Governance Updates: Week of January 15, 2024
For the third week of 2024, there were significant movements in direction of new chains and assets. Below we have given a short description of the movements.
New Chains
NEON EVM: A Snapshot temp check recently ended with a majority support for deploying Aave V3 on NEON EVM. Neon is the Layer 2 blockchain built on top of Solana, offering an EVM Compatible option to the users of the Solana ecosystem. Snapshot Forum
Scroll: A Snapshot ARFC for deploying Aave V3 on Scroll mainnet passed hours before of writing this report. The vote resulted in majority support for the proposal. The initiative aims to leverage Scroll’s robust security, audits, and decentralized network, potentially expanding Aave’s influence in new markets. Snapshot Forum
Kava EVM: We have covered Kava proposal in the last week’s updates. But for the better understanding of the users, we have also listed its details here. Snapshot Forum
Assets
- Onboard fdUSD to Aave v3 on BSC
- Add sFRAX to Ethereum V3
- Add ggAVAX to AAVE v3 on Avalanche
- Enable Metis as Collateral on Metis Chain
- Add PYUSD to Aave v3 Ethereum Market
Key Updates
The Aave community proposes the “ARFC GHO Cross-Chain Strategy” to integrate the GHO stablecoin across multiple blockchains via Chainlink’s CCIP. This strategy will enhance GHO’s liquidity, accessibility, and interoperability, addressing its limitation to the Ethereum mainnet and secondary markets. The proposal involves a lock/release and mint/burn model for cross-chain GHO transfers, controlled by Aave Governance. This move aims to make GHO more versatile and user-friendly, facilitating efficient transactions across various networks.
GSM Funding & RWA Strategy Preparations
Aave’s “ARFC Treasury Management - GSM Funding & RWA Strategy Preparations” proposal aims to prepare for the GHO Stability Module (GSM) launch and a $1M RWA strategy with Centrifuge. It outlines the need for more USDC and USDT on Ethereum v3 to support these initiatives. The proposal includes withdrawing and transferring stablecoins from Polygon to Ethereum, revoking legacy allowances, and swapping DAI and USDC to USDT to meet the required balances for GSM and RWA commitments.
Service Provider & Partner updates
- [Gauntlet] Weekly V3 Ethereum Market Update
- Recommendation to freeze and set LTV to 0 on low-cap Aave v3 Polygon collateral assets
- Gauntlet USDT Cap Recommendation on Ethereum Aave v3
- USDC.e Supply and Borrow Cap Recommendation on Optimism Aave v3
- Supply Cap Recommendation for BASE Aave v3
| Delegate | Forum Post Link |
|---|---|
| @wintermute | Link |
| @lbsblockchain | Link |
| @saucyblock | Link |
| @stablelab | Link |
| @tokenlogic | Link |
| @event_horizon | Link |
| @karpatkey | Link |