[ARFC] Set ARB Emission Admin to Gauntlet

Governance
1

title: [ARFC] Set ARB Emission Admin to Gauntlet
author: @karpatkey_TokenLogic & @Gauntlet
created: 2024-02-05

Simple Summary

This proposal enables Gauntlet to distribute ARB rewards across Aave v3 on Arbitrum.

Motivation

Gauntlet has been engaged by the Arbitrum Foundation to support the migration from bridged USDC.e to native USDC on the network. As part of this project, Gauntlet seeks to distribute ARB rewards across Aave v3 on Arbitrum to encourage migration from USDC.e to USDC.

There is currently 15.59M units of USDC.e deposited on Arbitrum v3 that Gauntlet & the Arbitrum Foundation intend to attract to USDC with the use of ARB rewards.

Specification

The EmissionManager, a governance controlled function, assigns the Emission_Admin role for a specified token, ARB on the Arbitrum network.

The Emission_Admin role controls the distribution of the specified token, ARB, across the specified Aave v3 deployment.

The Emission_Admin can distribute ARB anywhere across the Aave v3 Arbitrum Liquidity Pool.

Implementation

Set Emission_Admin permission for ARB to the following Gauntlet address:

Aave v3 Arbitrum
Address Reward (ARB): 0x912CE59144191C1204E64559FE8253a0e49E6548
EMISSION_ADMIN: 0xE79C65a313a1f4Ca5D1d15414E0c515056dA90b4

The AIP call setEmissionAdmin() method in the emission_manager contract.

EMISSION_MANAGER.setEmissionAdmin(ARB,EMISSION_ADMIN);

Disclosure

TokenLogic and karpatkey receive no payment for this proposal. TokenLogic and karpatkey are both delegates within the Aave community.

Next Steps

  1. Gather feedback from the community and risk service providers.
  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 via CC0.

7 Likes
2

Awesome idea. Is there a plan for how these are to be distributed and are all ~260,000 ARB planned to be disbursed?

3

Rewards will be distributed linearly over 3 months between USDC depositors so that all ~260,000 ARB is disbursed

1 Like
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So the Arbitrum guys paid gauntlet for something the ACI or karpatkey/tokenlogic would have done for free as part of their service provider engagement?

Working with designated Aave DAO service providers directly is faster, more efficient and at no charge for third-party as this kind of initiatives are synergistic for the Aave protocol.

This kind of behaviour hurt the Aave DAO reputation and potential future business opportunities for the protocol.

A single service provider tried to do this kind of things in the past by charging third-parties to write AIPs.

They’re no longer an Aave DAO service provider.

The ACI charged Binance recently a total amount of zero $ for the same job on fdUSD recently.

In general, it make little sense to witness a risk service provider doing Growth or Finance service provider job.

We would like to apologize on behalf of the Aave DAO to the Arbitrum ppl involved for Gauntlet behaviour.

1 Like
5

Some facts

  • Gauntlet does not prefer to do this type of task.
  • We consulted with Karpatkey and Aave co first to see if they could do this. They could not oblige. They are free to state their reasoning.
  • The Arbitrum Foundation reached out to Marc. He did not respond.
7 Likes
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This proposal has been escalated to ARFC Snapshot .

The vote will start in a few hours. Thank you for your support.

7

This snapshot passed on February 18th and although we have asked for an update on timeline privately, we are requesting an update on the timeline here for viz for both the Aave and Arbitrum communities. To reiterate, this has nothing to do with our former role as risk manager on Aave and is instead associated with a completely separate partnership with the Arbitrum Foundation.

2 Likes
8

Without any guidance on the timeline, we have sourced another solution for distribution to help unblock the Arbitrum Foundation. If @karpatkey_TokenLogic would kindly specify a timeline by 12:00 UTC on March 5th, we will be better able to determine the fastest path. Thank you.

9

The snapshot passed two weeks ago.
The team implemented the aip within a week and submitted a pr to the aave-proposals repo which you know well and could check. Now it’s in final review phase, ETA today/tomorrow.

No need for hostility or pressure. It’s not really in @karpatkey_TokenLogic hands atm.

4 Likes
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