[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

Audit Budget

Create an allowance for 1M aEthLidoGHO from Aave V3 Prime on Ethereum, near-term audit expenses:

  • Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A
  • Amount: 1M
  • Spender: Aave v4 Audit 0xAAf400e4Bbc38B5E2136C1a36946Bf841A357307
  • Method: approve() aEthLidoGHO on the Aave Collector contract to the Aave v4 Audit 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: 2.75M aAvaDAI 0x82E64f49Ed5EC1bC6e43DAD4FC8Af9bb3A2312EE
  • Amount: 8 aAvaWETH 0xe50fA9b3c56FfB159cB0FCA61F5c9D750e8128c8
  • Amount: 118,000 aAvaWAVAX 0x6d80113e533a2C0fe82EaBD35f1875DcEA89Ea97
  • Amount: 4 aAvaBTC.b 0x8ffdf2de812095b1d19cb146e4c004587c0a0692
  • Amount: 335 WETH.e 0x49D5c2BdFfac6CE2BFdB6640F4F80f226bc10bAB
  • 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 transferred to the Collector Contract on Ethereum.

Base

Wrap ETH to wETH.

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

  • Amount: 625 WETH 0x4200000000000000000000000000000000000006
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address.

The holdings shall be transferred to the Collector Contract in the form of wETH on Ethereum.

Arbitrum

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

  • Amount: 1,350 aArbWETH 0xe50fA9b3c56FfB159cB0FCA61F5c9D750e8128c8
  • Amount: 65 aArbweETH 0x8437d7C167dFB82ED4Cb79CD44B7a32A1dd95c77
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address.

The holdings shall be transferred and consolidated into wETH, then sent to the Collector Contract on Ethereum.

Linea

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

  • Amount: 190 aLinWETH 0x787897dF92703BB3Fc4d9Ee98e15C0b8130Bf163
  • Amount: 220k aLinUSDC 0x374D7860c4f2f604De0191298dD393703Cce84f3
  • Amount: 140k aLinUSDT 0x88231dfEC71D4FF5c1e466D08C321944A7adC673
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address.

The holdings shall be transferred and consolidated into USDC, USDT and wETH, then sent to the Collector Contract on Ethereum.

Scroll

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

  • Amount: 175 aScrWETH 0xf301805bE1Df81102C957f6d4Ce29d2B8c056B2a
  • Amount: 101k aScrUSDC 0x1D738a3436A8C49CefFbaB7fbF04B660fb528CbD
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address.

The holdings shall be transferred and consolidated into USDC and wETH, then sent to the Collector Contract on Ethereum.

Plasma

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

  • Amount: 55 aPlaWETH 0xf1aB7f60128924d69f6d7dE25A20eF70bBd43d07
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address.

The holdings shall be transferred and consolidated into wETH, then sent to the Collector Contract on Ethereum.

Ethereum

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

  • Amount: 200k 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.

Funding Flexibility

Wrap ETH to wETH.

To support continued operations and provide flexible funding optionality, create the following Allowance.

  • Amount: 25k WETH 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2
  • Amount: 600 weETH 0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee
  • Amount: 220 wstETH 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0
  • Amount: 60 rETH 0xae78736Cd615f374D3085123A210448E74Fc6393
  • Amount: 4k aEthWETH 0x4d5F47FA6A74757f35C14fD3a6Ef8E3C9BC514E8
  • Spender: Ahab0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e
  • Method: approve() on the Aave Collector contract to the ahab address

Refresh mainnetSwapSteward Allowances

To support continued funding operations, replenish Allowances on the MainnetSwapSteward.

Token Budget
wBTC 80
cbBTC 7
ETH 10k
LINK 60k
USDC 10M
USDT 10M
USDe 10M
USDS 10M
DAI 5M

Reference: MainnetSwapSteward forum post.

Alongside these budgets, add ability to swap tokens to WETH.

Add WBTC as a swappable asset, with corresponding oracle.

Add cbBTC as a swappable asset, with corresponding oracle.

Add LINK as a swappable asset, with corresponding oracle.

Add 1Inch to WETH path.

Add SNX to WETH path.

Each of the assets mentioned above, as well as those with existing Allowances, can be swapped to wETH via the Aave Swapper.

Reimbursements

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

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

Update Stream

Cancel StreamID 100015 due to misconfiguration. The respective Service Provider will refund the portion of AAVE tokens corresponding to the remaining stream duration.

Bug Bounty

  • 5,000 GHO to 0xa9E6B917F3e0a89664d648B6DF474AB88D0D15ff
  • $500 GHO to 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18 (immunefi.eth).
    This is the fee corresponding to 10% of the previous bounty.

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.