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

Finance
1

title: [Direct-to-AIP] November 2026 - Funding Update
author: @TokenLogic
created: 2026-11-13

Summary

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

  • Acquire GHO to support the runway;
  • Consolidate assets held on other networks onto Ethereum;
  • Expand the MainnetSwapSteward;
  • Deposit the ETH held by the Collector into Aave;
  • Recover Merkl rewards held by the GSMs on Plasma and Monad;
  • Bug bounty payment; and,
  • Create and update Allowances to support Operations.

Motivation

This publication addresses near-term operational requirements, consolidates asset holdings across networks, and expands the MainnetSwapSteward to support the runway.

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.

Asset Consolidation

The GHO held by the Collectors on Plasma, Monad, and Arbitrum, around 1.18M, will be bridged to Ethereum to support the runway. Idle assets on Mantle, Gnosis and Sonic are also to be bridged to Ethereum, where they can be managed by the PoolExposureSteward and MainnetSwapSteward.

Expand MainnetSwapSteward

The Collector holds around 1.3M of USDtb, USDG, EURC and sUSDe that the MainnetSwapSteward cannot currently swap. Adding these tokens enables them to be converted to GHO.

Collector ETH

The Collector holds around 121 ETH that is not earning yield. This publication wraps it into WETH and deposits it into the Core instance.

GSM Merkl Rewards

The GHO GSMs on Plasma and Monad have accrued Merkl rewards, 613k WXPL and 1.46M WMON. Once claimed, these rewards sit on the GSM contracts and can only be moved by governance. This publication transfers them to the AFC, where they will be sold.

Incentive Campaigns

The 350k USDC held on Ahab will fund incentives for specific campaigns supporting targeted growth.

Bug Bounty Payouts

This month’s funding update includes one 1,000 USDC bug bounty payment to a security researcher and the associated 100 USDC fee payment to Immunefi.

Update

The V4 Base USDC supply from the August/September Funding Update was funded with USDC held on the AFC and GHO borrowed on Ahab; the growth allowances were not drawn. The private credit pilots will use Ahab’s existing wETH collateral, as the aEthLidoWETH allowance was cancelled. 100k USDC was bridged to the Incentive Budget Safe on Arc.

Specification

Ethereum

Runway

Use the MainnetSwapSteward and the already-approved Allowances to acquire 2.7M GHO and deposit it into the Prime instance.

Bug Bounty Payments

The following bug bounty payments are to be processed to the researcher and Immunefi.

Asset: USDC 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Amount: 1,000
Spender: Researcher 0x0DDE46b923eB74F1860727914f179e82b9eE47B9

Asset: USDC 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Amount: 100
Spender: Immunefi 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18

Deposit ETH

Wrap the ETH held by the Collector into WETH and deposit it into the Core instance on the Collector’s behalf.

Asset: ETH, wrapped into WETH 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2
Amount: the Collector’s ETH balance at execution (120.86 at the time of writing)
Destination: Aave V3 Core, aEthWETH held by the Collector

Expand MainnetSwapSteward

Add the following tokens to the MainnetSwapSteward with GHO as the acquirable asset. Price feeds are to be confirmed with the payload implementer.

Screenshot 2026-11-13 at 14.05.03
Screenshot 2026-11-13 at 14.05.03725×191 10.1 KB

Allowances

Refresh the existing aEthLidoGHO Allowance to the Aave V4 audit Safe down to 250k.

Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
Amount: 250k
Spender: Aave V4 audit Safe 0xAAf400e4Bbc38B5E2136C1a36946Bf841A357307

Cancel the following Allowance:

Asset: aEthGHO 0x00907f9921424583e7ffBfEdf84F92B7B2Be4977
Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e

Plasma

Create a GHO Allowance for the AFC to bridge the GHO held on the Collector to Ethereum via CCIP.

Asset: GHO 0xb77E872A68C62CfC0dFb02C067Ecc3DA23B4bbf3
Amount: 1M
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

On the GHO USDT GSM 0xd06114F714beCD6f373e5cE94E07278eF46eBF37:

  1. Grant TOKEN_RESCUER_ROLE to the Plasma Executor Lvl 1 0x47aAdaAE1F05C978E6aBb7568d11B7F6e0FC4d6A.
  2. Call rescueTokens(WXPL, AFC, amount), with amount equal to the GSM’s WXPL balance at execution (613,220 at the time of writing). Recipient: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa.
  3. Revoke TOKEN_RESCUER_ROLE from the Plasma Executor.

Monad

Create a GHO Allowance for the AFC to bridge the GHO held on the Collector to Ethereum via CCIP.

Asset: GHO 0xfc421aD3C883Bf9E7C4f42dE845C4e4405799e73
Amount: 250k
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Prior to execution, the AFC will claim the Merkl rewards on behalf of the GHO USDC GSM 0x3Cf3779EEf770931543ACd2C7f6ECd1b37E35caB. On the GSM:

  1. Grant TOKEN_RESCUER_ROLE to the Monad Executor Lvl 1 0xa9d0EAFF48cE1DF468f9eAeb7e628c413343F6A2.
  2. Call rescueTokens(WMON, AFC, amount), with WMON 0x3bd359C1119dA7Da1D913D1C4D2B7c461115433A and amount equal to the GSM’s WMON balance at execution (1,458,970 accrued at the time of writing). Recipient: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa.
  3. Revoke TOKEN_RESCUER_ROLE from the Monad Executor.

Arbitrum

Create a GHO Allowance for the AFC to bridge the GHO held on the Collector to Ethereum via CCIP.

Asset: GHO 0x7dfF72693f6A4149b17e7C6314655f6A9F7c8B33
Amount: 50k
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Mantle

Create the following Allowances for the AFC to bridge the assets to Ethereum.

Asset: aManUSDT0 0x7053bAD224F0C021839f6AC645BdaE5F8b585b69
Amount: 570k
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Asset: aManWETH 0xeAC30Ed8609F564aE65C809C4bf42dB2fF426D2C
Amount: 59
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Gnosis

Create the following Allowances for the AFC to bridge the assets to Ethereum. The AFC will process the bridge claims on Ethereum.

Asset: aGnoWXDAI 0xd0Dd6cEF72143E22cCED4867eb0d5F2328715533
Amount: 305k
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Asset: aGnoUSDC 0xc6B7AcA6DE8a6044E0e32d0c841a89244A10D284
Amount: 90k
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Asset: aGnoUSDCe 0xC0333cb85B59a788d8C7CAe5e1Fd6E229A3E5a65
Amount: 41k
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Sonic

Create an Allowance for the AFC to bridge the asset to Ethereum. The AFC will process the bridge claim on Ethereum.

Asset: aSonUSDC 0x578Ee1ca3a8E1b54554Da1Bf7C583506C4CD11c6
Amount: 100k
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Disclosure

TokenLogic is an active service provider to the Aave DAO, the beneficiary of stream 100086 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.