Wintermute Delegate Platform

Delegate Platforms
1

Wintermute Delegate Platform

Contact & Delegation Address Information

Delegate Address: 0xB933AEe47C438f22DE0747D57fc239FE37878Dd1

Delegate ENS Address: wintermutegovernance.eth

Forum Username: Wintermute, Callen_Wintermute

Email: governance@wintermute.com

Website: www.wintermute.com

Twitter: https://twitter.com/wintermute_t

Our Voting Activity: Boardroom

Hi Aave Community!

We are excited to begin supporting Aave at our fullest capacity, offering a unique delegate experience for the community and stakeholders. As a user, stakeholder, and longtime supporter of Aave, we are committed to helping guide the protocol’s decentralization and multi-chain growth.

Specifically, our focus will be on:

  • Ensuring the safe deployment of V3 across multiple chains and subsequent migration from V2, ensuring target chains are net beneficial to the protocol and token holders.
  • Providing input and recommendations surrounding asset listings & protocol parameters.
  • Researching and putting forward proposals to address potential areas of improvement such as governance participation, governance processes, growth, grants, etc.
  • Streaming important votes and proposals and their impact across our institutional and corporate channels.

Introduction

Wintermute is a leading crypto-native algorithmic trading firm, specializing in creating efficient markets across centralized and decentralized exchanges. Wintermute was founded in July 2017 by three Optiver veterans. Evgeny Gaevoy, founder and CEO, was previously head of ETFs (screen and OTC) at Optiver Europe, one of the largest ETF market-making desks. Since our inception, we have traded over $2.85T and expanded our presence across 80+ (de)centralized exchanges and various (non)EVM chains, continuously supporting and providing liquidity throughout the ecosystem for our partners and their communities.

Alongside our trading arm is Wintermute Ventures, which enables us to support projects where we know we can be true value-adding, develop a partnership and help influence a positive outcome. Importantly, we do not target large ownership stakes; decentralized ownership is an important prerequisite to transitioning to a robust future.

Why us

We believe that a decentralized world needs robust and progressive governance systems. Our goal is to support DAOs along their journey towards such a state through objective, long-term value-add decision-making.

Alongside active governance participation, Wintermute’s goal is to support Aave’s growth in a sustainable and robust manner, providing research when needed and proactively creating proposals to address areas of improvement. We’ll also happily leverage our internal infrastructure from both our trading and venture arms to support the DAO in areas such as simple treasury maintenance, to bespoke cross-chain liquidity management.

Outside of Aave, we’re contributors to dYdX, Index Coop, and 1inch. We intend to expand our presence across many more DAOs in the near future.

Our Core Values:

Long-term value creation over short-term opportunism.

For example, we do not support short-term rent-seeking token distribution programs; or the redistribution of tokens that carry no positive second-order effects.

In contrast, we do support and encourage purpose-driven mechanisms that incentivize positive behaviour and are value-maximizing; or that improve alignment between token holders and the protocol.

Transparency, alignment, and proactivity.

We are proactive in providing clear and consistent reasoning behind our decision-making and proposals, ensuring the protocol’s sustainability is at the heart of all governance discussions.

Objective data-driven decision-making.

We use data and research to ensure our final decision is objectively value-accretive for the protocol.

We look forward to actively contributing to Aave alongside fellow delegates and thank all future delegators who choose to support Wintermute and the greater decentralization of Aave!

Interested in delegating to us? Here’s how:

  1. Head over to Aave - Open Source Liquidity Protocol and connect your wallet
  2. Once connected, click on “Delegate” and a pop-up will appear
  3. Select AAVE/stAAVE as your asset, choose your delegation type and enter our Ethereum address: 0xB933AEe47C438f22DE0747D57fc239FE37878Dd1
  4. Lastly, click delegate!

5 Likes
2

30/1/23 - 5/2/23

1. [ARFC] wETH Interest Rate Curve - Ethereum v2

Vote: YAE
Summary: Given the historical utilization rate of wETH, we are in favour of the subtle interest rate curve change. It’s important for Aave to retain and increase its capture of the LSD market share. We believe these changes provide a simple and non-invasive route to achieving this.

