July 2025 - Funding Update
01Summary
July 2025 Funding Update consolidating Aave DAO assets to Ethereum via bridging tokens from Polygon and Arbitrum, swapping stablecoins to USDC/USDS, extending EURe incentives and Orbit delegate compensation program, reimbursing ACI gas costs, and authorizing 4M in aEthUSDT/aEthUSDC for continued AAVE buybacks.
- Type
- treasury allocation
Key changes
- Bridge all USDT, DAI, USDC.e, LINK, and wETH from Polygon to Ethereum(high)
- Bridge all DAI and USDC.e from Arbitrum to Ethereum(high)
- Swap all DAI to USDS, all LUSD to USDC, and all PYUSD to USDC on Mainnet(high)
- Extend Ahab Budget with 0.25M each of aEthUSDT, aEthUSDC, aEthLidoUSDS, and aEthLidoGHO(medium)
- Approve 6,000 aGnoEURe for Gnosis Liquidity Mining Rewards through ACI(medium)
- Authorize 2M aEthUSDT and 2M aEthUSDC allowance for AFC to conduct 6 weeks of AAVE buybacks(medium)
- Extend Orbit program for Q2 2025 (April 1 - June 30, 2025) to compensate delegates(medium)
Generated by Kvorum
02Description
Simple Summary
This publication presents the July Funding Update, consisting of the following key activities:
- Bridge funds to Ethereum from Arbitrum and Polygon;
- Extend EURe incentive campaign and,
- Swap LUSD, PYUSD and DAI to USDC.
- Gas costs reimbursement to ACI.
- Orbit renewal program.
- Continue AAVE Buybacks for 4 weeks.
Motivation
This publication combines near term operational needs and migrating assets held on L2s and side chains to Ethereum.
The below outlines the objectives of this publication:
- Consolidating funds to Ethereum; and,
- Support near term operational requirements.
Orbit Renewal
Orbit recognizes the added value of the Delegates in the decentralization & diversity of the Aave DAO. This compensation allows them to focus on Aave and keep their contribution efforts to our governance. The ACI proposes the extension of Orbit for a new quarter, Q2 2025, from 2025-04-01 to 2025-06-30.
The snapshot for Orbit can be found here. The governance discussion can be found here.
Specification
Bridge the following assets to Ethereum.
| Network | Token | Amount |
|---|---|---|
| Polygon | USDT | All |
| Polygon | DAI | All |
| Polygon | USDC.e | All |
| Polygon | LINK | All |
| Polygon | wETH | All |
| Arbitrum | DAI | All |
| Arbitrum | USDC.e | All |
Swap the following assets as outlined in the table below on Mainnet:
| Token | Amount | Swap |
|---|---|---|
| DAI | All | USDS |
| LUSD | All | USDC |
| PYUSD | All | USDC |
Ahab Budget Extension
Asset: aEthUSDT 0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a
Amount: 0.25M
Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c
Amount: 0.25M
Asset: aEthLidoUSDS 0x09AA30b182488f769a9824F15E6Ce58591Da4781
Amount: 0.25M
Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A
Amount: 0.25M
Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e
Gnosis Liquidity Mining Rewards
GnosisV3Collector Approval
Asset: aGnoEURe: 0x3e652E97ff339B73421f824F5b03d75b62F1Fb51
Amount: 6,000
Spender: ACI 0xdef1FA4CEfe67365ba046a7C630D6B885298E210
AAVE Buybacks
Create a 2M aEthUSDT and 2M aEthUSDC allowance for the Aave Finance Committee to perform 6 weeks of AAVE buybacks.
Asset: aEthUSDT 0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a
Amount: 2M
Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c
Amount: 2M
Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
Method: approve() aEthUSDT and aEthUSDC on the Aave Collector contract to the AFC address.
References
- Implementation: AaveV3Ethereum, AaveV3Polygon, AaveV3Arbitrum, AaveV3Gnosis
- Tests: AaveV3Ethereum, AaveV3Polygon, AaveV3Arbitrum, AaveV3Gnosis
- Snapshot: Direct-to-AIP
- SnapshotOrbit
- Discussion
- DiscussionOrbit
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal's only on-chain action is a single execute() call to a payload contract (0x5e8c1b07...), which is the standard pattern for Aave governance payloads — the actual sub-actions (bridging, swaps, approvals for Ahab, Gnosis EURe rewards, and AAVE buybacks) are executed internally by that contract and are not individually visible in the decoded calldata provided. This means I cannot verify specific amounts, token addresses, or spender addresses named in the description against the calldata directly; confidence is therefore low. Within the description itself, I found one internal inconsistency worth flagging: the Simple Summary says AAVE Buybacks continue for '4 weeks' while the Specification section describing the same allowance grant (2M aEthUSDT + 2M aEthUSDC to AFC) says it funds '6 weeks' of buybacks. This is a minor but genuine inconsistency a delegate should notice, though it cannot be resolved via the opaque calldata. No other claims in the description (bridging, swaps, Orbit renewal, Ahab budget, EURe extension, gas reimbursement) show a detectable mismatch against the single decoded action, and they represent a plausible summarization of what a payload of this type would execute. Given the limited visibility, I rate this a minor discrepancy with low confidence rather than a material or severe one.
Discrepancies
- lowmisleading phrasing
The Simple Summary states the AAVE Buyback continuation is for '4 weeks', while the Specification section for the same action states it funds '6 weeks of AAVE buybacks' with 2M aEthUSDT/aEthUSDC allowances. This is an internal inconsistency in the description itself; since the decoded calldata is a single opaque execute() call, it cannot be used to confirm which duration is correct, but delegates should be aware of the conflicting figures before voting.
“Continue AAVE Buybacks for 4 weeks”
Generated by Kvorum
04Actions
- Target
- 0x5e8c…2f4a
- 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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