TokenLogic Delegate Platform

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21

TokenLogic January Update

During January 2025, we participated in 13 of 13 Aave Improvement Proposals (AIPs), and 16 of 16 Snapshot votes.

Snapshot Votes

[TEMP CHECK] Deploy Aave v3 on Mantle
Vote Cast: YAE
Supporting this deployment. Mantle is a strong ecosystem and proposed some solid liquidity commitments this coupled with the user base from Bybit makes the Mantle deployment a great opportunity for Aave.

[ARFC] Add rlUSD to Core Instance
Vote Cast: YAE
Supporting this onboarding, rlUSD is the stablecoin from Ripple and has already received a NYFDS approval. This onboarding will widen the stablecoin landscape on Aave with a new strong contender.

[ARFC]. BGD. Aave v3.3 Sherlock contest
Vote Cast: YAE
We fully support this proposal, as we believe conducting this audit prior to the deployment of Aave v3.3 is essential. Aave consistently upholds the highest security standards, and this audit aligns perfectly with those principles.

[TEMP CHECK] Deploy Aave on Rootstock Network
Vote Cast: YAE
We fully support this deployment. As the Bitcoin ecosystem continues to grow rapidly, Aave’s expansion to the most battle-tested Bitcoin Layer 2 presents an excellent opportunity to tap into this evolving landscape.

[TEMP CHECK] Add EURC to BASE Aave V3 Instance
Vote Cast: YAE
We support this onboarding, as we believe it has the potential to attract a new wave of Europe-based users to Aave.

[ARFC] Extend GHO Steward on Aave Prime Instance
Vote Cast: YAE
We support this proposal, as we were directly involved in its development. Extending the GHO Steward to the Prime Instance will foster GHO’s growth through a more modular approach.

[ARFC] Prime Instance - wstETH Borrow Rate + rsETH Supply Cap Update
Vote Cast: YAE
We support this update. By lowering the wstETH borrow rate, this initiative will drive growth for the Prime Instance, encouraging new LRT deployments and positioning it as the leading platform for LRT/LST looping strategies in the market.

[ARFC] Whitelist Balancer DAO to Claim Liquidity Mining Rewards
Vote Cast: YAE
We fully support this proposal. With the launch of Balancer v3, boosted pools will rehypothecate LP tokens to Aave, enabling the generation of additional yield. For some LPs, Balancer will need to manage the claiming of liquidity mining rewards for redistribution to liquidity providers.

[TEMP CHECK] Aave <> Chainlink SVR v1 integration
Vote Cast: YAE
We support this proposal. The SVR program has been in development for quite some time, and we’re excited to see it go live, enhancing and optimizing Aave’s liquidation process to its fullest potential.

[TEMP CHECK] Joint Incentive Program With Polygon
Vote Cast: NAE
We are not supporting this proposal. While this proposal provides an opportunity to collaborate and strengthen ties, we recommend focusing on growth initiatives tied to new Aave deployments. Our comment on the applicable thread can be found [here[([TEMP CHECK] Joint Incentive Program With Polygon - #10 by Kene_StableLab).

[ARFC] Sunset stMATIC on Polygon instance
Vote Cast: YAE
We support this proposal. In light of Lido’s decision to sunset stMATIC, it is logical for Aave to align with this move and begin phasing out the stMATIC reserve on the Polygon instance.

[ARFC] Add EURC to BASE Aave V3
Vote Cast: YAE
We support this onboarding, as we believe it has the potential to attract a new wave of Europe-based users to Aave.

[ARFC] Deploy stataUSDC and stataUSDT GSMs on Ethereum
Vote Cast: YAE
We support this proposal. Deploying stataToken GSMs will enable the DAO to generate passive yield on idle stablecoins while also accelerating GHO growth by making the GSMs more capital-efficient.

[ARFC] wstETH Borrow Rate Update
Vote Cast: YAE
We support this proposal, as we anticipate it will drive the adoption of LRTs across multiple Aave instances.