2. [ARFC] Add wstETH to Optimism Aave v3

Vote: YAE (without emode)
Summary: wstETH will be a nice addition to Aave on Optimism allowing users to access staking yields with lower transaction costs. We are supportive of the restrictive V3 parameters given the on-chain liquidity, however, we chose to go without enabling emode. We agree that the current market conditions on Optimism and impeding Shanghai upgrade poses potential risks to the protocol.

3. [ARC] Onboard rETH (rocket pool ETH) to Aave V3 ethereum market

Vote: YAE (without emode)
Summary: As signalled in the forum, we believe rETH is a suitable addition to V3 ETH under the recommended risk parameters and provides a solid diversification to other LSD. However, much like our sentiment above, the addition of emode should be considered after the Shanghai upgrade.

4. [ARFC] LDO Emission_Admin for Ethereum, Arbitrum and Optimism v3 Liquidity Pools

Vote: YAE
Summary: Authorizing a trusted 3rd to run exogenous incentives is a win for Aave. We look forward to seeing the results!

1 Like
3

6/2/23 - 12/2/23

1. [ARFC] Add USDT to Ethereum V3 Market
Vote: YAE
Summary: We are supportive of adding USDT to V3 ETH with the defined risk parameters. USDT is a significant market on V2 and its hopeful market migration to V3 will allow for better UX under sufficient risk controls.

2. [ARFC] Add wstETH to Arbitrum Aave v3
Vote: YAE - with Ethereum eMode
Summary: We are supportive of extending Aave’s LSD reach across cheaper fee venues and much like our support for wstETH on Optimism, we believe wstETH on Arbitrum is a great addition.

3. [ARFC] CRV Interest Rate Curve Upgrade
Vote: YAE
Summary: We are supportive of Llama’s initiative to reflect the current market demand for CRV and improve the revenue capture by the DAO. We also thank Gauntlet and Chaos Labs for providing parameter recommendations that ensure the protocol remains robust.

1 Like
4

13/2/23 - 19/2/23

1. [ARC] Add LUSD to Ethereum V3
Vote: YAE
Summary: LUSD is a high-quality asset already listed on V2, to help with migration from V2 to V3 on ETH mainnet it makes sense to list it on V3.

2. [ARFC] increase borrow cap for MAI Aave Polygon V3
Vote: YAE
Summary: We are in favour of supporting the growth of MAI given the sustained demand levels for borrowing activity. The new borrow cap is reasonable and doesn’t seem to pose any outsized risk.

3. [ARC] Onboarding sfrxETH to Aave V3 Ethereum Market
Vote: NAE
Summary: Out of an abundance of caution we have voted against listing sfrxETH due to major centralization and counter-party risk.

Specifically, due to:

  • The frax team running and managing all frxETH validators, as well as the withdrawal keys to the underlying ETH.
  • Unlimited minting permissions

The Frax team has signalled their intention to address these issues post-Shanghai upgrade, we’d feel much more comfortable supporting the addition of sfrxETH then.

4. Supply/Borrow Cap Updates Polygon and Arbitrum V3
Vote: YAE
Summary: In support of the proposed supply/borrow caps for assets with high utilization. This will allow for greater growth and a new supply/demand equilibrium to be met.

5. [ARFC] Add BAL Ethereum v3
Vote: YAE
Summary: BAL is a strategic asset for Aave and has continuously found demand on V2, continuing to support its growth on V3 will allow for increased BAL protocol revenue. We are supportive of its listing on V3 under the parameters recommended by Gauntlet.

6. [ARC] Add Safety module support for Aave V3 Ethereum market
Vote: YAE
Summary: To further encourage migration to V3 it’s important to add safety module coverage. Aave stakers are exposed to more robust risk controls under V3 while providing added security for the protocol. Win-Win.

