Hi Everyone 
Some not so great news, although the CRV proposal is ready to go, the market has moved against Aave with the CRV price now exceeding our earlier approved budget.
The new ask, enabling Aave to chase the market, is for the budget to be extended from $2M to $3,105,000. In addition to the $3,105,000 budget, we will have a clear price cap of $1.15 per unit of CRV.
During the review stage, there was a concern raised that if this order was to go unfilled in the market, then the CRV debt could grow to exceed Aave’s approved budget without CRV necessarily exceeding the upper price limit. We don’t have a mitigation for this.
Another suggested improvement is to not fix the amount of CRV to be purchased to an arbitrary number. Instead the contract should query a feed which advises the remaining excessive debt in the CRV Reserve. We can integrate this feature if the community wishes, or we can make an allowance to purchase more CRV than the current excessive debt is with the expectation the swap contract will be filled quickly. The current excessive debt figure is 2,676,356, we propose acquiring 2,700,000 units.
In summary, the revised proposal updates include:
Deploy a swap contract that acquires 2,700,000 units of CRV, with a USDC spend limit of $3,105,000 and max unit value of $1.15 per CRV token.
The execution philosophy of using a Chainlink oracle + 10 bps and all other aspects remain the same.
The excessive debt will be repaid within this AIP and any left over CRV will be deposited into v2 or v3 at a later date.
It is unclear if this proposal should go to Snapshot again, we are looking to the community for guidance on how to proceed. This is time sensitive and Llama’s prefer is to move quickly whilst respecting the communities wishes at all times.