April Finance Update
01Summary
April funding update proposal that consolidates GHO funding by migrating v2 assets to v3 across Ethereum and Polygon, extends DAO's GHO runway for Merit and Chaos Labs funding needs, transitions Aave Grants DAO's allowance from USDT to 612.9k GHO, returns 3,504 RealT WXDAI to RealT, and reimburses BGD Labs $151,200 for security reviews plus infrastructure costs (1,640 LINK and 4,000 MATIC).
- Type
- treasury allocation
- Funding
- $$151,200
Key changes
- Migrate holdings from Aave v2 to v3 on Ethereum and Polygon including aEthUSDC, aDAI, aUSDC, aUSDT, aEthDAI, awBTC, awETH, aLINK, aSNX, and various Polygon assets(high)
- Consolidate GHO funding by swapping eligible v2 assets to GHO to cover Merit extension and Chaos Labs funding needs(high)
- Replace Aave Grants DAO's 612.9k USDT allowance with equivalent GHO allowance, continuing transition to GHO for DAO expenses(medium)
- Return 3,504 armmv3WXDAI to RealT on Gnosis Chain following prior accidental transfer(medium)
- Reimburse BGD Labs $151,200 for external security reviews (Mixbytes $30k, Emanuele Ricci $12k, Spearbit $109.2k)(medium)
- Refill Aave Robot with 1,640 LINK tokens and Aave Delivery Infrastructure with 4,000 MATIC for governance automation and bridging fees(medium)
- Allocate 3.0M GHO and 645 aEthWETH allowances to Merit program(medium)
Generated by Kvorum
02Description
Simple Summary
This proposal presents April's funding update, including the following key activities:
- Migrating holdings from v2 to v3 (Polygon and Ethereum)
- Extending the DAO's GHO runway to cover upcoming expenses
- Returning RealT's supplied WXDAI to RealT
- Migrating AGD's allowance to GHO
- Reimburse BGD Labs for the costs paid towards external security reviews
- Send LINK and MATIC to refill Aave Robot and Aave Delivery Infrastructure
The forum discussion for BGD labs' reimbursements can be found here and the Snapshot can be found here.
Motivation
With the upcoming extension of Merit and the funding request from Chaos Labs, this proposal will swap sufficient assets to GHO to ensure enough funds are available as required.
This proposal cancels the existing USDT Allowance to the Aave Grants DAO and replaces it with a GHO Allowance of equal size, 612.9k. This represents a continuation of transitioning to using GHO as the preferred means of covering DAO expenses.
Also within this proposal, there is the corrective action of returning 3504 RealT WXDAI sent by RealT to the Aave Gnosis Chain collector by accident. Details on the agreement with realT can be found here.
This proposal will follow the Direct-To-AIP as outlined in this proposal.
Certain permissionless actions on the aave governance requires interaction (transaction) by someone for the governance system to run. This is done by the Aave Robot, which spends LINK tokens for the gas amount spent during the automation of these permissionless actions.
During the past months BGD labs had spent in total of 1640 LINK for the Aave Robot, and 4000 MATIC for funding the Aave Delivery Infrastructure which is used to pay for the bridging fees in order for the governance system to work.
BGD has paid the following amounts for security reviews so reimbursement is in order:
- Compensation to Mixbytes for the review of Governance v3 Tokens: $30'000
- Compensation to Emanuele Ricci (@stermi) for the review done on Aave 3.1 Feature: $12'000
- Engagement with Spearbit for Aave v3 Ad-hoc Review: $109'200
Specification
BGD Reimbursements
- Transfer 42'000 aUSDC v2 Ethereum to
0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF - Transfer 109'200 aUSDT v2 Ethereum to
0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF - Transfer 1640 aLINK v2 Ethereum to
0xb812d0944f8F581DfAA3a93Dda0d22EcEf51A9CF - Transfer 4000 aMATIC v2 Polygon to
0xbCEB4f363f2666E2E8E430806F37e97C405c130b
aDI BOT Refill
- Transfer 20,000 MATIC to
0xF6B99959F0b5e79E1CC7062E12aF632CEb18eF0d
Migrating AGD's allowance to GHO
The following Allowance is to be cancelled and replaced with GHO:
- Cancel aUSDT Allowance
- Increase GHO Allowance by 613,000 units
The AGD mulisig eth:0x89C51828427F70D77875C6747759fB17Ba10Ceb0 will be able to use the allowance function on 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c to claim the GHO.
Merit Allowances
- Allowance of 3.0M GHO for the Merit program
- Allowance of 645 aEthWETH for the Merit program
Returning RealT's supplied WXDAI to RealT
Transfer 3,504 armmv3WXDAI to 0x7DA9A33d15413F499299687cC9d81DE84684E28E on Gnosis Chain.
Consolidate GHO funding and Migrate funds from V2 to V3
Part A
Perform the following Swaps, Migrate Eth v2 to v3 and bridge from Polyon to Ethereum.
| Withdraw & Swap to GHO | Migrate Eth v2 to v3 | Pol to Eth | Migrate Pol v2 to v3 |
|---|---|---|---|
| aEthUSDC (1.4M) | awBTC (All-1) | aPolDAI (All-1) | amUSDT (All-1) |
| aDAI (All-1) | awETH (All-1) | amUSDC (All-1) | |
| aUSDC (All-1) | aLINK (All-1) | aPolMATIC (All-1) | |
| aUSDT (All-0.65M) | aSNX (All-1) | amDAI (All-1) | |
| aEthDAI (All-1) | aPolUSDC(All-1) |
Deposit wETH and wBTC in the Treasury into Aave v3.
Assets migrated from Polygon to Ethereum are to be deposited into Aave v3 where practical, with the exception of DAI and USDC which will be swapped to GHO during Part B.
References
- Implementation: AaveV2Ethereum, AaveV2Polygon, AaveV3Gnosis
- Tests: AaveV2Ethereum, AaveV2Polygon, AaveV3Gnosis
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The decoded on-chain action set contains only a single generic execute() call to a payload/implementation contract, which is the standard pattern used by Aave governance proposals (Direct-to-AIP payloads). All of the granular actions described in the proposal (BGD reimbursement transfers, AGD allowance migration, Merit allowances, RealT WXDAI return, v2-to-v3 migrations and swaps) are expected to be encoded inside that payload contract's bytecode rather than visible as separate top-level calldata actions. Because we only have access to the wrapper execute() call and not the internal logic of the payload contract, it is not possible to directly verify amounts, recipients, or specific asset movements claimed in the description against the calldata provided. No mismatch is apparent at the level of information available, and this pattern itself is not unusual or suspicious for this type of proposal, so no discrepancies are flagged. However, confidence in this assessment is low because the actual sub-actions cannot be independently confirmed from the given decoded data alone.
Generated by Kvorum
04Actions
- Target
- 0x7102…e2cd
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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