[ARFC] April Finance Update


title: [ARFC] April Funding Update
author: @karpatkey_TokenLogic
created: 2024-04-02


Summary

This proposal presents April’s funding update, including the following key activities:

  • Migrating holdings from v2 to v3 (Polygon and Ethereum)
  • Extending the DAO’s GHO runway to cover upcoming expenses
  • Returning RealT’s supplied WXDAI to RealT
  • Migrating AGD’s allowance to GHO

Motivation

With the upcoming extension of Merit and the funding request from Chaos Labs, this proposal will swap sufficient assets to GHO to ensure enough funds are available as required.

This proposal cancels the existing USDT Allowance to the Aave Grants DAO and replaces it with a GHO Allowance of equal size, 612.9k. This represents a continuation of transitioning to using GHO as the preferred means of covering DAO expenses.

Also within this proposal, there is the corrective action of returning 3504 RealT WXDAI sent by RealT to the Aave Gnosis Chain collector by accident. Details on the agreement with realT can be found here.

This proposal will follow the Direct-To-AIP as outlined in this proposal.

Specification

Migrating AGD’s allowance to GHO

The following Allowance is to be cancelled and replaced with GHO:

  • Cancel aUSDT Allowance
  • Increase GHO Allowance by 613,000 units

The AGD mulisig eth:0x89C51828427F70D77875C6747759fB17Ba10Ceb0 will be able to use the allowance function on 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c to claim the GHO.

Returning RealT’s supplied WXDAI to RealT

Transfer 3,504 armmv3WXDAI to 0x7DA9A33d15413F499299687cC9d81DE84684E28E on Gnosis Chain.

Consolidate GHO funding and Migrate funds from V2 to V3

Part A

Perform the following Swaps, Migrate Eth v2 to v3 and bridge from Polyogn to Ethereum.

Withdraw & Swap to GHO Migrate Eth v2 to v3 Pol to Eth Migrate Pol v2 to v3
aEthDAI (All-1) awBTC (All-1) aPolDAI (All-1) amUSDT (All-1)
aDAI (All-1) awETH (All-1) amUSDC (All-1)
aUSDC (All-1) aLINK (All-1) aPolMATIC (All-1)
aUSDT (All-0.65M) aSNX (All-1) amDAI (All-1)
aEthUSDC (1.4M) aPolUSDC(All-1)
aSUSD (All-1) amMATIC (All-1)
aPAX (All-1)

Deposit wETH and wBTC in the Treasury into Aave v3.

Assets migrated from Polygon to Ethereum are to be deposited into Aave v3 where practical, with the exception of DAI and USDC which will be swapped to GHO during Part B.

Part B

The following assets are transferred to Eth within Part A. Part B then swaps these assets to GHO.

Swap to GHO
DAI
USDC

Disclosure

TokenLogic and karpatkey receive no payment for this proposal. TokenLogic and karpatkey are both delegates within the Aave community.

Next Steps

  1. Gather feedback from the community and risk service providers.
  2. If consensus is reached on this ARFC, escalate this proposal to the Snapshot stage.
  3. If Snapshot outcome is YAE, escalate this proposal to AIP stage

Copyright

Copyright and related rights waived via CC0.

6 Likes

The corresponding AIP will be updated with @bgdlabs Security December Budget Request discussed in this thread and voted for in this snapshot.

  • Transfer 42’000 aUSDC v2 Ethereum to 0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF.
  • Transfer 109’200 aUSDT v2 Ethereum to 0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF.
  • Transfer 1640 aLINK v2 Ethereum to 0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF.
  • Transfer 4000 aMATIC v2 Polygon to 0xbCEB4f363f2666E2E8E430806F37e97C405c130b.

More information can be found here.

1 Like

In addition to the modifications listed above, we will be updating the AIP with the following item as requested by @bgdlabs:

With a positive outcome in snapshot, the upcoming AIP will incorporate funding for Merit’s next round by setting up the following allowances to the Merit safe 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b:

  • 3M GHO
  • 645 Aave v3 ETH