[Direct-to-AIP] June 2025 - Funding Update

Governance
1

title: [Direct-to-AIP] June 2025 - Funding Update
author: @TokenLogic
created: 2025-06-13

Summary

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

  • Acquire 3M GHO for Operations;
  • Continue AAVE buybacks for 8 weeks; and,
  • Create Merit & Ahab Allowances.

Motivation

This publication focuses on supporting near term operational funding requirements.

Acquire GHO

In the short term, we anticipate multiple initiatives will seek funding from the DAO. This proposal, once enacted, will secure a sufficient amount of GHO to support the DAO’s operations. This ensures the DAO remains consistently well-capitalized.

Upcoming anticipated expenses include:

  • Renewal of Service Provider agreements, eg: Chaos Labs;
  • Create 8M USD Allowance for AAVE buybacks; and,
  • Future Merit and ALC distributions up until November; and,
  • Incentive campaign(s).

Fund Merit + Ahab Programs

Merit is $12M per year at 3M per quarter or 1M per month. Merit is currently funded up until end of July. With the implementation of this proposal, Merit will be funded until beginning of November.

Ahab is $8M per year with the amount of ETH being distributed subject to ETH price fluctuations. The previous 3 month period’s budget was 800 ETH and of this 800 ETH, not all has been consumed. As a result, the next budget period will recieve only 800 ETH.

Specification

This proposal shall be submitted quickly to align with operational readiness timelines and ease of review given the volume of funds being moved.

Ethereum - Swaps

Withdraw the following from Aave and swap them as outlined in the table below:

Ethereum Amount Swap
USDT 1.00M GHO
USDC 2.00M GHO

Create Allowances

AAVE Buybacks

Create a 6M aEthUSDT and 2M aEthUSDC allowance for the Aave Finance Committee to perform 8 weeks of AAVE buybacks.

  • Asset: aEthUSDT 0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a
  • Amount: 6M
  • Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c
  • Amount: 2M
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() aEthUSDT and aEthUSDC on the Aave Collector contract to the AFC address

Merit + Ahab Programs

Create allowances to the Merit and Ahab, 3M aEthLidoGHO and 800 aEthWETH from Aave v3 Prime and Core respectively on Ethereum:

  • Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A
  • Amount: 3M
  • Asset: aEthWETH: 0x4d5F47FA6A74757f35C14fD3a6Ef8E3C9BC514E8
  • Amount: 800
  • Spender: Merit0xdeadD8aB03075b7FBA81864202a2f59EE25B312b
  • Method: approve() aEthLidoGHO and aEthWETH on the Aave Collector contract to the Merit address

Disclosure

TokenLogic does not receive any payment for this proposal.

Next Steps

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

Copyright

Copyright and related rights waived via CC0.

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Hi all,

Due to the timely manner for AAVE buybacks, we will be splitting this proposal in two parts to get one today on the forum and the other half during the upcoming week.

The first part will fund 2 weeks of AAVE buybacks while the follow up proposal will contain the rest of the operations.

Thank you

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