Aave V3 Retroactive Funding
We voted FOR: This was easy. Paying people for their amazing work is important Aave v3 was just that. We need to compensate these individuals enough to stick around and think this should pass with ease.
Update: Voted YAE on the onchain vote as well!
Pause ETH Borrowing
We voted YAE: We believe the added revenue coming from 1-2 days of the increased ETH borrowing due to ETHW and ETHS farming won’t be worth the additional risk introduced in case moments after the split large price movements happen and liquidations aren’t able to happen.
Add stMATIC to Aave v3 pool on Polygon
We voted YAE: Adding stMATIC by Lido is one of the safest yield generating options. stETH has been a great revenue driver for mainnet and adding this token with pretty much the same risk factors is very worthwhile in our opinion.
[ARC] Add new KNC to Aave v2 and v3
We voted YES: Seeing nothing inherently wrong with the old KNC when it was up and running, adding the new KNC is something we support and think will add the similar benefits to Aave as the prior version.
Re-enable ETH Borrowing
We voted YES: By the time this proposal has passed, the ETH Merge has hopefully already passed and ETH should be re-enabled and Aave markets should go back to normal!
ARC: Improve Governance Discussion and Voting Processes with Commonwealth
We voted: Do Nothing
We’ve talked with the team at Commonwealth and are still in constant communication. For further insight, we’ve hopped on calls and gave pretty in-depth run throughs about our opinions on the product as a whole. Currently, we are still fans of Discourse but are open to changes and much of the general preference for discourse may be attributed to the incumbent advantage.
Overall, want to mirror some of @kydo’s points around implementation.
The team (George) has reached out to us on several occasions regarding showcasing our support for their various proposals to move to Commonwealth (compound prior) and our response was very much, we’d like to see how the community opines and will then vote in accordance with that general sentiment as this is a proposal that we think any community member should have the same impact on the final decision on as a large delegate persay.
In short, in its current form and the general uneasy sentiment, we are voting to do nothing now. If “hoards” of supporters come in and some questions are clarified, would 100% be open to changing our vote and testing new waters.
Llama <> Aave
We voted YES: We support this proposal and like the budget cuts that have happened from the first draft to this final proposal. It’s evident that the team behind Llama is incredibly strong and the past work speaks for it self. As previously stated, we would like to see more data regarding hours of work, who’s on the team, etc. but as a whole think this is a pretty standard amount for the work given/promised.
Edit: Voted Yes On Chain
Risk Parameter Updates for Aave V2 (2022-09-22)
We voted YAE: Voting to implement the parameter changed recommended after careful risk analysis.
[ARC] Increase supply cap for BTC.b on Avalanche V3 (Fast-track)
We voted YES: Following the standard fast track procedures as outlined in the forum post linked to the snapshot proposal. We’re looking forward to the increasing utilization of BTC.b on Avax and hope to soon increase other supply caps as well!
Ethereum v2 Reserve Factor - aFEI Holding Update
We voted YAE: Unfortunately as Fei continues to wind down, the protocol needs to take precautionary steps in order to make sure reserves are secured. Unwinding all aFei holding to Dai and then depositing into DAI reserve has pretty much no downside and helps hedge against any adverse effects of Fei dissolution.
Edit: Voted YAE again in updated on chain vote
Chaos Labs <> Aave
We voted YES: Love to see all the discussion in the forums around this proposal and as @fig pointed out, the creation of new accounts around any post goes to show the importance of such a topic.
For full transparency, we’ve been in pretty close contact with both the Chaos team and Gauntlet who have raised some interesting and serious concerns the past few weeks.
After honestly weeks of edits and discussions, we have come to our conclusion, and that is an ultimate YES on the current snapshot vote. We believe the past work that Chaos Labs has done is very good and goes to show the level of due diligence we should not only expect, but hold the team to.
From the first draft of the proposal to now, a lot has changed. Ideally, we would have loved to see more GHO analytics, but seeing concerns about the uncertainty in timeline, the removal of that makes total sense. The main thing that brought this over the finish line for us was the 6 months of no cost, and then ability to off-board with no to minimal costs if they provide unsatisfactory work.