7. [ARC] Community Risk Preference on Aave V3 Borrow/Supply Caps
Vote: Conservative only for small markets
Summary: As expressed in the forum post, we are in favour of conservative caps for small markets that pose outsize risks relative to their revenue generation. This ensures larger markets are not stifled in growth. Under this general set of cap recommendations that help eliminate risk, we can move forward on individual assets that the community believes are safe enough to allow looser risk controls in exchange for growth.

8. [ARFC] Add CRV to Ethereum v3
Vote: YAE
Summary: Similar to BAL, CRV is a strategic asset for Aave under the aToken implementation and future deployment of GHO. There has been continued demand for CRV and therefore it’s contributed sufficiently to Aave’s revenue. V3 will allow for the addition of CRV under tighter risk controls and we are supportive of the parameters recommended by Gauntlet.

9. [ARFC] MaticX Risk Parameter Interest Rate Polygon v3 Upgrade
Vote: YAE
Summary: We support the updated risk parameters for MaticX to better capture the growth of the asset on Aave, especially with the new addition of SD rewards.

10. [ARFC] Freeze BUSD on Aave V2
Vote: YAE
Summary: With the recent SEC order to stop Paxos from minting BUSD, it makes sense to freeze the BUSD market to limit risks until further information is available.

11. Chaos Labs Risk Parameter Updates - Aave V3 Avalanche
Vote: YAE
Summary: We are supportive of the risk parameter updates provided by Chaos Labs and the effort to maximize borrow usage while minimizing losses from liquidation and bad debt.

5

20/2/23 - 26/2/23

1. [ARC] Gauntlet Risk Parameter Updates for Optimism Aave V3 (2023-02-16)
Vote: YAE
Summary: We are in support of Gauntlet’s recommendations to adjust the liquidation bonuses for both WBTC and sUSD to improve the balance of risk.

2. [ARFC] Avalanche wAVAX Interest Rate Upgrade
Vote: YAE
Summary: These changes offer a safe and profitable environment for recusive strategy users on Aave V3 Avalanche with the increased supply cap. Subsequently, this will allow Aave to capture increased revenue through the wAVAX market

3. Update xSushi price feed on Aave V2
Vote: YAE
Summary: We are in support of moving to a more technical and gas-efficient price feed for xSUSHI via Chainlink.

4. Increase Supply Cap for cbETH Aave Ethereum V3
Vote: YAE
Summary: cbETH has proven to be a popular asset on Aave as it’s nearing its supply cap. The supply cap of 20k remains conservative and allows for more growth on the platform, as well as increases revenue generation assuming the increase in demand continues.

5. [Temp Check] Deploy Aave v3 on Scroll testnet
Vote: YAE
Summary: Given Scroll’s EVM equivalence and therefore, low deployment costs. We are supportive of an Aave v3 deployment on Scroll’s testnet.

6. [ARC] Gauntlet Interest Rate Curve Recommendations for Aave V3 Markets (Feb 2023)
Vote: YAE
Summary: We are supportive of Gauntlet’s continued proactiveness to derisking markets across Aave, as well as providing feedback on where certain markets can safely generate greater revenue for the protocol. We are supportive of the changes recommended.

7. [ARC] Gauntlet Risk Parameter Updates for Avalanche Aave V3 (2023-02-16)
Vote: YAE
Summary: We are supportive of the parameter recommendation for wAVAX given it’s in line with the risk-off framework.

8. Risk Parameter Updates for Aave V3 OP Market (2023-02-16)
Vote: YAE
Summary: We are supportive of the updated parameters given the change in market activity.

9. [ARFC] Aave V3 Caps update Framework
Vote: YAE
Summary: We are supportive of this change and believe it’s rather important to Aave. With Aave now having a strong and proactive risk council, it’s imperative to ensure the protocol stays robust to market-risks in a timely manner.

10. Chaos Labs Risk Parameter Updates - MKR on Aave V2 Ethereum
Vote: YAE
Summary: We appreciate Chaos Lab’s proactiveness to ensure the protocol remains safe from different attack vectors. Therefore, we are supportive of the proposed changes.

