[Direct-to-AIP] April 2026 - Funding Update

Finance
1

title: [Direct-to-AIP] April 2026 - Funding Update
author: @TokenLogic
created: 2026-04-15

Summary

This publication presents the April Funding Update, consisting of the following key activities:

  • Acquire GHO to support the runway; and,
  • Create Allowances to support Operations.

Motivation

This publication addresses near-term operational requirements, consolidates asset holdings, and refreshes the MainnetSwapSteward’s Allowances to support buyback and runway initiatives.

The MainnetSwapSteward will continue executing a rolling GHO acquisition strategy to maintain adequate runway, support AAVE buybacks, and preserve sufficient budget to fund ongoing growth initiatives.

Reimburse Audit Costs

Reimburse TokenLogic for costs incurred in facilitating the audit of one PR intended to streamline the UX for moving from USDC or USDT to GHO or sGHO. The Gho Router contract allows users to swap routes, use GSMs (Gho Stability Modules), and enter/exit sGHO. proposal. The total cost of ChainSecurities’s audit was 21,322.38 GHO.

Specification

Runway

Deposit idle ETH on the Collector into the Aave v3 Core instance.

Use the MainnetSwapSteward and a portion of the ETH received from recent liquidation volume to acquire 4M of GHO to be deposited into the Prime instance.

Merit Program

Create an allowance for Merit of 2M aEthLidoGHO from Aave V3 Prime on Ethereum, sufficient to cover slightly more than 7 weeks of duration at the current 275k/week spend rate:

  • Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A
  • Amount: 2M
  • Spender: Merit0xdeadD8aB03075b7FBA81864202a2f59EE25B312b
  • Method: approve() aEthLidoGHO on the Aave Collector contract to the Merit address

Avalanche

To support asset bridging, an Allowance will be created, enabling the AFC to bridge the following assets from Avalanche to Ethereum.

  • Amount: 1.55M aAvaUSDT 0x6ab707Aca953eDAeFBc4fD23bA73294241490620
  • Amount: 650k avUSDT 0x532E6537FEA298397212F09A61e03311686f548e
  • Amount: 2.25M avUSDC 0x46A51127C3ce23fb7AB1DE06226147F446e4a857
  • Amount: 3.5M aAvaUSDC 0x625E7708f30cA75bfd92586e17077590C60eb4cD
  • Amount: 2.75 aAvaDAI 0x82E64f49Ed5EC1bC6e43DAD4FC8Af9bb3A2312EE
  • Amount: 335 aAvaWETH 0xe50fA9b3c56FfB159cB0FCA61F5c9D750e8128c8
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address.

The holdings shall be consolidated into USDT, USDC and WETH before being deposited into the Ethereum Core instance.

Ethereum

To support the continued success of the friendly Tydro deployment, an AAVE Allowance from the Ecosystem Reserve will be created to fund an upcoming incentive campaign.

  • Amount: 30,000 AAVE 0x7Fc66500c84A76Ad7e9c93437bFc5Ac33E2DDaE9
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Ecosystem Reserve contract to the AFC address from which it will be routed to the Ink Network.

Refresh mainnetSwapSteward Allowances

To support continued AAVE and GHO Buybacks, replenish Allowances on the MainnetSwapSteward.

Token Budget
ETH 5k
USDC 10M
USDT 10M
USDe 10M
USDS 10M
DAI 5M

Reference: MainnetSwapSteward forum post.

Reimbursements

Reimburse 21,322.38 GHO to TokenLogic for GhoRouter audit expenses incurred.

Asset: GHO: 0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f
Amount: 21,322.38
Spender: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894

Disclosure

TokenLogic is an active service provider to the Aave DAO, the beneficiary of stream 100072 and the KPI as outlined in this publication. The scope of this engagement is available via this forum proposal.

TokenLogic supports and maintains an independent delegate voting platform within the Aave community.

TokenLogic and associated entities have no undisclosed material conflicts of interest at the time of submission.

Next Steps

  1. Using the Direct-to-AIP process, submit AIP(s) for vote.

Copyright

Copyright and related rights waived via CC0.