[ARFC] Aave Funding Update

Governance
11

Hi Everyone,

We would like to provide an update to the specification section outlined in the original proposal.

The Aave DAO is expected to incur the following expenses/streams:

As a result, we are proceeding with updating the stable coin holdings as outlined below:

AIP #1

The following assets are to be redeemed, where applicable, and deposited into Aave v3 Ethereum:

  • 1M DAI from the Treasury
  • All aDAI from v2

Redeem and Transfer the following asset from Polygon v2 to Ethereum

  • 1.70M amUSDC
  • 0.50M amDAI
  • 0.75M amUSDT

The following assets are to redeemed, where applicable, and swapped to GHO:

  • All aTUSD
  • 0.50M of DAI
  • All GUSD
  • All UST
  • All aBUSD

The following assets are to be swapped to USDC:

  • All GUSD
  • All UST

AIP #2

Deposit the following assets into Aave v3 Ethereum:

  • 1.02M units of USDC
  • 0.35M units of USDT
  • 0.50M units of DAI

Deposit the following assets into Aave v2 Ethereum:

  • 0.40M units of USDT

Swap the following assets to GHO:

  • 0.70M units of USDC

There is currently 1.1M aUSDT held in Aave v2 Ethereum. AGD and Chaos Labs have an allowance and stream valued at 0.70M and 0.80M respectively. Redeeming 0.75M amUSDT from Polygon v2, transferring 0.75M USDT to Ethereum and then depositing 0.35M and 0.40M into Aave v2 and v3 ensures both AGD and Chaos Labs are well funded for the next 12 months.

With the proposal to reward a bounty with 50,000 GHO passing Snapshot, we have also included aBUSD amongst the assets to be swapped for GHO. At the time of writing, there is 42,446 aBUSD held in the Ethereum Treasury.

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