[ARFC] Continuous Security Proposal Aave <> Certora
Vote Result: YES
Rationale
Certora has been a valuable partner for Aave over the years and they have shown their dedication to working with the DAO by reducing their price significantly from $2.7M to $1.5M. BGD Labs also has glowing feedback about working with Certora and they are widely known as having some of the best security researchers in the space. Our opinion is that compromising on security is a big no, and continuing Certora’s relationship with Aave is paramount. We are in agreement with @eboado about using AAVE as a payment mechanism, but if the rest of the DAO feels as if GHO is more appropriate, then we do not have significant concerns except for the sell pressure it is more likely to put on the stablecoin.
All in all, we will vote YES in favour of this proposal and look forward to continuing the DAO’s relationship with Certora.
1 Like
[TEMP CHECK] AAVE V3 Harmony Recovery ONE Proposal
Vote Result: NO
Rationale
This proposal does not fully solve the Harmony ONE issue and the Recovery ONE team has not initiated any solutions that have been proposed in previous threads. Given that this proposal would cost Aave and has no clear benefit or resolution, it does not make sense to put this through at the moment. Therefore, we will vote NO against this proposal.
1 Like
Gauntlet Recommendation to Reactivate CRV Borrowing on v3
Vote Result: YES
Rationale
This is the on-chain proposal for this Snapshot ARFC that we voted in favour of according to our rationale here. Therefore, we will vote YES in favour of this proposal as well.
[ARFC] TokenLogic & karpatkey Service Provider Partnership
Vote Result: YES
Rationale
This is the ARFC for this Snapshot TEMP CHECK that we voted in favour of according to our rationale here. Karpatkey’s response to our queries, posted on the forum, clearly outlined KPIs that they will aim to achieve clearly while answering questions around the utilisation of funds allocated to the GLC. Therefore, we will vote YES in favour of this ARFC as well.
Sync Emergency Admin on v2 AMM
Vote Result: YES
Rationale
It is logical to have consistency on all Aave instances, and aligning the emergency admin address on the deprecated Aave v2 AMM pool with the one of Aave v2 and v3 Ethereum is sensible. Therefore, we will vote YES in favour of this proposal.
Activate Proof of Reserve
Vote Result: YES
Rationale
It is sensible to enable proof of reserve on Avalanche v2 in alignment with that on v3 to ensure consistency of codebases and facilitate operational analysis. Therefore, we will vote YES in favour of this proposal.
BGD. Security Budget Request - December 2023
Vote Result: YES
Rationale
It is only fair to recompense BGD for the costs they have incurred for the Mixbytes review and that of Emanuele Ricci. An ad-hoc review of Aave v3 by Spearbit, one of the best smart contract security firms in crypto, also makes sense at this stage. Therefore, we will vote YES in favour of this proposal.
Treasury Management - Add to rETH Holding (Resubmission)
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 proposal as well.
Chaos Labs V2 Ethereum and Polygon LT Reductions
Vote Result: YES
Rationale
It is crucial to deprecate v2 and these efforts have been ongoing for a long while. Users depositing on v2 have had ample time to either shift to v3 or repay their borrows. Users have also had enough warning for this very proposal and while the aggressive option liquidates $120k over 111 accounts, a moderate option would not encourage movement away from v2 and to v3. Moreover, Chaos and Gauntlet are both aligned in this recommendation. Therefore, we will vote YES in favour of this proposal.
Increase Polygon wstETH Supply Cap
Vote Result: YES
Rationale
We are in favour of increasing the cap to 75% of circulating supply for LSTs as indicated in this Snapshot vote. While we understand Gauntlet’s concerns, we are in favour of a more aggressive cap in light of the current market to maximise revenues for Aave, especially with Chaos Labs being in favour of the proposed cap. Therefore, we will vote YES in favour of this proposal.
Increase GHO Borrow Rate 100 bps to ~6.41% on Aave V3
Vote Result: YES
Rationale
As we voted in favour of the previous AIP according to our rationale here to allow for 100 bps increases in the GHO borrow rate every 7 days while days up to 9.5% APR if the monthly average price of GHO stays outside a 0,995<>1,005 price range, it makes sense for us to increase the GHO borrow rate by 100 bps to ~6.41% and improve the peg. Therefore, we will vote YES in favour of this proposal.
TokenLogic & karpatkey Service Provider Partnership
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 proposal as well.
Polygon V2 Reserve Factor Updates
Vote Result: YES
Rationale
This proposal is in line with previous RF increases on Polygon v2 that we voted in favour of, and we will vote YES in favour of this AIP as well.
Onboard Native USDC to Aave V3 Markets
Vote Result: YES
Rationale
It is logical to have native USDC on these chains and Chaos Labs and Gauntlet are in favour. While there will be liquidations caused due to the LT for bridged USDC being reduced to incentivise usage of native USDC, there has been ample warning provided - this proposal has been posted 14 days before the vote end date, and the 3 days of voting provide enough time for collateral to be added for bridged USDC to avoid liquidations. Therefore, we will vote YES in favour of this proposal.
Continuous Security Proposal Aave <> Certora
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 proposal as well.
Update GNO Risk Parameters on Aave V3 Gnosis Pool
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 proposal as well.
Transfer All CRV Positions from Ethereum Mainnet Collector to GLC Safe
Vote Result: YES
Rationale
This is the on-chain implementation of this ARFC from March. Using sdCRV to boost GHO liquidity is logical especially as the community has agreed on a way forward, even if it was in March. While our vote result was veCRV in March according to our rationale here, we think it is logical to go forward with sdCRV if the community has voted as such, and it is critical to bootstrap GHO liquidity as efficiently as possible now, especially if the incoming treasury managers, karpatkey and TokenLogic, are aligned and in favour. Therefore, we will vote YES in favour of this proposal.
Request for Bounty Payout - December 2023
Vote Result: YES
Rationale
To ensure security, paying prompt bounties is important and we agree with BGD’s new framework for bounty payouts. Batching all pending bounties is sensible per month, although the success of this framework relies upon releasing the disclosure reports in time.
Treasury Management - Polygon v2 to v3 Migration
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 proposal as well.
Aave Governance V3 Activation Short
Vote Result: YES
Rationale
This is the final step in activating Aave Governance v3 and we will vote in favour of this AIP.