[ARFC] Migrate & Consolidate Polygon Treasury

title: [ARFC] Migrate & Consolidate Polygon Treasury
author: @llamaxyz
created: 2023-03-11


Llama proposes consolidating and migrating funds held in the Polygon v2 Collector Contract to the v3 Treasury.


The Polygon Aave v2 Collector Contract has accumulated holdings in several long tail assets over time.

This proposal seeks to acheive the following:

  • Transfer - Assets from v2 Collector Contract to v3 Treasury
  • Consolidation - Swap GHST, JEUR, SUSHI, and DPI for USDT


Collector Contract

The image below shows an overview of the current Collector Contract holdings.

Address: matic:0x7734280A4337F37Fbf4651073Db7c28C80B339e9

Deployment Ticker Price Quantity USD Value
Aave V2 amUSDC $1.00 3,700,350.15 $ 3,700,350.15
Aave V2 amDAI $1.00 3,350,246.64 $ 3,350,246.64
Aave V2 amUSDT $1.00 1,337,100.44 $ 1,337,100.44
Aave V2 amWETH $1,380.00 226.39 $ 312,418.20
Aave V2 amWMATIC $0.99 95,223.15 $ 94,270.92
Aave V2 amBAL $5.51 1,125.41 $ 6,201.01
Aave V2 amGHST $1.35 1,916.02 $ 2,586.63
Aave V2 amCRV $0.83 7,936.95 $ 6,587.67
Aave V2 amWBTC $19,750.00 0.03 $ 620.56
Aave V2 amLINK $6.07 31.72 $ 192.54
Total $ 8,810,574.75

Address: matic:0x7734280A4337F37Fbf4651073Db7c28C80B339e9

Treasury Contract

Deployment Ticker Price Quantity USD Value
Aave V3 aPolWMATIC $0.92 93,795.45 $ 86,291.81
Aave V3 aPolUSDC $1.00 29,489.55 $ 29,489.55
Aave V3 aPolWETH $1,272.05 14.76 $ 18,775.46
Aave V3 aPolUSDT $1.00 11,868.17 $ 11,868.17
Aave V3 aPolWBTC $17,160.74 0.46 $ 7,844.17
Aave V3 aPolBAL $6.16 2,032.60 $ 12,520.82
Aave V3 aPolDAI $1.00 5,268.76 $ 5,268.76
Aave V3 aPolGHST $1.04 2,788.45 $ 2,899.98
Aave V3 aPolSUSHI $1.27 2,055.89 $ 2,610.97
Aave V3 aPolJEUR $1.05 2,622.03 $ 2,753.13
Aave V3 aPolCRV $0.68 3,519.53 $ 2,393.28
Aave V3 aPolAGEUR $1.05 2,008.71 $ 2,109.15
Aave V3 aPolLINK $7.14 173.51 $ 1,238.86
Aave V3 aPolAAVE $63.96 8.67 $ 554.79
Aave V3 aPolEURS $1.05 339.01 $ 355.96
Aave V3 aPolMIMATIC $0.99 559.81 $ 554.21
Aave V3 aPolDPI $70.85 2.29 $ 161.96
Aave V3 aPolSTMATIC $0.96 1,801.62 $ 1,729.56
Aave V3 aPolMATICX $0.95 14.85 $ 14.11
Total $ 189,434.70

Address: matic:0xe8599F3cc5D38a9aD6F3684cd5CEa72f10Dbc383

Redeem Collector Contract aTokens, Transfer Treasury and Deposit Aave v3

As has been widely discussed on the forum, Aave v3 offers enhanced risk management tools and presents a lower risk environment to users. Here, we propose that v2 aTokens be redeemed and transferred to the v3 Treasury address. From the v3 Treasury address, the tokens can be deposited into Aave v3.

Utilisation across the v2 deployment is low and there is excess liquidity within each reserve that enables Aave’s aTokens to be redeemed without affecting users.

