Voting Actions - October 16th – 20th
Proposal: [TEMP CHECK] stEUR Onboarding on Aave V3 Ethereum Pool
Vote: Yae
Reasoning: We support this proposal for adding stEUR as a collateral-only asset in the Aave V3 Ethereum Pool. The parameters are reasonable, and it is a good addition to the protocol’s collateral portfolio.
Proposal: [TEMP CHECK] CRVUSD Onboarding on Aave V3 Ethereum Pool
Vote: Yae
Reasoning: Integrating CRVUSD into AAVE’s Ethereum V3 is beneficial, as it adds another decentralised stablecoin option and brings revenue to the protocol. We support this proposal.
Proposal: [ARFC] Aave Events & Sponsorship Budget
Vote: Yae
Reasoning: Aave Companies is seeking a budget of $550,000 for the rest of the year, paid in GHO, to support marketing initiatives. These will serve various purposes, such as sponsoring hackathons to motivate developers to build on the Aave Protocol, hosting side events to boost community awareness, and developing the GHO Pass to promote GHO adoption. The proposal asserts that this budget allocation will enrich the Aave ecosystem and encourage innovation, inclusivity, and recognition. The excess, if any, will be carried forward to Q1 2024 events.
We support the proposal but would like a more detailed budget in the proposal phase and a spending report after the Q4 is finished.
Proposal: [ARFC] Add FXS to Ethereum V3
Vote: Yae (LTV: 35%; LT: 45%) Gauntlet
Reasoning: We support the “YAE (LTV: 35%; LT: 45%) Gauntlet” option, as it starts with more conservative values. This allows testing the market with a lower associated risk.
Proposal: [ARFC] Gauntlet recommendation for MAI / MIMATIC deprecation
Vote: Yae Option 2: Aggressive LT Reduction
Reasoning: We support the “Yea Option 2: Aggressive LT Reduction” as a step in pursuing the deprecation of MAI/MIMATIC, given that the liquidation amount is not too high.
Proposal: TokenLogic Hohmann Transfer
Vote: Yae
Reasoning: We supported this proposal on temp check, and the reasoning can be found here
Proposal: GHO Funding
Vote: Yae
Reasoning: We supported this proposal on the ARFC, and the reasoning can be found here
Proposal: Enable borrow of OP token
Vote: Yae
Reasoning: This is the execution of the AIP-337, enabling the borrowing of OP. We supported the previous AIP and also supported the current proposal.
Proposal: Futher Increase GHO Borrow Rate
Vote: Yae
Reasoning: We supported this proposal on the ARFC, and the reasoning can be found here
Proposal: [ARFC] Upgrade Aave V3 ETH pool wETH parameters
Vote: Slope 1 → 2.8%, Uopt → 0.8
Reasoning: The proposed change will make the WETH attractive for looping strategies for LSTs (stETH and eETH)and disincentivise their usage as a substitute for WETH on stablecoins borrowing.
We support the aggressive option, as it puts the borrowing rate below both yields, allowing Aave’s users to choose the one that suits their needs and increasing the utilisation of this market.
Proposal: [ARFC] sDAI Onboarding on Aave V3 Gnosis Pool
Vote: Yae
Reasoning: We support this proposal as sDAI is a valuable asset to be onboarded as collateral on AAVE v3 on Gnosis Chain. The parameters are reasonable as we take into account that it is a deployment into a new chain, but we expect that the current Supply Cap will be reached in a short time, so we want to see a higher value.
Proposal: [ARFC] Treasury Management - Add to rETH Holding
Vote: Yae
Reasoning: We support this proposal to change the composition of the Aave DAO’s treasury, especially with the reduction of the interest rate on WETH market that will come in place with this proposal.
We also believe in the ethos of decentralisation, and as the financial gains of holding stETH are not a game changer in the current scenario, choosing an option that enhances diversification is justified.