BGD. Aave Governance v3 - Activation plan

Hi @Zen.eth , we evaluated adding stkABPT, but taking into account that 1) there is an upcoming migration to an stETH/AAVE pool 2) the dual nature (AAVE + WETH) of the asset adds additional complexity 3) voting assets can be added in the future 4) the scope of the v2->v3 migration is quite big already; we decided to not include it on release.
By enabling aAAVE, important voting power will already be unlocked.

With all the preparation procedures finished, we would like to inform the community that we intend to start the activation of Aave Governance v3 (and the consequent migration of v2) today or tomorrow.

The first step will be the creation of a Level 2 proposal (Long Executor), which will be done via the Skyward program of the ACI service provider.

This initial proposal requires a high threshold of YES votes (1’040’000 AAVE), so participation from the entire community is incredibly valuable.

IMPORTANT. As mentioned before, this procedure is technically a breaking change: all integrators of the Aave governance contracts or the governance functionality of the AAVE and stkAAVE should read in detail the initial part of this thread, and contact us if there is any doubt.

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The initial on-chain governance proposal of Aave Governance v3 activation has been created, targeting the Level 2 (Long) Executor, via the Skyward program of ACI (@MarcZeller).

Voting will start in ~24 hours and, being a Level 2 proposal will last for 10 days instead of 3.
As we commented before, YES threshold in this case is 1’040’000 AAVE, so full involvement of the community is required.

And again, really important for everybody to read the procedure that will last approximately 21 days HERE

Participate :ghost:
https://app.aave.com/governance/proposal/?proposalId=345

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Just a reminder for everybody to consider voting, we need everybody for this one :point_up_2:

During the process of writing additional formal verification Certora properties, a problem was found with the implementation of one of the voting assets (stkAAVE), so we proceeded to cancel proposal 345.

Given the isolated nature of the issue, we are evaluating the next steps and will let the community know about them during today.

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An update for the community.




After the problem detected on Tuesday 17th, we decided to change the Aave Governance v2 → Aave Governance v3 procedure in the following way:

  • Even if new formal verification Certora properties are getting added to AAVE, aAAVE, and stkAAVE, we have decided to engage an extra security expert (Mixbytes) for a review of those components. Mixbytes has an important track record assessing the Aave ecosystem in the past and has provided us with a really prompt slot. The estimation is to have it finished on 7th November, and this implies that the migration of the voting system will need to wait until then.
    For the sake of speed, we will cover the cost of it, and similar to in the past, we will submit a proposal for the DAO to compensate it afterward.
  • This change of plans should not disrupt or block other community initiatives (e.g. expansions to new networks), so we have decided to proceed with a proposal to activate a.DI (Aave Delivery Network) and its associated Aave Robot components. This “interim” step will be denominated as Aave Governance v2.5 and, more specifically, will have the following characteristics:
    • The voting mechanism will still be the current Aave Governance V2: nothing changes at all.
    • Cross-chain communication will be migrated completely to a.DI.
    • Aave Robot will cover all possible automation (obviously not including those related to Governance v3 voting, as it will not be active).
    • The address of the Aave Governance V3 contract will already be deployed and final for the future, but with a simpler and temporary implementation, which will be upgraded once the extra security procedures on the voting assets are completed, to the final v3 version.
      This temporary implementation will just act as an adapter contract between Governance V2 and a.DI.
    • During this interim 2.5 period, the timelock on Ethereum will be the same as on L2s, a total of 2 days from the proposal’s voting passed until execution.
    • In order to “inherit” the security procedures we applied on the previously submitted proposal, the payload will still include the majority of steps, like moving all permissions currently held by the Level 1 (Short) Executor (and BridgeExecutor on non-Ethereum), to the new Governance v3 Executors.
    • To activate the interim Aave Governance v2.5, only a Level 1 (Short) Executor proposal will be required, without any extra Mediator complexity. An extra Level 2 (Long) Executor + Mediator will be needed, but afterward, when the activation of the final v3 will be possible.



In terms of timeline (subjected to changes), our estimation is the following:

  1. On Monday 23rd, we will create the Governance v2.5 activation proposal. If it passes, it will be executed end of the week.
  2. On the range 10th-12th of November, the creation of the final proposal/s to complete the migration from v2.5 to v3. If it passes, will be executed 21 days later, the same as on the original v2 plan.

Between those, the community can create and vote on proposals as usual, with no blocker.

