title: [Direct-to-AIP] May/June 2026 - Funding Update
author: @TokenLogic
created: 2026-06-01
Summary
This publication presents the June 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 operations and future growth opportunities.
The MainnetSwapSteward and Aave Finance Committee (AFC) will continue executing a rolling GHO acquisition strategy to maintain adequate runway 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. The final instalment of ChainSecurities’s audit was 11,655 GHO.
Reimburse Aave Labs for costs incurred in facilitating the audit of Aave Pro, Aave Kit, Aave App and general protocol services. The total amount is 392,746.66 GHO, spanning nine separate audit scopes and engaging five different audit teams.
Bug Bounty Payouts
This month’s funding update includes one 7,500 USD bug bounty program payment to a security researcher and the associated 750 USF fee payment to ImmuneFi. A separate publication from Aave Labs will provide insights into the findings, while this proposal will address payments only.
Incentive Campaign
To support the continued success of the friendly Tydro deployment, a 5M GHO budget has been discussed with the Tydro team. This is in addition to the AAVE Allowance created during the April funding update and provides sufficient operational flexibility to support programs such as the Kraken Defi Borrow campaign, expected to commence shortly. How rewards are distributed will be determined in collaboration with the Ink team and Aave Service Providers.
Specification
Runway
Deposit idle ETH on the Collector into the Aave v3 Core instance.
In addition to the 3.7M GHO acquired during May 2026, use the MainnetSwapSteward to acquire 4M of GHO to be deposited into the Prime instance during June 2026.
Ethereum
To support the continued success of the friendly Tydro deployment, a GHO Allowance from the Collector Contract to the Ahab SAFE fund will support an upcoming incentive campaign.
Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
Amount: 5M
Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e
Method: approve() aEthLidoGHO on the Aave Collector contract to the Merit Ahab address on Ethereum.
Following the rebalancing of the Ahab and Aave Finance Committee (AFC) SAFEs to facilitate the DeFi United donation, the AFC SAFE now holds AAVE, USDC, and GHO debt. The GHO debt is to be repaid from a combination of revenue derived from the Plasma instance and the USDC held within the AFC SAFE.
Refresh mainnetSwapSteward Allowances
To support the acquisition of GHO, 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 11,655 aEthLidoGHO to TokenLogic for GhoRouter audit expenses incurred.
Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
Amount: 11,655
Spender: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894
Reimburse Aave Labs for costs incurred in facilitating the audit of Aave Pro, Aave Kit, Aave App and general protocol services.
Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
Amount: 392,746.66
Spender: Aave Labs 0x1c037b3C22240048807cC9d7111be5d455F640bd
Bug Bounty Payments
The following bug bounty payments are to be processed to the researcher and ImmuneFi.
Asset: GHO 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Amount: 7,500
Spender: Researcher 0xcC7383b24631d8BfC8571dbF9c81d6D094688628
Asset: GHO 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Amount: 1,100
Spender: Researcher 0x666B8EbFbF4D5f0CE56962a25635CfF563F13161
Asset: GHO 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Amount: 750
Spender: ImmuneFi 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18
Plasma
Refresh the existing aPlaUSDT0 Allowance down to 3M.
Asset: aPlaUSDT0 0x5d72a9d9a9510cd8cbdba12ac62593a58930a948
Amount: 3M
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
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
- Using the Direct-to-AIP process, submit AIP(s) for vote.
Copyright
Copyright and related rights waived via CC0.