11. ARC Spark Lend Profit Share Proposal
Vote: Entire profit share direct payment in DAI to the Aave Treasury
Summary: We are in favour of the overall partnership and think it’s a great way for Aave to increase its revenue generation. One concern is that this likely becomes a direct competitor to GHO. Lastly, we are in favour of option 1 given no details on how the purchased Aave will be utilized.

1 Like
6

27/2/23 - 6/3/23

1. Chaos Labs Risk Parameter Updates - Aave V3 Arbitrum - 2023.02.20
Vote: YAE
Summary: In favour of Chaos Lab’s recommendations which are projected to increase borrowing by ~ $510k with no increase in VaR and Extreme VaR

2. [ARC]- Chaos Labs Risk Parameter Updates - Aave V3 Ethereum - 2023.02.22
Vote: YAE
Summary: We are in support of safely improving the capital efficiency on Aave V3 Ethereum for both USDC & DAI.

3. Rescue Mission Phase 1 Short Executor
Vote: YAE
Summary: In support of the rescue mission!

4. Rescue Mission Phase 1 Long Executor
Vote: YAE
Summary: In support of the rescue mission!

5. [ARFC] Proposal for Deploying “Whitelabel” Aave V3 Market for RealT Tokens on GnosisChain
Vote: YAE
Summary: We largely support this proposal as it increases the DAO’s experience with friendly forks and subsequent discussions around the topic. Given the low TVL of their V2 implementation, we don’t see potential revenue collection as a large motivating factor for supporting this proposal. Moving forward, it’s important to have a framework that ensures such friendly forks do not take away from Aave’s growth.

6. Supply and Borrow Cap Updates - Aave V3 Avalanche
Vote: Aggressive
Summary: We are in favour of all alt-market recommendations. As explained in our previous vote, we are also happy to support high-quality assets with aggressive parameter recommendations.

7

6/3/23 - 12/3/23

1. [ARFC] BUSD Offboarding Plan
Vote: YAE
Summary: Building off our previous vote to freeze the BUSD market, we are supportive of this offboarding plan and the proposed parameter changes.

2. [ARFC] Activate emode for cbETH Aave Ethereum V3
Vote: YAE
Summary: cbETH has continued to show an increase in demand across Aave. Its peg seems to be in a healthy state, therefore, under the guidance of the risk teams we support emode activation for cbETH.

3. Chaos Labs Risk Parameter Updates - Aave V3 Optimism - 2023.02.28
Vote: YAE
Summary: Allowing for greater capital efficiency with no change to VaR is a win-win. We are supportive of the new LTV and LT parameters recommended by Chaos Labs.

4. Increase supply cap for wstETH Aave Arbitrum V3
Vote: YAE
Summary: We support the increase in supply cap under the recommendations of both risk teams.

5. [TEMP CHECK] - Whitelist Hashflow Wormhole For V3 Portals
Vote: YAE
Summary: Given the Hashflow/Wormhole infrastructure combination has been live and working great for a considerable period of time, we are in support of this proposal! The no-slippage benefit of utilizing an RFQ model over an AMM is a big plus for UX on Aave; the 3bp fee is fair and the 50% revenue split is a nice way to align incentives.

6. stMatic SupplyCap Increase Polygon v3
Vote: YAE
Summary: In support of increasing the supply cap given its 100% utilisation. The proposed supply cap falls within the recommended parameter methodology described by both Chaos Labs and Gauntlet.

7. Risk Parameter Updates for MKR - Aave V2 Ethereum
Vote: YAE
Summary: The proposed parameters reduce the risk of attack vectors with 0 costs from user liquidations. We are supportive of this proposal.

8. [AFRC] Add LUSD to Optimism V3 Market
Vote: YAE
Summary: LUSD has remained robust in chaotic times and we are typically supportive of diversified stablecoin exposure on Aave. We are supportive of this proposal under the specified risk parameters.

9. GHST Polygon V3 Soft Freeze
Vote: YAE
Summary: We are supportive of enacting a soft freeze given the risk profile of GHST has changed due to its bonding curve being discontinued. We look forward to hearing the opinions of risk providers in regard to resuming the market in the future.

