[ARFC] Establishing the Aave Protocol Embassy (APE)

[ARFC] Establishing the Aave Protocol Embassy (APE)


Title: [ARFC] Establishing the Aave Protocol Embassy (APE)

Author: Marc Zeller - Aave Chan Initiative

Date: 2024-01-29


Summary

The Aave Chan Initiative proposes the establishment of the Aave Protocol Embassy (APE), a dedicated entity to represent the Aave DAO in the governance of other protocols, particularly for upcoming Long-Term Incentive Plans (LTIPs) on networks like Arbitrum.

Motivation

The Aave DAO possesses significant voting power in various governance tokens. However, the current structure of the collector contract hinders direct participation in other DAOs’ governance. To effectively leverage this power and actively participate in pivotal governance decisions, such as LTIPs on Arbitrum, the creation of APE is essential.
This will allow the Aave DAO to have a mete-governance embassy represented by Aave DAO service providers and significant delegates.

Specification

APE will function as a 3/4 Gnosis SAFE multisig, holding governance tokens to cast votes on behalf of the Aave DAO. The proposed multisig structure requires a 3/4 signature for actions:

  • ACI (acting as the coordinator) : Delegate and service provider
  • Token Logic : Delegate and service provider
  • KarpatKey: Delegate and service provider
  • EzR3al : largest delegate platform

This proposal aims to seed this Multisig with Aave DAO ARB tokens currently held by the Aave Collector contract. Aave: Treasury V3 | Address 0x053D55f9B5AF8694c503EB288a1B7E552f590710 | Arbiscan

Next Steps

  1. Initiate a discussion within the Aave community to gather feedback on the proposal.
  2. Conduct a snapshot vote for community consensus.
  3. If successful, proceed with an AIP seeding the multisig with the ARB tokens

Disclosure

The Aave Chan Initiative, along with the proposed multisig members, will manage APE with a commitment to representing Aave DAO’s best interests in external protocol governance, without external compensation.

Copyright

Copyright and related rights waived under Creative Commons Zero (CC0).

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8 Likes

Much needed, we support this initiative and the proposed multisig members.

How do you intend to communicate APE’s voting preferences and will there be any consideration of input from the Aave DAO?

4 Likes

The following proposal has been escalated to ARFC Snapshot.

Vote will start tomorrow. We encourage everyone to participate.

Hi @ACI, this is a great proposal - we broadly agree with it but had a few questions:

  1. Would you be able to answer @WintermuteGovernance’s question? Will there be any communication with and input from the rest of the DAO?
  2. How do you plan to share the impact of some of these votes with the broader community?
  3. Will there be term limits for embassy members? How long will the current APE be valid for and will other delegate platforms be considered over the longer term?
3 Likes

Hello,

The ACI as coordinator intent to publish regular APE report following our auditability ethos in the same format of our current vote reports done by @XTG1724

Terms limits make a lot of sense to keep things balanced.

The current APE council include Service providers “elected” by the DAO to do related jobs that are also major Aave DAO delegates platform.
We feel the initial APE council is quite representative of the voice of the Aave DAO token holders.

we propose this initial council to be elected for the next 180 days, with the DAO being able to fire them at any point by doing an ad-hoc AIP vote.

After this initial 180 days, the DAO will have enough track record data to give an informed opinion on the future of APE.

3 Likes

Thanks for answering Marc - makes sense!

Thank you everyone who participated in the forum discussion as well as voting in the ARFC Snapshot.

Following Snapshot monitoring, the following ARFC Snapshot to establish the Aave Protocol Embassy (APE) has passed with both quorum and YAE as winning option with 593K votes.

Next step will be the publication of an AIP seeding the multisig with the ARB tokens if decided by governance.

1 Like

The AIP for this proposal will soon be submitted to governance for voting. The APE SAFE address can be found here.

I like the initiative but I don’t think “APE” is the correct name for an AAVE entity conducting external affairs. It’s unfortunate that is the word from the initials “AAVE Protocol Embassy”, from my understanding an embassy needs to be percieved as something serious.

Naming it “AAVE Embassy” straight up if fine by me.

If you do want a cheeky name, naming the embassy “Ghosts” is cooler and more in line with the AAVE brand and image it tries to project rather than “APE”.

Maybe is just me.

1 Like

It’s not like the embassy will create a profile in another forum with the name “APE” and and ape image, come on