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 (2M) | ||
| aEthUSDC (1.5M) |
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) |
| aUSDT (1.5M) |
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
- 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.