[ARFC] May Funding Update


Title: [ARFC] May Funding Update
Author: @karpatkey_TokenLogic
Created: 2024-05-21


Summary

This proposal presents May’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
  • Create Allowances for Frontier Program funding
  • Create Streams for Orbit Recipients

The execution will be divided in two parts, each one described in the specifications.

Motivation

This proposal seeks to enhance the financial sustainability of the DAO and will follow the Direct-To-AIP as outlined in this proposal.

Specification

Part A

Create New Allowances for Orbit Recipients

The following four delegate platforms are to receive a 90 day stream of 15,000 GHO each commencing 28th May 2024.

Delegate Platform Address
EzR3aL 0x8659d0bb123da6d16d9394c7838ba286c2207d0e
StableLab 0xecc2a9240268bc7a26386ecb49e1befca2706ac9
Saucy Block 0x08651eee3b78254653062ba89035b8f8adf924ce
Areta 0x8b37a5af68d315cf5a64097d96621f64b5502a22

The details can be found here.

Gas Rebate

The following details the two recipients of the DAO Gas Rebate program:

Service Provider Address ETH Amount
ACI 0x57ab7ee15cE5ECacB1aB84EE42D5A9d0d8112922 2.740
TokenLogic 0x2cc1ADE245020FC5AAE66Ad443e1F66e01c54Df1 0.641

The details can be found here.

Consolidate GHO Funding and Migrate funds from V2 to V3

Perform the following Swaps and migration of assets from Aave v2 to v3. Assets are to be swapped for GHO if GHO is trading at or below $1.000, or be transferred to the ALC where it will be used to further fund the GSM.

Withdraw & Swap to GHO Migrate Eth v2 to v3 Migrate Pol v2 to v3
aEthDAI (All-1) awETH (All-1) amUSDT (All-1)
aDAI (All-1) amwETH (All-1)
aEthLUSD (All-1) amDAI (All-1)
aEthPYUSD (All-1)
aUSDC (All-1)
DPI (All)
aEthUSDT (1M)

Transfer the following assets to Ethereum.

Polygon Arbitrum Optimism
USDC.e (All) USDC.e (All) USDC.e (All)
aPolUSDC (All-1) aArbUSDC (All-1) aOptUSDC (All-1)
amUSDC (All-1)

Deposit the following small holdings into there respective v3 deployment:

Deposit into Eth v3
LINK

Part B

GHO Funding

Part B is to either swap the following assets (including the USDC received in part A) to GHO if GHO is trading at or below $1.000, or to be transferred to the ALC where it will be used to further fund the GSM.

Swap to GHO
USDC
aEthUSDC (1M)

Frontier Funding

The following LSTs are to be unstaked for ETH in order to fund the Frontier initiative subject to a successful governance vote.

Unwrap Asset Quantity Methodology
rETH All Use Rocket Pool
wstETH 350 Use Lido

A description of how the ETH is to be deployed has been outlined by ACI here.

Quantity Deployed Provider
248 ETH Stader
2,085 ETH RocketPool
160 ETH StakeWise

The Frontier SAFE 0xCDb4fA6ba08bF1FB7Aa9fDf6002E78EDc431a642 will be able to use the allowance function on 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c to claim the equivalent to 2,493 ETH.

Any residual ETH will be deposited into Aave v3.

Disclosure

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

Next Steps

  1. Utilising the Direct-to-AIP governance process, an AIP will be submitted after 5 days of discussion on the forum.

Copyright

Copyright and related rights waived via CC0.

2 Likes

With this AIP being already submitted to governance for voting. The May Funding Part A Update will include the following:

Consolidate GHO Funding and Migrate funds from V2 to V3

Perform the following Swaps and migration of assets from Aave v2 to v3. Assets are to be swapped for GHO.

Withdraw & Swap to GHO Migrate Eth v2 to v3 Migrate Pol v2 to v3
aEthDAI (All-1) awETH (All-1) amUSDT (All-1)
aDAI (All-1) amwETH (All-1)
aEthLUSD (All-1) amDAI (All-1)
aEthPYUSD (All-1)
aUSDC (All-1)
DPI (All)
aEthUSDT (1M)

Transfer the following assets to Ethereum.

Polygon Arbitrum Optimism
USDC.e (All) USDC.e (All) USDC.e (All)
aPolUSDC (All-1) aArbUSDC (All-1) aOptUSDC (All-1)
amUSDC (All-1)

Deposit the following small holdings into there respective v3 deployment:

Deposit into Eth v3
LINK

Frontier Funding

The following LSTs are to be unstaked for ETH in order to fund the Frontier initiative.

Unwrap Asset Quantity Methodology
rETH All Use Rocket Pool
wstETH 350 Use Lido

A description of how the ETH is to be deployed has been outlined by ACI here.

Quantity Deployed Provider
248 ETH Stader
2,085 ETH RocketPool
160 ETH StakeWise

The Frontier SAFE 0xCDb4fA6ba08bF1FB7Aa9fDf6002E78EDc431a642 will be able to use the allowance function on 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c to claim the equivalent to 2,493 ETH.

Any residual ETH will be deposited into Aave v3.

1 Like