To conclude, the work Chaos Labs has done, the promises they make for this engagement period (6 months of which are technically free), and “sneak-peaks” into their plans lead us ultimately to vote YES. Everything else has been pretty much covered in the forums, but we always enjoy an “underdog” story and are generally open to ambitious teams trying to make a name for themselves given the circumstances!
Adjust Aave Governance Level 2 requirements
We voted YAE: In favor of these changes and also provides more clarity on some parameters as well as some logistical updates.
Use AAVE Ecosystem Reserve to vote YES on proposal to adjust Level 2 Governance requirements
We voted YAE: In conjunction with our prior vote, these updates parameters allow for a more robust and defined governance process!
Add TRYB to Aave V3 on Avalanche Network, Isolation Mode
We voted NO: When considering this, we have to consider the amount of TRYB on chain at a given moment and the liquidity there. Looks like there is about $55k of liquidity on Avax (Pangolin): Very miniscule. Prices diverge from the Lira constantly and volatility for an already very volatile currency is massive. Using this info, let’s assume $55k or so of TRYB is deposited into Aave. Anything more and markets just seem immensely unstable given current liquidity. With ~$50k, and in isolation mode, TRYB is just so new in the crypto space that we could literally find 0 applications that utilize the token.
Therefore, any borrows of TRYB would pretty much purely be speculators selling and effectively shorting the token. If this a healthy scenario for TRYB? Further, for users who do happen to enjoy holding LIRA/TRYB, they’ll earn what… like 2/3%? Anything higher on the utilization curve would cause the borrow side apr to skyrocket and therefore prove inefficient for LIRA shorters as they could just short more effectively in a forex market. At the end of the day, we’re looking at pretty much negligible revenue for Aave and a market where LIRA/TRYB is only used to speculate shorts on chain.
This is why we are currently leaning towards a no. There is just not enough on chain TRYB liquidity and not enough use cases for the token in chain to justify this Aave listing in our opinions.
Whitelist Balancer’s Liquidity Mining Claim
We voted YAE: Voted for whitelisting Balancer’s claim to the 1,500 stkAAVE is what we thought was fair and equitable Balancer and the listed contract permissions and functions are logical.
FEI Reserve Factor Update
We voted YAE: Voted Yes to change the reserve factor from 100% to 99% due to a technical configuration bug discovered. Good job on finding the bug and glad things were fixed!
Risk Parameter Updates for Aave V2 ETH (2022-10-21) & Risk Parameter Updates for Aave Polygon Markets (2022-10-21) & Risk Parameter Updates for Aave V3 Avalanche: 2022-10-15
We voted YAE: Voting yes as a safety precaution in light of recent news regarding price manipulation possibilities. Will reassess to increase and adjust parameters in the future, but feel right now these more conservative estimates are safer.
Deploy Aave V3 to zkSync 2.0 Testnet
We voted YAY: Voted yes to deploying Aave V3 to zkSync testnet, priming zkSync in preparation for their launch. Hugely in support, and helped team with the proposal power needed to create this proposal.
Security and Agility of Aave Smart Contracts via Continuous Formal Verification
Voting YES: We believe the steps taken by Certora so far have proven useful to the protocol as a whole and the updated work agreement terms are reasonable and well deserved!
Chaos Labs Risk Platform Proposal
We voted YAE: Much of our support for this proposal is expressed in the forums, but at its core, we believe the Chaos team deserves the chance to prove themselves on Aave with very favorable work agreement terms.
Certora Continuous Formal Verification
We voted YAE: The team has been very helpful and explained many of our concerns regarding this proposal. We are impressed by the work the Certora team has done for the last 6 months and thing this terms of work is very fair. Also, we were very happy to lend them our proposing power to submit the formal on chain vote and it was a great learning opportunity for us as well!
Add OP to Aave V3 on Optimism
We voted NAY: Our ultimate reasoning for voting no is because given current market condition, adding more volatile assets that have not undergone appropriate risk assessments by Gauntlet should have their listing delayed. Pending Gauntlet’s risk analysis in the next couple of weeks, happy to reopen convos; just unlucky timing and analysis.