May Funding Update
01Summary
May funding update proposal to consolidate DAO holdings by migrating assets from Aave v2 to v3 across Ethereum and Polygon, consolidating funds into GHO, and funding the Frontier initiative with approximately 2,493 ETH deployed across Stader, RocketPool, and StakeWise.
- Type
- treasury allocation
Key changes
- Migrate aEthDAI, aDAI, aEthLUSD, aEthPYUSD, aUSDC, DPI, aEthUSDT, and aEthUSDC from Aave v2 to v3 or swap to GHO on Ethereum(high)
- Migrate awETH from Ethereum v2 to v3(medium)
- Migrate amUSDT, amwETH, and amDAI from Polygon v2 to v3(medium)
- Transfer USDC.e and aave-wrapped USDC from Polygon, Arbitrum, and Optimism to Ethereum(medium)
- Unstake all rETH via Cowswap and 350 wstETH via Lido to obtain ETH for Frontier funding(high)
- Deploy 248 ETH to Stader, 2,085 ETH to RocketPool, and 160 ETH to StakeWise through Frontier SAFE allowance(high)
- Deposit LINK into Ethereum v3(low)
Notable concerns
- Large-scale asset migrations across multiple chains and protocols
- Liquidity management during multiple swaps and transfers
- Reliance on external protocols (Cowswap, Lido) for asset conversions
- Residual ETH handling after Frontier allocation
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
The proposal follows Aave's standard governance pattern: the on-chain action list contains a single generic execute() call to a payload contract deployed specifically for this proposal (address 0x2875...f13d9). This payload contract, per the linked GitHub implementation and test files, is expected to contain the actual multi-step logic — withdrawals, swaps to GHO, v2-to-v3 migrations across Ethereum/Polygon/Arbitrum/Optimism, cross-chain transfers, LST unstaking, and the Frontier SAFE allowance grant — as described in the prose. However, the decoded calldata provided here does not expose the internal calls of that payload contract; it only shows the outer execute() invocation. This means I cannot verify at the calldata level whether amounts, target addresses (e.g., the specific allowance contract 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c or the Frontier SAFE), or asset lists precisely match the prose. There is no evidence of any mismatch, redirection of funds, or hidden action — the single action is consistent with a legitimate, well-documented Aave funding-update payload, and the description is detailed and links to source code and tests for verification. Given the inability to independently decode the payload's internal logic from the data provided, confidence in a detailed line-by-line match is necessarily low, though nothing here suggests a discrepancy.
Generated by Kvorum
04Actions
- Target
- 0x2875…13d9
- 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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