Wintermute Delegate Platform

Delegate Platforms
41

[TEMP CHECK] Onboard EIGEN to Aave V3 Ethereum
Vote: YAE
Summary: Will EIGEN is a new asset, we believe there is a sufficient use case across DeFi with restaking opportunities for it to be considered as a viable market on Aave. We support a small market with conservative borrow/supply caps.

[ARFC] Onboard FRAX to Aave v3 Lido Instance
Vote: NAE
Summary: Given Frax has only just moved from isolation mode, we think it makes more sense to scale it on the main market before assessing its addition on the Lido instance.

[ARFC] Renew LlamaRisk as Risk Service Provider
Vote: YAE
Summary: LlamaRisk as predicted in their initial trial election has proven to be a great value add to Aave. They complement Chaos Labs well and offer unique perspectives and analyses to the DAO. We are more than happy to support their renewal.

[ARFC] Continuous Security Proposal Aave <> Certora
Vote: YAE
Summary: Aave is known for is safety and security which in large part Certora had a say in. We welcome Aave’s continued collaboration with Certora.

[ARFC] Chaos Labs <> Aave Risk Management Service Renewal
Vote: YAE
Summary: Chaos Labs continues to do a fantastic job as a Risk Service provider for Aave. We appreciate their professionalism and proactiveness in ensuring the safety of Aave.

Disclaimer: Wintermute is an investor in Chaos Labs.

[ARFC] Launch GHO on Base & set ACI as Emissions Manager for rewards
Vote: YAE
Summary: Very supportive of expanding GHO’s cross-chain presence and Base is a certainly worthy of GHO’s next deployment given its level of activity and growth.

[ARFC] Launch GHO on Avalanche & set ACI as Emissions Manager for reward
Vote: YAE
Summary: Very supportive of expanding GHO’s cross-chain presence and while Avalanche sees less activity than Base, there is little downside to increasing GHO deployments.

[TEMP CHECK] Add rlUSD to Aave v3 Main Market on Ethereum
Vote: Abstain
Summary: rlUSD has yet to launch, and therefore, little information is known, and we are unable to judge DEX liquidity. We think this should be reassessed post-launch.

[ARFC] Remove Frax from Isolation Mode on Aave v3 Mainnet
Vote: YAE
Summary: We support the removal of FRAX from isolation mode as they continue to show efforts to improve FRAX’s CR and current synergies with Aave.

[TEMP CHECK] World Liberty Financial Aave v3 Instance on Ethereum Mainnet Proposal
Vote: YAE
Summary: We support the proposed instance and welcome the rewards Aave receives in return. Aave will hopefully benefit from new users who are onboarded and become familiar with the protocol’s architecture.

[ARFC] Aave <> BGD Labs. Phase 4
Vote: YAE
Summary: BGD Labs have been instrumental to the upkeep, safety, and improvement of Aave Protocol and Aave Governance. We support their Phase 4 scope.

42

[TEMP CHECK] Onboard SCR to Aave V3 Scroll Instance
Vote: YAE
Summary: While the market is likely going to be small, we think it makes sense to support SCR on Aave V3 Scroll with appropriate supply/borrow caps. Naturally, we think there will always be a market for a chain’s native token on their chain.

[TEMP CHECK] Onboard AUSD to Aave V3
Vote: YAE
Summary: While AUSD supply is on the low end, we are supportive of stablecoin diversity and feel satisfied after Agora’s replies with LlamaRisk. We appreciate Agora’s commitment to seeding liquidity.

[ARFC]. Aave Generalized Risk Stewards (AGRS) activation
Vote: YAE
Summary: Similarly to how we supported the Temp Check, we are in favour of AGRS. Most risk decisions are already proposed by our Risk Providers and unanimously passed by the DAO. By generalising this feature we reduce governance fatigue and allow the DAO to focus on more pressing topics.

[ARFC] PYUSD Reserve Configuration Update & Incentive Campaign
Vote: YAE
Summary: We support and very much welcome the collaboration with Paypal/Trident and appreciate their selection in choosing Aave to direct incentives towards.

1 Like
43

[TEMP CHECK] Deploy GHO Facilitator
Vote: YAE
Summary: 100% in support of improving access to GHO through a native Facilitator.

[ARFC] Framework for Instances and Friendly Forks
Vote: For
Summary: We support the Instances and Friendly Forks framework. Overall, we agree that tokens should be delivered to the DAO treasury and most importantly no minimum revenue hurdles. One concern we have is about the future of negotiation for revenue share, for example, assuming an instance gets incredibly large 20% might be excessive.

