Thank you, tokenlogic, for your feedback. We appreciate the opportunity to clarify and address these concerns.
On the EURe/sDAI Pool reference: The Balancer LP mentioned and managed for Gnosis DAO, is unrelated to this proposal’s GHO/EURe strategy. The cited 700k USD loss figure is inaccurate and has been clarified with relevant parties. For GHO/EURe, we’re applying a different approach with active management and strict risk controls to ensure deep liquidity and price stability, tailored to Aave’s goals of fostering GHO adoption.
On sGHO and GHO Delivery Timelines: We understand concerns about delays, which stem from coordination challenges in a decentralised environment with multiple service providers pursuing parallel priorities. Nonetheless, we ensured deliverables were shared for review well within the anticipated mandate period. To be specific:
- GHO on Gnosis Chain: The PR was submitted on 8 May 2025 (link) and approved by Aave Labs on 14 July 2025. It’s ready to merge, and deployment is expected soon. This aligns with the DAO’s prioritisation of other chains like Avalanche, which took precedence.
- sGHO Deployment: The initial contract design, ratified via ARFC, was delivered on 4 June 2025. Following BGD’s request for architectural changes on 19 June, we delivered a revised version on 26 June, as detailed here. We’re finalising this today (i.e. gas optimisations, math precision and test coverage), with a PR being submitted to BGD, pending final review.
On Funding and Delivery
Contrary to the claim that kpk failed to deliver during our six-month term, we’ve made significant progress on GHO and sGHO, as outlined above, despite external delays from shifting priorities and their impact on review cycles (e.g., sGHO’s architectural overhaul requested just two weeks ago). As the previous payment covered our full scope of work, we continue to deliver these milestones at no additional cost after the payment period, demonstrating our commitment to Aave’s success.
On This Proposal
The proposed 250k USDC market-making tranche is a low-cost, revenue-positive step to boost GHO’s liquidity on Gnosis Chain, with fees accruing to the DAO. Our non-custodial, dual-Safe system ensures security and agility, leveraging kpk’s expertise in treasury management.
We remain fully aligned with supporting GHO’s growth and providing transparent, non-custodial liquidity management where it adds value for the DAO. We appreciate the ongoing dialogue and are happy to engage further to address any outstanding concerns.