[ARFC] Transfer Assets From Polygon To Ethereum Treasury

Governance
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title: [ARFC] Transfer Assets From Polygon To Ethereum Treasury
author: @TokenLogic - @MatthewGraham
created: 2023-10-04

Summary

This publication proposes transferring BAL, CRV, and USDC from the Polygon Treasury to the Ethereum Treasury.

Motivation

Recently, the Aave DAO has created the GHO Liquidity Committee, completed an AURA tokenswap with Olyympus, and is also considering a tokenswap with Aura Finance. Each of these proposals has already utilized or is likely to utilize stable coins held in the Ethereum Treasury:

  • 406,000 DAI - GHO Liquidity Committee
  • 420,159.28 DAI - Olympus DAO token swap
  • 600,000 USDC - Acquire AURA OTC with Aura Finance & AEF
  • Total of 1,426,159.28 stable coins

This publication proposes transferring 1.5M DAI from Polygon to Ethereum to replenish the stable coin reserves.

Additionally, the Aave DAO’s BAL and CRV holdings will also be transferred from Polygon to Ethereum. These assets can then be integrated into the DAO’s broader strategy for managing these assets on Ethereum.

To implement this proposal, the newly released Aave Polygon-Mainnet ERC20Bridge by Llama will be utilized.

Specification

Using the transfer the following assets from the Polygon to Ethereum Treasury.

  • All BAL
  • All CRV
  • 1,500,000 DAI

The DAI will be deposited into the DAI reserve on Aave v3.

Disclaimer

TokenLogic receives no payment from beyond Aave protocol for the creation of this proposal. TokenLogic is a delegate within the Aave ecosystem.

Copyright

Copyright and related rights waived via CC0.

4 Likes
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Thanks @TokenLogic I understand the rationale of replenishing mainnet funds but maybe it would be helpful for the community to understand why reducing the balance on polygon is an optimal solution over reducing the balance equally from polygon and avalanche or from other chains.

1 Like
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Hi @jengajojo,

The bridging contract developed by Llama is only for Polygon to Ethereum. A separate contract would need to be developed to move funds from another network to Ethereum.

Developing the contract to move funds between Avalanche and Ethereum is something we intend to do upon becoming a service provider to the Aave DAO.

Matthew Graham

2 Likes
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Hi Everyone,

A Snapshot vote has been created for this proposal.

Voting Starts: Oct 11, 2023, 4:51 PM
Voting Finishes: Oct 14, 2023, 4:51 PM

With a successful vote outcome, we will proceed to create the payload for BGD to review and submit the AIP for voting.

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Hi All,

This proposal has been progressed to AIP.

Voting Starts: 24 Oct 2023, 17:56 UTC +01:00
Voting Ends: 27 Oct 2023, 09:56 UTC +01:00

Thank you for all the support and participating in the vote.

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