Llama Month 11 Update

Hi everyone, we would like to share our monthly progress report and field any questions from the Aave community.

As a reminder, our areas of focus are:

  • Protocol upgrades
  • Treasury management
  • Analytics
  • Growth


You can find all this information and more at community.llama.xyz/aave.

Actions Taken This Month

Task Actions Taken Notes & Commentary
Treasury management Deployed Aave Swapper. Shared an update on the forum regarding the Swapper Swapper contract address: 0x3ea64b1C0194524b48F9118462C8E9cd61a243c7
Treasury management Progressed development of Strategic Asset Manager The code supporting veBAL position is already implemented via the StrategicAssetManager contract and can be deployed pending community feedback. There is a discussion currently on vlAURA; if it makes sense technically and the community supports, we can add vlAURA to the StrategicAssetManager.
Treasury management Progressed development of Polygon ERC20 bridge Developed a contract to bridge ERC20 tokens from Polygon to Mainnet as another tool for managing treasury assets.

Currently, Polygon assets cannot be withdrawn from Polygon and thus, assets held on that network cannot be used as part of a treasury management strategy.
Treasury management Proposed and executed AIP-302: Swap assets to aUSDC This is a follow-up proposal to AIP 282.
Treasury management Proposed and executed AIP-282: Acquire more aUSDC on Aave Ethereum Collector
Shortfall Analysis Finalized Shortfall Analysis dashboard This dashboard models the effect of a shortfall event on the Safety Module’s backstop and AAVE token price.

Here, we analyze:
  • AAVE token liquidity
  • AAVE liquidity history
  • Maximum Bad Debt
  • Backstop Liquidity
Accounting Reports July 2023 Financial Report Key takeaways:
  • Normalized revenue totaled $1.3m in July
  • July saw several large, offsetting inflows/outflows to the treasury, including:
    • $2m on the B-80BAL-20WETH purchase
    • $2.8m on the wsETH/rETH purchase
    • $6.1m - $4.8m = $1.3m normalized
  • Additionally, there were some large claims from service provider streams on the expense side during the month:
    • Certora claimed $0.5m USDC and $0.5m AAVE
    • Chaos Labs claimed $0.35m USDC and $0.5m AAVE
    • Total treasury holdings = $117.1m (67% AAVE)
    • Deposits = $8.2b
Claim Revenue to Treasury for Aave V3 Continued weekly treasury claims for Aave V3 deployments.

We thank the Aave community for their support! Please feel free to share any questions or feedback on our work.

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