RFC. Aave Governance. Adjust Level 2 requirements (long-executor)

Following the timeline proposed in the previous message, we can communicate now to the community that all the implementation and security procedures have been finished and the deployments required for the Aave governance to vote on have been done.
All deployment information can be found on https://github.com/bgd-labs/aave-gov-level-2-update/releases/tag/mainnet-deployment


The proposal creation for both governance proposals will be done in a completely decentralized way, via a so-called Autonomous Proposal procedure. An Autonomous proposal is a smart contract with the necessary mechanism to:

  1. Receive proposition power from anybody delegating.
  2. Expose a function to create the programmed proposals on the smart contract, once the necessary proposition power is enough (and after a certain date, programmed on the Autonomous proposal itself).

The programmed date when the proposal can be created (if it accumulated the necessary 320k AAVE proposition power) is timestamp 1664892000 or Tuesday, 4 October 2022 14:00:00, in approx. 7 days from now.

We ask the Aave community to delegate ONLY AAVE/stkAAVE PROPOSITION POWER to the address of the Autonomous Proposal smart contract 0x6E1A6728829BC0FcA82C1A39834c6212C250F1c1

Again, 320k AAVE/stkAAVE proposition power delegation is necessary on it before 4th October, for the contract to be able to create the governance proposals.

You can delegate via app.aave.com/governance and you can find a guide about delegation on https://github.com/bgd-labs/how-to-delegate-aave

DON’T SEND AAVE TOKENS TO THE CONTRACT, ONLY GIVE PROPOSITION DELEGATION. THE FUNDS WILL BE LOST IF SENT THERE
An additional and important aspect is that the proposition delegation given will need to remain on the Autonomous Proposal smart contract for the whole vote duration, that is 17 days. If during that time the proposal doesn’t have more than 320k proposition power, anybody will be able to cancel it.

Additionally, we encourage the broad Aave community to prepare the AAVE tokens or gather voting delegation to have it ready to vote on 4th. If the AAVE voting power is not in the appropriate wallet to vote on 4th, it will not be possible to vote with it.




To summarize:

Before 4th October

  • Give ONLY PROPOSITION POWER to 0x6E1A6728829BC0FcA82C1A39834c6212C250F1c1 , the address of the Autonomous Proposal. You can do it via app.aave.com/governance and you can find a guide about delegation on https://github.com/bgd-labs/how-to-delegate-aave.
  • Prepare on a wallet able to vote your AAVE voting power (don’t give voting power to the proposal).

4th October

  • Both Level 2 and “boost” proposals will be created by the Autonomous Proposal, and open to voting.

After 4th October

  • Voting on both proposals opens, with “boost” lasting 3 days, and Level 2 lasting 10 days. Vote on both if you can!
    320k AAVE are required to pass the “boost” proposal, and approx. 900k to pass the “Level 2” one.

  • If you delegated proposition power to the Autonomous Proposal, don’t remove it until it passes and gets executed, in 17 days.

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