10. [ARFC] Add MKR to Ethereum V3
Vote: YAE
Summary: We are supportive of adding MKR to Eth V3 under the proposed risk parameters. Given it was listed on V2, this will help encourage migration to V3 which has more robust risk measures.

11. [ARFC] Onboard AgEUR to Aave Optimism V3
Vote: YAE
Summary: We are in favour of listing AgEUR as a non-collateral asset. Note: this vote was done prior to the Euler Finance exploit which Angle was exposed to. Given this is a Snapshot, we think it’s important to hold off on the on-chain vote until there is clarity on the collateralization of AgEUR and the protocol is unpaused.

Disclaimer: Wintermute is an investor in Angle.

1 Like
8

13/3/23 - 19/3/23

1. [ARFC] Migrate & Consolidate Polygon Treasury
Vote: YAE
Summary: We support the consolidation of V2 Polygon assets and it migration to V3 where the assets can subsequently be redeposited under safer risk controls.

2. [ARFC] Deploy BAL & aBAL from the Collector Contract
Vote: YAE - Locking veBAL
Summary: BAL has been a strategic asset for a long time in the build-up to GHO. We believe locking BAL into veBAL strategically aligns best with the intent to grow GHO through directed emissions.

3. [ARFC] Extend Safety Module Coverage to Polygon v3
Vote: YAE
Summary: An important part of Aave’s longevity is the ability to migrate users to V3 such that the protocol and users are better protected under V3’s risk controls. By extending the safety module to cover Polygon V3, users will have greater peace of mind and it will hopefully encourage migration.

4. [ARFC] Onboard AgEUR to Aave Arbitrum V3
Vote: YAE
Summary: We are in favour of listing AgEUR as a non-collateral asset. Note: this vote was done prior to the Euler Finance exploit which Angle was exposed to. Given this is a Snapshot, we think it’s important to hold off on the on-chain vote until there is clarity on the collateralization of AgEUR and the protocol is unpaused.

Disclaimer: Wintermute is an investor in Angle.

5. [ARC] Platypus Finance Rescue Mission
Vote: YAY
Summary: We are always super supportive of efforts to help out other protocols in the ecosystem! We hope that this ARC ends in a successful recovery of Platypus’ exploited funds.

6. Safety Module upgrade to v1.5
Vote: YES
Summary: Both the slashing and cooldown mechanisms provide simple and robust improvements to the current Safety Module without significantly altering the state of the Safety Module for stakers. We believe this is a solid improvement.

8. Disable agEUR borrows on Aave v3 Polygon
Vote: YAE
Summary: In support given the Euler finance hack and uncertainty regarding the collateralization of agEUR. Protecting the protocol is paramount.

9. OP Emission_Admin for Optimism v3 Liquidity Pool
Vote: YAE
Summary: Llama’s efforts in allowing emission admin access to trusted parties have proven to have a significant effect on the protocol’s TVL (specifically for MaticX). We are supportive of similar efforts such as this one.

10. Supply and Borrow Caps Update - LUSD - v3 Ethereum
Vote: YAE
Summary: In support, it’s nice to see Aave continue it’s appetite for greater stablecoin diversity under guidance from the protocol’s risk providers.

9

20/3/23 - 26/3/23

1. Deploy Aave V3 to Metis Andromeda Mainnet
Vote: YAE
Summary: Our discussions with the Metis team have been very constructive and informative. A lot of the concerns raised by the community were addressed thoroughly with concrete information where we feel comfortable supporting the deployment of Aave V3 to Metis. We are conscious of the lack of TVL specifically on DEXs, but it’s great to see Aave’s risk teams supportive of the deployment with appropriate risk parameters. Overall, we believe this proposal will be a net positive for Aave and we look forward to watching its growth on Metis.

2. [TEMP CHECK] Aave Governance Process Improvements
Vote: YAE
Summary: The StableLab team have done a great job at simplifying and clarifying Aave’s governance process. This proposal is a great step toward improving governance efficiency and we are in full support.

