Risk Parameter Updates GNO on V3 Gnosis
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
Vote Result: YES
Rationale
This is a continuation of this AIP that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
Onboard LlamaRisk as a Risk 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.
[ARFC] Aave v3.1 Activation
Vote Result: YES
Rationale
The list of changes in Aave v3.1 optimise the protocol from a security and codebase perspective and make it easier to operate and build on such a large codebase. The LTV0 on freezing, movement of stable to variable, the implementation of the liquidations grace sentinel on v3, and the freezing by the emergency guardian are especially good updates that will make Aave v3 more streamlined and fit for purpose. Therefore, we will vote YES in favour of this proposal.
stkGHO Incentives
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.
[TEMP CHECK] Add AERO to Base V3
Vote Result: YES
Rationale
Adding AERO to Base v3 is logical given that it is the token for the largest DEX on Base, and can be further locked as veAERO to direct emission rewards to bootstrap liquidity. The further benefit of using AERO earned from the pool to boost GHO liquidity on Base is great for Aave. Therefore, we will vote YES in favour of this proposal.
Hyperlane Bridge Adapter Update to V3
Vote Result: YES
Rationale
Updating the bridge adapters to the new version is a no-brainer technical change and we will vote YES in favour of this proposal.
[ARFC]. BGD. Aave v3.1 Cantina Competition
Vote Result: YES
Rationale
Holding a competition to find bugs is very effective and a good use of Aave’s security budget. The format of the competition is cost-effective for the DAO and incentivises researchers to find the most high-impact bugs and issues. We are happy with the Conflict of Interest provisions included in the proposal as well. One area we would like to get some more information on are the fees. What would these be used for and is there a breakdown, given there is already a $15k Cantina allocation for judging?
Other than this, we are happy to vote YES in favour of this proposal.
aAMPL Second Distribution
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.
[TEMP CHECK] Onboard tBTC to Aave v3 on Ethereum, Arbitrum and Optimism
Vote Result: YES
Rationale
Adding a trustless version of BTC that is secured by a decentralised network of nodes using threshold cryptography may be a critical unlock for the DeFi ecosystem on Ethereum and beyond, and certainly mitigates some of the issues with wBTC. LlamaRisk has mentioned that they researched tBTC with a reasonably positive outlook, and it would be good to get their opinion on tBTC now. tBTC has now acquired a Chainlink oracle and is thus a good fit for the Aave ecosystem, especially with the asset being used across the Ethereum, Arbitrum, Base, Optimism, Polygon and Solana ecosystems. Therefore, we will vote YES in favour of this proposal and look forward to LlamaRisk’s opinion at the ARFC stage.
StablecoinIRUpdates
Vote Result: YES
Rationale
Decreasing stablecoin IR parameters across Aave deployments in line with the decrease in the DSR is logical, so that the opportunity of rate arbitrage reduces and borrow rates remain competitive. Therefore, we will vote YES in favour of this proposal.
[ARFC] Deprecation of Small-Cap Stablecoins on V2 Ethereum
Vote Result: YES
Rationale
Deprecating low-liquidity, lesser-used stablecoins and derisking Aave v2 is very sensible. The two-phase approach makes sense especially given that it has been successfully implemented in the past. Therefore, we will vote YES in favour of this proposal.
[ARFC] ACI Phase III - “Ad Astra”
Vote Result: YES
Rationale
The ACI’s performance has been exemplary and there is no doubt that renewing their term for another year is hugely beneficial for the DAO. All things considered, a budget of 1M GHO is very fair given the Merit initiative and the 750K LTIPP alone, notwithstanding all of the other initiatives they are leading. Fully agree with @eboado and @ChaosLabs points above. ACI has been a true steward of the DAO and while their methods might rub some the wrong way, what is core is that they have the DAO’s interests at the forefront and always put the DAO first, which is crucial to Aave’s market dominance and growth. Therefore, we will vote YES in favour of this proposal.
Polygon V2 Reserve Factor Updates & Interest Rate Increases
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.
Updating weETH Risk Parameters
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 V1 Deprecation Phase 3
Vote Result: YES
Rationale
Deprecating v1 is essential and we voted in favour of the previous phases. Therefore, we will vote YES in favour of this final phase as well.
ACI Ad Astra
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.
Generalized LT/LTV Reductions on Aave V3 Step 2
Vote Result: YES
Rationale
The amount of liquidations following the new recommendations are relatively low and the incremental nature of reducing the LT/LTVs was communicated in Phase 1. Sufficient notice has been given to users given the publication of this proposal on April 23. Therefore, we will vote YES in favour of this proposal.
[ARFC] Onboard ggAVAX to Aave V3 on Avalanche
Vote Result: NO
Rationale
We think that the Aave protocol should be safety-first and list assets that its risk providers consider to be safe enough. Given their analysis, especially around the extended withdrawal processing delays and an unpredictable withdrawal queue, listing ggAVAX could add a relatively higher amount of risk to Aave. Moreover, AVAX is a volatile asset itself and adding another layer of risk on top of it in ggAVAX may not be the best move. We can add ggAVAX to Aave once the protocol has more predictable withdrawal patterns and the market size grows. Therefore, we will vote NO against this proposal.
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[ARFC] Renewal of Aave Guardian - 2024
Vote Result: YES
Rationale
Given the explanation by BGD around the specific role of the Guardians, for the Protocol and Governance Emergency admins, the Aave Guardian has no management power in the ecosystem and the parties chosen to be the Guardians are more than adequate. We would potentially want to be included as Guardians in the future but for the moment we think this list of Guardians is more than good enough for the protocol. Therefore, we will vote YES in favour of this proposal.