Llama proposes migrating liquidity at the first available opportunity. There is also ongoing and soon to be expanded liquidity mining occurring on the Aave v3 deployment.

Consolidate Assets

Similar to a proposal relating to the Ethereum v2 Collector Contract consolidation, we suggest swapping all JEUR, SUSHI, GHST + DPI to USDT.

The general flow of events is redeeming xSUSHI, GHST and DPI from the v3 Treasury and then swapping the assets for USDT.

Network Deployment Ticker Price Quantity USD Value
Polygon Aave V3 aPolDPI $70.85 2.29 $ 161.96
Polygon Aave V3 aPolSUSHI $1.27 2,055.89 $ 2,610.97
Polygon Aave V3 aPolJEUR $1.05 2,622.03 $ 2,753.13
Polygon Aave V3 aPolGHST $1.04 2,788.45 $ 2,899.98
Total $ 8,426.05

Why USDT, Aave holds more DAI and USDC on Polygon than USDT. If Aave was to deploy liquidity into a 3pool, then more USDT would be required when depositing equal amounts of each asset into the pool. The vlaue of the assets being swapped to USDT is very small relative to exisitng stable coin holdings.


The following assets held within the v2 Collector Contract are to be redeemed and transferred to the v3 Treasury wallet.

Using 1inch’s Fusion in auto mode perform the following:

  1. Redeem aPolGHST, aPOLjEUR, aPolSUSHI and aPolDPI
  2. Approve GHST, JEUR, SUSHI and DPI
  3. Swap all GHST, JEUR, SUSHI and DPI to USDT
  4. Deposit USDT into Aave v3 USDT Reserve

Fusion offers MEV protection and Cowswap is not deployed on Polygon.

Contract Address references:

aPolGHST: 0x8Eb270e296023E9D92081fdF967dDd7878724424
aPolSUSHI: 0xc45A479877e1e9Dfe9FcD4056c699575a1045dAA
aPolDPI: 0x724dc807b04555b71ed48a6896b6F41593b8C637
aPOLJEUR: 0x6533afac2E7BCCB20dca161449A13A32D391fb00
GHST: 0x385Eeac5cB85A38A9a07A70c73e0a3271CfB54A7
SUSHI: 0x0b3F868E0BE5597D5DB7fEB59E1CADBb0fdDa50a
DPI: 0x85955046DF4668e1DD369D2DE9f3AEB98DD2A369
jEUR: 0x4e3Decbb3645551B8A19f0eA1678079FCB33fB4c
USDT: 0xc2132d05d31c914a87c6611c10748aeb04b58e8f
aPolUSDT: 0x6ab707Aca953eDAeFBc4fD23bA73294241490620


Copyright and related rights waived via CC0.


Hi Everyone, :wave:

Given this proposal is very similar to an earlier post. We created the following Snapshot with voting to start tomorrow.


Thank you to those that participate in the vote in advance.


Hi team - thanks for this.

I’d be curious to gauge the community’s preference for USDC or DAI over USDT.

1 Like

Hi Everyone :wave:

With @bgdlaba Aave v2/v3 Collectors unification proposal progressing nicely, we will preparing this proposal for submission in the coming weeks.

There are a few notable changes to what is outline in the original publication. These are stated below:

  • Assets previously held within the v2 Collector Contract will soon be held in the v3 Treasury address. As a result, redeeming aTokens will occur from the Treasury address and the step to transfer between the two addresses is no longer required.
  • CRV & LINK upon being redeemed for CRV can not be deposited into v3. As a results, these assets will remain deposited into Aave v2.

With the bb-a-USD pool on Polygon now deployed by Balancer, Llama will be preparing an ARFC for the next step in deploying Aave’s assets on Polygon.

Hi Everyone,

A new AIP is to be submitted that will migrate the DAOs assets from the Polygon v2 to v3. The PR can be found here.

Do note, the implementation used to migrate assets uses a different approach to what is outlined above. The revised proposal does not use the migration tool.