tl;dr: looking at revenue to the DAO and usage (by number of users), BAL, SNX, and CVX are top candidates for prioritization for V3 listing.
Hey team, wanted to share some thoughts on V3 asset listing prioritization. Gauntlet and Chaos are on top of the risk concerns, as always. We pulled some data from our Aave V2 subgraph and Dune and sorted by protocol revs over the last 180 days (also did 365 days). Included also depositor revs and average APY for depositors (called LPs to make the chart more readable).
Besides looking at it from an earnings perspective, we wanted to compare the pools on a usage basis to try and see which assets were used by the largest number of users rather than the largest (median more effective but for now we use average). So we also ran a query for the pools with the smallest average open deposit position over the last 180 days. The idea is to get a sense of which pools have a lot of smaller users, so are useful to the community albeit not as large. Some might argue that Ethereum is a whale chain now, in which case the DAO can just focus on the largest revenue opportunities, but we thought it was helpful perspective. We put average daily active deposits and average daily active borrows in that table as well.
Using this framework, SNX, BAL, and CVX all attracted a lot of smaller depositors. It is no coincidence that all of these tokens have lock/stake/or escrow and are yield-bearing, likely causing higher floor for APY. This means there is a real niche there for users who want price exposure to the asset and yield generation but also liquidity. The other side of that token (pun!), is the obvious liquidity considerations for Aave, but perhaps worth prioritizing those for risk assessment and let Gauntlet/Chaos big brains determine the parameters that work.
In terms of partnerships, the Aave-Balancer relationship is strong and with GHO launch opportunities hopefully getting stronger, we are stoked to see Llama already pushing for BAL to be added. Synthetix is also launching V3 soon. It is worth noting that there is a lot of SNX on Ethereum currently in escrow, meaning there are possibly many holders who want to hedge their holdings on Synthetix and could use deeper markets on Aave. One worth exploring there (image below depicts SNX escrow schedule in 2023).
Beyond usage and revenues, if there are other considerations you think are valuable we can try to run those as well.
Thanks and hope helpful
