GHO Update on Aave V3 Ethereum Pool
Vote Result: YES
Rationale
This AIP fixes the technical issue with the GHO integration with the Aave v3 GHO pool. Therefore, we will vote YES in favour of this proposal.
[ARFC] Treasury Management - Avalanche v2 to v3 Migration
Vote Result: YES
Rationale
Consolidating funds on v3 is a logical move. Moreover, the higher deposit rates on v3 and wAVAX incentives make it sensible to migrate to v3. Therefore, we will vote YES in favour of this proposal.
[ARFC] Return OP to Aave Grants DAO Safe
Vote Result: YES
Rationale
This is a simple proposal to return the OP from the Aave Guardians Safe to the AGD Safe. We will therefore vote YES in favour of this proposal.
Chaos Labs Risk Parameter Updates - Aave V3 Optimism
Vote Result: YES
Rationale
This is the on-chain proposal for this Snapshot that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal.
[ARFC] Enabling USDT as Collateral on Aave v3 AVAX Market
Vote Result: YES
Rationale
USDT can be used to borrow assets on the v3 AVAX market which will increase protocol revenue for Aave and this proposal is in line with other proposals to increase USDT utility across Aave. Moreover, Chaos and Gauntlet are both in support. Therefore, we will vote YES in favour of this proposal.
[ARFC] Increase GHO Borrow Rate
Vote Result: YES
Rationale
Having looked at all opinions in the forum, we are of the opinion that increasing the interest rate at this point would be the first step towards repegging GHO. Firstly, early borrowers would have likely sold the borrowed GHO, leading to the depeg. Increasing the interest rate would lead them to buy back GHO and repay the debt, helping with the repeg. Furthermore, according to both Gauntlet and Chaos Labs, increasing the IR would not add additional risk. The counterpoints are to 1) wait for the GSM to be implemented and 2) that a 100 bps increase in interest rates may not be enough to kickstart a repayment of existing debt and may only stop or slow down demand for new debt creation. However, for 1), the GSM is not ready yet and will take time to be implemented, opening up the need for a short-term solution, and for 2), the 2.5% is still a better interest rate than that for other stables so it is not necessary that a capital flight will occur. Therefore, we will vote YES in favour of this proposal.
Funding Aave Robot for Governance V2 Automation
Vote Result: YES
Rationale
This is the on-chain implementation of this Snapshot that we voted in favour of according to our rationale here. Moreover, it is fair to compensate BGD Labs for their efforts in testing the Robot over the last 2 months. Therefore, we will vote YES in favour of this proposal.
1 Like
Aave BGD Phase 2
Vote Result: YES
Rationale
This is the on-chain implementation of this Snapshot that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal.
[ARFC] - Chaos Labs Risk Parameter Updates - Aave V3 Ethereum - 2023.08.25
Vote Result: YES
Rationale
Implementing these changes will result in a projected borrow increase of ~$2.5M, with no increase in VaR and Extreme VaR. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] TokenLogic Proposal
Vote Result: YES
Rationale
A stream that can be cancelled and is flexible enough for Aave to comprehensively define and run an RFP process while being able to, in parallel, continue the work that is currently being done around GHO integrations and treasury management, is beneficial for Aave. Moreover, TokenLogic have already done a lot of work for the DAO and deserve to be compensated for their efforts to date, and for their forthcoming efforts in lieu of a formal RFP process. A couple of concerns are that the stream of 350k for 6 months does seem excessive and the scope is too broad and may stretch the team of 4.5 FTE too much. However, for the moment, the DAO has not defined an RFP process and until it does so, it would be prudent to ensure business as usual by sticking to the status quo while the community defines a comprehensive process in parallel. Therefore, we will vote YES in favour of this proposal.
[ARFC] Treasury Management - Replace AGD’s DAI Allowance with GHO Allowance
Vote Result: YES
Rationale
Aligning AGD’s funding to GHO is logical and supporting the peg is also a benefit. Therefore, we will vote YES in favour of this proposal.
[ARFC] Treasury Management - Acquire AURA
Vote Result: YES
Rationale
Aura/Balancer is the correct place to bootstrap GHO and given that the commit from the Aura Finance team is ending and the veBAL and vlAURA being used to support GHO pools will reduce, acquiring AURA to bootstrap GHO is logical. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Proposal for Senate to Enable Dedicated Tooling for Aave Governance
Vote Result: YES
Rationale
Implementing these features is a net positive for Aave and will help smoothen some of the frictions associated with governance. Senate has received a grant from AGD and already built and tested these features. They have also completed a technical review with Aave Companies. Therefore, we will vote YES in favour of this proposal.
[ARFC] Quarterly Gas Rebate Distribution - August 2023
Vote Result: YES
Rationale
In line with our previous votes for gas rebates (here, here, and here), we are in favour of this proposal as well and will vote YES in favour.
Reserve Factor Updates - Polygon Aave v2
Vote Result: YES
Rationale
Following this AIP which we voted in favour of according to our rationale here, we will vote YES in favour of this proposal as well.
Sigma Prime Audit Budget Extension
Vote Result: YES
Rationale
This is the on-chain proposal for this Snapshot that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
SupplyCapLSTs
Vote Result: NO
Rationale
While the supply caps have reached their thresholds and increasing them would potentially bring additional revenue to Aave, we are in alignment with Gauntlet here. Their logic for not increasing the stMATIC supply cap is well thought out and makes sense, and adding excess risk to Aave is not sensible especially if the reason for increasing the supply cap in the first place is not being fulfilled (greater wMATIC borrows via the recursive strategy). Therefore, we will vote NO against this proposal.
Chaos Labs Risk Parameter Updates
Vote Result: YES
Rationale
As with the other proposals to reduce capital efficiency on v2 markets and promote migration to v3, we are in favour of this proposal and will vote YES.
1 Like
[TEMP CHECK] Update Balancer Ecosystem Holdings
Vote Result: YES
Rationale
This is a TEMP CHECK and it would be good to further explore the proposition to move to vlAURA from veBAL with more community input. It would also be good to get further detail on the cost of acquiring vlAURA via OTC deals and the cost of selling the B-80BAL-20ETH BPT, along with the required dev resources to add vlAURA support to the StrategicAssetManager. Therefore, without having an opinion on which of the vlAURA or veBAL routes are correct, we will vote YES in favour of this proposal to get further detail to inform our final decision.
1 Like
Quarterly Gas Rebate Distribution August 2023
Vote Result: YES
Rationale
This is the on-chain vote for this Snapshot proposal that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.