Lots of proposals coming through, as usual of late. A couple of these are re-submissions of proposals that failed to meet quorum. @figposts here with some ideas about how to address that issue.
Freeze Aave V1 (132). This has been resubmitted after failing to reach quorum.
Aave v2 ETH Interest Rate Curve Update (131). This proposal to amend “the ETH interest rate parameters on the Aave Ethereum v2 and v3 Liquidity Pool” was executed on December 18 after 100% voted “YAE.”
Set LDO, stMATIC, MaticX and SD Emission_Admin for Polygon v3 Liquidity Pool (130). This proposal was resubmitted and executed on December 17 after 100% voted “YAE”.
On Snapshot:
[ARFC] BAL Interest Rate Curve Update. Llama proposes to “amend BAL interest rate parameters on the Aave Ethereum v2, Ethereum v3 (when deployed), Polygon v3 and Polygon v2 Liquidity Pools.”
[ARFC] Aave v3 Polygon wMATIC Interest Rate Update. Llama proposes to “amend the wMATIC interest rate parameters on the Aave Polygon v3 Liquidity Pool.”
Authorise the release of Aave <> Chainlink Proof of Reserve for Aave Avalanche. This proposal “authorises BGD to proceed with the release of Aave <> Chainlink Proof of Reserve Phase 1, targeting Aave v2 & v3 Avalanche.”
[ARC] Updated: Gauntlet <> Aave Renewal. This is a revised proposal to continue the engagement for “continuous market risk management.”
[Temp Check] Deploy Aave on Metis. This is a proposal to deploy Aave on the EVM equivalent L2.
[ARFC] Aave DAO Policy Change: Halt Listings on all Aave v1 & v2 Non Permissioned Deployments. This proposal was resubmitted and passed on December 17 with nearly 100% voting “YAE.”
[ARFC] Receipt of Gauntlet Insolvency Fund. This proposal passed on December 16 with almost 93% voting “YAE.”
[ARFC] Ethereum v2 Collector Contract Consolidation. This proposal passed on December 16 with almost 100% voting “YAE.”
[ARFC] Repay Excess CRV Debt on Ethereum v2. Almost 66% voted to “use USDC to acquire CRV” on December 16.
Provide your feedback on these Aave Requests for Comment:
Update renFIL Interest Rate Strategy on Aave v2 Ethereum. BDG Labs says that “the offer/demand dynamics for renFIL” have been “disturbed,” and “recommend lowering to the minimum the parameters of the interest rate strategy, to not accumulate extra growth of renFIL on the borrowing side.”
Chaos Labs <> Aave v2 Coverage. @ChaosLabsproposes “to expand the scope of its engagement with Aave to include proactive risk analysis and management of the v2 markets while encouraging and supporting a safe migration to the upcoming Ethereum v3 deployment.”
Happy New Year to all . Hope everyone had a chance to rest up. It was a quiet week on the proposal and discussion front.
Proposals
On Snapshot:
[ARC] Risk Parameter Updates for Aave V3 Optimism 2022-12-29. A proposal from Gauntlet to adjust the AAVE supply cap on V3 Optimism. (Chaos Labs suggest a different approach.)
Provide your feedback on these active Aave Requests for Comment:
[ARC] Unfreeze Ampleforth for Aave v2 Market. Request posted here, but perhaps should be directed towards v3.
In the Forums
Rescue of locked tokens on Aave. BDG Labs is working on it carefully.
Highlight: the important discussion concerning the launching of Aave V3 Ethereum continues here.
Proposals
Aave Improvement Proposals:
Risk Parameter Updates for Aave V3 Optimism Market (2022-12-29) (140). This proposal succeeded on January 9th with nearly 100% voting “YAE.” See the discussion here, which includes explanations of differing methodologies regarding risk assessment/management.
Chaos Labs V2 Coverage (139). This proposal succeeded on January 6th with 100% voting “YAE.”
On Snapshot:
[Updated] Aave Grants DAO Renewal. A proposal to renew AGD for two quarters at $1.625m per quarter. See the engaging discussion here.
Approve pricing approach for WBTC on Aave. This poll ended on January 9th with 79.86% voting to change the pricing model to use WBTC-based feeds.
[ARC] Risk Parameter Updates for Aave V3 Optimism 2022-12-29. This proposal passed on January 2 with 82.58% voting “YAE.”
Provide your feedback on these active Aave Requests for Comment:
Deploy the RMM V2 with the Aave V3 Version. A proposal from RealT, which “aims to democratize and bring real estate tokenization to everyone.”
