May Funding Update
01Summary
May funding update proposal to consolidate GHO funding by migrating v2 holdings to v3 across Ethereum and Polygon, transferring cross-chain assets to Ethereum, and unstaking approximately 2,493 ETH in LSTs (rETH and wstETH) to fund the Frontier initiative through allocations to Stader, RocketPool, and StakeWise, with residual ETH deposited into Aave v3.
- Type
- treasury allocation
Key changes
- Migrate v2 aToken holdings (aEthDAI, aDAI, aEthLUSD, aEthPYUSD, aUSDC, DPI, aEthUSDT, aEthUSDC) to GHO on Ethereum(high)
- Migrate Ethereum v2 holdings (awETH) to Ethereum v3(medium)
- Migrate Polygon v2 holdings (amUSDT, amwETH, amDAI) to Polygon v3(medium)
- Transfer USDC.e and aToken holdings from Polygon, Arbitrum, and Optimism to Ethereum(high)
- Deposit LINK into Ethereum v3(low)
- Unstake all rETH via Cowswap and 350 wstETH via Lido for ETH to fund Frontier initiative(high)
- Deploy 248 ETH to Stader, 2,085 ETH to RocketPool, and 160 ETH to StakeWise through Frontier SAFE allowance mechanism(high)
Generated by Kvorum
02Description
Simple Summary
This proposal presents May’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
- Create Allowances for Frontier Program funding
Motivation
This proposal seeks to enhance the financial sustainability of the DAO and will follow the Direct-To-AIP as outlined in this proposal.
Specification
Consolidate GHO Funding and Migrate funds from V2 to V3
Perform the following Swaps and migration of assets from Aave v2 to v3. Assets are to be swapped for GHO.
| Withdraw & Swap to GHO | Migrate Eth v2 to v3 | Migrate Pol v2 to v3 |
|---|---|---|
| aEthDAI (All-1) | awETH (All-1) | amUSDT (All-1) |
| aDAI (All-1) | amwETH (All-1) | |
| aEthLUSD (All-1) | amDAI (All-1) | |
| aEthPYUSD (All-1) | ||
| aUSDC (All-1) | ||
| DPI (All) | ||
| aEthUSDT (2M) | ||
| aEthUSDC (1.5M) |
Transfer the following assets to Ethereum.
| Polygon | Arbitrum | Optimism |
|---|---|---|
| USDC.e (All) | USDC.e (All) | USDC.e (All) |
| aPolUSDC (All-1) | aArbUSDC (All-1) | aOptUSDC (All-1) |
| amUSDC (All-1) |
Deposit the following small holdings into the respective v3 deployment:
| Deposit into Eth v3 |
|---|
| LINK |
Frontier Funding
The following LSTs are to be unstaked for ETH in order to fund the Frontier initiative.
| Unwrap Asset | Quantity | Methodology |
|---|---|---|
| rETH | All | Cowswap |
| wstETH | 350 | Use Lido |
Note that Cowswap solvers will use the underlying rETH redemptions mechanisms if required.
A description of how the ETH is to be deployed has been outlined by ACI here.
| Quantity Deployed | Provider |
|---|---|
| 248 ETH | Stader |
| 2,085 ETH | RocketPool |
| 160 ETH | StakeWise |
The Frontier SAFE 0xCDb4fA6ba08bF1FB7Aa9fDf6002E78EDc431a642 will be able to use the allowance function on 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c to claim the equivalent to 2,493 ETH.
Any residual ETH will be deposited into Aave v3.
References
- Implementation: AaveV3Ethereum, AaveV3Polygon, AaveV3Optimism, AaveV3Arbitrum
- Tests: AaveV3Ethereum, AaveV3Polygon, AaveV3Optimism, AaveV3Arbitrum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
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04Actions
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05Tally
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06Voters
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07Forum
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