[ARFC] Orbit Program Renewal


Title: [ARFC] Orbit Program Renewal
Date: 2024-02-05
Author: Marc Zeller - Aave Chan Initiative (ACI)

Summary

Proposing the renewal of the Orbit program for recognized delegates. Compensating them with GHO and ETH reimbursement of Gas costs associated with their governance activity.

Motivation

With the transition to Governance V3, a significant feature introduced is gasless voting via Gelato integration on the DAO-run governance app, making it easier for delegates to participate without the burden of gas costs.

This innovation prompts the proposal to discontinue the general gas rebate program, However, recognizing the continued necessity for proposal creation and payload deployment activities, the proposal suggests maintaining targeted gas rebates for these specific actions. These tasks are now streamlined under the ACI’s Dolce Vita product, offering a focused and efficient mechanism to manage and reimburse the gas expenditures associated with governance contributions.

To accurately track and reimburse gas expenditures, the proposal leverages open-source scripts initially developed by Josep Bove, now part of the ACI team. These scripts have been adapted for compatibility with Governance V3, ensuring transparency and accountability in monitoring gas costs incurred by delegates during their governance activities.

Moreover, the proposal introduces the Orbit Tracker app, which was developed by Martin, a new front-end engineer at ACI. This tool provides a comprehensive overview of recognized delegates, detailing their voting power and participation rates, thus enhancing the visibility of delegate contributions and engagement within the Aave ecosystem.

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The eligibility criteria for Orbit renewal emphasize participation rate, power, and platform maturity, ensuring that only the most dedicated and impactful delegates are compensated. These criteria are designed to balance the quality of governance participation with the cost-effectiveness of the Orbit program.

To define eligibility for renewal of Orbit, we propose the following requirements:

  • Not an Aave Service Provider
  • Minimum 20k voting power
  • Minimum 70% participation rate
  • Minimum 120 days since delegate platform creation

The following table outlines the proposed compensation for eligible delegates matching the requirements:

Delegate Platform Retro-Payment (GHO) New Stream (GHO) Total Cost (GHO)
EzR3al 5000 15000 20000
Stable Labs 5000 15000 20000
LBS Blockchain 5000 15000 20000
Michigan 5000 15000 20000
Total 20000 60000 80000

In terms of gas rebate, we included Gov V2 reimbursement & payload-related activity in the following table:

Delegate / Service Provider Gas Used (ETH)
ACI 3.365
Tokenlogic 0.586
Michigan 0.276
Wintermute 0.2518
LBS 0.031
StableLabs 0.0342
ezr3al 0.3833
Total 4.9273

Relevant Links

Specification

  • Period Coverage: Blocks 18040579 (Sep 1st 2023) to 19162696 (5th feb 2024)
  • Eligibility Criteria: Non-Aave Service Providers, minimum 20k voting power, 70% participation rate, and 120 days since platform creation.
  • Budget: 80000 GHO and 4.6755 ETH

Next Steps

  1. Gather community feedback on this ARFC.
  2. If consensus is achieved, move this proposal to the ARFC snapshot stage.
  3. If the ARFC snapshot outcome is YAE, proceed to the AIP stage for implementation and funding allocation in cooperation with Aave Finance service providers via an ad-hoc AIP vote or bundled in one of their treasury managements AIPs.

Disclosure

The Aave Chan Initiative is independent and has not received any form of compensation from related parties for the drafting of this proposal.

Copyright

Copyright and related rights waived under Creative Commons Zero (CC0).

11 Likes

I feel honored to be included in the Orbit program and want to thank everybody that delegated to me. Like in the past i support Orbit as it helps non SPs to keep on working in the DAO and creates an incentive to stay here.
Congrats to the other platforms!

7 Likes

The following proposal has been escalated to ARFC Snapshot.

We encourage everyone to participate, voting will start tomorrow.

Governance is a valuable part of Aave and we are glad to contribute.

3 Likes

Hi all,

The LBS Blockchain Society is honoured to have contributed to Aave governance since October 2022, and we are proud of our achievements on Aave. During our time on Aave, we have established ourselves as the top viewed delegate platform on Aave, maintained a very high voting participation rate, added value to the DAO by co-authoring two governance proposals (for the gas rebate and private Snapshot trial), been selected as the inaugural beneficiaries of the Orbit program last year, and formed close relationships with stakeholders across the DAO.

For a bit of context, the LBS Blockchain Society’s Aave delegation has been led by myself (Sid Shah) since the inception of our delegate platform. I was supported by my able governance team until July 2023, and have exclusively led the Aave delegation myself since then.

Going forward, LBS Blockchain’s tenure as a delegate platform on Aave will terminate on 21st February. This is primarily due to two reasons: one, that our delegators, Avara, have decided to stop delegating across the board to promote further decentralisation of the Aave DAO, and two, the line of succession at LBS Blockchain to serve a DAO as vibrant, involved, and complex as Aave is unclear at the moment - especially since I will be graduating soon and the make-up of the governance team for 2024-25 is up in the air.