In the Forums
Collaboration framework. @ChaosLabspresents ideas for how Aave risk managers can work together productively.
Add OP to Aave V3 on Optimism (141). This proposal passed with 100% voting “YAE” and was executed on January 14.
Snapshot:
[ARC] Aave Ethereum V3 market initial onboarded assets. This proposal ended on January 14 with 85% voting in favor of Chaos Labs’ approach.
Enable Search by UNS + ENS Domains. This proposal ended on January 15 with almost 54% voting “YAE.”
[Updated] Aave Grants DAO Renewal. This proposal passed on January 12 with almost 100% voting “YAE.”
Aave Requests for Comment (ARC/ARFC):
[ARC] onboard rETH (rocket pool ETH) to Aave V3 ethereum market. An “opportunity to add rETH to the Ethereum V3 market as a reserve.”
[ARFC] wETH & wstETH Interest Rate Curve - Ethereum Network. A proposal from @Llamaxyz “to amend wETH and wstETH interest rate parameters on the v2 and v3 deployments.”
[ARC] Compensate Bug Bounty Contributor. Gauntlet suggests that the community compensate the “contributor for risk analysis conducted during market volatility” — specifically related to the REN asset.
“The technical setup for the Aave v3 Ethereum activation is finished,” says BGD Labs, and “the governance proposal to activate Aave v3 Ethereum has been created.” Voting for the AIP is active today.
Separately, many thanks to @Kene_StableLab and Bobbay_StableNode, who posted a v0 of the Aave Finance Governance Process. It “aims to provide an overview of the different roles, flow and pathways for various stakeholders to participate in Aave DAO,” and can be “continuously updated by Aave DAO contributors.”
Proposals
Aave Improvement Proposals (AIPs):
Aave V3 Ethereum (147). This proposal “activates the Aave V3 Ethereum pool (3.0.1), by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE.” (See further discussion of the wETH and wstETH interest rate curve here.)
Repay Excess CRV Debt on Ethereum v2 (146). A proposal to “procure CRV with aUSDC from the Collector Contract for the purpose of repaying the excess debt in the CRV Reserve on the Ethereum v2 liquidity pool.”
Renew Aave Grants DAO (145). This proposal will provide “Aave Grants DAO (AGD) with $3.25m for the next two quarters (Q1 and Q2 2023) to fund more projects that benefit AAVE,” as described in the recent Snapshot.
Ethereum v2 Collector Contract Consolidation (144). This proposal succeeded with 100% voting “YAE” and will be executed on January 23.
Freeze jEUR on Aave v3 Polygon (143). This proposal succeeded with 100% voting “YAE” and will be executed on January 23.
Freeze agEUR on Aave v3 Polygon (142). This proposal failed on January 22 with nearly 100% voting “NAY.”
Now on Snapshot:
[ARC] Compensate Bug Bounty Contributor. This proposal suggests that the community compensate the “contributor for risk analysis conducted during market volatility.”
[ARFC] CRV Interest Rate Curve Upgrade. See the most recent discussion of this proposal for a suggestion to split this proposal into four separate ones.
[ARC] Interest Rate Curve Changes for Aave V2 ETH. This proposal passed on January 20th with 100% voting “YAE.”
Provide your feedback on these Aave Requests for Comment (ARCs):
[ARFC] Repay Excess CRV Debt on Ethereum v2. Although almost 66% voted to “use USDC to acquire CRV” on December 16, the market has shifted considerably and there considerations are [ARFC] Repay Excess CRV Debt on Ethereum v2. Almost 66% voted to “use USDC to acquire CRV” on December 16.
[ARC]: Add support for Origin Dollar (OUSD) on Ethereum V3. A proposal to add “lend/borrow support for the Origin Dollar stablecoin.”
[ARC] UI/UX Upgrade Governance Framework. @AaveLabsnotes that “going forward, prospective integrators should reach out to Aave Companies at integrators@aave.com to discuss the process for integrations.”
[ARC] Add Support for wstETH on Arbitrum Aave v3, a proposal from Lido.
[ARC] Add Support for cbETH. Discussion continues as Chaos Labs provides analysis and recommendations.
[ARC] onboard rETH (rocket pool ETH) to Aave V3 ethereum market. Discussion continues, and support is strong.
[ARFC] wETH Interest Rate Curve - Ethereum v2. A proposal from Llama to “amend wETH interest rate parameters on Aave v2 Ethereum.”
[ARC] Compensate Bug Bounty Contributor. This proposal succeeded on January 27th with nearly 100% voting to send 20 AAVE to the “contributor for risk analysis conducted during market volatility.”
