June Funding Update - Part II

Simple Summary

This publication presents the June Funding Update, consisting of the following key activities:

• Acquire 3M GHO for Operations;
• Continue AAVE buybacks for 6 weeks; and,
• Create Merit & Ahab Allowances.

Motivation

This publication focuses on supporting near term operational funding requirements.

Acquire GHO

In the short term, we anticipate multiple initiatives will seek funding from the DAO. This proposal, once enacted, will secure a sufficient amount of GHO to support the DAO’s operations. This ensures the DAO remains consistently well-capitalized.

Upcoming anticipated expenses include:

• Renewal of Service Provider agreements, eg: Chaos Labs;
• Create 6M USD Allowance for AAVE buybacks; and,
• Future Merit and ALC distributions up until November; and,
• Incentive campaign(s).

Fund Merit + Ahab Programs

Merit is $12M per year at 3M per quarter or 1M per month. Merit is currently funded up until end of July. With the implementation of this proposal, Merit will be funded until beginning of November.

Ahab is $8M per year with the amount of ETH being distributed subject to ETH price fluctuations. The previous 3 month period’s budget was 800 ETH and of this 800 ETH, not all has been consumed. As a result, the next budget period will receive only 800 ETH.

Specification

Perform the following swaps:

Token	Amount	Acquire
USDT	1.00M	GHO
USDC	2.00M	GHO

Create Allowances

AAVE Buybacks

Create a 4M aEthUSDT and 2M aEthUSDC allowance for the Aave Finance Committee to perform 6 weeks of AAVE buybacks.

Asset: aEthUSDT 0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a Amount: 4M

Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c Amount: 2M

Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() aEthUSDT and aEthUSDC on the Aave Collector contract to the AFC address.

Merit + Ahab Programs

Create allowances to the Merit and Ahab, 3M aEthLidoGHO and 800 aEthWETH from Aave v3 Prime and Core respectively on Ethereum:

Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A Amount: 3M

Asset: aEthWETH: 0x4d5F47FA6A74757f35C14fD3a6Ef8E3C9BC514E8 Amount: 800

Spender: Merit 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b Method: approve() aEthLidoGHO and aEthWETH on the Aave Collector contract to the Merit address

References

• Implementation: AaveV3Ethereum
• Tests: AaveV3Ethereum
• Snapshot: Direct-to-AIP
• Discussion

Copyright

Copyright and related rights waived via CC0.