Keyrock Delegate Platform

[TEMP CHECK] Aave Events & Sponsorship Grant 2024

Vote: YAE
Reasoning:
Considering the diverse range of initiatives planned—hackathons, Open Finance Day, merchandise, and RAAVE—we find the $650,000 budget request to be reasonable. As a market leader, Aave’s continued prominence is essential, and investing in brand awareness is crucial to maintaining that position. This one-time budget allocation will support key events and initiatives for the remainder of 2024.


[TEMP CHECK] Deploy an Etherfi/Stablecoin Aave v3 Instance

Vote: YAE
Reasoning
: The majority of weETH is currently being used in leverage loop strategies, and as a result, supply caps for weETH are consistently maxed out, which restricts regular borrowing activities. This new Aave instance will alleviate this issue by allowing more natural lending behaviors. By restricting borrowing to only stablecoins, This instance ensures that leverage looping is not possible, and allows for users to deposite WeETH to borrow stablecoins without supply cap restrictions. This also improves collateral management, as non eMode users couldnt top up collateral to restore their health factor, due to supply caps being reached.

Screenshot 2024-09-13 at 14.40.08


[TEMP CHECK] Aave V3 Deployment on Aptos Mainnet

Vote: YAE

Reasoning: “We believe that a non-EVM deployment presents a significant opportunity, and Aptos is the right chain for Aave to deploy on. Aptos not only has the infrastructure required to enable safe and efficient lending but also has a rapidly growing on-chain landscape that is well-suited for DeFi. The incentive structure provided by the Aptos Foundation will allow Aave to attract substantial liquidity and capture significant market share and revenue.”

This explanation is taken from our analysis here.


[ARFC-Addendum] Update in Renewal of Aave Guardian 2024

Vote: YAE
Reasoning:
Supportive of renewing this crucial function


[TEMP CHECK] Deploy an Ethena Aave v3 Instance

Vote: YAE
Reasoning:
Due to the APR that sUSDe and USDe holders earn from delta-neutral funding strategies, these assets have become popular for leverage looping. Ethena’s new instance will create an isolated market with eMode, allowing for efficient utilization and high LTV ratios. This setup enhances the efficiency of borrowing activities while isolating the associated risk to the specific instance.


[ARFC] TokenLogic + karpatkey Financial Service Providers - Phase II

Vote: YAE
Reasoning:
This proposal ensures continued financial management by extending successful partnerships with TokenLogic and Karpatkey. We believe they have already done a good job with treasury management, and with the next phase of safety module changes and GHO expansion these services extremely important.


[ARFC] GHO Parameter Adjustment - Governance Process Amendment

Vote: YAE
Reasoning:
Allowing Direct-to-AIP for GHO parameter changes allows us to be more efficient when reacting to and implementing various GHO parameter changes in reaction to market changes.


[ARFC] Deploy USDC and USDT GSM On Arbitrum

Vote: YAE
Reasoning:
The USDC and USDT GHO safety modules enable users to mint and redeem GHO at a fixed $1 rate, preventing arbitrage opportunities which result in suboptimal execution for users. The issue stems from the relatively thin liquidity on Arbitrum compared to Ethereum mainnet, where most liquidity pools are deployed. Implementing these safety modules will enhance the stability and accessibility of GHO on Arbitrum, providing a more reliable and user-friendly experience on the network.


[ARFC] - Chaos Labs Risk Parameter Updates - sAVAX on Aave V3 Avalanche - 07.16.2024

Vote: YAE
Reasoning
: Most of the current positions are leveraged looped sAVAX/AVAX which reduce liquidation risks, and in addition there appears to be sufficient liquidity depth to create efficient liquidations. Therefore, based on the analysis of Chaos Labs it appears safe to increase LT, especially after considering other user positions.


[ARFC] Aave Events & Sponsorship Proposal 2024

Vote: YAE
Reasoning:
We voted Yes to the Temperature Check, as we believe the requested budget is justified given the number of planned events, and it is important that Aave continues to maintain its brand awareness as the biggest lending protocol and Defi Giant.


[ARFC-Addendum] Update Boosters for Merit Round 7

Vote: YAE
Reasoning:
The Merit program is beneficial for Aaves growth, and we support expanding it for round 7.


[ARFC] Onboarding weETH to Aave V3 on Scroll

Vote: YAE
Reasoning:
weETH is one of the most popular yield bearing assets on ETH and adds significant usecases to the scroll market.


[ARFC] Chaos Labs Risk Parameter Updates - Increase USDe Debt Ceiling on V3 Ethereum - 07.22.2024

Vote: YAE
Reasoning:
Since the current debt limit of $40,000,000 has been reached, we agree with the recommendations of Chaos lab. The limit is in accordance with the isolated asset risk framework, and since initially adding USDe the liquidity has grown a lot.


[TEMP CHECK] AAVEnomics update

Vote: YAE
Reasoning:
Proposed Aavenomics reduce risk of bad debt by creating an insurance for each market via umbrella staking. See our extended rationale here


[ARFC] Onboard slisBNB to Aave V3 on BNB Chain

Vote: YAE
Reasoning:
Vote yes to listing this asset with conservative parameters due to the yield bearing nature of the asset which will increase protocol revenue, and also due to the liquidity commitment put forward by Lista.