Provide your feedback on these Aave Requests for Comment (ARCs):
[ARC] Proposal: Onboarding sfrxETH from Frax Protocol to Aave V3 Ethereum Market.This idea “presents the community with the opportunity to add sfrxETH to the Ethereum V3 market as a reserve.”
[ARFC] LDO Emission_Admin for Ethereum, Arbitrum and Optimism v3 Liquidity Pools. This proposal would “enable Lido to distribute LDO rewards across the Aave v3 Ethereum, Arbitrum and Optimism Liquidity Pools.”
[ARC] Gauntlet Borrow/Supply Cap Updates for Aave v3 OP and Aave v3 AVAX. Two options are presented, with different assumptions.
[ARC]: Onboard Gamma Strategies’ USDC/GHO Uni v3 Collateral to Mint GHO. Discussion continues with a contribution from FranklinDAO.
[ARC] Add Support for cbETH. Discussion continues.
[ARC] onboard rETH (rocket pool ETH) to Aave V3 ethereum market. Discussion continues.
[ARFC] Repay Excess CRV Debt on Ethereum v2. Some discussion continues.
BAL Interest Rate Curve Upgrades (151). Succeeded on February 6th with 100% voting YAE and is queued for execution.
Aave v3 Polygon wMATIC Interest Rate Update (150). Succeeded on February 6th with 100% voting YAE and is queued for execution.
Add Support for cbETH (149). Succeeded on February 5th with nearly 100% voting YAE and is queued for execution.
Interest Rate Curve Changes for Aave V2 ETH (148). Succeeded on February 3rd with 100% voting YAE and was executed on February 4th.
On Snapshot:
[Temp Check] Deploy Aave V3 on Neon EVM Devnet. A proposal to “To support Aave’s multichain expansion.”
[ARFC] Add wstETH to Arbitrum Aave v3. A proposal from Llama.
[ARFC] CRV Interest Rate Curve Upgrade. Llama proposes to “update the CRV interest rate parameters on the Aave Ethereum v2, Ethereum v3…Polygon v3, and Polygon v2 Liquidity Pools.”
[ARFC] Add USDT to Ethereum V3 Market. A proposal to “onboard USDT to the Ethereum v3 Liquidity Pool.”
[ARFC] LDO Emission_Admin for Ethereum, Arbitrum and Optimism v3 Liquidity Pools. This proposal passed on February 6th with nearly 100% voting “YAE.”
[ARC] onboard rETH (rocket pool ETH) to Aave V3 ethereum market. This proposal passed on February 3rd with 98.85% voting “YAE (without emode).”
[ARFC] Add wstETH to Optimism Aave v3. This proposal passed on February 2nd with 99.4% voting “YAE (without emode).”
[ARFC] wETH Interest Rate Curve - Ethereum v2. This proposal passed on February 3rd with nearly 100% voting “YAE.”
Provide your feedback on these Aave Requests for Comment (ARCs):
[ARC] Extend Aave DAO with EIP-4824. A proposal to “upgrade Aave DAO to EIP-4824 by deploying a new registration contract through a contract interaction with the EIP-4824 factory maintained by DAOstar.”
[ARFC] MaticX Polygon v3 Upgrade. A proposal to update the “MaticX Reserve on Polygon to facilitate an expansion of the MaticX/wMATIC loop strategy in the anticipation of rewards being introduced in the near future.”
[ARC] BAL Interest Rate Curve Upgrade. There’s been a bit of follow up on the risk analysis.
[ARFC] Increase Borrow Cap for MAI Aave Polygon V3. A proposal from the Aave Chan Initiative to “increase the MAI borrow cap to 1M MAI to reflect market demand for this asset.”
[ARC] Add Safety module support for Aave V3 Ethereum market. The Aave Chan Initiative proposes “to extend the coverage of the Safety module to Aave V3 Ethereum Contracts.”
[ARC] Add LUSD to Ethereum V3 Market. This proposal, also from the Aave Chan Initiative, provides the “opportunity to onboard LUSD to the Ethereum v3 Liquidity Pool.”
[ARFC] Add BAL Ethereum v3. A proposal from @Llamaxyz to onboard BAL to V3 Ethereum.
[ARFC] Avalanche wAVAX Interest Rate Upgrade. Llama presents “a proposal to amend the wAVAX interest rate parameters on the Aave Avalanche v3 Liquidity Pool.”
