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

Finance
1

title: [Direct-to-AIP] March 2026 - Funding Update
author: @TokenLogic
created: 2026-03-04

Summary

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

  • Acquire GHO to support runway;
  • Consolidate assets on Ethereum and,
  • Create Allowances to support Operations.

Motivation

This publication addresses near-term operational requirements, consolidates asset holdings, and facilitates enabling the MainnetSwapSteward to utilise ETH to acquire AAVE and/or GHO to support buyback and runway initiatives.

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

Reimburse Audit Costs

Reimburse TokenLogic for costs incurred facilitating the audit of two PRs intended to support the sGHO upgrade. The first PR reviewed was sGHO developed by kpk, which received updates to address outstanding comments, and a follow-up order was issued. The second PR was sGhoSteward, developed by BGD Labs to manage the rate at which GHO interest accrues on the sGho contract. The total cost of Sherlock’s audit was 24,900 USDC.

In March, a stateless router contract that allows users to convert USDC, USDT, or GHO into GHO or sGHO will be audited. The Gho Router contract allows users to swap routes, use GSMs (Gho Stability Modules), and enter/exit sGHO. The associated cost for this audit will be submitted during April’s funding update.

Specification

Runway

Using the MainnetSwapSteward and a portion of the ETH received from recent liquidation volume to acquire 3M of GHO to be deposited into the Prime instance.

With EURS trading above the peg, EURS will be withdrawn from Aave and swapped on secondary markets. The AFC will bridge the resulting USDCn to Ethereum and additional USDCn.

Create an Allowance that enables the AFC to receive EURS, convert it to USDC, and bridge the proceeds to Ethereum.

  • Amount: 79,000 aEURS 0x38d693cE1dF5AaDF7bC62595A37D667aD57922e5
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() above assets on the Aave Collector contract to the AFC address

Bridge Assets to Ethereum

Transfer the following assets to Ethereum via AIP using the bridge adapter contracts.

Polygon Arbitrum
DAI DAI
WBTC LINK
USDC.e USDC.e
WETH

Base

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

  • Amount: 1,300,000 aUSDC 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address

Arbitrum

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

  • Amount: 3,300,000 aUSDCn 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
  • Amount: 1,300,000 aUSDT0 0xFd086bC7CD5C481DCC9C85ebE478A1C0b69FCbb9
  • Amount: 37 aWstETH
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
    Method: approve() the above assets on the Aave Collector contract to the AFC address.

Polygon

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

  • Amount: 125,000 aUSDCn 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359
  • Amount: 230,000 aUSDT0 0xc2132D05D31c914a87C6611C10748AEb04B58e8F
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() the above assets on the Aave Collector contract to the AFC address

Update Aave Swapper Permission

To support continued AAVE and GHO Buybacks, extend the following permissions to the mainnetSwapper contract.

mainnetSwapSteward

From Asset: wETH
To Asset: GHO, AAVE, USDC, USDT

Increase token budgets:
WETH by 3,000 units
USDT by 2,000,000 units

Reimbursements

Reimburse 24,900 GHO to TokenLogic for sGHO audit expenses incurred.

Asset: GHO: 0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f
Amount: 24,900
Spender: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894

Deposit idle ETH to aWETH on AaveV3.

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.