title: [Direct-to-AIP] July 2025 - Funding Update
author: @TokenLogic
created: 2025-07-10
Summary
This publication presents the July Funding Update, consisting of the following key activities:
- Bridge funds to Ethereum;
- Renew Fluid incentive allocation;
- Extend EURe incentive campaign and,
- Consolidate funds.
Motivation
This publication combines near term operational needs and migrating assets held on L2s and side chains to Ethereum.
The below outlines the objectives of this publication:
- Consolidating funds to Ethereum; and,
- Support near term operational requirements.
Bridge Funds to Ethereum
Each month, the DAO will bridge its funds held on other networks back to Ethereum, where they will be allocated to support ongoing incentive and buyback programs. With Horizon funding pending and AAVE buybacks already underway, consolidating assets on Ethereum ensures that sufficient capital is available and accessible when needed.
Consolidate Assets
With the implementation of v3.4, the DAO’s Treasury received all the outstanding unrealised GHO revenue leaving the DAO adequately funded for the near term.
As a result, the periodic consolidation of assets into stablecoins will continue with assets being consolidated into USDC, USDT and USDS.
Ahab Program
Currently, the Ahab program is a $8M per year ETH nominated growth budget. We support continuing to allocate 800 ETH per quarter to the Ahab program and also, expand the overall budget to include an allocation of GHO, USDC, USDT and USDS.
The Ahab budget has been critical for the success of bootstrapping the Prime instance, migrating users from other lending protocol to Aave and more recently, growing the adoption of GHO via the Prime instance. The expanded budget provides greater flexibility for pursuing various growth initiatives and by reducing/removing the need to swap ETH for another assets.
Whilst the funds are allocated to Ahab, they are to be used sparingly and any unused funds are to be rolled forward into future budgets, ultimately being return if the program reaches completion.
This publication proposes expanding the Ahab budget to include, 0.25M of each USDC, USDT, USDS and GHO.
FLUID Incentives
Following on from the February Funding Update, the next allocation of FLUID rewards are to be transferred to the Merit SAFE. This is the 2nd of 4 transfers that completes the 1/3 of FLUID tokens acquired being used to support the adoption of GHO on Fluid Protocol as per this proposal.
Specification
This proposal shall be submitted as several AIPs that align with operational readiness timelines and ease of review given the volume of funds being moved.
Bridge Assets to Ethereum
Bridge the following assets to Ethereum.
Swaps - Ethereum
Swap the following assets as outlined in the table below:
Ethereum | Amount | Swap |
---|---|---|
DAI | All | USDS |
LUSD | All | USDC |
PYUSD | All | USDC |
Create Allowances
Create allowances for extending the Ahab budget, 0.25M of aEthUSDC, aEthUSDT, aEthLidoUSDS and aEthLidoGHO from Aave v3 Core and Prime respectively on Ethereum:
- Asset: aEthUSDT
0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a
- Amount: 0.25M
- Asset: aEthUSDC
0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c
- Amount: 0.25M
- Asset: aEthLidoUSDS
0x09AA30b182488f769a9824F15E6Ce58591Da4781
- Amount: 0.25M
- Asset: aEthLidoGHO:
0x18eFE565A5373f430e2F809b97De30335B3ad96A
- Amount: 0.25M
- Spender: Ahab
0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e
- Method: approve() aEthUSDT, aEthUSDC, aEthLidoUSDS and aEthLidoGHO on the Aave Collector contract to the Ahab address.
Fluid Liquidity Mining Rewards
Transfer the second 25% allocation of the 1/3 FLUID holdings assigned to support GHO’s growth and adoption on Fluid.
Specifically, Transfer 95,417 $FLUID from APE SAFE to the Merit SAFE.
APE SAFE: 0xAA43203167317DeeF8288095C44b84a686918d2E
Merit SAFE: 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b
Reference this prior proposal for more information.
Gnosis Liquidity Mining Rewards
- Asset: aGnoEURe:
0x3e652E97ff339B73421f824F5b03d75b62F1Fb51
- Amount: 6,000
- Spender: ACI
0xdef1FA4CEfe67365ba046a7C630D6B885298E210
- Method: approve() aGnoEURe on the Aave Collector contract to the ACI address
Reference: [ARFC] Set ACI as Emission Manager for Liquidity Mining Programs - #83 by ACI
Disclosure
TokenLogic does not receive any payment for this proposal.
Next Steps
- Using the Direct-to-AIP process, submit AIP(s) for vote.
Copyright
Copyright and related rights waived via CC0.