[ARFC] Aave V2 Markets Deprecation Plan
Vote Result: YES
Rationale
The communicated plan allows dynamic adjustment, eliminates bias to the greatest extent, and guarantees transparency, ensuring the smoothness of the off-boarding process. Therefore, we will vote YES in favour of this proposal.
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.
[ARFC] Gauntlet Recommendations to Lower stMATIC/MaticX Non-emode LT/LTV on Polygon v3
Vote Result: Option 1
Rationale
Option 1 provides a good precursor to the changes in LT and LTV required to secure Polygon v3 and can be a sign for users to start shifting whilst the reduction can be an ongoing process. In Option 2, the liquidation threshold is high with $26k being liquidated instead of $10k. Depending on how the market swings in the future there may have to be revisions to this to increase LT and LTV. Therefore, we will vote YES in favour of Option 1.
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.
Gauntlet Interest Rate Recommendation for WETH Base Rate
Vote Result: Option 1
Rationale
Option 1 is a clearer statement of adjusting the slope1 for WETH on all v3 to 3.3% than the original statement, which most of the community agrees but still has a bit of controversy. The explanation that Gauntlet gives this time should eliminate any concerns and we therefore would recommend going with Option 1 and will vote YES in favour of Option 1.
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.
[ARFC] Treasury Manage - GHO Liquidity Committee
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK proposal that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this ARFC as well.
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.
Treasury Management - Create AGD GHO Allowance
Vote Result: YES
Rationale
This proposal aligns with the DAO’s goals to support GHO and regain its stability and peg and proliferate it as the stablecoin of choice. Therefore, we will vote YES in favour of this proposal.
TokenLogic Service Provider Proposal
Vote Result: NO (Vote was cancelled)
Rationale
There is internal discord in the team and there is a risk as to how this team will operate - they also need to hire new individuals and there is a risk they are not up to scratch. This is a risk for the DAO in terms of the criticality of the scope outlined. The budget of $350k for 6 months for 4 individuals is too large and while TokenLogic has built a good track record of working with the DAO, we are not sure about their capacity to handle Treasury Management based on their current experience and expertise, especially given they plan to hire a DeFi strategist and have not done so yet. Therefore, we will vote NO to this AIP as it stands.
Aave Treasury RWA Allocation Part I
Vote Result: YES
Rationale
This is the on-chain vote for this Snapshot ARFC that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this AIP as well.
Expansion of Orbit
Vote Result: YES
Rationale
This is the on-chain vote for this Snapshot ARFC that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this AIP as well.
Treasury Management - Create AGD GHO Allowance
Vote Result: YES
Rationale
This is a re-vote for this AIP that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
Reserve Factor Updates - Polygon Aave v2
Vote Result: YES
Rationale
This is a re-vote for this AIP that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
[ARFC] Treasury Management - Amend Safety Module AAVE Emissions
Vote Result: YES
Rationale
As this proposal will help reduce costs for the DAO in the immediate term until the SM upgrade is implemented, it seems sensible to us. Moreso, the 60% slashing percentage proposed by Xenophon Labs is too aggressive and maintaining it at 30% while reducing AAVE emissions may be the correct move. Therefore, we will vote YES in favour of this proposal.
[ARFC] KNC Onboarding on Aave v3 Ethereum Market
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
[ARFC] STG Onboarding on Aave v3 Ethereum Market
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
Treasury Management - Polygon v2 to v3 Migration
Vote Result: YES
Rationale
This is a re-vote for this AIP that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
[ARFC] Treasury Management - Update Balancer Ecosystem Holdings
Vote Result: Option 3
Rationale
Option 3 is a good compromise and balances all stakeholders in the ecosystem. The pros and cons presented for Option 3 compared to Options 1 and 2 are better and more aligned to all stakeholders. Option 3 optimises for emission value and while it is a more complex strategy to implement and makes the rewards management more complex, it preserves the relationship with BAL while the management of the strategy is only on one layer rather than two. Therefore, we will vote YES in favour of Option 3.
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[TEMP CHECK] Aave Events & Sponsorship Budget
Vote Result: YES
Rationale
This is the on-chain vote for this Snapshot ARFC that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this AIP as well.
OP Risk Parameters Update
Vote Result: YES
Rationale
This is the on-chain vote for this Snapshot ARFC that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this AIP as well.
[TEMP CHECK] Add FXS to Ethereum V3
Vote Result: YES
Rationale
FRAX is a well-known pillar of DeFi and an ecosystem unto itself. FXS is a core part of this ecosystem and allowing it to be used on Aave will be beneficial for both protocols. Gauntlet is in favour and there is also broad community support. Moreso, FXS earned from the Aave V3 pool can be locked as $veFXS as a new strategic asset to be used to bootstrap GHO and/or new aToken adoption. Therefore, we are in favour of this proposal and will vote YES.
[TEMP CHECK] Aave Events & Sponsorship Budget
Vote Result: ABSTAIN
Rationale
Given the high budget request for the last quarter, we think it is imperative to provide a budget breakdown as we voiced on the forum post as well. Moreso, it is important to be more targeted and economical with the DAO’s budget and there are questions around why the cost of the merchandise and booths is so high, and around whether it makes more sense for Aave to have a presence at smaller events. Since there is no clarity around these questions at the moment, we think it is best to ABSTAIN for now.
Add DebtSwapAdapter as FlashBorrower
Vote Result: YES
Rationale
It makes sense to allow Aave borrowers to avoid the flash loan fee and not pay additional premium on the flash loaned collateral. Therefore, we will vote YES in favour of this proposal.