Governance Updates: Week of February 12, 2024
Orbit Program Renewal
The Orbit program renewal proposal has passed the Temp Check on Aave Snapshot. In last week’s post, we have described the Orbit proposal, to refresh the memory of our readers- It focuses on maintaining gas rebates for specific proposal actions, leveraging open-source scripts for transparent gas expenditure tracking. Eligibility for Orbit renewal emphasizes delegate participation rate and impact, with a budget allocation of 80,000 GHO and 4.6755 ETH
Merit - A New Aave-Alignment User Reward System
The “Merit” proposal introduces a rewards system using merkle-tree airdrops to incentivize Aave-aligned behaviors, aiming to boost protocol engagement and competitiveness. It rewards deposits and borrows aligned with Aave’s goals, employing boosters/diluters to refine rewards based on users’ protocol support. Funded with a $5M budget for 90 days, it targets direct protocol interaction, enhancing Aave’s appeal and strategic positioning.
A number of proposals concerning emissions for markets and chains were escalated to Snapshot stage. We have listed all such proposals here, a few of the emissions proposals were also mentioned in last week’s update.
Set OP Emission Admin
The proposal suggests creating a SAFE managed by @karpatkey_TokenLogic, @ACI, and @ChaosLabs to distribute USDC rewards on Aave v3 Optimism. It aims to support migration from USDC.e to native USDC on Optimism, leveraging OP rewards to encourage this transition. The SAFE structure involves a 3 of 3 multisig with a nested 1 of 2 SAFE, ensuring secure management of OP token distribution for incentivizing liquidity shifts within the Aave ecosystem.
Set ARB Emission Admin to Gauntlet
The proposal appoints Gauntlet as the ARB Emission Admin for Aave v3 on Arbitrum, tasked with distributing ARB rewards. This initiative aims to facilitate the migration from USDC.e to native USDC, in alignment with the Arbitrum Foundation’s incentive strategy for a smoother liquidity transition on the platform. The proposal has received majority votes in snapshot temp-check
Set osETH & SWISE Emission Admin to StakeWise
The proposal seeks to empower StakeWise to manage osETH and SWISE rewards on Aave v3 Ethereum. It aims to support osETH’s growth and adoption by enabling StakeWise to distribute these rewards. This move requires assigning the
Emission_Admin role to StakeWise for osETH and SWISE, allowing for flexible reward distribution across the Aave v3 Ethereum Liquidity Pool. The proposal emphasizes transparency and community engagement, with no payment to the proposers, aiming for a collaborative approach to enhance liquidity and user engagement. The proposal also has majority votes on Snapshot.
Set ETHx and SD Emission Admin to Stader Labs
The proposal aims to grant Stader Labs the role of Emission Admin for ETHx and SD tokens on Aave v3 Ethereum, facilitating the distribution of rewards. Stader Labs will use this role to support ETHx’s growth and adoption. The proposal specifies the SAFE addresses for reward distribution and outlines the steps for setting the Emission_Admin permission, emphasizing community engagement and transparent management without any payment to the proposers. Voting will begin soon for the proposal.
Service Provider Updates