However, given the passion I have for the Aave protocol and DAO, the strength of the relationships I have established across the ecosystem, and the value I have added to Aave over the last 1.5 years (which has been echoed by numerous delegates and service providers in the ecosystem), I have a strong desire to continue as an Aave delegate.

Looking Ahead: Future Delegation

I am due to start my new role as VP, Strategic Governance at Areta in the next couple of weeks, continuing my passion for contributing to DAO governance.

Therefore, I will continue being an Aave delegate under the Areta umbrella using the following address (0x8b37a5Af68D315cf5A64097D96621F64b5502a22, aretagov.eth). I believe that my history on Aave and 6.5 years in the crypto space, combined with the experience and diversified skill-set of the Areta team, will serve Areta and myself well to continue adding value to the Aave DAO.

In the context of Orbit, the 5k GHO retroactive payment for January and the 3.62K GHO earned by LBS in February until the Avara delegation expires on 21st Feburary will be sent back to the LBS Blockchain treasury wallet (i.e., the current recipient of the Orbit stream). I will post the transaction ID of the GHO being sent to the LBS Blockchain treasury wallet on this forum post once the transaction is complete. As such, it would be great if the Orbit address was changed to the following: 0x8b37a5Af68D315cf5A64097D96621F64b5502a22.

I will also aim to obtain the minimum 20k AAVE delegation required to be an Aave delegate under the Orbit program after 21st February - if you are interested in delegating to myself and Areta, please reach out on Telegram @explorandoahora or on X @96siddharthshah!

I look forward to continue contributing to the Aave DAO and working closely with all of you! Please let me know if anyone has any questions at all - my DMs (especially on TG) are always open.

Thanks,

Sid

4 Likes

Following Snapshot monitoring, the current ARFC Snapshot has just ended, reaching both Quorum and YAE as winning option with 488K votes.

To avoid governance burden the following proposal will be included in the next Aave Treasury AIP.

2 Likes

The AIP for this proposal will soon be submitted to governance for voting.

Please note, once Michigan is now Arana and the team is using the voting address, 0x0579A616689f7ed748dC07692A3F150D44b0CA09.

We are commenting in line with Sid and the rest of the LBS governance group. Our team at Michigan Blockchain has also served as a prominent Aave delegate for the past 1.5 years. It’s been a great pleasure collaborating with various service providers like Gauntlet, Chaos Labs, Llama, Karpatkey, Flipside, etc during our tenure, along with numerous other delegates. We’ve also been able to converse with teams who’ve approached Aave for a variety of reasons. Prominent examples include–

  • Working closely with Centrifuge to ensure the DAO most effectively made an entrance into the RWA space
  • Back-and-forth with the risk assessors around events like the Curve fiasco a couple of months ago and the bad debt debacle with Avi Eisen in December 2022
  • Aiding Celo through the Aave deployment process (underway) by co-authoring the proposal and responding to feedback from BGD labs and the risk assessment teams
  • Collaborating with Pyth to potentially introduce a backstop oracle–which we ended up stepping back from after a handful of conversations with Chainlink
  • Co-proposing Aave private voting as well as delegate gas rebates

As Michigan’s voting power is revoked this week, we are reevaluating our stance with the DAO. The current members of the Michigan team are graduating or have already graduated. Hence, in order for us to continue working as a delegate, we are transitioning to a professional governance role under an entity called Arana Digital. Future initiatives that we pursue with Aave will be under this new umbrella, and the new leadership at Michigan will be able to separately evaluate their position as a delegate once the voting power has been revoked.

The Arana team is composed of five ex-Michigan Blockchain governance members–notably, the Aave DAO is likely most familiar with @0xjchen, @GuangyeCao, and @AbdullahUmar.

Arana’s delegate address is 0x0579A616689f7ed748dC07692A3F150D44b0CA09

Since the above team has been responsible for Michigan’s delegation so far, and we’ve also been the recipients of the previous GHO streams from the Orbit program, we’re redirecting the compensation to the Arana wallet due to our shift in affiliation. Just like LBS, the January retroactive compensation will still be sent back to the michiganblockchain.eth address, along with 3.62K GHO for Febuary contributions. All future streams will be prescribed to the Arana wallet.

Our team is actively looking for delegations in the coming weeks, and we’re happy to start the conversation with any folks interested in spreading their voting power. The goal is to reach 20k AAVE as soon as possible to meet the Orbit benchmark.

If you have any questions or concerns, please message me at aumar7 on telegram.

– @AbdullahUmar

6 Likes

Hello from the other side! :wave:

An update: LBS Blockchain Society’s voting power has been revoked and we have set up Areta’s Delegate Platform here. We are open for business - please delegate your hard-earned AAVE tokens to us!

We have also received the first 5k GHO for this season of the Orbit program - once we obtain the additional 3.62k GHO in the Orbit stream, we will send over 8.62k GHO to the LBS Blockchain treasury wallet (0xb5d08b1fDb70aE0Da7e07D201D4D8ffcA9d24dc1) and post the transaction ID on this thread.

As always, feel free to reach out with any questions or concerns.