[ARFC] Add CRV to Ethereum v3. Llama proposes to “onboard CRV to the Ethereum v3 Liquidity Pool.”
In the Forums
Chaos Labsdebut their parameter recommendation platform.
Add rETH to Aave Ethereum V3 pool (153). Succeeded with 100% voting YAE and was executed on February 13th.
Add USDT to Aave Ethereum V3 pool (152). Succeeded with 88% voting YAE and was executed on February 13th.
BAL Interest Rate Curve Upgrades (151). Succeeded with 100% voting YAE and was executed on February 7th.
Aave v3 Polygon wMATIC Interest Rate Update (150). Succeeded with 100% voting YAE and was executed on February 7th.
Add cbETH to Aave V3 Ethereum (149). Succeeded with nearly 100% voting YAE and was executed on February 7th.
On Snapshot:
[ARC] Onboarding sfrxETH to Aave V3 Ethereum Market. Voting ends on February 14th.
[ARC] Add LUSD to Ethereum V3. Passed on February 13th with nearly 100% voting “YAE.”
[ARFC] increase borrow cap for MAI Aave Polygon V3. Passed on February 13th with nearly 100% voting “YAE.”
[Temp Check] Deploy Aave V3 on Neon EVM Devnet. Failed on February 10th with over 99% voting “NAY.”
[ARFC] Add wstETH to Arbitrum Aave v3. Passed on February 9th with nearly 100% voting “YAE - with Ethereum eMode.”
[ARFC] CRV Interest Rate Curve Upgrade. Passed on February 9th with nearly 100% voting “YAE.”
[ARFC] Add USDT to Ethereum V3 Market. Passed on February 7th with nearly 100% voting “YAE.”
Provide your feedback on these Aave Requests for Comment (ARCs):
[ARFC] Deploy aCRV & CRV to veCRV. This proposal “presents Aave with two options for managing the CRV holding, with @Llamaxyz recommending to lock the CRV for veCRV via Curve Finance.”
[ARC] - Chaos Labs Supply and Borrow Cap Updates - Aave V3 Polygon and Arbitrum. A proposal to “adjust five (7) total risk parameters, including Supply Cap and Borrow Cap, across seven (7) Aave V3 Polygon and Arbitrum assets.”
[ARFC] Freeze BUSD on Aave V2. A proposal from Aave Chan Initiative “following the recent developments between Paxos (minter of BUSD) and the SEC.”
[ARFC] Add CRV to Ethereum v3. Llama proposes to “onboard CRV to the Ethereum v3 Liquidity Pool.” Discussion continues, risk analysis to come.
[ARC] - Add support for BADGER on Aave V3. Llama provides a risk assessment. Chaos Labs follows up to express reservations.
ARC: Incentivized Delegate Campaign (3-month). @noturhandle from Butter proposes “a 3-month incentivized delegate pilot for Aave DAO operated by Butter.”
[ARC] Aave Protocol Plan for Shanghai Upgrade. Gauntlet provides an additional update.
[ARFC] MaticX Polygon v3 Upgrade. A proposal to update the “MaticX Reserve on Polygon to facilitate an expansion of the MaticX/wMATIC loop strategy in the anticipation of rewards being introduced in the near future.” Discussion continues.
[ARC] Gauntlet Borrow/Supply Cap Updates for Aave v3 OP and Aave v3 AVAX. Discussion continues.
[ARFC] Avalanche wAVAX Interest Rate Upgrade. Gauntlet will soon provide a risk analysis.
[ARC] Gauntlet Risk Parameter Updates for Aave V2 ETH. Gauntlet has “identified an opportunity to reduce liquidation bonuses on three (3) Aave V2 ETH assets without adding outsized market risk.”
ARC: Spark Lend Profit Share Proposal. A proposal for “profit-sharing with the Aave community” from the people behind Spark Lend, which was developed from the (open source) Aave v3 codebase.
In the Forums
Financial report for January 2023, provided by Llama.
AIP 165 has passed, “executing the first part of the rescue mission for tokens sent by mistake to the ecosystem” says BGD Labs in a tweet. AIP 166, “Rescue Mission Phase 1 Long Executor,” still needs to meet the quorum of over 1 million AAVE — but it’s getting closer.
Gauntlet, Chaos Labs, and others discuss recommended actions given the recent news concerning the collapse of Silicon Valley Bank and its affect on stablecoins.
BGD Labs also introduced the idea of Risk Steward contracts, as a pilot program to “simplify a lot of operational/governance overhead.”