3. Supply/Borrow Cap Updates V3 Polygon and Arbitrum
Vote: YAE
Summary: We are in support of Chaos Labs’ increased parameter recommendations for wstETH, MAI, and stMATIC. Such increases allow for greater supply and borrow activity on cheap platforms that better serve the interest of Aave’s revenue generation.

4. AAVE on Harmony Recovery Plan
Vote: No
Summary: The proposed AAVE Harmony Recovery Plan has very little substance and uses mechanisms that are not in the best interest of the DAO.

5. [ARC] Gauntlet Risk Parameter Recommendations for V3 AVAX (2023-03-20)
Vote: YAE
Summary: We are in support of the recommended reduction in supply and borrow caps for the assets listed. While these are notable reductions, it’s important to ensure the protocol remains responsive and robust to changes in market conditions.

6. [ARC] Isolation Mode Recommendations for Aave V3 Avalanche, Polygon, and Arbitrum
Vote: Aggressive
Summary: Given Isolation mode already provides increased protection on the application level against certain collateral types, coupled with the fact that the difference between the conservative and aggressive recommendations is small. We are opting for aggressive risk parameters. We believe the aggressive risk parameters provide better UX and potential revenue generation for the protocol with minimal difference in the risk profile in comparison to the conservative recommendation.

7. Risk Parameter Updates for Aave V3 ETH Market (2023-03-18)
Vote: YAE
Summary: We are in support of increasing the borrow caps for wstETH and rETH under the recommendation of Gauntlet.

10

27/3/23 - 2/4/23

1. Freeze DPI on V2 Ethereum
Vote: YAE
Summary: We support the freezing of DPI on v2 ETH considering its low market cap and trading volumes. Moving to V3 under safer parameters keeps DPI in the Aave ecosystem but under manageable risk vectors.

2. [ARFC - Temp check] “MVP” V3 deployment on ZkEVM mainnet
Vote: YAE
Summary: Continuing Aave’s expansion to cheaper alternative chains is important for its user base reach and overall revenue generation. Polygon has shown to attract a vibrant and successful DeFi ecosystem and we do not doubt that this won’t occur on their zkEVM.

3. [TEMP CHECK] Add support for wstETH on Polygon v3
Vote: YAE
Summary: We are always in support of expanding Aave’s offering of LSTs across cheaper gas venues!

4. [ARFC] Add LDO to Ethereum Aave v3
Vote: YAE
Summary: We support the listing of LDO under the recommended risk parameters. While it historically hasn’t seen much activity, they are currently exploring additional use cases for LDO.

5. [ARFC] Deploy aCRV & CRV to veCRV
Vote: YAE - veCRV
Summary: veCRV provides the lowest risk, direct control of CRV emissions and governance control. While yield might be higher on veCRV derivatives, they invite a lot more counterparty risk and ultimately deter users from depositing their CRV LP collateral into Aave. Given the boost is applied on their own platform where CRV LPs stake their collateral token, this becomes direct competition to attract CRV LPs to deposit their collateral into Aave and mint GHO or take out a loan with various other assets.

6. [ARC] Community Preference for V3 Migration Levers
Vote & Summary:

  • No stkAave incentives
  • No decrease V2 LT/LTV
  • No disable V2 borrowing
  • Yes increase V2 RF

Our thoughts:

  • Continue to add asset listings to V3 with better LTV & LTs if risks permit it.
  • Continue to address LTV & LTs on V2 ensuring the protocol stays safe.

Over time, the continued addition of new assets with greater capital efficiency should encourage new users & (hopefully) old users to migrate, without hurting V2.

We don’t have a strong opinion towards which option is preferred as it comes down to the community’s preference for how aggressively they want to migrate users and whether or not they intend to deprecate V2 markets.

From our POV, V2 seems to be in a relatively safe position with the efforts of the community and risk providers. V2 continues to be a large source of income for Aave and an aggressive migration might cause Aave to lose some of its TVL. Therefore, we don’t see the need to aggressively migrate users and protocols to V3.

Some thoughts on the levers:

stkAAVE:

  • Monetary incentive to migrate is likely strong, however, it ensures no stickiness.
  • Do we expect to recoup 23,100 AAVE in revenue in a reasonable time frame on V3?

