Butter Delegate Activity Report
This report provides transparent and regular updates on the performance of delegates elected using Butter. Our reports are designed to make it easier for token holders to evaluate the actions taken by delegates while they hold voting power.
Table of Contents
- Aave Delegate Campaign #1
- Activity: April 17, 2023 - May 1, 2023
- Focus Area: Revenue Growth
- Focus Area: Aave v3 Features
- Unrelated to Focus Areas
Aave Delegate Campaign #1: @TokenLogic
As the winner of the Aave Incentivized Delegate program, we’ll be monitoring TokenLogic’s progress from April 17, 2023 - July 17, 2023 against the commitments made in their delegate initiative.
Below covers TokenLogic’s most recent activity based on the focus areas listed in their delegate initiative for the period from April 17, 2023 - May 1st, 2023.
Live Reporting
Our Delegate Campaign Tracker tracks all on-chain and off-chain votes cast and proposals published by TokenLogic for the duration of their Delegate Campaign at Aave.
Delegate Profiles
Aave Governance | Boardroom | Tally | Snapshot
Focus Areas (Delegate Initiative)
GHO Adoption
Accelerating the transition from a safe/guarded launch to achieving escape velocity via the widespread adoption of GHO across DeFi.
Revenue Growth
Growth avenues expected to attract new users, protocol revenue and tailoring of risk parameters supportive of those building on top of Aave Protocol.
Live Financial Reporting
Expansion of financial data across Aave, such as live financial statements, bad debt dashboards, service provider funding contracts v Aave budgets and asset holding performance over time
Aave v3 Features
Initiatives that introduce and extend the v3 design features of Aave Protocol, such as portals, facilitator roles and meta-governance.
Key Performance Indicators
TokenLogic committed to the following indicators to measure their success during their term. These include:
- GHO adoption
- Migration of Liquidity from Polygon v2 to v3
TokenLogic did not specify how GHO adoption should be measured but suggested that “initiating new pools” and “growing on-chain liquidity through various DeFi focused integrations”. GHO is yet to launch and, as such, we’re yet to see much work in this area.
In their Delegate Initiative, TokenLogic explains that, to migrate liquidity from Polygon v2 to v3, they intend to update risk parameters across the two deployments. Activity to date has centred on parameter updates, with 3 proposals concerning Polygon parameter updates specifically.
Activity: April 17, 2023 - May 1, 2023
Where TokenLogic does not provide a reason for any particular vote, we select the relevant Focus Area. Activity and reasons are available on TokenLogic’s delegate platform.
Summary
TokenLogic created two proposals, voted on 13 proposals, and missed one vote. Most of their focus related to two focus areas: Revenue Growth and Aave v3 Features.
Focus Area: Revenue Growth
Growth opportunities expected to attract new users, protocol revenue and tailoring of risk parameters supportive of those building on top of Aave Protocol.
Votes
[ARFC] Add MAI to Optimism & Arbitrum Aave V3 pool
TokenLogic’s support for this proposal aligns with their revenue growth focus area as it aims to support stablecoin diversity, attract new users, and tailor risk parameters to support those building on top of Aave Protocol.
| Proposal | [ARFC] Add MAI to Optimism Aave V3 pool |
|---|---|
| Vote | YAE |
| Voting Power | 472 AAVE |
| Reason | We firmly support the inclusion of additional LST and Stablecoins across all Aave Protocol deployments. |
| Proposal | [ARFC] Add MAI to Arbitrum Aave V3 pool |
|---|---|
| Vote | YAE |
| Voting Power | 472 AAVE |
| Reason | We firmly support the inclusion of additional LST and Stablecoins across all Aave Protocol deployments. |
Risk Parameter Updates Aave V3 Optimism
TokenLogic’s support for this proposal aligns with their revenue growth focus area as it aims to improve the capital efficiency of the system and increase borrowing, ultimately generating more protocol revenue.
| Proposal | Risk Parameter Updates Aave V3 Optimism |
|---|---|
| Vote | YAE |
| Voting Power | 472 AAVE |
| Reason | We are directly aligned with this proposal, and our only caution was DAI with an LT of 83%, as this is starting to get high. This aside, we fully support the proposal from @ChaosLabs. |
Update AAVE V3 ETH Risk Parameters
TokenLogic supporting this proposal aligns with their focus area on revenue growth as it aims to make Aave V3 more attractive for migration, which could attract new users and increase protocol revenue.
| Proposal | Update AAVE V3 ETH Risk Parameters |
|---|---|
| Vote | YAE |
| Voting Power | 472 AAVE |
| Reason | We are in full support of increasing the LTV of AAVE on Ethereum v3 to match the Ethereum v2 deployment. |
Supply/Borrow Cap Updates V3 Arbitrum
TokenLogic supporting this proposal aligns with their focus area on revenue growth as it aims to adjust supply and borrow caps to maximize protocol borrow usage and revenue while minimizing losses.
