Hello,
@ACI is the elected service provider for this kind of initiative. For the past three years, every DAO-operated V3 instance has leveraged ACI coordination of service providers covered by both the Dolce Vita and Skywards services we are paid to provide.
ACI’s growth work with Megaeth started earlier this year with a first partnership leading to Megaeth supplying the proceeds from their sale (5000 ETH) into Aave V3. This allowed for a very strategic influx of wETH into Aave at a time of peak demand for leveraged staking/restaking, contributing directly to Aave DAO revenue.
Following this, and to reinforce the Aave DAO’s relationship with Megaeth, we published a TEMP CHECK to assess and approve initial demand from Aave Token holders to eventually deploy on this network once it reached maturity:
As Megaeth matured and moved closer to launch, we established a coordination working group with all relevant service providers (@ChaosLabs, @TokenLogic, @bgdlabs). The goal was to define and consider the Megaeth deployment internally and prepare for an ARFC to gauge community support.
Then, a technical-oriented subgroup focused with @bgdlabs was formed a few months ago. Its purpose is to start implementation coordination and prepare for a potential ARFC with relevant assets, compatible with all Risk, Growth, and Protocol Maintainer service providers elected by the DAO to do this work.
While this process was ongoing, we were quite surprised that @AaveLabs decided to bypass all precedence, discarding all ongoing progress to directly reach out to Megaeth. We only learned about their proposal when it was published on the forum.
We were further surprised to learn that an undisclosed deal, based on undisclosed terms, was signed between Aave Labs and the Megaeth Foundation. This was done based on undefined authority, as V3 deployments and growth are not part of Aave Labs’ scope as an elected service provider, nor do they have a mandate to execute this.
After reaching out to the Megaeth team, they have refocused on working with Aave DAO service providers. As a general note, we invite all service providers to focus on their respective scopes and mandates as defined by the Aave DAO.
The ACI is supportive of the Megaeth deployment. We believe it is a strategic opportunity for the Aave DAO, and we keep doing our job to coordinate as we did for the better part of the year with relevant service providers to deliver a timeline, a set of onboarded assets, and associated risk parameters to be considered in a compliant ARFC for the Aave Token holders, who are the bearers of final approval and ultimate authority over this DAO.