[Direct-to-AIP] November 2025 - Funding update

Governance
1

title: [Direct-to-AIP] November 2025 - Funding update
author: @TokenLogic
created: 2025-10-31

Summary

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

  • Bridge funds to Ethereum;
  • Aquire GHO to support runway;
  • Consolidate asset holdings; and,
  • Create Allowances to support Operations.

Motivation

This publication balances near term operational needs, consolidates assets holdings and extends some Allowances to the MainnetSwapSteward to support optimising the DAOs stablecoin holdings.

Fund Ongoing Initiatives

As with every funding update, our goal is to ensure that all ongoing initiatives and service provider streams remain adequately funded. Since most activities have now transitioned to GHO, specifically aEthLidoGHO, this update focuses on maintaining sufficient liquidity within the Prime instance.

To meet upcoming funding requirements, we plan to repurchase 8 million GHO from the market over the next month and deposit it into the Prime instance. This allocation will support existing streams, including ACI, TokenLogic, ALC, Chaos Labs, and LlamaRisk, as well as the upcoming renewal of Certora and BGD contracts, the continuation of the Merit initiative and the payment for Aave v4 audits.

Bridge Assets to Ethereum

For this cycle, funds held across several networks will be bridged back to Ethereum to continue supporting the DAO’s operational needs. Some assets will be swapped on the respective network prior to being bridged by the AFC, such as sUSD on Optimism.Once received on Ethereum, all assets will be deposited into the Aave Protocol to generate yield and ensure efficient treasury management.

Specification

The below outlines the scope to be implemented via AIP.

Asset Consolidation

Bridge Assets to Ethereum

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

Polygon Optimism
DAI wETH
USDC.e
WBTC
WETH
AAVE

Polygon

To support bridging of assets, an Allowance will be created enabling the following assets to be bridged by the AFC from Polygon to Ethereum.

  • Amount: 130,000 USDCn
  • Amount: 230,000 USDT
  • Amount: 135,000 wMATIC
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() above assets on the Aave Collector contract to the AFC address

Binance

To support bridging of assets, an Allowance will be created enabling the following assets to be bridged by the AFC from Binance to Ethereum.

  • Amount: 123,000 USDC
  • Amount: 323,000 USDT
  • Amount: 27 WETH
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() above assets on the Aave Collector contract to the AFC address

Metis

To support bridging of assets, an Allowance will be created enabling the following assets to be bridged by the AFC from Metis to Ethereum.

  • Amount: 58.000 m.USDC
  • Amount: 55,000 m.USDT
  • Amount: 19,000 m.DAI
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() above assets on the Aave Collector contract to the AFC address

Sonic

To support bridging of assets, an Allowance will be created enabling the following assets to be bridged by the AFC from Sonic to Ethereum.

  • Amount: 12 WETH
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() above assets on the Aave Collector contract to the AFC address

Optimism

To support bridging of assets, an Allowance will be created enabling the following assets to received by the AFC, swapped to USDC, bridged from Optimism to Ethereum and sent to the treasury.

  • Amount: 105,000 sUSD
  • Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() above assets on the Aave Collector contract to the AFC address)

Fund Ongoing Initiatives

Runway

Using the MainnetSwapSteward and the already approved Allowances, acquire 8M of GHO to be deposited into Prime instance.

Create allowance for the following assets to be transferred from the Treasury to the AFC where they will be swapped to stablecoins and sent to the treasury:

  • Amount: 200k SYND
  • Amount: All SPK
  • Amount: All SAFE
  • Amount: All POL
  • Spender: ARFC0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
  • Method: approve() SYND on the Aave Collector contract to the AFC address

Aave v4 Security Audits

Create allowance for 1.5M aEthLidoGHO from Aave v3 Prime on Ethereum:

  • Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A
  • Amount: 1.5M
  • Spender: v4 Audits0xAAf400e4Bbc38B5E2136C1a36946Bf841A357307
  • Method: approve() aEthLidoGHO on the Aave Collector contract to the Aave v4 Audits address

Merit Program

Create allowance for Merit, 3M aEthLidoGHO from Aave v3 Prime on Ethereum:

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

Reimbursements

This reimburses costs incurred when setting GHO up with Bitgo.

  • Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
  • Amount: 20,000
  • Spender: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894
  • Method: approve() aEthLidoGHO on the Aave Collector contract to the TokenLogic address.

General Actions

  • Send AAVE from the Collector to the Economic Reserve.
  • Transfer aEthLidoWETH from Frontier Safe to Ahab Safe
  • Add the ability to swap assets to pyUSD and rlUSD via the MainnetSwapSteward
  • Replenish Allowances on the MainnetSwapSteward after rebalancing the assets holdings has been performed

Disclosure

TokenLogic does not receive any payment for this proposal.

Next Steps

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

Copyright

Copyright and related rights waived via CC0.