[TEMP CHECK] Onboard pufETH to Aave V3 Core Instance
Vote Cast: NAE
We do not support this onboarding. As new LRTs are introduced to Aave, the strategy focuses on deploying them with eModes utilizing wstETH debt on Prime. Onboarding pufETH on Core would grant access to WETH, which is not aligned with this approach. We will closely monitor the ARFC and await input from the Risk providers on this matter. Should this change, we are open to shifting our vote at the ARFC stage.

[ARFC] sUSD Risk Parameter Adjustment
Vote Cast: YAE
We are in favor of this adjustment.

AIP Votes

Proposal to Remove USDS from sUSDe Liquid E-Mode in Aave Prime Instance
Vote Cast: YAE
We supported this proposal. USDS on the Prime instance uses SKY’s D3M to provide direct liquidity, key to attracting WETH and wstETH deposits. However, adding USDS to the sUSDe Liquid E-Mode has driven looping strategies, causing interest rate spikes that negatively impact ETH-collateralized borrowers.

Aave v3 Gnosis Instance Updates Part 1
Vote Cast: YAE
We voted in favor of this proposal and are keen to see growth of the Gnosis Instance.

Deploy 10M GHO into Aave v3 Lido Instance
Vote Cast: YAE
We support this deployment as it will provide the initial liquidity for GHO on the Prime instance, enhancing the DAO’s capital efficiency.

Aave v3.3 Sherlock contest funding
Vote Cast: YAE
We fully support this funding, as we believe conducting this audit prior to the deployment of Aave v3.3 is essential. Aave consistently upholds the highest security standards, and this audit aligns perfectly with those principles.

Funding Proposal: karpatkey as GHO Growth Service Provider
Vote Cast: YAE
We support this funding and are excited to see GHO’s growth on Gnosis Chain.

Onboard ezETH to Arbitrum and Base Instances
Vote Cast: YAE
We voted in favour of this onboarding and are keen to see Renzo’s growth on Arbitrum and Base Instances.

Onboard sUSDe and weETH to Aave v3 on zkSync
Vote Cast: YAE
We voted in favour of this onboarding and are keen to see Ethena and Etherfi’s growth on zkSync Instance.

a.DI Celo path activation
Vote Cast: YAE
We voted in favor of this proposal, as it lays the groundwork for Aave’s future expansion on Celo.

Onboard LBTC & Enable LBTC/WBTC liquid E-Mode on Aave v3 Core Instance
Vote Cast: YAE
We voted in favour of this onboarding. LBTC is the strongest BTC LRT on the market and we are keen to see its growth on the Core Instance.

Update Lido GHO base borrow rate
Vote Cast: YAE
We voted in favor of this proposal. The previous Prime borrow rate for GHO was set in more favorable market conditions. With current low utilization, reducing the borrow rate should help stimulate market activity.

Set REZ, KERNEL and rsETH Emission Admin to ACI
Vote Cast: YAE
We voted in favor of this proposal, as it will fund a liquidity mining campaign to promote ezETH and rsETH deposits across multiple Aave instances.

GHO Risk Stewards Update and GHO CCIP Integration Upgrade
Vote Cast: YAE
We voted in favor of this technical upgrade of the GHO Risk Stewards.

Prime Instance - wstETH Borrow Rate + rsETH Supply Cap Update
Vote Cast: YAE
We support this update. By lowering the wstETH borrow rate, this initiative will drive growth for the Prime Instance, encouraging new LRT deployments and positioning it as the leading platform for LRT/LST looping strategies in the market.

22

TokenLogic February Update

During February 2025, we participated in 21 of 21 Aave Improvement Proposals (AIPs), and 19 of 19 Snapshot votes.

Snapshot Votes

[ARFC] Deploy Aave v3 on Sonic
Vote Cast: YAE
We support this deployment. Mantle is a vibrant ecosystem and has proposed strong liquidity commitments, making this deployment a valuable opportunity for Aave.

sUSDe and USDe Price Feed Update
Vote Cast: NAE
We do not support this update. We generally oppose hardcoding oracles, and there is no demonstrated demand or urgent need that justifies this change.

[ARFC] Supply and Borrow Cap Risk Oracle Activation
Vote Cast: YAE
We support this proposal, as we believe this update could streamline certain processes and contribute to reducing the protocol’s risk exposure.