| Proposal | Supply/Borrow Cap Updates V3 Arbitrum |
|---|---|
| Vote | YAE |
| Voting Power | 472 AAVE |
| Reason | We are supportive of increasing the Supply and Borrow Caps for wETH and wBTC on Arbitrum. This enables the Aave v3 deployment to continue growing without deposit cap limitations. Enabling sufficient deposit capacity is critical to encouraging builders to create structured products on Aave Protocol. |
[ARFC] MaticX Supply Cap Increase Polygon v3
This was a proposal submitted by TokenLogic in collaboration with Llama and is related to TokenLogic’s area of focus on revenue growth in that “By increasing the TVL and TL parameters, users benefit from improved capital efficiency by being able to borrow more whilst using the same collateral position”
| Proposal | [ARFC] MaticX Supply Cap Increase Polygon v3 |
|---|---|
| Vote | Option 2 - 29.3M Supply Cap |
| Voting Power | 398 AAVE |
| Reason | None |
WAVAX Borrow Cap Update - V3 Avalanche - 04.21.2023
TokenLogic’s support for this proposal aligns with their focus area on growing protocol revenue. By providing users with a higher borrow cap more WAVAX is made available to meet borrowing demand.
| Proposal | WAVAX Borrow Cap Update - V3 Avalanche - 04.21.2023 |
|---|---|
| Vote | YAE |
| Voting Power | 398 AAVE |
| Reason | None |
Focus Area: Aave v3 Features
Initiatives that introduce and extend the v3 design features of Aave Protocol, such as portals, facilitator roles and meta-governance.
Submitted Proposals
[ARFC] Polygon v2 - Parameter Update
The proposal relates to TokenLogic’s area of focus on Aave v3 Features as it involves updating the protocol’s parameters to support migrating liquidity to Aave v3.
| Proposal | [ARFC] Polygon v2 - Parameter Update |
|---|---|
| Reason | This proposal “presents an opportunity to help kick start the migration from Polygon v2 to v3 by capitalizing on the favorable conditions presented by the multi-token liquidity mining program on v3.” |
[ARFC] Add LUSD to Aave v3 on Arbitrum
In collaboration with Llama this proposal with TokenLogic’s area of focus on GHO because it brings more stablecoin diversity to the Aave Protocol and supports the adoption of decentralized stablecoins
| Proposal | [ARFC] Add LUSD to Aave v3 on Arbitrum |
|---|---|
| Reason | The proposal proposes listing LUSD with collateral disabled (LTV 0%) with borrowing enabled. |
Votes
[Temp Check] - Community Preference for Supply Cap Limits for LSTs
TokenLogic supporting this proposal aligns with their focus area on Aave v3 Features, as it pertains to the ongoing development and refinement of Aave’s risk parameters and supply cap methodologies within the v3 version of the protocol.
| Proposal | [Temp Check] - Community Preference for Supply Cap Limits for LSTs |
|---|---|
| Vote | Option 2 |
| Voting Power | 472 AAVE |
| Reason | We are comfortable with increasing Aave’s risk exposure to LST and believe the rewards for doing so outweigh the risks. The ability to redeem, or swap, the LST for the native network token is unique to LST. |
[ARFC] Deprecate Aave V2 AMM Market
TokenLogic’s support for this proposal aligns with their focus area on Aave v3 Features to migrate users and liquidity away from Aave V2 to Aave V3.
| Proposal | [ARFC] Deprecate Aave V2 AMM Market |
|---|---|
| Vote | YAE |
| Voting Power | 398 AAVE |
| Reason | None |
Aave V2/V3 Collector’s Unification
TokenLogic supporting this proposal aligns with their focus area on Aave v3 Features, as it aims to improve the technical infrastructure of the Aave Protocol, which could lead to better performance and user experience on Aave V3.
| Proposal | Aave v2/v3 Collectors unification |
|---|---|
| Vote | YAE |
| Voting Power | 249 AAVE |
| Reason | This AIP is a key enabler for other service providers to begin managing the Treasury on respective networks. @llama implemented a simpler change enabling v1 aTokens to be received by the v2 Collector Contract, and this @bgdlabs proposal achieves the same objective in a more governance-efficient, holistic and streamlined approach. This is a great proposal from the @bgdlabs team. |
[ARFC] - Chaos Labs Risk Parameter Updates - Aave V3 Polygon
TokenLogic supporting this proposal aligns with their focus area on Aave v3 Features, as it can help to improve the overall efficiency and performance of the Aave V3 protocol.
| Proposal | [ARFC] - Chaos Labs Risk Parameter Updates - Aave V3 Polygon - 2023.04.23 |
|---|---|
| Vote | YAE |
| Voting Power | 398 AAVE |
| Reason | None |
Unrelated to Focus Areas
Votes
Risk Stewards Phase 1: CapsPlusSteward
This proposal is related to Governance.
| Proposal | Risk Stewards Phase 1: CapsPlusSteward |
|---|---|
| Vote | YAE - 100% maximum increase limit, per asset, every 5 days |
| Voting Power | 142 AAVE |
| Reason | None |
ACI Service Provider Proposal
This proposal is related to Governance.
| Proposal | ACI Service Provider Proposal |
|---|---|
| Vote | YAE |
| Voting Power | 242 AAVE |
| Reason | We are in full support of the one-man band, @MarcZeller, growing a team and enhancing ACI’s contribution to the Aave ecosystem. |
[TEMP CHECK] Gas Fee Rebate for On-Chain Votes
This proposal is related to Governance.
| Proposal | [TEMP CHECK] Gas Fee Rebate for On-Chain Votes |
|---|---|
| Vote | YAE |
| Voting Power | 398 AAVE |
| Reason | None |
No Action
[TEMP CHECK] - Whitelist Stargate for V3 Portals
| Proposal | [TEMP CHECK] - Whitelist Stargate for V3 Portals |
|---|---|
| Summary | Stargate would like to request a credit line for USDC, USDT and ETH to help Aave users access these assets in a multi-chain world. This proposal relates to v3 design features of Aave Protocol by enabling users to access assets across multiple chains |