[TEMP CHECK] - Add GHO/USDC/USDT BPT to Safety Module

[Dydymoon]

Sharing some clarifications here: I’ve been working on the SM proposal over the past months, first under Llama scope until the end of September and still doing it on my own after their contract ended.

It’s important to know that since Matthew left Llama, he’s been trying to frontrun me on that topic and he was aiming to handle this work under TokenLogic to take credit for it.

As mentioned in the update shared here last month, the ARFC following Llama TEMP CHECKs approved where not posted yet for two reasons: AIP-42 requiring to reshape the strategy, and GHO depeg which is counter productive to the GHO committee goals.

(We can also note there that TL was supposed to post this ARFC about BAL upgrade, but I posted it with my account as Matthew refused to post it under TL, before deciding to go against my post without arguments).

This event (and many others before) led me to decide & communicate on the forum that I was leaving TokenLogic, and I clearly communicated about the fact that I’d keep working on the SM upgrade proposal on my own after Llama contract ended, as it can be seen here since the goal is to publish it once the GHO peg is restored.

Really shocked and sad to see attempts to steal part of my work again, but I guess it just demonstrates I was right to leave TokenLogic.

(On a side note, the fact that you were speaking in my name under TL without my consent was one of the reasons I stopped contributing to TL, but now you’re doing the same with the GHO committee, claiming it made recommendations that came from you as the committee wasn’t consulted: This ARFC approved that was supposed to be implemented but you changed it & delayed the CL strategy implementation to include Sommelier in this comment, mentioning a committee decision)

@TokenLogic

We would like to recognise the contributions of @Dydymoon who initially work with @MatthewGraham on this type of proposal when @Llamaxyz was proposing to upgrade the SM. We would also like to recognise @solarcurve’s contribution of coming up with the smBPT gauge idea.

This proposal has been refined and differs from past work, but incorporates the work of @Dydymoon and @solarcurve - we would like to recognise there contributions and thank them for there efforts.

1. This recognition would have been great if it was there from the start, unfortunately I know you added it after receiving comments about your initial post which you tried to present as yours.

2. You knew I was working on the SM but didn’t reach out to ask to collaborate, or didn’t even discuss this topic with the committee.

3. This proposal is a bad copy/paste of the update I shared below the Llama proposal but with missing info & misunderstanding about the strategy.

Yes SolarCurve came up with the smBPT idea, but you can’t seriously compare this, (or even your contributions ?) to mine on this proposal as you know the truth.

Anyway, to prove that this work was stolen, let’s compare this post with the last update I shared in September here:

@Dydymoon

SM Proposal Updates:

This proposal is split between 6 sub-parts with a breakdown & updates explained below:

• Part I: Migrate AAVE/WETH v1 to AAVE/wstETH v2:

This migration could be implemented anytime, no blocker on this proposal if shipped alone.

@TokenLogic

If the Aave DAO elects to proceed with the strategy outlined below, the B-80AAVE-20wstETH BPT can also be integrated into the SM and replace the B-80AAVE-20wETH BPT from Balancer v1.

@Dydymoon

• Part II: Assets diversity, SM Categories & Slashing updates:

The categories & slashing parameters proposed should remain unchanged in the ARFC, however the assets list proposed will be updated to focus on stable LPs & adapt to the liquidity strategies voted.

@TokenLogic

There are two main benefits to adding the GHO/USDC/USDT BPT to the SM:

1. Diversify assets within the SM

2. Support GHO liquidity

Note that both GHO/USDC/USDT & GHO/LUSD are part of the assets I intend to propose in this ARFC update, as it makes no sense to only add centralized assets in the SM, and it won’t be efficient until GHO peg is restored…

@Dydymoon

• Part III: Enable smBPT gauges

The concept of smBPT gauges has been approved by both Aave & Balancer DAOs. In practice, this will require a wrapper contract in the SM, minting smBPTs for BPTs, and specific proposal on Balancer for each gauge but this part is dependent on the next parts.

@TokenLogic

Upon implementation of the new smBPT gauge, Aave’s vlAURA position can be used to vote rewards to the smBPTgauge on Balancer. These rewards can be claimed without unstaking from the SM.

@Dydymoon

• Part IV: Incentives Management Upgrade:

This part is currently being reworked to adapt to recent ecosystem changes caused by AIP-42 early August on Aura governance which impacted the SM estimations. I posted a TEMP CHECK explaining AIP-42 potential impacts & open the discussion about the next steps in this proposal to update Balancer Ecosystem holdings which is being voted on.

…

The bribe market irrationality & the new split below complexifies accurate estimations, especially for a project of Aave size, but solutions are being explored so part 4 will be updated in the ARFC for sure.

@TokenLogic

In addition, the DAO can allocate funds to the GHO Liquidity Committee (GLC) for the purpose of creating Quests/Bribe campaigns and directing additional yield to SM depositors.

@TokenLogic

The new 90-day emission windows, supports creating periodic budgets with clear TVL and APR targets.

Important to note that my comment in this post was totally ignored by the ACI & TL who pushed the proposal without even bothering to answer.

It’s really bad to see delegates & service providers act like this (or censoring the discussion & centralizing the decision as happened here)

@Dydymoon

GHO situation

The GHO depeg is another consideration for the SM upgrade implementation atm, which wasn’t assumed when the proposal was created as GHO wasn’t live yet.

One of the goals of the SM proposals is to incentivize GHO liquidity & protocol cover with the SM current budget, which means a lot of incentives so a lot of stableswap liquidity, which is the counter effective to get GHO back at peg as it will just cost more to do it.

…

Buying pressure coordinated with liquidity strategy should help improve the peg situation and enable to rebalance the pools on Balancer with arbitrages, to then follow up with the SM ARFCs and implementation if approved.

I also shared this many times in a group about “SM & GHO” where there are Matthew, Stani, Marc & BGD, before I was kicked out of it by Matthew a few weeks ago while this group was unrelated to TokenLogic. I understand better why now.

@TokenLogic

GHO Peg

Only when GHO recovers the peg and the pool is more balanced, should the GHO/USDC/USDT BPT be added to the SM.

Given the time to create and audit the smart contracts to integrate the strategy into the SM, the GHO peg should be recovered.

Anyway, I hope that’s enough for the Aave DAO to see that this TEMP CHECK was copied & should be viewed as invalid considering previous temp checks were already approved & I’m already working on the ARFC.

TokenLogic arguable methods & frequent lack of transparency should also raise concerns about potentially approving a new service provider / delegate where Matthew Graham is involved.