[TEMP CHECK] Add FBTC to Aave v3 Main Instance on Ethereum
Vote: For
Summary: We support the addition of FBTC and overall wrapped BTC diversity. While their current market cap is moderate, they have decent DEX liquidity and an ongoing points campaign. Aave is in a good position to capture future potential demand.

44

[TEMP CHECK] Add PAXG to Aave v3 Main Instance on Ethereum
Vote: For
Summary: This is a welcomed addition to Aave increasing its diversity of asset offerings. Based on its market cap, we expect PAXG to see moderate demand and use within Aave.

[ARFC] Onboard GHO and Migrate Streams to Lido Instance
Vote: YAE
Summary: The Lido instance has proven to be a great success attracting a large amount of deposits and borrows. Adding GHO will allow the DAO to capture some of this demand, generating notable revenue for the DAO’s Treasury.

[ARFC] Deploy 10M GHO into Aave v3 Lido Instance
Vote: YAE
Summary: In line with our rationale above, we support the addition and facilitation of GHO supply to the Lido instance due to being highly successful.

1 Like
45

[TEMP CHECK] Aave V3 Deployment on the Spiderchain (Botanix Labs)
Vote: YAE
Summary: Given Botanix Labs’ and Spiderchain’s history we are supportive of deploying Aave V3 in efforts to ensure Aave can capture emerging markets. We particularly like the proposal’s push for GHO integration and the $20M BTC commitment.

46

[TEMP CHECK] Aave x Metis: Strategic Alignment Initiative
Vote: NAY
Summary: Apologies for not providing feedback earlier, but given the lack of delegate/community interest we will be voting against this proposal on the position that the Aave DAO should not necessarily decide on a chain to be their preferred chain. Aave should continue to expand across all chains where and when it makes sense to do so, offering competitive yields and suitable markets. Aave should focus on beating out competitors and not other Aave instances.

We see no issues with the Metis team continuing to incentivise key markets to provide ‘better’ yields in comparison to other Aave V3 instances, but we don’t think it’s right for Aave to publicly designate a ‘preferred’ chain

47

[TEMP CHECK] Onboard & Enable LBTC/WBTC liquid E-Mode on Aave v3 Core Instance
Vote: YAE
Summary: LBTC has reached a significant amount of TVL in a short period of team indicating clear market demand for the product and overall incentives that are running for deposits. Given the size of other BTC markets on Aave (specifically, WBTC) we believe LBTC serves as a good asset and potential revenue generator for the protocol. There is also a significant amount of liquidity across DEXs

[TEMP CHECK] Onboard & Enable eBTC/WBTC liquid E-Mode on Aave v3 Core Instance
Vote: YAE
Summary: We support the onboarding and enabling of eBTC/WBTC given there is existing demand and a sufficiently large market for eBTC. There also seems to be a good amount of DEX liquidity.

[ARFC] Aave Liquidity Committee Funding Phase V
Vote: YAE
Summary: We support the additional funding request for the ALC.

1 Like
48

[ARFC]. BGD. Aave v3.3 Sherlock contest
Vote: For
Summary: As usual, we will always be supportive of funding audits. Sherlock is a great platform with a good format.

49

[TEMP CHECK] Deploy Aave on Rootstock Network
Vote: YAE
Summary: We are supportive of the deployment of Aave on the Rootstock Network. Once again, Aave can access a different user group while offering exposure to diversified BTC alternatives. Rootstock has a notable amount of TVL and a solid DeFi ecosystem. Lastly, we appreciate the strong commitment towards bootstrapping liquidity and incentives.

[TEMP CHECK] Add EURC to BASE Aave V3 Instance
Vote: YAE
Summary: Very supportive of adding EURC to Base Aave V3. Increasing Market cap, growing onchain demand, reputable backing, etc.

50

[ARFC] Prime Instance - wstETH Borrow Rate + rsETH Supply Cap Update
Vote: For
Summary: We support the change in wstETH borrow rate and increase in the rsETH supply cap due to changing market conditions.

[ARFC] Whitelist Balancer DAO to Claim Liquidity Mining Rewards
Vote: For
Summary: Balancer V2 ported a notable amount of supply into Aave so allowing LM rewards to be earned by Balancer users to increase the attractiveness of deposits is a big win for both protocols.

