[ARFC] Set Aave Chan Initiative as Emission Manager for fdUSD on BNB Chain Aave V3

Title: [ARFC] Set Aave Chan Initiative as Emission Manager for fdUSD on BNB Chain Aave V3

Author: Aave Chan Initiative (ACI)

Date: 2024-02-06


Summary

This ARFC proposes to set the Aave Chan Initiative (ACI) wallet as the emission manager for the fdUSD token on BNB Chain Aave V3 markets. This will enable the ACI to enact incentive programs funded by BNB Chain ecosystem partners for all fdUSD markets, promoting growth and expanding the user base of Aave on the BNB Chain.

Motivation

The Aave Chan Initiative has been in discussion with various parties that have a desire to actively contribute to the growth and development of the Aave V3 on the BNB Chain. In order to facilitate emissions by various stakeholders, ACI proposes becoming the emissions manager for fdUSD on BNB Chain. Emission incentives will be sent to ACI multisig and distributed as agreed on with partners. By setting the multisig as the emission manager for the fdUSD token, the ACI will be able to directly manage incentive programs that can attract more users to the pool and stimulate activity. This aligns with the broader goals of the Aave community to foster active and engaged markets on the BNB Chain.

Specification

The ACI multisig address bnb:0xac140648435d03f784879cd789130F22Ef588Fcd will be set as Emissions manager.

The call to the setEmissionAdmin() method in the emission_manager contract will be as follows:

EMISSION_MANAGER.setEmissionAdmin(fdUSD, 0xac140648435d03f784879cd789130F22Ef588Fcd);

This method will set the ACI multisig as the emission admin for the fdUSD token on BNB Chain Aave V3 markets.

Disclaimer

The Aave Chan Initiative is working with various BNB Chain ecosystem partners to define the emissions program for Aave v3 BNB Chain. ACI has not been paid by any third party for this proposal.

Next Steps

  1. Gather feedback from the community.
  2. If consensus is reached on this ARFC, escalate this proposal to the Snapshot stage.
  3. If Snapshot outcome is YAE, escalate this proposal to AIP stage

Copyright

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

3 Likes

Which parties are these? And how much do they plan to allocate in what timespan?

Overall supportive, as the BNB market isn’t getting much traction since start.

BNB Chain ecosystem partners want to incentivize the BNB Chain Aave v3 instance, but need a manager entity to do so. The ACI was suggested to do this management to streamline the process and therefore have submitted this proposal to the community.

The current plan we have received from ecosystem partners is $30k of incentives for the fdUSD market with an initial duration of 1 month.

This is in addition to the seed liquidity on the fdUSD market that will be added by these same parties.

1 Like

The following proposal has been escalated to ARFC Snapshot.

We encourage everyone to participate. Voting will start tomorrow.

Following Snapshot monitoring, the current ARFC Snapshot has just ended and has passed with both Quorum and YAE as winning option with 606K votes.

Next step will be the publication of an AIP.