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Following the previous communications, we have created the proposal for the activation of Aave Governance v2.5.

Voting will start in ~24h, and last for 3 days. Participate :ghost:

https://app.aave.com/governance/proposal/?proposalId=355

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We are glad to announce that the migration to Aave Governance v2.5 (proposal 355) has been fully executed and a.DI (Aave Delivery Infrastructure) is now active everywhere (including Avalanche) as a cross-chain governance solution of Aave :ghost:

Regarding the final Governance v3 activation, everything is going as per the timeline defined in the previous post: currently MixBytes is doing an additional review on the voting assets (AAVE, stkAAVE and aAAVE), and once finished, we will proceed with the extra governance proposals required.

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A bit delayed due to extended security procedures, but we want to tell the community that the proposals for the activation of Aave Governance v3 are finished and ready to be created.


In addition to the internal BGD efforts, Certora did extra verifications and property checking, and as previously announced, Mixbytes did a security review for each voting asset:




Regarding the consequences of this extra step from Aave Governance 2.5 → Aave Governance v3:

  • Once/if the proposals are approved and executed, everything described on the opening post of this thread still applies the same, on smart contracts, user interface, and tooling.
    The same voting requirements apply for the first proposal to be created (1’040’000 AAVE), which requires maximum participation by the community.
  • Given that the current state is Governance 2.5 with a.DI and Robot active, the exact flow and content of the proposals are slightly different and are described in the following diagram and this repository



With the support of @ACI Skyward, we plan to create the first on-chain governance proposal approximately 24 hours from now.

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The proposal to migrate Governance v2.5 to v3 has been created via @ACI Skywards, with voting starting in approximately 24 hours.

Maximum participation is needed :ghost:
https://app.aave.com/governance/proposal/?proposalId=395

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Does that AIP will enable “VOTING” on other chain, like Polygon !?
Will I be able to vote with my AAVE on an other chain than ethereum one day?
Thanks for sharing a resumé.

The voting portalsmachine will give you the ability to vote on another chain.

Don’t confuse this with voting with bridged assets though (some some posts on twitter etc were ppl mix things up) - while you might be able to e.g. vote on polygon, you will vote with your mainnet power on polygon (with a tx on polygon instead of mainnet).

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Thank You very much! It clarifies, or simplify things to me!
Note: Yes, i do understand that "bridged’ asset on other chain/protocol/contract are NOT the asset minted on the main net from the initial pool .
I am happy to hear that ti will be able to vote on other chain than Ethereum.

As an update for the community, Level 2 proposal 395 has successfully passed, and it is in timelock period, which will last until next Thursday 21th December.




Following the procedure, we have now created Level 1 proposal 415, which will open for vote in approximately 24 hours.

Proposal 415 passing and getting executed will act as final activation of the Aave v3 Governance system

Participate :ghost:
https://app.aave.com/governance/proposal/?proposalId=415

Unfortunately, we have detected a small problem of voting/proposing parameters on Governance v3, and even if not dangerous for the system, for the sake of consistency we will be re-submitting proposal 415 (Level 1 Short).

This doesn’t have any major impact on the activation of Aave Governance v3, but will delay the process by the duration of the new proposal until execution (6 days).

As proposal creator can’t cancel its own proposals on Aave Governance v2, we have coordinated with the Aave Guardian to get 415 cancelled.

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As a follow-up, we have created proposal 416, a re-submission of 415 with fully correct configurations.

Voting will start in 24h, participate :ghost:

https://app.aave.com/governance/proposal/?proposalId=416

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@bgdlabs is there a way to see how much voting power one has got?
Or would it be able to add this feature on your instance of the interface on vote.onaave.com?
Some people were asking me if their delegation to me was successful and I wasn’t able to see and tell them.
Thanks

Hello @EzR3aL ,

Yes, as you point out, currently the interface doesn’t give you your “instant” power, will only appear whenever there is a proposal.
However we agree that showing instant is a good addition and we will think a good way of introducing it, thanks for the feedback.

For the time being, you can query getFullVotingPower() on the GovernancePowerStrategy smart contract, that will return you the aggregated voting power you have, from your own balances and delegations received. (getFullPropositionPower() for proposition).

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In order to keep this forum clean and close this post after the activation, we recommend users of Aave Governance v3 to submit feedback on the following channels:

As with any software, we highly appreciate and encourage the community to provide feedback!

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