LTV & LTs:

  • Invasive and potentially leads to bad user experience under unnecessary forced liquidations, however, clearly results in V3 being more capital efficient.
  • Forces users to make decisions about managing their HF, exiting, or migrating
  • After migration plan: V2 remains useable under safer risk parameters (great for SM)

Disable borrowing:

  • Potentially forces new borrowers to V3 but cuts off potential revenue for V2.
  • It also doesn’t directly incentivize users to exit their current position unless utilisation increases.
  • After migration plan: V2 becomes limited in market offerings.

RF:

  • Pretty invasive yet not as forceful as LTV/LTs as it directly makes V3 supply rates more attractive and incentivizes borrowers to pay back their positions on V2 given higher utilisation.
  • This could effectively kill V2 markets if not reverted over time, therefore, cutting off revenue.

Supply/Borrow Caps:

  • Agree that there is no need to increase V3 protocol risk for the sake of migration.

7. [TEMP CHECK] Aave Chan Initiative 6-Month Budget Proposal
Vote: YAE
Summary: Marc/ACI as a ‘delegate’ has shown unwavering output with the diversity and number of proposals that have successfully passed Aave governance. The formal transition from a delegate to a service provider within the DAO is very organic and welcoming.

The outlined scope fits nicely with the pending launch of GHO which we believe will become a significant focus point for the DAO, so having ACI actively covering this area (mostly on the collateral side) will be of great benefit.

8. [TEMP CHECK] Polygon v2 to v3 Liquidity Migration
Vote: No
Summary: We are not in favour of forcefully creating an adverse environment for the sake of migration. Focusing on V3 market offerings, exogenous incentives, and greater capital efficiency, should be enough to migrate users over time.

9. [ARC] E-Mode Parameter Changes for V3 Avalanche, Optimism, Polygon, and Arbitrum
Vote: Option 1A
Summary: This vote was a decision between firstly deciding which stablecoin assets should be available in e-mode and secondly, the relevant risk parameters that the selected assets should adhere to. Firstly, we chose to include all stablecoin assets in e-mode as it provides higher utility to users who are looking to utilize Aave to perform stablecoin-stablecoin trading strategies. By only keeping DAI, FRAX and USDC, which are correlated. There is not much use case other than arbing interest rates. Secondly, Option 1A (Chaos Labs) as opposed to Option 1 (Gauntlet) provides more conservative yet less capital-efficient risk parameters. This rationale is derived from wanting to protect users from taking unnecessary risks and allowing them enough time to react to their positions in e-mode. While Gauntlet’s methodology was largely focused on reducing the risk of bad debt. We do not have a strong opinion as to which implementation is best, however, choosing Option 1A allows room to increase parameters after establishing a safer environment for users.

10. [ARFC] - Configure Isolation Mode Borrowable Assets - V3 Ethereum
Vote: YAE
Summary: Given isolation mode is usually enabled on highly volatile assets or assets that carry outsized risk, it makes sense to list stablecoins as borrowable assets in insolation mode. Stablecoins are low-volatility and relatively safe assets, ultimately this will help protect the protocol in times of high volatility for the collateral asset.

11. [ARFC] - Chaos Labs Risk Parameter Updates - Aave V3 Optimism - 2023.03.22
Vote: YAE
Summary: We are supportive of the new risk parameters due to changing market conditions.

12. [TEMP CHECK] Aave V3 deployment on BNB Chain
Vote: YAE
Summary: BNB Chain has an active and wide user group that could be extremely beneficial to Aave. We support the deployment, and while CAKE wasn’t listed in the initial proposal, we hope to see it added in the future as we believe it’s Syrup Pools provide a good opportunity for borrowing demand on Aave.

13. Risk Parameter Updates for Aave V3 ETH and V3 Arbitrum (2023-03-27)
Vote: YAE
Summary: We support the recommended risk parameters.

14. Increase supply cap for cbETH Aave Ethereum V3
Vote: YAE
Summary: We support the increase in supply cap for cbETH under the guidance of Chaos Labs.