title: [ARFC] Migrate & Consolidate Polygon Treasury
author: @llamaxyz
created: 2023-03-11
Summary
Llama proposes consolidating and migrating funds held in the Polygon v2 Collector Contract to the v3 Treasury.
Abstract
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
Motivation
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.
Specification
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:
- Redeem aPolGHST, aPOLjEUR, aPolSUSHI and aPolDPI
- Approve GHST, JEUR, SUSHI and DPI
- Swap all GHST, JEUR, SUSHI and DPI to USDT
- 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
Copyright and related rights waived via CC0.
