Voting Actions - November 5th – November 10th
Proposal: [ARFC] GHO - Increase Borrow Rate
Vote: Yae
Reasoning: We support this proposal, as it aims to reduce the borrowing discount of GHO relative to other stablecoins to disincentivise users from minting GHO to swap it for other stablecoins.
Proposal: [ARFC] wMATIC Interest Rate Update
Vote: Yae - 5.00%
Reasoning: Reducing Slope 1 will set the conditions to drive the adoption of looping strategies (for LSTs) and increase the utilisation ratio of the wMATIC market.
Proposal: [ARFC] Aave Swap Upgrade
Vote: Yae
Reasoning: We support this proposal to enhance the Aave Swap Contract by incorporating Limit Orders and Time-Weighted Average Price (TWAP) swap functionality. Integrating these features will lead to more efficient and flexible trading strategies, benefiting the Aave community.
Proposal: [TEMP-CHECK] Create an Aave Financial Management Working Group
Vote: Abstain
Reasoning: We abstained because, although important, there was not enough conviction about the current proposed format.
Proposal: [ARFC] Increase Stablecoin Optimal Borrow Rates
Vote: Yae
Reasoning: We support this proposal as it addresses the mismatch between Aave’s current stablecoin rate models and the broader market, which led to the current rate being too low. It also will help to reduce inefficiencies and negative user experience impacts due to greater rate volatility.
Proposal: [Temp Check] GHO Bounty for Integration Issue Detection
Vote: Yae
Reasoning: We support the proposal to award this community member a bounty of 50,000 GHO. Playing a crucial role in identifying and reporting an incident that led to the precautionary pausing of the GHO market, this individual’s proactive approach and keen observation were important in uncovering an underlying issue.
Proposal: [ARFC] Treasury Management - vlAURA
Vote: Yae
Reasoning: We support this proposal, as it covers the operational part of transforming Aura into vlAura to introduce Aave DAO into Balancer’s voting system.
Proposal: [ARFC] TokenLogic - Retrospective Funding Proposal
Vote: Yae
Reasoning: We recognize Tokenlogic’s contributions to Aave DAO in the past six month and fully support this retroactive funding proposal.
Proposal: [ARFC] Arbitrum USDC Migration
Vote: Yae
Reasoning: It is important to plan the transition from USDC.e to USDC in advance for it to happen as smoothly as possible for Aave users. We support this proposal as the initial step towards this migration on Aave: To freeze the asset, we want to deprecate (USDC.e) and raise the borrow and supply caps of USDC, increasing this pool capacity.
Proposal: [ARFC] Increase Uopt for Stablecoins on all V3 Deployments and RF on V2 Ethereum
Vote: Yae
Reasoning: This incentivises the migration from v2 to v3 (raising the Reserve Factor on v2) and increases each stablecoin supply by moving the Uopt from 80% to 90%, allowing a bigger market share capture.
Proposal: [ARFC] Authorizing Use of Grace Sentinel
Vote: Yae
Reasoning: This is part of a series that handles the effects of the actions to mitigate the risk presented by the threat identified in the Aave bug bounty program on November 4th, 2023. By enabling programmatically a grace period for those affected to take action (if they choose to) to avoid liquidation, we ensure a procedure that can be followed if a similar situation arises.
Proposal: [ARFC] CRVUSD Onboarding on Aave V3 Ethereum Pool
Vote: Yae
Reasoning: We support the proposal to onboard CRVUSD stablecoin into the Aave V3 Ethereum pool, which enhances the user experience by offering a wider array of stablecoin options. CRVUSD is showing a robust peg and a growing market presence, and the potential future incorporation of CRVUSD as a collateral asset opens up new avenues for growth and utility within Aave’s platform.
Proposal: Chaos Labs Risk Management Renewal
Vote: Yae
Reasoning: We support this AIP, and the reasoning is the same from the ARFC
Proposal: Disable Stable Borrows
Vote: Yae
Reasoning: We support this AIP as it is an action to address an issue reported by a white hacker. It disables the stable borrow rate for all assets across all pools in all networks. In addition, it unfreezes assets that the freeze steward previously froze.
Proposal: Liquidations Grace Sentinel activation
Vote: Yae
Reasoning: We support this proposal that activates a new Aave v2 feature, the Liquidations Grace Sentinel, an emergency mechanism allowing controlled unpause by the Aave Guardian whenever a pause was enabled. This AIP is an action to address an issue reported by a white hacker.
Proposal: Aave V2 Ethereum LT Reduction
Vote: Yae
Reasoning: We support this proposal that reduces the Liquidation Threshold (LT) on Aave V2 Ethereum in accordance with the v2 deprecation framework.
Proposal: Activate Freezing Steward on v3 missing networks
Vote: Yae
Reasoning: We support this proposal to add the Freezing Steward on all chains missing this component.
Proposal: Fixed REP price feed on AAVE v1
Vote: Yae
Reasoning: We support this proposal of changing the Chainlink price feed with one fixed-value price adapter, as this is a legacy token on the v1 market with a supply of less than $100.
Proposal: GHO - Increase Borrow Rate
Vote: Yae
Reasoning: We support this AIP, as it aims to reduce the borrowing discount of GHO relative to other stablecoins to disincentivise users from minting GHO to swap it for other stablecoins. Now that this new level is set (reducing the supply), we can monitor the situation closely to check if the other initiatives can restore the peg.
Proposal: AmendSafetyModuleAAVEEmissions
Vote: Yae
Reasoning: We support this proposal, and the reasoning remains the same from the ARFC that you can find here
Proposal: Reserve Factor Updates - Polygon Aave v2
Vote: Yae
Reasoning: We support this proposal, and the reasoning remains the same from the ARFC that you can find here
Proposal: Upgrade Aave V3 ETH Pool wETH parameters
Vote: Yae
Reasoning: We support this proposal, and the reasoning remains the same from the ARFC that you can find here