[ARFC] Adjust Risk Parameters for Aave V2 and V3 on Polygon
Vote Cast: YAE
We fully support this proposal.

[ARFC] Deploy stataUSDC GSM on Base
Vote Cast: YAE
We support this deployment, as StataGSM will contribute to the growth of GHO on Base while helping to mitigate volatility caused by limited secondary market liquidity. Introducing the Stata version will enhance capital efficiency and support the expansion of the USDC market on Base.

[ARFC] Prime Instance - Restore ETH LTV
Vote Cast: YAE
We support this proposal, as the introduction of Merit rewards will effectively eliminate the risk of recursive loops, removing the need to maintain ETH’s LTV at 0%.

[ARFC] Proposal to Allocate AGD treasury to Aave DAO
Vote Cast: YAE
We support this proposal.

[TEMP CHECK] Add bCSPX to Aave V3 Gnosis Instance
Vote Cast: YAE
We support this proposal. It is exciting to see new kind of RWA coming on chain and it is welcomed on Aave.

[ARFC] Aave V2 Deprecation Update - Disable New Borrows, IR Curve and Reserve Factor Adjustments
Vote Cast: YAE
We support this proposal, as it represents a logical next step in the ongoing process of deprecating the Aave V2 instances.

[TEMP CHECK] Deploy Aave v3 on Ink
Vote Cast: YAE
We fully support this deployment and are eager to see growth on Ink Chain while gaining access to Kraken’s user base through this initiative. We look forward to the confirmation of deposits and incentive commitments at the ARFC stage.

[TEMP CHECK] Recognize HyperLend as a Friendly Fork
Vote Cast: YAE
We support this proposal, as it meets all the necessary criteria for HyperLend to be officially recognized as a friendly fork.

[ARFC] Core & Base - BTC Correlated Asset Update
Vote Cast: YAE
We support this update, as it will foster the growth of BTC-correlated assets across both Mainnet and Base instances. Lombard has established itself as the leading BTC LST, and enabling its use alongside other BTC wrappers has proven to be a key driver of growth for BTC-related markets.

[ARFC] Update AAVE LTV and Liquidation Threshold Percentages
Vote Cast: YAE
We support this proposal, as the analysis provided by risk teams highlights the strength of the AAVE token during market downturns and the good secondary liquidity. These factors make this conservative adjustment appropriate.

[ARFC] Add sUSDE to Aave V3 Base Instance
Vote Cast: YAE
We support this onboarding, as sUSDe has proven to be a valuable asset for leverage strategies on both Core and Prime instances. When market conditions improve, sUSDe’s growth drives up stablecoin borrow rates across the board.

[TEMP CHECK] Add support for Wrapped Origin Sonic (wOS) to Aave v3
Vote Cast: YAE
We support this onboarding, as it is expected to drive demand within the new Sonic markets. Origin Sonic, as the second-largest S LST, is well-positioned to generate meaningful borrowing demand for S.

[ARFC] Onboard rsETH to Arbitrum and Base V3 Instances
Vote Cast: YAE
We support this onboarding, as rsETH has demonstrated strong growth on Core and Prime markets. We aim to replicate these successful strategies on Arbitrum and Base, where rsETH will benefit from access to low-cost wstETH debt through the ongoing incentives program.

[TEMP CHECK] Deploy Aave on Soneium
Vote Cast: YAE
We support this deployment and look forward to seeing growth on Sony Block Solutions Labs’ L2. This initiative will position Aave as the core liquidity layer while leveraging Sony’s distribution channels to access a broader user base.

[TEMP CHECK] Deploy Aave on megaETH
Vote Cast: YAE
We support this deployment and look forward to receiving further details from the megaETH team regarding their liquidity provisions and incentive commitments.

[TEMP CHECK] GHO Gas Token Framework
Vote Cast: YAE
We support this framework as it is a very exciting new utility for GHO and should bring demand. Easing gas payment with stable rewards is a very elegant solution.

AIP Votes

Collector upgrade
Vote Cast: YAE
We supported this proposal. This update will introduce more flexibility for the Finance Stewards.

