Aave V3 Ethereum MKR Debt Ceiling Update
Vote Result: YES
Rationale
Chaos and Gauntlet both agree to raise the debt ceiling to $6M. Given that the supply cap has been hit, we are in favour of this proposal and will vote YES.
GHO Borrow Rate Update
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.
[ARFC] Safety Module - Polygon & Avalanche Coverage Update
Vote Result: YES
Rationale
Encouraging the migration from v2 to v3 is necessary and it is better for the SM to cover the v3 deployments rather than the v2, especially as the total market size of Avalanche and Polygon v2 are trending lower. Therefore, we will vote YES in favour of this proposal.
[ARFC] OP Risk Parameters Update for Aave V3 Optimism Pool
Vote Result: YES
Rationale
Implementing this change will bring more revenue and users to Aave while putting it in a good competitive position. Both risk providers are in favour and their recommendations have been implemented. Therefore, we will vote YES in favour of this proposal.
[ARFC] wGHO Aave V3 Onboarding
Vote Result: YES
Rationale
It is important to balance risk vs. reward and mitigating the liquidity and price manipulation attacks by setting lower caps and not listing wGHO in eMode is a good compromise. This may help maintain the GHO peg as well. Therefore, we will vote YES in favour of this proposal.
[ARFC] Expansion of “Orbit” - A DAO Funded Delegate Platform Initiative
Vote Result: YES
Rationale
We are in favour of incentivising delegates - as a recipient of the Orbit programme, it solidified our desire to maintain an extremely high participation rate, engage deeply with the community, and have airtight, defendable rationales for all our votes. We welcome this program becoming more open and expanding, especially with the clearly defined initial eligibility criteria. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Treasury Management - Create and Fund GHO Liquidity
Vote Result: YES
Rationale
Aligning a group to focus on growing GHO liquidity and help in maintaining the peg is important. The amount of GHO for the liquidity incentives is not excessive especially given the movement of votes away from the GHO liquidity pools on Balancer, the impact of Aura’s AIP-42, and the need to set up correct liquidity structures across venues like Balancer, Uniswap, and Maverick. Therefore, we will vote YES in favour of this proposal. One thing to note is that the signers for the committee have not been chosen by the DAO even if they consist of professionals who have contributed a lot to Aave. This process should become more transparent in the future and solicit applications from across the community.
[TEMP CHECK] Treasury Management - Swap B-80BAL-20wETH to GHO
Vote Result: YES
Rationale
The DAO should have healthy stablecoin holdings and swapping B-80BAL-20wETH for GHO is logical following the AURA purchase. Therefore, we will vote YES in favour of this proposal.
Rescue Mission Phase 2, 3
Vote Result: YES
Rationale
This rescue mission is a no-brainer and enables people who have sent tokens by mistake to incorrect addresses to recover them. Therefore, we will vote YES in favour of this proposal.
Aave <> Immunefi Program Activation
Vote Result: YES
Rationale
Having a bug bounty program is important for the DAO and we already voted in favour on the Snapshot according to our rationale here. The proposed program seems sensible. Therefore, we will vote YES in favour of this proposal.
[TEMP CHECK] Add KNC to Ethereum Aave V3
Vote Result: YES
Rationale
There should be no issue in adding KNC in isolation mode depending on Chaos Labs and Gauntlet’s feedback. Moreover, potentially directing KNC incentives to GHO pools on KyberSwap would help bootstrap GHO liquidity and be beneficial for the DAO. Therefore, we will vote YES in favour of this TEMP CHECK.
[TEMP CHECK] Onboard STG to Ethereum Aave v3
Vote Result: YES
Rationale
Stargate is the largest bridge in the crypto space and STG has good liquidity and usage. Adding it to Ethereum v3 would enable new revenue streams for Aave. Moreso, Gauntlet is in favour of the risk parameters. Therefore, we will vote YES in favour of this proposal.
[ARFC] TUSD Offboarding Plan Part II
Vote Result: YES
Rationale
Migrating from v2 to v3 is key and this is a follow-up to this Snapshot proposal which also aimed to mitigate TUSD risks and offboard is from Aave v2. Moreover, Gauntlet is in favour of the proposal. Therefore, we will vote YES In favour of this proposal.
[ARFC] Treasury Management - GHO Funding
Vote Result: YES
Rationale
The DAO needs to support GHO and use it as the unit of currency for most of its service provider payments and budget needs. Converting some stablecoins, especially longer tail ones like BUSD and TUSD from the v2 treasury makes sense to support GHO and pay service providers. Therefore, we will vote YES in favour of this proposal.
[ARFC] Aave V3 Deployment on zkEVM L2
Vote Result: YES
Rationale
We voted YES on this Snapshot TEMP CHECK proposal to deploy Aave v3 on the Polygon zkEVM mainnet according to our rationale here. Chaos Labs’ parameter recommendations have been incorporated and Gauntlet is also in favour. While Gauntlet’s recommendation to include wstETH has not been taken into account, this can be added at a later date as well. Therefore, we will vote YES in favour of this proposal.
CRV Aave V2 Ethereum LT Reduction
Vote Result: YES
Rationale
De-risking CRV on Ethereum v2 is critical and Chaos and Gauntlet are aligned on the reduction. Therefore, we will vote YES in favour of this proposal.
[ARFC] Aave V3 Deployment on GnosisChain
Vote Result: YES
Rationale
This is a follow-up to this TEMP CHECK Snapshot to deploy Aave v3 on GnosisChain that we voted in favour of according to our rationale here. Chaos and Gauntlet agree on all parameter recommendations apart from listing GHO in isolation mode. This ARFC proposes to list GNO in isolation mode. We agree with Chaos Labs’ analysis in favour of listing GNO in isolation mode especially in terms of addressing the risk of borrowing stables against GNO as collateral. Therefore, we will vote YES in favour of this proposal.
Reserve Factor Updates - Polygon Aave v2
Vote Result: YES
Rationale
This is a continuation of the efforts to increase the RFs for Polygon v2 to incentivise migration from v2 to v3. Following on from this AIP which we voted in favour of according to our rationale here, we will vote YES in favour of this proposal as well.
Gauntlet Recommendation to Set WETH Slope 1 to 3.3% on v3 Markets, Excluding Ethereum v3
Vote Result: YES
Rationale
On this Snapshot, Option 1 (lower slope for all v3 markets to 3.3%) was selected - we voted in favour of this option. As such, we will vote YES in favour of this proposal to implement Slope 1 of 3.3% on all v3 markets excluding Ethereum v3.
Note: We were not able to put our vote through for this proposal due to the Aave Governance app not being able to recognise our voting power as seen in the error below, but wanted to post this rationale and indicate our YES vote for this AIP.
[TEMP CHECK] Updated Aave Grants Continuation Proposal
Vote Result: YES
Rationale
To push forward Aave to multi chains and drive the adoption of GHO, it is necessary to form an open community and motivate top developers to join the ecosystem, and the grants from AGD is indispensable. Since May 2021, AGD has successfully supported multiple impactful events and hackathons, as well as exercised prudence during downturn. The number requested is fair, so we vote YES to the next 6 months continuation.
Note: We were not able to execute our vote on this Snapshot since our voting power was migrated to a new address after the Snapshot was created. We have communicated our vote and rationale here for the sake of transparency.
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