Hi @MarcZeller,
Will the rewards always be implemented using a third party? Why arent the rewards given through the AAVE app? this would be the ideal.
2 Likes
[ARFC-Addendum] Update Boosters for Merit Round 7
Author: ACI (Aave Chan Initiative)
Date: 2024-07-25
Simple Summary
We propose updating Merit parameters and rewarded actions to increase program efficiency for Round 7.
Motivation
The Aave protocol has maintained and developed its market share in DeFi in a highly competitive landscape thanks to the Merit program. Recent rounds of Merit have been successful, and we aim to build upon this success while adapting to new strategies and market conditions.
Merit aims to maximize efficiency while being conscious of the budget weight of this program. Therefore, it needs to be updated and adapted when new strategies can be applied.
Specification
Boosters Update
-
Retain and Expand:
Expansion of Second Degree Aligned Users Booster: This booster will reward users of Defisaver and now also Gnosis Safe[PASS], recognizing their importance in the broader DeFi ecosystem and encouraging their integration with Aave. -
Remove:
- “Diversity supporter” LST boost. This will be replaced by a dedicated boost for the Etherfi Aave market, allowing for more targeted incentives.
- GHO minting rewards in favor of StkGHO. With the recent policy to tap the GHO borrow rate to match the MakerDAO DSR, the cost of minting GHO was decreased significantly, leading to a “Net” borrow rate below markets, especially for users also benefiting from the StkAAVE discount. This has made the maintenance of the peg of GHO more difficult as the carry trade opportunity has been seen as attractive for some users. We consider it more efficient to focus Merit on StkGHO for Round 7.
-
New Addition:
- Etherfi Aave Market Boost: A new, dedicated boost will be created to support and incentivize participation in the Etherfi Aave market, recognizing its unique position in the ecosystem This expansion is contingent on Governance approval of its deployment
Next Steps
1 escalate this [ARFC-Addendum] proposal to a Snapshot vote for formal approval.
2. If [ARFC Addendum] is approved in the Snapshot phase, apply changes to Merit Round 7.
Disclaimer
The Aave Chan Initiative independently proposes “Merit” without external compensation.
Copyright
Copyright and related rights waived under Creative Commons Zero (CC0).
7 Likes
Claiming fake rewards is among the top attack vectors for DEFI beginners, making users sign away all their funds, we even have examples of this in this very forum. So even if the external app is legit, this is a practice I have to advise against so is not normalized.
Since my questions are being ignored, we’ll just have to speculate the reasons why the Aave rewards are not given inside Aave.
3 Likes
So Merit Round 7 remains on Mainnet only ? I think extension to Arbitrum had been mentionned.
The current ARFC Addendum Snapshot has just ended, reaching both Quorum and YAE as winning option, with 708K votes.
Therefore de ARFC Addendum to Update Boosters for Merit Round 7 has passed, and proposed changes will be applied directly into Merit Round 7.
1 Like
[ARFC-Addendum] Update GHO Dynamics and StkGHO Fast Exit Mechanism
Author: ACI (Aave Chan Initiative)
Date: 2024-08-05
Simple Summary
We propose to whitelist dedicated service providers GHO to manage “FastPass” and remove the cooldown diluter for the Safety Module.
Motivation
Following the previously proposed “FastPass” concept, we’ve refined our approach to enhance GHO ecosystem efficiency. As GHO has demonstrated stability, maturity, and resilience during its first volatility black swan event, it’s time to optimize its staking liquidity. This proposal aims to enhance the efficiency of the StkGHO cooldown by creating a “fast exit mechanism”.
This Simple “FastPass” implementation, whitelist dedicated service providers ( @karpatkey_TokenLogic & @ACI) to implement up to 2.5M “buy walls” via Cowswap limit orders at 0.99 GHO per stkGHO to allow StkGHO holders to leave the GHO safety module with a small fee.
FastPass mainteners GHO will be considered as StkGHO in the context of merit and eligible for rewards, to reduce their opportunity costs and incentives their service for the GHO stakers.
As limit orders are filled by the market the service providers are responsible to call cooldown and replenish their fastPass liquidity overtime.
Specification
- Whitelist Service Providers for StkGHO Buy Walls:
- Implement a whitelist service provider addresses mobilized to create and maintain StkGHO buy orders.
- Allow whitelisted service providers to receive StkGHO yield on the GHO they mobilize to place StkGHO buy walls at 0.99 StkGHO.
- This approach replaces the previously proposed “FastPass” mechanism, offering a more targeted solution to improve liquidity and fast exits for StkGHO without the need for complex technical implementation.
- Remove the Cooldown Diluter:
- Given GHO’s demonstrated stability and successful navigation of its first volatility black swan event, the current harsh policy towards users leaving the Safety Module is no longer justified.
- This change will make the process of exiting the Safety Module more user-friendly while maintaining necessary protocol safeguards.
Next Steps
- Escalate this [ARFC-Addendum] proposal to a Snapshot vote for formal approval.
- If [ARFC Addendum] is approved in the Snapshot phase:
- Implement the whitelist system for service providers to act as StkGHO buy walls.
- Remove the cooldown diluter from the Safety Module.
- Update relevant smart contracts and documentation to reflect these changes.
Disclaimer
The Aave Chan Initiative (ACI) independently proposes these changes without external compensation.
Copyright
Copyright and related rights waived under Creative Commons Zero (CC0).
6 Likes
The [ARFC-Addendum] Update GHO Dynamics and StkGHO Fast Exit Mechanism has been escalated to ARFC Addendum Snapshot.
Vote will start later today, we encourage everyone to participate.
ARFC has been updated to reflect all evolution of Merit since its inception. We also have added as Resources all proposals and addendums.
A summary of all past rounds and rewarded behaviours can be found here (that information is also available in the forum post).
5 Likes
After Snapshot monitoring, the current [ARFC-Addendum] Update GHO Dynamics and StkGHO Fast Exit Mechanism Snapshot ended during this weekend, reaching out both Quorum and YAE as winning option, with 888K votes.
Therefore the ARFC Addendum has passed. Next steps will be implementing the proposed changes in Merit future round.
3 Likes
Are there any details on how the merit rewards for round 8 be structured?
If a user stakes GHO for only 2 weeks and unstakes before the end of round snapshot - will he be eligible for rewards on the pro-rata time he participated ?
Hello
Have a problem and hope that you can help me to resolve it
I am active contributor for 3+ moths now, have 287692.608 stkGHO with “stkgho” action, but haven’t received absolutely any rewards for round 7. Can you please check and/or explain what is wrong? Thank you.
Hi @vovaxx were you able to get a way around this I’m also having a similar issue
The answer is in your screenshot @vovaxx “Merit rewards will be available soon”
4 Likes