale here.
Onboard ezETH to Arbitrum and Base Instances
Vote Result: YES
Rationale
Given that both risk providers support the proposal, the liquidity available on the chains is enough to bootstrap ezETH markets on Base and Arbitrum, and BGD Labs thinks there is no issue from a technical integration perspective, we will vote YES in favour of this proposal.
[TEMP CHECK] Deploy Aave on Rootstock Network
Vote Result: YES
Rationale
There are multiple reasons to support this TEMP CHECK:
- The significant liquidity injection commitment and the size of the incentives program;
- Integration of GHO and making it a central stablecoin in the ecosystem;
- Rootstockās collaboration with institutional partners which may increase usage of Aave by those entities;
- The level of activity on the Rootstock Network.
Therefore, we will vote YES in favour of this TEMP CHECK.
[TEMP CHECK] Add EURC to BASE Aave V3 Instance
Vote Result: YES
Rationale
Onboarding a stablecoin denominated in another currency and issued by a reputable provider makes sense to us to be assessed at the ARFC stage by the risk providers. Therefore, we will vote YES in favour of this proposal.
Onboard sUSDe and weETH to Aave v3 on zkSync
Vote Result: YES
Rationale
This is the onchain 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.
a.DI Celo Path Activation
Vote Result: YES
Rationale
The Aave DAO has voted to deploy on Celo and this is a technical pre-requisite vote. Therefore, we will vote YES in favour of this proposal.
[ARFC] Extend GHO Steward on Aave Prime Instance
Vote Result: YES
Rationale
The GHO Steward will streamline management of GHO on Aave Prime and is a non-controversial decision. Therefore, we will vote YES in favour of this proposal.
[ARFC] Prime Instance - wstETH Borrow Rate + rsETH Supply Cap Update
Vote Result: YES
Rationale
TokenLogicās analysis of the benefits of lowering the wstETH Slope 1 and increasing the rsETH supply cap to bring in an additional $300M in user deposits is very compelling and demonstrates the positives well. LlamaRisk is also in support of this proposal, giving us confidence from a risk perspective. Therefore, we will vote YES in favour of this proposal.
[ARFC] Whitelist Balancer DAO to Claim Liquidity Mining Rewards
Vote Result: YES
Rationale
There is no issue with enabling Balancer DAO to claim their LM rewards for their Boosted Pools and this is a no-brainer proposal that we will vote YES in favour of.
Onboard LBTC & Enable LBTC/WBTC liquid E-Mode on Aave v3 Core Instance
Vote Result: YES
Rationale
This is the onchain proposal for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Both risk providers are in favour of the recommended parameters and BGD Labsā technical analysis has found no issues with this proposal. Therefore, we will vote YES in favour of this proposal.
Update Lido GHO Base Borrow Rate
Vote Result: YES
Rationale
Reducing the Prime GHO Borrow Rate makes sense because:
- It will enable increased borrowing activity on Prime, which has had limited activity due to changing market conditions.
- The borrow rate needs to be below the borrow rate on Core, which will migrate borrowing activity to Prime.
- The borrow rate will be aligned with the GHO interest rate within the Ethereum facilitator.
- Both risk providers support the proposal.
Therefore, we will vote YES in favour of this proposal.
Set REZ, KERNEL and rsETH Emission Admin to ACI
Vote Result: YES
Rationale
Allowing ACI to manage distribution of rewards for Kelp and Renzo post discussion with the teams is logical. Therefore, we will vote YES in favour of this proposal.
GHO Risk Stewards Update and GHO CCIP Integration Upgrade
Vote Result: YES
Rationale
Given that the GHO CCIP Token Pools were upgraded in December, it makes sense to adopt the latest version to ensure that the full functionality of CCIP is available for use for Aave. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Aave <> Chainlink SVR v1 Integration
Vote Result: YES
Rationale
OEV is an important avenue where the Aave DAO could make profit; however, any implementation should be done in a safe manner given the significant security considerations. The SVR is elegant because of the duplication of the price feed and the fallback mechanism.
However, the most important point here is that the oracle provider itself has developed this system, and has worked closely with BGD Labs to do so in a bespoke manner for Aave. The controlled, conservative nature is the right manner to go about such a large change and for a proposal that so closely impacts security.
Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Joint Incentive Program With Polygon
Vote Result: NO
Rationale
The Aave DAO paying for incentives at the moment does not make a lot of sense. Other mentioned programs like Sonic and Mantle do not involve matching incentives and it is not clear why this proposal should not follow the same principle where PoL is provided by the chain.
Moreover, there are no clear proposals to remove Aave from Polygon, which reduces the rationale behind this proposal. To be clear, we would be against any such proposal.
Therefore, we will vote NO against this proposal.
[ARFC] Sunset stMATIC on Polygon Instance
Vote Result: YES
Rationale
Given that stMATIC yield will go to 0 since it is being sunset on Lido, freezing it makes sense. Chaos Labs also supports this proposal. Therefore, we will vote YES in favour of this proposal.
[ARFC] Add EURC to BASE Aave V3
Vote Result: YES
Rationale
Given its MiCA compliant nature and approval by both risk providers, we think it is a net benefit to list EURC on Base v3. However, we note the point made by Chaos Labs around the regulatory risks for Aave from listing EURC and would want @LlamaRisk to monitor these developments carefully to ensure that Aave is protected in case of any adverse decisions by ESMA.
All in all, it makes sense for us to vote YES in favour of this proposal (with a cautious eye on MiCA compliance).