[TEMP CHECK] AAVE Treasury Proposal for RWA Allocation with Maple Finance

It is good to see Maple contributing ideas on expanding asset diversification and gaining exposure to risk-free RWAs. We welcome proposals like this, and we provide our analysis of the proposal:

Aave DAO started its RWA diversification strategy not long ago, with 1M committed (approximately 5% of the stablecoin portfolio), and it seems premature to increase the investment allocation on this particular asset before assessing its results. Additionally, it is unclear whether this proposal is overlapping or competing with the discussions on legal entities and frameworks discussed in AIP-331. We should engage with additional RWA solutions and providers when the aforementioned legal structure is established, and the Aave DAO is in a position to evaluate every option in the market, including Maple.

Maple’s proposal focuses on the same assets, U.S. Treasury Bills, carrying similar jurisdiction risk, and using the same broker (StoneX), so it doesn’t add relevant diversification while introducing new smart contract risks and counter-party risks.

As mentioned before by @MarcZeller, Aave’s DAO stablecoins have historically been used to foster our lending markets with significant success, and the current rates should be the basis for considering moving it from there. We should remember that “risk-free” RWAs (such as T-Bills) rates may not remain as high in the long term, so Aave’s DAO must exercise caution when considering moving part of its treasury to this type of asset. Therefore, we don’t believe this is the right time to support this proposal.