@lajarre from Butter has announced the “eight candidates that have committed to running as delegates for the Aave Delegation Campaign”; the election, which is open to AAVE and stkAAVE holders, will run from April 3 - April 9.
@Llamaxyz has initiated a temp-check discussion about whether “entities can receive payment for being both a Service Provider and a Delegate Platform.”
The delegate election for Butter’s incentivized delegate campaign is active until noon today (April 10).
I’ve organized the proposals section below into the stages described here — in an attempt to reveal the process more clearly. Feedback and suggestions welcome.
Increase wMATIC Supply Cap & BAL Borrow Cap (199). Succeeded on April 10 with 100% voting YAE and is queued for execution.
Isolation Mode Changes for Aave V3 Avalanche, Polygon, and Arbitrum (198). Succeeded with nearly 100% voting YAE and was executed on April 9.
Add UNI, MKR, SNX & BAL to Ethereum v3 (197). Succeeded on April 8 with 100% voting YAE and is queued for execution.
Add DeFi Saver to Aave V3 FlashBorrowers (196). Succeeded with 100% voting YAE and was executed on April 8.
Risk Parameter Updates for Aave V2 AMM Market (2023-03-31) (195). Succeeded with 100% voting YAE and was executed on April 7.
Configure Isolation Mode Borrowable Assets on V3 Ethereum (194). Succeeded with 100% voting YAE and was executed on April 6.
On Snapshot:
[TEMP CHECK] - GHO Facilitator Onboarding Process and Application. Voting ended on April 8 with over 98% voting YAE.
[ARC] E-Mode Parameter Changes for V3 Avalanche, Optimism, Polygon, and Arbitrum. Voting ends on April 11.
[TEMP CHECK] - Launch Aave V3 on Starknet. Voting ends on April 10.
[TEMP CHECK] Incentivized Delegate Campaign (3-month). Voting ends on April 10.
[ARFC] ACI Service Provider 6-month Proposal. Voting ended on April 7 with nearly 100% voting YAE.
[TEMP CHECK] - Aave DAO’s $ARB Airdrop Allocation. Voting ended on April 3 with over 84% voting “mixed option, discuss.”
[ARFC] Add DeFi Saver to flashborrowers on Aave V3. Voting ended on April 3 with nearly 100% voting YAE.
[ARC] Community Preference for V3 Migration Levers. Voting ended on April 5 with almost 96% voting for “NO decrease V2 LT/LTV on overlapping assets” (see link for full range of votes on different options).
The proposal to upgrade the Aave Safety Module to version 1.5 will go up soon, per @bgdlabs. This one will be a Level 2 Executor, meaning it will have the highest quorum requirement (+1m AAVE) — so get ready to participate.
Risk Parameter Updates Aave V3 Optimism (206). Succeeded with 100% voting YAE and was executed on April 22.
Supply/Borrow Cap Updates V3 Arbitrum (205). Failed to reach quorum on April 21 with over 53% voting NAY.
Update AAVE V3 ETH Risk Parameters (204). Succeeded with 100% voting YAE and was executed on April 22.
Aave v2/v3 Collectors unification (203). Succeeded with 100% voting YAE and was executed on April 21.
ACI Service Provider Proposal (202).Succeeded with 100% voting YAE and was executed on April 18.
Add LDO to Ethereum Aave v3 (201). Succeeded with 100% voting YAE and was executed on April 17.
On Snapshot:
[ARFC] Deprecate Aave V2 AMM Market. Voting ends on April 28.
[ARFC] Add MAI to Optimism Aave V3 Pool. Voting ended on April 23 with nearly 100% voting YAE.
[ARFC] Add MAI to Arbitrum Aave V3 Pool. Voting ended on April 23 with nearly 100% voting YAE.
[TEMP CHECK] - Community Preference for Supply Cap Limits for LSTs. Voting ended on April 24 with 52.41% voting for Option 2 and 47.57% voting for Option 1.
[TEMP CHECK] - Whitelist Stargate for V3 Portals. Voting ended on April 18 with nearly 100% voting YAE.
Risk Rewards Phase 1: CapsRewardsSteward. Voting ended on April 17 with nearly 100% voting for “Yes 100% max increase per five days.”
The Snapshot proposal to establish the community’s preference around GHO genesis parameters is live until May 3. Will it be Option A or Option B?
Meanwhile BDG Labs discovered an “inconsistency” in a couple of configured parameters of their own proposal and so canceled AIP 208 — and re-submitted as AIP 213.
On Snapshot:
. Hope everyone had a chance to rest up. It was a quiet week on the proposal and discussion front.
GHO was just