[TEMP CHECK] Onboard osGNO to Aave v3 Gnosis

Vote: YAE
Reasoning:
Since oETH has seen good adoption we expect similar results when allowing this LST to be listed on Gnosis. OsGNO has a staking reward APY of 8.72%, which will give it significant utility.


[ARFC] Merit Base Incentives and Superfest Matching
Vote: YAE

Reasoning: Base has seen significant DeFi growth and traction, and with that there are a lot of Lending platforms competing to have the highest TVL among competitor projects. We believe Superfest incentives for wETH suppliers will attract more deposites vs competitor lending platforms. Since these are matched incentives we further believe this is a good idea.

Screenshot 2024-09-13 at 14.49.05


[ARFC-Addendum] Update GHO Dynamics and StkGHO Fast Exit Mechanism

Vote : YAE

Reasoning: This solution allows users to exit their stkGHO position due to a stkGHO/GHO Liquidity pair position with a buy wall at 99c. This allows for users to exit while providiing a 100bps gain for LPs buying discounted GHO.


[TEMP CHECK] Onboard steakLRT to Aave v3 Lido Instance
Vote: YAE

Reasoning: We are supportive of this proposal as we are supportive of increased LST diversity and options. We would await more comments from the risk team.


Stablecoin IR Curve Amendment

Vote: YAE

Reasoning: Reducing slope1 parameters on stablecoins decreases interest rates to make them more aligned with the broader market.


Increase CCIP Facilitator Capacity

Vote: YAE

Reasoning: As the supply of GHO continues to increase, it makes sense to increase the amount of GHO which can be minted direct-to-AIP from 1m to 2.5m.


Aave v3.1 upgrade

Vote: YAE

Reasoning: This is a technical improvement by BGDlabs which makes incremental improvements to Aaves codebase in terms of efficiency and safety.


Lido Ethereum Instance Activation

Vote: YAE

Reasoning: Voted in accordance with our temp check and ARFC rationales


Treasury Tooling Payment

Vote: YAE

Reasoning: Payment for a crosschain bridge required by Aave to move assets connecting Arbitrum, Optimism, and Avalanche to Ethereum.


Events Grant 2024

Vote: YAE

Reasoning: We voted in accordance with our rational for the Temperature Check and the ARFC


wETH LTV0 Aave V3 Lido Instance

Vote: YAE

Reasoning: Decreasing the LTV from 82% to 0% for ethereum ensures that wETH is not used as collateral to borrow other assets, this ensures the LIDO instance remains only for leveraged looped positions.


Risk Parameter Updates - sAVAX on Aave V3 Avalanche

Vote: YAE

Reasoning: Voted in line with our rational for the TEMP CHECK and the ARFC.


Onboard USDC.e on Gnosis

Vote: YAE

Reasoning: Aligned with the parameters


Onboarding weETH to Aave V3 on Scroll

Vote: YAE

Reasoning: weETH is the most popular LST on ETH mainnet.


GHO Arbitrum Parameter Adjustments

Vote: YAE

Reasoning: In alignment with our rational for the Temp Check and ARFC


TokenLogic + karpatkey - Phase II

Vote: YAE

Reasoning: In alignment with our rational for the Temp Check and ARFC


ADI Shuffle Update

Vote: YAE

Reasoning: The proposed Shuffle mechanism for a.DI v1.1 offers significant improvements in cost efficiency and scalability by optimizing bridge usage, only utilizing the necessary number of bridges to reach consensus rather than always using all available ones.


Risk Parameter Updates - Increase USDe Debt Ceiling on V3 Ethereum

Vote: YAE

Reasoning: In accordance with our vote on the Temperature Check and ARFC


Reduce Reserve Factor on wstETH

Vote: YAE

Reasoning: Reducing wstETH’s reserve factor to 5% strengthens the benefit of the Lido alliance. This change makes the Lido instance the optimal place to borrow wstETH, in addition to being ideal for leverage loop strategies.


May Funding Update

Vote: YAE

Reasoning: Important Updates that achieve the following:

  • Swap stablecoins to GHO which increases GHOs runway
  • Migrates holdings from Aave v2 → Aave v3

Reserve Factor Updates Mid July

Vote: YAE

Reasoning: Increasing the reserve factor on bridged stablecoins has a dual purpose by decreasing the reliance of stablecoins, promoting offboarding, while also increasing the revenue of the DAO. Slope 1 will increase the base interest rate, and increasing the RF increases the proportion of interest rate which goes to the DAO (ranging from 30-70%).


a.DI ZkSync path activation

Vote: YAE

Reasoning: This proposal is a technical prerequisite for activating Aave v3 on ZKSync, and mirrors the activation process for similar networks such as Scroll.


Update PoR Executor V3 Robot

Vote: YAE

Reasoning: Technical proposal from BGDLabs.


Merit Base Incentives and Superfest Matching

Vote: YAE

Reasoning: This proposal strategically strengthens Aave’s position on Base through matched incentives for wETH suppliers. It leverages the Merit program and matches Optimism Foundation incentives, allowing Aave to have better rates than competitor lending platforms. The plan aligns with future GHO deployment and Umbrella coverage on Base, setting the stage for Aave’s expanded ecosystem presence and increased market share in this growing network.