GHO Base Launch
Vote Cast: YAE
We voted in favor of this launch and are very excited about GHO coming to Base. There are a lot of synergies to be explored for the stablecoin on that network and its growth will be backed by strong incentives.

Sunset stMATIC on Polygon instance
Vote Cast: YAE
We support this proposal as Lido is sunsetting its services for stMatic, it doesn’t make sense to keep supporting the asset in such a state.

Update USDS & GHO Borrow Rate
Vote Cast: YAE
We fully support this update as it will align the prime market borrow rates with the new SSR and make GHO debt a better option there.

Allow Balancer To Claim Mining Rewards
Vote Cast: YAE
We support this proposal and are very happy to see the synergies between Balancer v3 and Aave evolving.

wstETH Borrow Rate Update
Vote Cast: YAE
We voted in favor of this proposal. Given the recent market downturn and the challenging price action of EIGEN, LRT/wstETH looping strategies on Prime have struggled to remain profitable. This adjustment, by lowering borrow rates, will help restore profitability for these loops.

Aave v3 Linea Activation
Vote Cast: YAE
We voted in favour of this deployment and are very keen to see Aave grow on Linea.

February Funding Update (Part 1)
Vote Cast: YAE
We voted in favor of this proposal, as this funding update will enable the distribution of Fluid rewards on Fluid, facilitate the migration of funds from V2 to V3, and support swaps and deposits aimed at improving the DAO’s overall capital efficiency.

Decrease Slope1 Parameter for Stablecoins on Aave V3
Vote Cast: YAE
We voted in favor of this update, as broader market conditions have been trending downward. This adjustment will ensure that stablecoin debt remains competitive in response to the evolving market environment.

Request for Bounty Payout - Feb 2025
Vote Cast: YAE
We voted in favor of this proposal, as whitehat bounties are a critical component of the protocol’s security framework. It is only fair to reward those who actively contribute to making Aave safer. Congratulations to the whitehats for their valuable efforts in protecting the protocol.

a.DI Sonic path activation
Vote Cast: YAE
We voted in favor of this activation and are looking forward to see Aave grow on Sonic.

stkBPT Incentives
Vote Cast: YAE
We voted in favor of this update, as the upcoming launch of Aavenomics makes this budget essential to facilitate the transition from stkBPT to new liquidity initiatives.

Prime Instance - Restore ETH LTV
Vote Cast: YAE
We support this proposal, as the introduction of Merit rewards will effectively eliminate the risk of recursive loops, removing the need to maintain ETH’s LTV at 0%.

Upgrade Aave instances to v3.3
Vote Cast: YAE
We support this proposal, the v3.3 will bring improvements for the liquidation engine and help better tracking bad debt.

Caps Risk Oracle Activation on Arbitrum
Vote Cast: YAE
We support this proposal, as we believe this update could streamline certain processes and contribute to reducing the protocol’s risk exposure on the Arbitrum instance.

Adjust Risk Parameters for Aave V2 and V3 on Polygon
Vote Cast: YAE
We support this proposal.

Update AAVE Token LTV/Liquidation Percentages
Vote Cast: YAE
We support this proposal, as the analysis provided by risk teams highlights the strength of the AAVE token during market downturns and the good secondary liquidity. These factors make this conservative adjustment appropriate.

sUSD Risk Parameter Adjustment
Vote Cast: YAE
We are in favor if this adjustment.

Aave V3.3 Sonic Activation
Vote Cast: YAE
We voted in favor of this deployment, as Sonic has proven to be a thriving ecosystem in recent months. We are excited to see Aave expand its presence within Sonic and contribute to its continued growth.

Extend GHO Steward on Aave Prime Instance
Vote Cast: YAE
We are in favor of this update. As GHO continues to grow on the Prime instance, extending the role of GHO Stewards to this new environment will provide greater flexibility and support stronger growth in this market.

February Funding Update - Part B
Vote Cast: YAE
We are in favor of this funding update, which focuses primarily on bridging assets back to Ethereum mainnet and making deposits into Aave V3 to enhance capital efficiency. Additionally, this update will provide funding for the Merit and Ahab programs.