title: [ARFC] Treasury Management - Replace AGD’s DAI Allowance with GHO Allowance
author: @TokenLogic & @0xlide + @0xbilll
created: 2023-08-25
Summary
To promote the adoption and usage of GHO, this publication proposes replacing Aave Grants DAO’s (AGD) DAI allowance with a GHO allowance.
Motivation
The AGD has $377,938.79 unclaimed DAI remaining.
This publication proposes replacing AGD’s existing DAI allowance with a new GHO allowance. This will enable AGD contributors and grant recipients to be rewarded with GHO, and any other asset held in the AGD’s multisig.
With GHO trading beneath $1, the Aave DAO can acquire GHO on market which will help support the peg and then use the GHO to provide funding to AGD. Distributing GHO will promote the usage and adoption of GHO.
The Aave DAO is sending a strong signal of support for GHO by using it to reward contributors to the community. Over time, we hope all AGD and Service Provider expenses are settled in GHO.
This proposal will likely be implemented around the time the ARFC to increase GHO’s interest rate is to be implemented and the issue flagged here has been resolved. Both proposals are expected to help support the GHO peg.
Specification
The following assets from the Treasury are to be swapped to GHO.
- 228,000 units of aEthUSDC
- 150,000 units of aEthUSDT
The DAI allowance is to be cancelled.
A GHO allowance is to be created to the value of 385,000 units (estimation of GHO acquired from swaps).
The AGD mulisig eth:0x89C51828427F70D77875C6747759fB17Ba10Ceb0 will be able to use the allowance function on 0xE4621DfD503A533f42bB5a45162eA3e5233Acd5F to claim the GHO.
Disclaimer
TokenLogic receives no payment from Aave DAO or any external source for the creation of this proposal. TokenLogic is a delegate within the Aave ecosystem.
Copyright
Copyright and related rights waived via CC0.