July Funding Update
01Summary
Proposal to fund Phase III of Merit and Ahab growth programs with 645 ETH and 3M GHO from Aave v3 Treasury, and swap approximately 640k in stablecoin assets (aEthUSDe, aUSDT, aFRAX, aEthFRAX, aDPI) to GHO to offset program spending.
- Type
- treasury allocation
- Funding
- $645 ETH and 3M GHO
Key changes
- Create allowances for Merit and Ahab programs: 3M GHO and 645 ETH from Aave v3 Ethereum Treasury(high)
- Swap approximately 640k in stablecoin assets (aEthUSDe, aUSDT, aFRAX, aEthFRAX, aDPI) to GHO via Aave Swapper(high)
- ETH from allowance expected to be deposited into Lido's instance of Aave v3(medium)
- GHO to be claimed periodically ahead of each Merit rewards round(medium)
Generated by Kvorum
02Description
Simple Summary
This publication proposes swapping assets held in the Treasury for GHO and funding Phase III of the Merit and Ahab programs.
Motivation
With Phase III of the Merit and Ahab program about to start, August 9th, this publication proposes creating two new Allowances to fund the @ACI led growth programs.
The budget for these programs is the same as the Phase II, 645 ETH, and 3M GHO. The ETH is expected to be claimed and deposited into the Lido's instance of Aave v3 and the GHO claimed periodically ahead of each subsequent Merit rewards round.
In addition, this proposal also swaps approximately 640k of Stablecoin assets held in the Treasury to GHO. In combination with the May Funding Part A and Part B, these swaps are enough to offset the GHO spend of the Merit program.
Specification
Merit + Ahab Programs
Create allowances to the Merit and Ahab, 3M GHO and 645 ETH from Aave v3 Ethereum:
SAFE: 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b
Runway Updates
Swap the following asset for GHO via the Aave Swapper.
| Withdraw & Swap to GHO |
|---|
| aEthUSDe (All-1) |
| aUSDT (0.5M) |
| aFRAX (All-1) |
| aEthFRAX (All-1) |
| aDPI (All-1) |
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot: Direct-to-AIP
- Discussion
Disclosure
TokenLogic and karpatkey receive no payment for this proposal. TokenLogic and karpatkey are both delegates within the Aave community.
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows the standard Aave governance pattern where the top-level on-chain action is a single execute() call to a payload contract (0xfc8ac585...), which internally implements the funding allowances and swaps described in the prose. The decoded calldata here is not expanded into its internal operations (allowance creation for Merit/Ahab, withdrawals of aEthUSDe/aUSDT/aFRAX/aEthFRAX/aDPI, and swaps to GHO), so I cannot directly cross-check the specific dollar/token amounts (3M GHO, 645 ETH, 0.5M aUSDT, etc.) against on-chain values. There is no evidence of a mismatch — the single execute() call is consistent with what the description implies (a payload executing multiple treasury actions), and the description itself is detailed and internally consistent, referencing the actual implementation contract for verification. Because the calldata provided is too coarse-grained (only the outer execute() call) to confirm or contradict the specific figures and targets named in the prose, confidence in this comparison is low. No omissions, extra claims, or value mismatches can be identified from the available decoded data, so I did not flag any discrepancies, but this is a low-confidence assessment due to the lack of decoded sub-actions.
Generated by Kvorum
04Actions
- Target
- 0xfc8a…c94b
- 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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