51

[TEMP CHECK] Joint Incentive Program With Polygon
Vote: NAY
Summary: We find very little reason for the Aave DAO to fork out $1.5M in $AAVE incentives for users on Polygon. Aave is the largest protocol by far and the largest lending protocol by an order of magnitude on the chain. Therefore, we are not concerned about its position from a competitive POV and spending incentives are unnecessary. This is further reiterated by TokenLogic “From January 1, 2024, to January 19, 2025, Aave Protocol’s TVL on Polygon increased by 11.8%, compared to just 0.7% growth for the overall Polygon network. Currently, Aave’s TVL accounts for 44.98% of Polygon’s total TVL, reflecting Aave’s dominant position within the ecosystem.”

[TEMP CHECK] Aave <> Chainlink SVR v1 integration
Vote: For
Summary: We are super excited for SVR! We have always been pretty open and supportive of Aave testing OEV-type solutions due to the significant amount of value that is leaked outside of the protocol. Chainlink is a great partner and we look forward to seeing it in action.

[ARFC] Sunset stMATIC on Polygon instance
Vote: YAE
Summary: We support the sunsetting of stMATIC on Polygon following its shutdown initiated by Lido.

1 Like
52

[ARFC] Prime Instance - Restore ETH LTV
Vote: For
Summary: We support the change to restore ETH LTV with the introduction of Merkl distributions.

[ARFC] Proposal to Allocate AGD treasury to Aave DAO
Vote: For
Summary: Natural course of action, we support returning AGD’s funding to the DAO treasury.

[TEMP CHECK] Add bCSPX to Aave V3 Gnosis Instance
Vote: For
Summary: We are supportive of this experimentation of RWA collateral on Aave at the TEMP CHECK stage. Our main concern is around redemptions and counterparty risk with bCSPX and we’d love to see deeper risk analysis from Aave’s risk providers at the ARFC stage.

53

[TEMP CHECK] Deploy Aave v3 on Ink
Vote: YAE
Summary: We support the expansion of Aave V3 to Ink given deployment costs should be relatively low due to Ink’s OP Stack adoption. Furthermore, deploying on Ink Aave gets access to a wider range of users and capital via Kraken.

[TEMP CHECK] Recognize HyperLend as a Friendly Fork
Vote: YAE
Summary: Hyperliquid has established itself as a leading DEX solution attracting a large amount of capital and users. We support the friendly fork of HyperLend on the HyperEVM and appreciate the terms outlined by the Hyperlend team.

[ARFC] Add sUSDE to Aave V3 Base Instance
Vote: YAE
Summary: We support the addition of sUSDe on Base. While we are cautious of market liquidity and Aave’s large exposure to sUSDe and USDe in general, the current supply caps and risk parameters are conservative.

[TEMP CHECK]: Add support for Wrapped Origin Sonic (wOS) to Aave v3
Vote: YAE
Summary: We will be supporting this proposal at the TEMP CHECK stage, however, we will wait for a proper risk analysis from Aave’s risk service providers. Our main concerns are the lack of audits, market size, and price feeds. However, we do recognise the growth in Sonic and the high yield that comes with staked S.

54

[TEMP CHECK] Deploy Aave v3 on megaETH
Vote: YAE
Summary: We support the deployment of Aave V3 on megaETH. megaETH provides a unique design to the market that could potentially attract a lot of activity in the long-run. Ensuring Aave’s origins early on could be fruitful for the DAO.

[TEMP CHECK] GHO Gas Token Framework
Vote: YAE
Summary:

[TEMP CHECK] Add wstUSR to Aave v3 Core Instance
Vote: For
Summary: wstUSR/USR markets have proven to generate significant demand on Pendle, Spectra, and Euler. Thus, we will support this proposal at the temp check stage; however, we would like to see a thorough risk analysis from Aave’s service providers to ensure that there is a clear case for redemptions.

[TEMP CHECK] Add USR to Aave v3 Core Instance
Vote: For
Summary: wstUSR/USR markets have proven to generate significant demand on Pendle, Spectra, and Euler. Thus, we will support this proposal at the temp check stage; however, we would like to see a thorough risk analysis from Aave’s service providers to ensure that there is a clear case for redemptions.

[TEMP CHECK] GHO Aave Savings Upgrade
Vote: For
Summary: This is an awesome upgrade and addition to GHO. We’ve seen the impact of a savings product from Sky/Maker and we believe it’ll help propel the next growth stage of GHO.

[TEMP CHECK] Add stS to Aave v3 Sonic Instance
Vote: For
Summary: We support the addition of stS. The beets team have been building for a while, their stS has gained a good amount of traction on other lending markets.

[TEMP CHECK] Onboard scETH, scUSD, and scBTC to Aave V3 Sonic Instance
Vote: For
Summary: We will support this at TEMP CHECK stage but share some caution over the vault system and its permissions. Ultimately we would like a more thorough analysis from risk service providers before making our final decision.